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HomeMy WebLinkAbout1353 . : • , . • 8. lnepection. I.ende~ may make or cause to be made reaeooable entries upon and inspectione of the properiy, provided that l.ender ahall give Iiurrower notice prior to any auch inepection apectifying reaeonable cauee therefor related to I~nder e intereet in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or conseque~tial, in connection with any oondemnation or other talcing o[ the property, or part thereof, or [or conveyance ~n lieu of rnndemnation, are hereby asaiqned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sume secured by this Mortgage, with the e:cees, itany. paid to f3orrower. In the event of a pertial taking of the Peoperty, unless Borrower and Lende~ otherwise agree in writing, there ehall be applied to the sums secured by this Mortgage such proportion of the pTOCeeds ae ie equal to that proportion which the amoant of the aums eecured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately priorlo the date of taking, with the balancY o( the proceeda paid to Borrower. If the Property ia abandoned by Bormwer, or if, after notice by I.ender to Borrower that the oondemnor offere to make an award or eetUe a claim fo~ damagee, Borrower fails to reepond to I.ender within 30 days after the date euch notice ie mailed, Lender ia authorized to collect and apply the proceeds, at I.ender e option. eilher to restoration or repair of the property or to the eums eecured by this Mortgage. Unlese l.ender and Borrower otherwiae agree in writing, any such application of proceede to principal ahall not extend or postpone the due date o[ the monthly inatallments referred to in paragraphe 1 and 2 hereof or change the amount of auch inetallmente. 10. Borrower Not Released. Extenaiun of the time for paym~nt or modification of amoriization of the auma eecured by thie Mortgage granted by l.ender to any auccesaor in intereat of Eiorrower shali not operate to release, in any manner, the liability of the original Borrower and Borrower's auccessors in intereat_ l.ender ahaU not be required to commence proceedings against auch succesaor ur refuee to extend time for payment or otherwise modify amortizution of the sums secured by this MortgaQe by reason of any demand made by the original Borrower and Borrower a succesaora in intereRt. . 11. Forbearance by Lender Not a R?aiver. Any fo~bearance by Lender in exerriaing any right or remedy hereunder, or otherwise ai~'orded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 7'he procurement of inaurance or the payment of taxea or other liena or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedneae aecured by thie Mortgage. • 12 Remediee Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or rnmedy under thie Mortgage or afforcled by Isw or equity, and may be exerciee~l rnncurrently, independently or euccesaively. 13_ 3uccessore and Asaigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ehall bind, and the righta hernunder shall inurn to, the reepective succeaeors and aseigne of I.ender and Borrower, subject to the provisiona of paragraph 17 hereof. AU covenanta and agreementa of E3orrower ahall be joint and eeveral. The captions and headinge of the paragraphe of thia Morlgage are for covenience only and are not to be used to interpret or define the provisione hereof. . I a. Notice. Except for any n~tice requirrcl under applicable law to be ~tiven in another manner, fa1 any notice to E3onower provided forin thia Mortgaqe shall be given by mailing auch notice by certified mai) addreased to Borrower at the Property Addrese or at auch other addrees ae Borrower may deaignate by notice to I.ender as provided herein, and (b? any notice to I.ender ehall be given by certified mail, return receipt requeated, to l.ender's address atated hernin or to auch other addresa as l.ender may deaignate by nntice to Borrower as provided herein. Any notice pmvided for in thia Mortgage ahall be deemed to have been given to Eiurrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgagecombinea uniform covenanfs for national uee and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inatrument cY~vering real properly: This Mortgage shall be governed by the law of the jurisdiction in which the I'iropeRy is located. In the event that any proviRion a~r clause of this Morigege or the Note conflicts with applicable law, such contlict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflictinR provision, and to this end the provisiona of the MortaaQe and the Note are declared to be aeverable. 16. Borrower'e Copy. Borrower ahali be [urnishe•! a conformed copy of the Note and of thie Mortgage at the time of eaecution or after recordation hereof. I?_ Tranefer of the Property; Aesumption. If al! or any part of the E'roperty or an interest thernin is aold or tranaferred by Borrower without I.endei s prior written consent, excludinq (a) the crextion of a lien or encumbrance subordinate to this Mortgage, (b) the creation uf a purehase money security intereat for household appliancea, (c) a transfer by devise, d.scent ~r by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three yeara or lesa not containing an option to purchase, Lender may, at I.ender'a option, declare all the aums secured by this Alortqage to be immediately due and payable. l.ender shail have waived such option to accelerate if, prior to the ssale or transfer, l.ender and the peraon to whom the Property is to be sold or trans(erred reach agreement in writing that the credit of auch person is satiafactory to l.ender and that the interest pay ablP on the sums scrured by this MortKaKP shall be at such rate as l.ender ahall request. If l.ender has wai~•ed the optiun to accelerate providrel in this paraKraph 17, and if I3orrower's successor in intereat has executed a ; vrritten assumption agreement accepted in writinK by I.c•nder, [.ender shall ~elease Bnrrower from al! obligationR underthis:ltortgageand the t ~iote. ! If Lender exercisex such option to accelPrate, i.ender shall mail 13orrower notice of acceleration in accordance with paraKraph 14 hereof. ~ Such notice shall provide a period of not less than :t0 days from the date the notice is rr ailecl within which Borrower may pay thesums declared s due. If Borrower fails to pay such aums prior t~~ the expiration of such period, I.ender may, without further notice or demand on ~3orrower, ? ~nvoke any remedi~ permitted by parattraoh 1R hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach ot any covenant or ~ agreement of Borrower in this Mortgage. including the covenante to pay when due any eums secured by this Mortgage, Lender , prior to aeceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: ~ t) the breach; (2) the action ~ required to cure such breach:l3) a date. not leae than 30 days from thr date the notice ia mailed to Borrower. by which euch ~ breach muat be cured; and (4) that failure to cure euch breach on or betore the date speci6ed in the notice may result in acceleration of the suma secured by this Mortgage. forecloaure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinetate after acceleration and the right to assert in the forecloeure prceeeding the 3 non-e:istence of a de[sult or any othec defense of Borrower to acceleration and forecloaure. If the breach ia not cured on or ~ before the date. epecified in the notice. Lender at Lender's option may declare all of the sums secured by thie Mortqage to be ~ immediately due and payable without turtherdemand and may foreclose this Mortqage by judicial proceeding. I.ender shall be ~ entitled to collect in such proceeding all expene~es of forecloeure, includina. but not limited tu. reasonable attorney's fees. and cor.ts of documentary evidence, abstracts and title reports." ~ 19. Borrower's Right to Reinetate. NotwithatandinQ l.ender's acceleration of the aums secured by this MortgaRe, Kormwer shall have - the right to have any proceedings begun by I.ender to er.force this MortKa~e discontinued at any time prior to entry of a judgment enforcinQ ~ thia Mortgage if: Ia1 l3ormwer pays I.ender all auma which wuuld be then due under thia Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; Ib) I3orrower cures all breaches of any other covenante or agreements of E3orrower contained in ~ thia Mortgage; (c) I3orrower pays all reasonable expensex incurred by [.ender in enforcing the covenanta and aRreemente of F3otrower ~ contained in this MortqaQe and in enfurcing [.ender's remedies as provided in paraRraph IN hereof, including, but not limited to, reasonable $ attorney's fees; an~ (d1 Born~wer takes such action as Lender may reaaonably require to asaure that the lien of this Mort~age, I~ender'a intereet ~ ir, the Property and Borrower'e obliqation to pay the sums secured by this MortgaQe shall continue unimpaired. Upon guch payment and cure ~ by Borrowet, this MortQage and the nbliKations aecured hereby shall remuin in fult force and effect as if no acceleration had cecurred. ~ `L0. Assignment of Renta; Appointment of Receiver. As :~dditional security hereunder. E3orrower hereby assiKns to I.ender the rente 3 of the Property, pmvided that Borrower ehall, prior tn acceleration under paragraph 1 S hereof or abandonment of the Property, have the riqht F to collect and retain auch rente ae they become due and payable. ' Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall t~e entided to have a receiver appointed by a y oourt to enter up~n, take poaseaeion of and manaRe the Property and to collect the rentA of the f'roperty, including those past due. All rents ~ rnllected by the receiver ahall be applied first to payment of the coatn otmanagement of the Pmperty and collectiun of rente, including, but not ~ limited to, receiver'a feea, premiuma on receiver's twnda and reasonable attorney's fees, and then to the auma secured by this Mortgage. The ~ receiver ahal) be liable to acoount only for those rentx actually received. ~ ~ a ~ } t:,`, ~11 ~ 1352