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HomeMy WebLinkAbout2913 ~ ~ 8. In~pectioa. LeAder may make or cawe to be made reeaoneble entsies upon and ii?spections of the property. pmvided that Lender shaU give Borrower notioe prior to any such irupection specifying reasoaable cause thenfor related to Lender'a interest in the Property. 9. Condemnattoa. The proceed~ of any award or claim for dameges. direct or consaquential, in connoction wilh any oondemnation or oth~ taking of the property. or part tl~ereof, or for coaveyanar in lieu of oondemnatioa, are hereby assigned and shall be paid to Lender. In the event of a btal taking of the Property. the proceeds ehall be applied eo the ~ums secured by this Mortgage. with We e:ceea. if any, paid to Borrower. In the event of a partial talring of the Property. unless Bormwer and Lender otherwise agree in writing, there ahall be applied to the sums eecured by this Mortgage such proportion of the pmceeds es ia equal to that proportion which the amonnt of the aums eecured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior co the date of taking. wiW the baleu~oe of the prooeeds paid b Bormwer. lf the Propeity is abandoned by Borrower, or if, aRer notice by Lender to Botrower that the oondemnor otters to ma1~e an award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after the date euch notice ia mailed. Lend~ ia authorir~ed to collect and apply the pmceeds, at Lender's optioa. either fo restoration or repair of the pmperty ot to the eume eecured by Lhis Mortgage. Unlees Lender aad Borrower otherwise agree in writing, any such appUcation of proceeds to principal ahall not estend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of auch instaUments. 10. Borrower Not Releaeed. E:tenaion of the time [or paymant or modification of amortization of the suma eecured by thie Mortgage granted by Lender to any euoceasor in intereet of Borrower ahall not operate to release, in any manner, the liability of the original Borrower . and Borrower e succeseore in intereet Lender ehall not be required to o~mmence proceedinga againet euch aucreaeor or refuee to extend time 'for payment or oEherwise modify amortizetion of the sums secui~ed by thie Mortgage by reason of any demand made by theoriginal Borrower d Borrower s auccesaore in interest. ~ 11. Forbearanoe by Lender Not s N?aiver. Any forbearance by Lender in ~ercaaing any right or remedy hereunder. or otherwise afforded by applicable Iaw, ehaU not be a waiver of or preclude the e:erciee oi any such right or remedy. The procurement of insurance or the payment of taxes or other liena or charges by Lender ehall not be e waiver of Lender's right to aocelerate the maturity of the indebtedneea eecured by this Mortgage. ~ 12 Re~tediee Cumulative. All remediea pmvided in thie Mortgage are dietinct and cvmulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee~i ooncurrendy, independently or suocessively. 13. Successore and Aseigns Bound; Joint and 3everal Liability; Captiona.'1Tie covenants and agreemente herein oonLained shall bind, and the righte hereundez ahall inure to, the respective succeaeore and aseigns of Lender and Borrower, aubject to the proviaions of paragraph 17 hereof. All covenanta and agreementa of Borrower ahall be joint and several. The captions and headinga of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addreaeed to Borrower at the Property Addreea or at such other addr~ea ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail. return receipt requeated. to Lender'a address atated herein or to auch other addreas as Lender may designate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or L.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia forao of mortgege combinea uni[orcn oovenanta for national uae and non• uniform covenanta with limited variationa by juriediction to wnatitute a uniform eecurity inatrument oovering real property. This Mortgage shall be governed by the law of the juriediction in which the Property ia located. In the event that any provieion or clauae of thie Mortgage or the Note rnniliMe with epplicable law. auch rnnilict shall not af~ect other pmvisions of this Mortgsge or the Note which can be given effect without the oonflicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. 'ISranafer of the Property; Aseumption. If all or any part of the Property or an intereat therein is euld or tranaferred by Borrower without Lender's prior written coneent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchaee money eecurity intereat for household appliancee, (c) a transfer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yesrs or lesa not aontaining an option to purchaee, Lender may, at L.ender'e option, 'i declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waiv.ed auch option to accelerate if, prior ~ to the eale or tranafer, Lender and the person to whom the Property ie to be eold or traneferred reach agreement in writing that the credit of such peraon ie satisfactory to Lender and that the interest payable on the suma secured by thie Mortgage shall be at auch rate se I.ender ahall ' request_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a succeasor in interest has e~cecuted a ~ written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under this Mortgage and the ~ Note. ~ It Lender ezercisea such option to accelerate, Lender ahatl mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice ahall provide a period of not leas than 30 daya from the date the notice is rnailed within which Borrower may pay the eums declared ~ due. If Borrower fails to pay such sums prior to the e:piration of auch period, Lender may, without further notice or demand on Eiotrower, ! invoke any rnmediea permitted by paragrauh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or t agreemeat of Borrower in thie Mortgage, including the covenanta to pay when due any sums eecured by this Mortgage, Lender ~ prior to aoceleration shell mail notice to Borrower es provided in paragraph 14 hereof specifying: (1) the breac6; (2) the action required to cure auch breach; (3) a date, not leas than 30 days from the date the notice ie mailed to Bonower, by which such ~ breach must be cured; and (4) that failure to cure euch breach on or before the date epeci6ed in the notice may result in ~ acceleration of t6e suma secured by thie Mortgage. forecloaure by judicial prooeeding and sale of the Property.The notice ahall ~ further inform Borrower of the right to reinstate after acceleration and the right to easert in the forecloaure prceeeding t6e ~ non-ezietence of a default or any other detense of Borrower to acceleration and forecloaure. I[ the breach ie not cured on or before the date specified in t6e notice, Lender at Lender'e option may declare all of the sums eecured by thi8 Mortgage to be ~ immediately due and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all e:penees of foreclosure. including. but not limited to. reasonable attorney's teea. and coate of documentary evidence, abatracts and title reports. ~ 19. Borcower'e Right to Reiqatate. Notwithstanding Lender's acceleration of the suma secured by thia Mortgage, Borrower shall have ~ the right to have any proceedinga begun by I.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforring this Mortgage if: (a) Borrower pays LendeT all suma which would be then due under thia Mortgage, the Note and notes securinq Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreemente of Borrower contained in r thie Mortgage; (c) Borrower pays all reaeonable expenaea incurred by Lender in enforcing the covenants and agreementa of Borrower g oontained in thie Mortgage and in enforcing Lendei a remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable t attorney's fees; and (d) Borrower takea auch action as Lender may reaaonably require ta assure that the lien of this Mortgage, Lender'a interest = in the Property and Borrower's obligation to pay the auma eecured by thie Mortgage shall continue unimpaired. Upon auch payment and cure i by Sorrower, thia Mortgage and the obligationa secured hereby ehall remain in full force and effect se if no acceleration had occurred_ ~ 20. Aesignmerit of Rente; Appointment of Receiver. As additional security hereunder, F3onower hereby aseigna to Lender the rents ' of the Property, provided that Bomower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to rnllect and retain auch rents as they become due and payable. ' Upon acceleration under paragraph 18 hereof or nbandonment of the Property~ Lender ahall be entitled to have a receiver appointed by a a co~ut to enter upon, take poeseasion of and manage the Property and to rnllect the rents of the Property, including those past due. All renta ~ collected by the receiver ahall be applied 6rat to payment of the ooate of management of the Property and collection of rnnte, including, but not limited to, receiver's fees, preminma on receiver's bonda and reasonable attorney'a feea, and then to the aume eecured by this Mortgage. The ~ receiver shall be lieble to acaount only for those rents aMuaUy received. ~ ~ S ~.'•311 ~5~:2~11 ~ ~