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HomeMy WebLinkAbout0225 . ; . S. Ip~~MIOlf. I.ender mqy melce or cause to be made reawnable entries upon and inspections olthe property. provided thet Lender ahall give Borrowes notioe prior b any such inspection ~pecifying reaeonable cawe therefor related w Lender'a interest in the Property. 9. Condemnsdon. The proceedr ot any awerd or claim for damaQes. direct or consequential. in conneMion with any oondemnaaon or other taking oi the pmperty. or part thereof. or for conveyance in lieu ot oond~nation. are hrreby assi~ned and shall be paid to Lerrder. • In the event of a total taking of thr Property. the proceeds shall be applied to the gwAS secured by thia Mortgn~e. with the excesa. if any. paid to Borrower. Ia the event of a partial taking of the Prope~ty. unlees Borrower and Lender otherwise agree in writing. there ahall be applied b the aum~ secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount o[ the ~ums aecured by this Mortgage immediately prior to the date of taking bears b lhe fair mastet vvlue otthe Property immediately prior to the dsLe of taking. witl~ the balanca of the proceede paid ta Borro~rer. lf the Property iu abandoned by Borrower, or if. atter notice by Lender to Borrower that the oondemnor o!~'ers to make an award or setttle a claim for damages. Borrower fails to nspond b Lender within 30 days atter the dete snch notioe is mailed, Lender ie authorized tocollect and apply the procads. at Lender s option. either tc? re~toration or repair o! the property or b the suaas secured by thi~ Mortgage. Unless L.ender and Borrower othe~rise agree in writin8, anY such application of pmcxeda to principal ahall not e~ctend or postpone the due date of the monthly installments rete~red to in paragrephs 1 and 2 henof or change the amount of such insLallments. 10. Borrower Not Relessed. Extension of the time for paymant or modification of aiaortization of the suma eecured by this Mortgage granted by I.ende9r to any sua~easor in interest oI Borrower ahall not operate to release, in any manner. the liability of the original Borrower and Borrower'e sueceseors in interes~ Lender shall not be required b aommence prooeedings against auch auocesaor or refuee to extend time ' for payment or otherwise madity amnrtization o[the sume aecured by thia~Mortgage by reaeon of any demand made by the original Borrower - and Borrower s aucti~eeaors in intereet. 11. Forbearanoe by I.ender Not a Waiver. Any forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise af[orded by applicable law, shall not be a waiver of or preclude the exercise of any euch right or remedy.'l~e procurement of inaurance or the payment of taxee or other lienR or charg~ by I.ender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtedneea aecured by this Mortgage. 12. Remediee Cumulstive. All remedies pmvided in this Mortgage are distinct and cumulative to any other right or remedy unda thie Mortgage or afforded by law or equity, and may be e:ercieed concurrently, independently or euooeaaively. 13. 3uccessors and Aseigne Bound; Joint and 3everal Liability; Captions. The oovenants and agreementa herein oontained ehall bind, and the righta hereund~ ehall inure to, the respective auc~.~eesora and assigns of Lender and Borrower, aubject to the proviaiona of paragraph 17 hereof. All covenante and agreementa of Borrower shall be joint and several. The captione and headinga of the psragrapha of thia 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 Riven in another manner, (a) any notice to BoTrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreeeed to Borrower at the Property Addreas or at such other addreae ea Borrower may deaignate by notice to Leoder as provided herein, and (b) any notice to I.ender ehall be given by certified mail, return receipt requested, to Lender'a addresa etated herein or to such other addrese as Lender may deeignate by notice to Borrower ae provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designaLed herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform oovenante for national use and non- uniform rnvenante with limited variatione by juriediction to oonetitute a uniform security instrument covering real property. This Mortgege ~hall be governed by the Iaw of the jurisdiction in which the PropeRy is located. In the event that any proviaion or clauee of thia Mortgage or the Note conilicta with applicable law, auch rnntliM ahall not aPfect other proviaiona of thia Mortgage or the Note which can be given effect without the confliMing proviaion, and to thie end the provisiona of the Mortgage and the Note are declared to be aeverable. 16. Borrower'8 Copy. Borrower ahall be furniahed a conformed copy of the Note and of thie Mortgage at fhe time of execution or after re~rordation hereof. 17. 'I~ansfer of the Property; Assumption. It all or any part of the Property or an intereet therein is sold or tranaferred by Borrower without I.ender a prior written consent, eacluding (a) the creation of a lien or encumbrance aubordinate co thia Mortgage, (b) the crestion of a purchase money eecnrity interest for houaehold appliencea, (c) a tranefer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or leas not wntaining an option to purchase, Lender may, at Lender'a option, declare all the aums eecured by this Mortqage to be immediately due and payable. I.ender ahall have waived euch option to aoceierxte if. prior to the sale or transfer. Lender and the peraon to whom the Property is to be eold or transferred reach agreement in writing that the credit of auch peraon ia satixfactory to I.ender and thnt the intereat payable on the sume secured by this Mortgage shall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei s auccesaor in intereet has executed a w~ritten assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa underthia Mortgage andthe ti ote. i If Lender exercisea such option to accelerate, Lender ahal) mail Bormwer notice of acceleration in accordance with paragraph 14 hereof. i Such notice shall provide a period of not leas than 3Q days from the date the notice is mailed within which Borrower may pa.y the sums declared ~ due. If Borrower faila to pay such suma prior to the expiration of such period, I.ender may, without further notice or demand on Borrower, _ ~ ~nvoke any remediea permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower ia thie Mortgage, including the oovenanta to pay when due any sums secured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragrap614 hereof epecifying: (1) the breach; (2) the action required to cure euch breac6; (3) a date. not lese than 30 days from the date the notice is mailed to Borrower. by wbich such Greach must be cured; and (4) that failure to cwe auch breach on or before the date epecified in the notice may reault in accelerstion of the sume eecured by this Mortgage, foreclosure by judicia! proceeding and eale of the Property. The notice e6a11 further'inform Borrower of the right to reinatete efter acceleratian and the rig6t to aeaert in the foreclosure proceeding the non-ezietence of a default or any other de[ense of Borrower to aoceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at I.ender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose thia Mortgage by judicial proceeding. Lender shall be entitled to collert in such proceeding all expenses of forecloaure. including, but not limited to. reasonable attorney's feee. and ~ coste of documentary evidence, abetracta and title reports. ~ 19. Borrower's Right to Reinatate. Notwithstanding Lender's acceleration of the euma secured by this Mortgage, Borrower ahall have the right to have any proceedinge begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breachee of any other covenants or agreements of Borrower contained in ~ thia Mortgage; (c) Borrower pays all reasonable expenaea incurred by Lender in enforcing the rnvenants and agreements of Borrower _ contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 1 S hereof, including, but not limited to, reasonable ~ attorney a fces; and ld1 Borrower takee euch action as I.ender may reasonably require to assure that the lien of thia Mortgage. [,ender's interest ~ in the Property and Borrower'a obligation to pay the suma secured by this Mortgage ahall continue uniwpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aseignmeat of Renta; Appointment o[ Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rente ~ pe y p p' paragr p perty, have the right ~ of the Pro rt , rovided that Borrower shali, nor to acoeleration under a h 18 hereof or abandonment of the Pro to collect and retain such renta aa they become due and payable. ~ Upon acceletation under paragraph 18 hereof or abandonment of the Property, Lender ahal! be entitled to have a receiver appointed by a court to enter apon, take posseraion of and manage the Property and to collect the rnnta of the Property, including thoee past due. All renta collected by the receiver ehall be applied firet to payment of the ooats of management of the Property and collection of renta, including, but not limited to, receiver e fece, premiume on receiver'e bonds and reasonable attomey'a feea, and then to the suma eecured by this Mortgage. The reoeiver shall be liable to account only for those rente actualiy received. ~ ~ . ~ 4 . ~ :L~_?.312:~~.~ 225 ~ ~ _ . - - . h. _ . ~ ~ ,