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HomeMy WebLinkAbout0910 ~ . t 8. IaspeMlon. Lender msy make or cause to be made reasonaWe entries upon and iaspectiona ot the property, provided that Leader ahaU give Borrower aotioe prior to any such inspection specifyinB nasonable canse therefor related to Lender's interest ia the Property. 9. Cw~demnation.'IUe pmcee~ds of any award or claim for damages, direct or consequential, i~ conncetioa with any oondeinaation or oth~ taking of the pmperty. or part thereof, or for oonveyance in Geu of oondemnatioa. ere hereby eseigned snd ehall be paid to Leader. In the event of a total taking of the Prope:ty~ the proceede shall be applied to the sume eecured by this Mortgage. with the e:cess, if any. paid to Borrower. In the event of a partial taking of the Prope:ty. unleas Borrower and Lender otherwise agTee in writing. ther8 ~hall be applied W the sums secured by this Mor~age such pmportion of the proceeds ae is equal to that proportion which tl~e amount of the sume eecured by thia Mortgage immediately prior to the date of taking bears to the fair masket value of the Property immediately prior to the date of taking. with the balaaca of the procecds paid to Borrower. If the Propetty is abandoned by Borrower. or if. aRer notioe by Leader to Borrower that the oondemnor offen to make an award or settle a claim for dameges. Borrower fails to respond b Leader withia 30 days aRer the date such notice is mailed, I,ender is authorir~ed to collecL and apply the prooeede. at Lender's option. either to iestoration or repair of the property or to the swns eecure~ by thie Mortgage. Unless Lender and Bormwer othrrwise agree in writin6. anY 8uch application of proceeds to principal shall not extend or postpone the due date of the monthly inetaUments referred to ia paragraphs 1 and 2 hereof or change the amount of such inatallmente. 10. Borrower Not Released. E:teneion of the time for paymant or modification of amortizauon of the aume eecured by thie Mortgage granted by Lender to any eucceseor in interest of Bormwer shall not operate to nleaee, in any manner, the liability of the original Botmwer and Borrower e aucceesore in interes~. Lender shall not be required to aommence proceedinge againat auc6 aucc~eeeor or refuse to e:tend time for payment or othetwise modify amortization of the aums aecured by thie Mortgage by reaeon of any demand made by the original Borrower and Borrower s aucceseors in interest. 11. Forbearanoe by Lender Not a Waiver. My forbe~rance by Lender in e:erciaing any right or remedy hereunder. or otherwise afforded by applicable law, ehall not be a waiver of or preclude the ~ercise of any euch right or remedy. The procurement of inaurance or the payment of tues or other liena or charges by Lender ehall not be a waiver of Lender s right to accelerate the matu=ity of the indebtedneas secured by this Mortgage. 12. Remediee C~muletive. All remediea provided in thix Mortgage an distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or eqnity. and may be ezerciee~i rnncurrendy, independently or suoceesively. 13. 3ucceseore and Aesigns Boand; Joint and 3everal Liability; Captione. The covenante and agreements herein contained shell bind. and the righte hereunder ahall innre to. the reepective eucceseora and aeeigne of I.ender and Borrower, eubject to We proviaione of paragraph 17 hereof. All covenants and agreements of Borrowet shall be joint and eeveral. The captions and headings of the paragrapha of thie Mortgage are for covenience only and are not to be ueed to interpret or define We provieions 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 this Mortgage ehall be given by mailing auch notice by certified mail addreseed Lo Borrower at the Property Addreae or at such other addreee aa Borrower may designate by aotioe to Lender as pmvided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeated. to L.end~'e addrees stated herein or to such other addreas as I.ender may deaignate by notice to Borrower aa pmvided herein. Any notice provided for in this Morigage shall be deemed b have been given to Borrower or Lender when given in the manner deaignated hee+ein. 15. Uniform Mortgage; Governing I.aw; Severability. This form otmortgage combinea uniforan oovenants for national uae and non- uniform covenants with limited variationa by jurisdiction to oonstitute a uniform security inatrument covering real property. This Mortgage shall be govemed by the law of the jariediction in which the Property ia located. ln the event that any provinion or clanse of this Mortgage or the Note conilicts with applicable law, auch contlict ahall not af~ect other provisions of this Mortg.ege or the Note which can be given effect without the aontlicting proviaion. and to thia end the pmviaiona of the Mortgage and the Note are declared to be eeverable. 16. Bormwer's Copy. Borrower shall be fumiahed a rnnformed oopy of the Note and of thia Moitgage at the time of e:ecution or after recordation hereof. 17. 7tiranafer of the Propel•ty; Aeeumption. If aU or any part of the Property or an intereet therein is aold or tranafemd by Borrower without Lender'e prior writSea conaent, excluding (a) the creation of a lien or enc~mbrance aubordinate to thie Mortgage, (b) the cmation of a purchase money eecurity interest for household applianoea, (c) a tranafer by deviae, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeazs.or leas not containing an option b purchaee, Leader may. at I.ender's option, declare all the euma ~aecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of such person is eatisfactory to Lender and that the interest payable on the aums aecured by this Mortgage shall be at such rate as Lender ehell request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's auccesaor in interest hae executed a written asa~unption agreement accepted in writing by I.ender, Lender ahall release Borrower from all obligations under thia Mortgage and the Note. If Lender euerciaes such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice afiall provide a period of not less than 30 daya from the date the notice is rr.ailed within which Borrower may pay the suma declared ~ due. If Borrowei fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on Eiorrower, ~ mvoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remediee. ~cept ae provided in paragraph 1? hereof. upon Borrower's breach of any covenant or agreement of Borrower iw this Mortgage, including the covenante to pay when due any eume secnred by this Mortgage, Lender prior to aoceleration ehall mail notice to Borrower aa provided in paragrap614 hereof epecifying: (1) the breach; (2) the action required to cure auch breac6; (3) a date, not lesa than 30 days from the date t6e notice is mailed to Borrower, by which euch breac6 must be cared; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sume secured by t6is Mortgage, forecloaure by judicial pr~oceeding and sale of the Property.'1'he notice ehall turther inform Borrower of the right to reinstate after acceleration and the rig6t to essert in the forecloeure proceeding the non-eziatence of a default or any other defenae of Borrower to aoceleration and foreclosare. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option msy declare all of the aume secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in auch proceeding all e:penaes otforeclosure. including, but not limited to. reasonable attorney's feee. and costs of documentary evidence. abatracts and titie reports. 19. Borrower'e Right to Reinetate. Notwithatanding [~ender a acceleration of the sums aecured by thia Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paya Lender all auma which would be then due under this Mortgage, the Note and notea eecuring Future ~ Advancee, if any, had no acceleration occarred; (b) Borrower curea all breachea of any other rnvenante or agreements of Borrower rnntained in d thie Mortgage; (c) Borrower paya all reaaonable expensea incurred by L,ender in enforcing the covenanta and agreementa of Borrower rnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney's feea; and (d) Borrower takes auch action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender'e intereet in the Property and Borrower's obligation to pay the aums secured by thia Mortgage shall continue unimpaired. Upon auch payment and c~ue ~ by Borrower, thie Mortgage and the obligationa eecured hereby ahall rnmain in full force and effect as if ao acceleration had occurred. a ; Z0. Aaeignment ot Reats; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigns to Lender the rents ~ of the Property, provided that Borrower shali, prior to acceleration under paragraph 18 hereof or e?bandunment of the Property, have the right ~ to collect and retain auch rente as they become due and payable. ~ Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver sppointed by a 4 wurt to enter-apon, take poaeesaion of and manage the Property and to rnllect the rents of the Property, including those paet due. AA renta ~ collected by the receiver ahall be applied first to payment of the oosts of management of the Property and rnllection of renta, including, but not limited to, receiver a fees, premiuma on receiver'e bonda and reasonable attorney'a feea, and then to the sums eecured by thie Mortgage. The receiver shall be liable to acoount only for those renta actually received. ~ ~ ;~q~ (~Q , +K •J~~ P1'~f ~V'J ~ - - ~ - ~ - . _ . _ _ . _ ~ y ~ ~