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HomeMy WebLinkAbout1408 ~ ~ , t ~ 8. taspectioa. L.ender may make or cawe to be made reasonable entries upon and inspections of the pmperty, provided that Leader shall . give Borrower notioe prior to sny such inspection specifyiag reasona~le cauee therefo~ related Lo Lendei s intereat in the Property. 9. Coadea~nation.l~e proceeds of any award or claim for damages, direct or rnnsequential, in connection with any oondemnation or other tairing of the property. or part thereof. or for coaveyance in lieu of condemnation. an hereby asaigr?ed and ahall be paid to I.ender. Ia the event of a total taking of the Property. the proceede shall be applied b the swne eecured by thia Mortgage, with the exceas. if any. - paid to Borrower. In the event oi a partial taking of the Prope~ty. unless Borrower and Leader otherwise agree in writing, there shaU be applied to the suau eecured by thia Mortga~e such proportion of the proceeds ae is equal to that p~^oportion which the amount of the sums se~,~ured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prioi to the date of taking. with the balana~ of the prooeeda paid to Borrower. If the Property is abandoncd by Borrower. or if, aRer notioe by L.ender to Borrower that the oondemnor offera to make an award or settle a claim for daiaages, Bon~ower fails to respond b Lender within 30 dayrn aRar t}~e date such notice is mailed. Leader ia authorized to coUect and apply the pmceeds. at Lender a option. eith~ to restoration or repair of the property or to the eums eecured by thia Mortgage. UIII~ LCRd@i a[Ia BOROWCI O~II'tWls6 8$['eQ 11l M?[1tiIlg, any auch appGcation of proceeds to principa! ehall not extend or postpone the due date of the monthly installraents referred to in paragraphs 1 and 2 hereof or change the amount of euch installmenta. ; 10. Borrower Not Releaaed. E:tet?sion of the time for paymant or modification of amortization of the euma eecured by this Mortgage ~ granted by Lender to any succeseor in intereet of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's aucceaeora in interes~ Lender ahall not be required to oommence proceedinga against such succeseor or refuee to extend time [or payment or otherwiae modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Borrower - and Borrower s succeseors in interest. 11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lendec in euerrieing any right or remedy hereunder, or otherwiee afforded by appliceble law. ahall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of inaurance or the payment of tazea or othes liena or chargea by Lender ahall not be a waiver of Lendei a right to accelerate the maturity of the indebtedneea secured by thia Mortgage. 12 Remediee Cumulative. All remedies pro~lded in thia Mortgage are diatinct and cumulative to any other right or remedy under thie tilortrage or afforded by law or equity, and may be e:erciee~i ooncurrently, independently or sucoeasively. 13 Suoceseors and Aseigna Bound; Joint and Several Liability; Captione. The rnvenants and agreemente herein contained shall hind, and the rights hereunder ahall inure to, the reapective succeeeors and aeaigne of Lender and Borrower, aubject to the provisiuns of paragraph 17 hereof. All covenante and agreements of Borrower ahall be joint and aeveral. The captions and headinga of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereoL 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided fot in thia Mortgage shaU begiven by mailing such notice by certified mail addreaeed to Borrower at the Property Addresa or at such other address ae Borrower may deaignate by notice to Lender as pmvided herein. and (b) any notice to Lender shall be given by certified mail, return receipt ; requeated, to I.ender'e addresa atated herein or to auch other addrese as Lender may designate by notice to Borrower aa provided herein. Any ~ notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein ' 15. Uaiform Mortgage; Governing Law; Severability. Thie form of mortgage rnmbinea uniform covenants for national use und non- ~ aniform rnvenants with limited variations by juriediction to oonetitute a uniform security inatrument covering real property. This Mortgage shAll be governed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clauee of this Mortgage or the Note conilicts with applicable law, such conflict shall not aft'ect other proviaions of this Murt~age or the Nate which can be given effect without the rnnflicting provision, and to this end the provisinna of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower aha11 be fumiahed a conformed capy of the Note and of this Mortgage at the time of execution or after recordation hereof 17. 'I~anafer of the Property; Asaumption. It all or any part of the Property or an intereat therein is aold or tranBferred by Borrower w~thout Lendei s prior written rnnsent, eacluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for houaehold appliances, (c) a tranafer by devise. d~cent or by operation of law upon the death of a joint _ tenant or (d) the grant of any leasehold intereat of three yeara or leae not containing an option to purchaae, Lender may, at Lender's option, declare all the suma securea by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such peraon ia satisfactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at such rate.as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's auccesaot in interest hax executed a wTitten assumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligationa underthis Mortgage and Lhe ' \ ote. ! If L.ender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in acc~ordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice ia inailed within which Borrower may pay the aume declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on ~3orrower, ~ ~nvoke any remedies permitted by paragranh 18 hereof. ~ 18. Aoceleratioa; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenants to pay when due any sums secured by this Mortgage. Lender ~ ~ prior to aoceleration shall mail notice to Borrower ~e provided in paragraph 14 hereof specifying. (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daya from the date the notice ia mailed to Borrower, by which euc6 breach must be cured; and (4) that failure to cure auch b~each on or before the date epecified in the notice may reault in ~ acceleration of the sums aecured by this Mortgage, foreeloaure by judicial proceedisg end eale of the Property. The notice shall further inform Borrower of the rig6t to reinetate after acceleration and the right to asaeri in the foreclosure proceeding the ~ non-ezietence of a defauit or any other defense of Borrower to acceleration and forecloaure. If the breach ia not cured on or ~ before the date apeciCed in the notice, Lender at Lender's option may declare all of t6e aums secured by this Mortgage to be ~ i mmediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all expenees of foreclosure, including, but not limited to, reasonable attorney's feea, and coats of documentary evidence. abstracte and title reporta. ~ 19. Borrower's Right to Reinetate. Notwithatanding I.ender'a aeceleration of the aums aecured by thie Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforring thie Mortgage if: (a) Borrower pays Lender all sume which would be then due under thie Mortgage, the Note and notes aecuring Future ; Advancea, if any, had no acceleration occurred; (b) Borrower curea all brnachea of any other co~ enanta or agreements of Borrower contuined in i ~ this Mortgage; (c) Borrower pays all reasonable expenees incurred by Lender in enforcing the oovenants and agreements of Borrower § contained in thia Mortgage and in enfonting Lender's remedies aa pm~~ded in paragraph 18 hereof, induding, but not limited to, reasonable ; attorney's feee; and (d) Borrower tekea auch action as L.ender may reaeonably require to assure that the lien of this Mortgage, Lender's interest - 5 i n the Property and Borrower s obligation to pay the auma secured by thie Mortgege ahall continue unimpaired. Upon auch payment and cure F by Borrower, Lhis Mortgage and the obligations secured hereby ahall remain in full force and effect aa if no acceleration had occurred. ~ 20. Aasignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna to Lender the rente ; of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonmentof the Property, have the right ~ to coUect and retain auch rents as they become due end payable. ` ~ Upon aoceleration ander paragraph 18 hereof or abandonment of the Property, L.ender ahall be entitied to have a receiver appointed by a ~ court to enter-upon, take poasession of and manage the Property and to collect the rnnt8 of the Property, including those past due. All renta ~ collected by the receiver ahall be applied first to payment of the oosta of r.~anagement of the Property and oollection of renta, including, but not ~ limited to, reoeiver'e feea, premiuma on receiver's bonds and reasonable attorney's feea, and then to the auma aecured by thie Mortgage. The ~ receiver ehall be liable to acoount only for those rente actually received. ~ ~ ~ s ,1 K~1~ f:'(;F1406 ~ ~ ~ .