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HomeMy WebLinkAbout0968 • ~ • • 1 . ' • , . . , ~ . 8. Inepection. l.ender may make or cause to be made reasonable entries upon and inspections of the property, provided that L,ender ehaU Kive Borrower notice prior to any auch inapection apecifying reasonable cause thernfor related to Lender'a intereat in the Property. 9. Condemnation. The procceds of any award or claim for damagee, direct or consequential, in connection with any oondemnation or ~,the~ taking of the property, or part thereof, or for conveyance in lieu of condemnatiun, are hereby aaaigned and ehall be paid to l.ender. In the event of a total taking of the Property, the procceda ahall be applied to the sume secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwiee agree in writing, there ahall be :~pplied to the sums sec;ured by this Mortgage auch proportion of the proceeda aa is equal Lo that proportion which the amount of the sume secured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of t~~king, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower tt~at the condemnor offera to make an award or aettle a ~•1<iim for damagea, F3ormwer fails to reepond to Lender within 30 days after the date such notice is mailed, Lender is authorized to coUec! and apply the proceeds, at I.ender e option, either to restoration or repair of the properiy or to the sums aecured by this Mortgage. . Unless Lender and Borrow°r otherv?iee agree in writing, any euch application of proceeds to principal ahai! not extend or poatpone the due cl:?te of the monthly inatallmente referred to in paragrapha 1 and 2 hereof or change the amount of such inatallments. ~ 10. Borrower Not Released. F.xtension of the time for paym ~nt or modification of amoriization of the sums secured by this Mortgage ~;ranted by Ixnder to any successor in intemat of Borrower shall not operate to rnle:is~e, in pny manner, the liabifity of the original Borrower und t3orrower's successors in internst. I.ender shall not be n.~quired to commence proc~eedings against auch successor or refuse to extend time f„r ps~~•ment or othen~rise moc3ify amurtiz:~tion of the sums secur~d by this MortRage by reasun of any demand made by the oriRinal Borrower ;ind Eiorrower's sucressurs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by [.ender in exercising any right or remedy hereunder, or otherwixe ~~fforded by applicable law, ahall not be a waiver of or preclude the exercise of any such right or mmedy. The pmcurement of inaurance or the p:~yment of taxes or other liena or charges by Lender shall not be a waiver of Lender's right to accelerate the maturiiy of the indebtedneas ;ecured by thia Mortgage_ 12 Remedies Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy unde~ thia ~lurtrage or afforded by law or equity, and may be exercise~i concurrently, independently or successively. 13. Succesaors and Assigna Bound; Joint and SevEral Liability; Captions. The covenants and agreementa herein rnntained shall t~ind, and the righta hereunder shall inure tu, the reapective succeasors and assigi~a of Lender and I3orrower, subiect to the provisiona of p:?ragraph 17 hereof. All covenants and agreements of ~3orrower shall be joint nnd aeveral. The captions and headings of the paragrapha of this blort{tdge are for covenience onty and are not to be used to interpret or define the provisions hereoL - l4. Notice. Except for any notice requirctil under applicable law to be Riven in another m~nner, ial any natice to Borrower pro~ ided for in c his Mortgage shall be given by mailing such noticeby certified muil addressed to Borrower at the I'roperty Address ur at such other address as t~~~rrower may designate by notice to I.ender as provided hernin, and (b) any notice to l.ender xhall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other nddress as I.ender may designate by notice to Borrowrr ag provided herein Any :wtice pruvided for in this Mortgage shall be deemed to have been given to Borroweror Ixnder when given in the manner deaignated herein. 25. Uniform Mortgage; Governing I.aw; Severability.l'his form of mortgaqe combines uniform rn~ enants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property_ This Atortgage shall be governed by the law of the jurisdiction in which the Property is located. ln the event that any pro~•i~ion or clause of this Mortgage or the Note conflicts w-ith applicable law, such conflict s5al! not affect other provisions of this blortgage or the Note which can be given effect ~vithout the n~nflictin~ pmvision, and to tF.is end the provisionx of the Mortgage and the Note are declared to be severable_ 16. Bflrrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this MortgaRe at the time of execution or after :rcordation hereof. 17. 'Iti-ansfer of the Property; Assumption. If all or any part of the Property or an interest therei~ is sold or transferred by I3orrower ; « ithout [~ende.'s priur written consent, excluding lu) the rreation of a lien or encumbrance sutwrdinate to this Mortgaae, (b) the creation of a j F~urchase money security interest for household appliances, (c) a transfer by devise, d:scent or by operation of law upon the death of a joint ; tenant or (d1 the grant of anS leasehold intemst of three years or less not containing an option to purchase, Lender may, at Lender's option, ! ~lrrlare all the sums secured by this biortgage to be immediately due and payable. [.ender shall have w aived such option to accelerate if, prior ' c~ ~ the sale or transfer, I.ender and the person tn whom the Properly is to be sold or transferred reach agreement in writinR that the credit of such p~•rson is salisfacton~ to I.ender and that the interest payable on the sums secured by this Mort~aKe shall be at such rate as I,ender shall rcK~uest. If Ixnder has waived the optiun to accelerate prnvided in this para~raph 17, and if I3~rrower's successor in interest has executed a wr:tten assumption agreement accepted in µ•ritinK by I.ender, I.ender shall release Borrower from all obiigations underthis Mortgageand the ~ \ nte. 3 If Ixnder exercises such optiori b~ accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. 1uch notice shall provide a periud of not less than 3(1 days fr~~m thedatethe notirnis mailed within K•hich Born~wer may paY thesums declared ~ riue. If Rorrower fails to pay such sumti prior to the expiration of such periucl, Ixnder iuay, K•ithout further notice or demand on ESorrower, ; in~•oke any remedies permittecl, by p.iraKra~h !K hercy~f. 1R. Acceleration; Remedies. Except as provided _in paraqraph 1? hereof, upon Borrower's breach of any covenant or ~ xgreement of Borrower in this lliortgage, inciuding the covenania io pay when due any au?i;a ~ecured by il:is 1Sorigage, Len~rr ~ prior to acceleration shall mail notice to I3orrower as provided in paragraph 14.hereofspecifying: (1) the breach; (2) theaction r required to cure auch breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by which such ~ breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in ~ acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure prceeeding the x non-e:istence of a defauit or any other defenae of Rorrower to acceleration and foreciosure. If the breach ia not cured on or t~efore the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be ; immedistely due and payeble without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahail be ~ entitled to collect in such proceeding all expensea of foreclosure. including, but not limited to. reasonable attorney's fees. and ~ costs of documrntary evidence. sbstracts and title reports. # 19. Borrower's Right to Reinatate. NotwithstandinK I.ender's acceleration of the aums secured by this Mortbage, Rorrower shall have { the right tn have any proceedings beRUn by I.ender to enforce this Mort{tage discontinued at any time prior to entry of a judgment enforcing ` this MortgaRe if_ (a? Bormwer pays I.ender all sums which would be then due under this Mortgage, the Note and notea securing Future ~'~dvancea, if any, had no acceleration occurred; ~b1 E3orn:wer cures all bmaches of any other cmenants~ or agreements of Borrower contained in this Mortgaqe; (c) E3orrower pays a? reasonable expenses incurred by Lender in enfon-ing the covenants and aEtreements of Borrower contained in this Alort~aRe and in enforcing I.ender's remedies as provided in paragraph IShereof, including, but not limited to, reasonable ' atturney's fees; and Id1 E3orrower takes such action as I.ender may reasonably require to assum that the lien of this Mort~age, Lender's intereat in the Property and Bormwer's obligation to pay the sums secured by this Mortgaqe shall continueunimpaired. Upors such paymentand cure by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. • 20. Assignment of Rents; Appointment of Receiver. As additional aecurity hereur,der, Bonower hereby assigns to Lender the rents of the Property, provided that ~3orrower shall, prior to acceleration under paraqraph 18 hereof or abandonment of the Property, have the riqht ? to collect and retain such renta as they become due and payable. ; Upon acceleration under paragraph 18 hereof or abandonment of the i'roperty, Ixnder shall be entitled to have a receiver appointed by a ` court to enter-upon, take posseasion of and manaRe the Property and to collect the rents of the Property, including those past due. AU renta ~ collected by the receiver ahall be applied first to payment of ihe costs of manaqementof the Property and collection of rente, including, but not ; limited to, receiver's feea, premiums on receivei s bonds and reasonable attomey's fees, and then to the sums eecured by thie Mortgage. The receiver aha11 be liable to acrnunt only for those rents actually received. ;t ~ i ; 1 ~~E 966 ~~3 JII+IK ~~•J