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HomeMy WebLinkAbout00671' /. ~ ~, `` - t,j •1 8. Iaepection. l.ender may make or cauae to be made reaeonable entries upon and inepections of the property, provided that l.enderahall give Bor~ower ~otice prior to any euch i~spection epecifying ~easonable cauee therefor related to l.ender'e intereat in the Property. 9. Condemaation. The proc~ceda of any award or claim [or damages. direct or conaequential, in connectio~ with any oondemnation or other taking of the property, or pert thereof, or fo: conveyance in lieu of rnndemnation, are hereby aasigned and ehall be paid to I.ender. In the event oi a total taking of the Pmperty, the proceeds ehall be applied to the suma secured by thie Mortgage, with the exceea, if any, paid to Borrower. In the event of a partia! taking of the Property, unleas Borrower and [.ender otherwiee agree in writing, then ahall be applied to the auma eecured by this Mortgage auch proportion of the proceeds as is equal to that proportion which the amount of the sume secured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immedietely prior to the date of taking, with the balanc~ of the pmcccde paid to Borrower. lf the Property is abandoned by Borrower, or if, after ~otice by Lender to Eiorrower that the condemnor ofTere to make an awerd or eettle a claim for damages, Borrower faila to reapond to I.ender within 30 daye after the date such notice is mailed. l.ender is authorized to collect and apply the procceda, at I.ender'a option, eilher to reatoration or repair of the property or to the eums secured by this Mortgage. Unleas Lender and Borrower otherwiee agree in writing, any euch application of proccede b principal shall not extend or poetpone the due date of the monthly installments referred to in pasagraphe 1 and 2 hereof or change the amount of auch inatallmente. 10. Borrower Not Released. Extension of the time for paymant or modification of amo`tization of the sumx secured by this Mortguge Kranted by l~ender to any auccessor in interest of I3orrower shall not operate to mlease, in any manner, the liability of the original Borrower ~~nd l3orrower's successors in intemat. I.ender ahall not be required to commence proceedings aqainet such auccessor or refuse to extend time f~~r pAyment or otherwise modify umoriization of lhe sums secured by this Mortgage by reaxon of any demand made by theoriginal E3orrower and Borrower's successors in intercwt_ 11. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exereiaing any right or remedy hereunder, or othervr.ee :-fforded by applicable law, shall not be a waiver of or preclude the exerciee of any auch right or rnmedy. The procutement of ineurance or the payment of taxes or other liens or chargea by Lender ahall not be a waiver of I.ender s right to accelerate the maturity of the indebtedneas secured by thiP Mortgage. 12 Remedies Cumulative. All remedies provided in thie Mortgage are diatinct and cumalative to any other right or remedy under thia Mortcage or afforded by law or equity, and may be exerciee~l rnncurrently, independently or eucceasively. ~ 13. Succeasors and Assigna Bound; Joint and Severat Liability; Captiona. The covenants and a~;reementa herein contained ahall bind, and the righta hereunder shall inure to, the reapective succeasora und assigns of l.ender and Borrower, eubject to the provisions of paragraph 1? hereof. All covenants and agreements of Korrower ahaU be joint and several. The captions and headings of the paragraphe of this Mortgage arn for covenience only and are not to be uaed to interpret or define the proviaione hereof. 14. Notice. I:xcept for ~ny notice reyuired under npplicable law ta be given in anoth~r manner, (a) any notice to E3orrower provided for in this Murtgage shaU be given by mailing such notice by certified mail addressed to Borrower at the Property Addresa or at such other address se Ftorrower may deaignate by notice to I.ender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt reyuested, to Lender's addreas stated herein or to such other address as I.ender mAy desiqnate by notice to Borrower ax provided herein. Any n~~tice provided for in this Mortgage shall be deemed to have been given to Horrower or I.ender when given in the manner designated herein. 15_ Uniform Mortgage; Governing Law; Severability. This form otmortgagecombines uniform rnvenants tor national useand non- uniform covenants vrith limited varintions by jurisdid.ion to bonstitute a uniform security instrument c~vering real property_ This Mortgage ,ht-II be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Ntortgage or the Note rnnflicts with applicable law, such conflict sha0 nflt affect other proviaions of this Murtgage or the Note which can be given effect without the conflirtink provision, and to this end the provisions of the hfortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed eopy of the Note and of thia Mortgage at the time of execution or atter recordation hereof. 17. Transfer cf th~ Property; Assumption. It all or any part of the I'mperty or an interest therein is sold or transferred by Borrower »~thout Ixnder's prior written consent, eacluding (a) the creation ota lien or encumbrance subordinate to this Mortgage, lb) the creation of a purchase money security interest for household appliances, (c) a tranafer by deviae, descent or by operation of law upon lhe death of a joint tenant or (d) the Rrant of any leasehold interest of three years or leas not rnntaining an option to purchase, l.ender may, at Lender s option, ~leclare all the sums securea by this Mortgage to be immediately due and payable. l.ender ahall have waived such option to accelerate if, prior ~:%to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach aqreement in writing that the credit of such ~~ person is satisfactory to [.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as I.ender ahall rrquest. If [.ender has waived the option to accelerate provided in this paragraph 17, and if I3orrower's successor in interest has executed a written assumption agreement accepted in v~~ritinK by I.e nder, l.endershall release Korrower from all obligatians under thia Hlortgage and the \ ute. If l.ender exercises auch option to accelerate, l.ender shall mail Korrower noticeotacceleration in acrnrdance with paragraph 14 hereof. Such notice shall provide a period otnot less than.i0 days from the date the notice is rr.ailed vrithin which Borrower may pav the sums declared c1ue. If Borruwer fails to p.iy such sums prior to the expiration of such period, l.ender may, without further notim or demand on E3orrower. invoke any remedies permitted by paraKraoh 1R hereof. 18. Acceleration; Remediea. Fzcept as provided in paragraph 17 hereot. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any eumsaecured by this Morigage. Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 141~ereofspecifying:~1)the breac6;(2) theaction required to cure such breach; (3) a date, not leas than 30 daye from the date the notice ia mailed to Borrower, by which auch breach must be cured; and (4) that teilure to cure such breach on or before the date epecified in the notice may result in acceleration of the suma secured by this Mortqage, foreclosure by judicial proceeding and sele ofthe Property. The noticeshall further inform Borrower of the right to reinatate aRer acceleration and the right to assert in the foreclosure proceeding the non-e:iatence of a default or any other detense of Borrower to acceleration and foreclosure. !f the breach is not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sums aecured by this Mortgage to be immediately due and payable without further demand and may forecloae this Mortgage by judicial proceedinq. Lendershall be entitled to collect in such proceeding all expenses of toreclosure. including. but not limited to, reasonable attorney's fees. and costs ot documentary evidence, abstracts and title reports. 19. Borrower'e Right to Reinetate. NotwithatandinQ I.endei s acceleration of the sums aecured by this Mortgage, E3orrowershall have the right to have any proceedings begun by I.ender to enforce this Mort~age diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreementa of Borrower contained in this Mortgage; Ic) Borrower pays all rnasonable eapenses incurred by Lender in enforcing the rnvenants and agreements of Borrower contained in thie Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to~ masonable attomey's fees; and (d- Borrower takes auch action as I.ender may reasonably require to aseurn that the lien of this Mortgage, Lender's interest in the Property and E3ornower'e obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon euch paymentand cure by $orrower, this Mortgage and the obligationa eecured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rente; Appoiritment of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the renta of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof o~ abandonment of the Property. Lender ehall be entitled to have a receiver appointed by a oourt to enter.upon, take poasession of and manage the Property and to collect the rente of the Property, including those paet due. All rents collected by the receiver ahall be applied first to payment of the oosts of management of the Property and rnllection of rentis, including, but not limited to, receiver's fees, prnmiums on receiver e bonds and reasonable attorney's feea, and then to the suma secared by this Mortgage. The ~eceiver ahall be liable to acoount only for those rente actually received_ 8~x ~5 ~~~E ss