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HomeMy WebLinkAbout0079• , ..- . , ' ., . . S. Inepection. l.ender may make or cause to be made reasonable entriee upon and inepectione otthe property, pmvided that Lender shall Kive Borrower ~otice prior to any such iospection spctiifying reasunable cauee thereCor related to l.ender'a iotereet in the Pmperty. 9. Coademnation. The prooeeds of any award or claim for damages. direct o~ coneequential, in connection with any oondemnation o~ other takiry~ of the property, or part theceot, or for cunveyance in lieu of condemnation, are hereby aeeigned and ehall bc paid to I.ender. In the eve~t of a total taking of the Property, the proceeds ehaU be epplied to the suma secured by thie Mortgnge. with the excess. if any. paid to E3orrower. ln the event of a partial taking of the Property, unleee Bormwer a~d I.ende~ otherwiee a~ree in writing. there ehall be applied to the sums eecurrd by this Mortgege euch proportion of the proceede ae is equal b that proportion which the amount ot the sume wecured by thie Moctgage immediately prior to the date of taking beara b the fair market value of the Property immediately prior to the date of taiking, with lhe balanca of the pra.~ceds peid b Borrower. If the Property ie abandoned by Borrower, or if, after notice by l.ender to E3orrower that the rnndemnor oftera to make an award or settle e cinim for damagee, Borrower faila to mapond to I.ender within 30 daye after the date euch notice ie mailed, l.ender is authorized to collect and e~pply the proceeda, at I.ender'a option, either to restoration or repuir of the properiy or to the eume eecured by thie Mortgage. Unlese l.ender nnd E3orrower otherwise aRree in writing, any such application of proceede to principal ahall not extend or poetpone the due d~te ot the monthly inatallments referred to in paragraphe 1 and 2 hereof or change the amount of auch installmente. 10. Borrower Not Released. E xtension of the time for paymant or modification of nmortization of the sums secured by this Mortgage ~;ranted by lxnder to any auccesaor in intereat of 13orrower ehall not operate to release, in any manner, lhe liebility of the original Borrower and t~rrower's succeasora in intrrest_ l.ender ahtill not be required tu rnmmence proceedings a~ainst auch auccesaor or refuse b exlend time f~ ~r pf-ymrnt or othcrwise modify amorti~utiun of the sums secund by thia MortKuge by reiuwn uf any demand made by the originnl Korrower ;~nd 13orrower's succ~w,rs in inlen~:t. 11. Forbearance by Lender Not a Waiver. Any forbearance by [.ender in ezerciaing any riKht or remedy hereunder, or otherwise :+fforded by applicable law, shall not be a waiver of or preclude the ezereiae of any euch riKht or remedy. The procurement otinaurance or the p~~yment of taxea or olher liene or chargea by Lender ahaU not be a waiver of I.ender'a right to accelerate 1he maturity of the indebtedneas ~rti•ured by this Mortgage. 12 Remedies Cumutetive. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under thie 1lortrage or af[orded by law or equity, and may be exerciae~l concurrenUy, independently or aucceasively. 13. Succesaors and Assigna Bound; Joint and Several Liability; Ceptione. The covenants and agreements herein cont.~ined ahall t,ind, and the rights hemunder ahall inure to, the reapective successora and aseigna of Lender and Borrower, aubject to the provieione of p.+rt~grs~ph 17 hereof. All cuvent~nta and agreements ot I3orrower ahall be joint and several. 7'he captione ~nd headings of the paragrapha of this Mortg~ge arn for cuvenience only und are not to be uaed to interpret or define fhe proviaions hereof. 1 d. Notice. Except for any notice reyuired under s~pplicable luw~ to be Kiven in another m.~nner, lal nny notice to E3orn~wer provided for in t his Mortgage shall begiven by mailing such notice by certified maii nddressed to Borrower at the I'roperty Addresa ur at such other addreas ae tiurrower may deaiKnate by notice to I.ender us providcd hernin, and Ib) any notice to I.ender ahall be given by certified mail, return receipt n~yuested, tu I.ender's ~ddress su~ted hemin or to auch other addmsx as l.ender may desiKnate by notice to Iiorrower as provided hemin. Any nntirn provided for in this MortgaKe ahall be deemed to have been given to E3orrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mort~tagecombines uniform oovenants for national use and non- uniform cvn•enants with limited variations by jurisdiction to cvnstitute a uniform security instrument cuvering real property. This Mortgage ~hsdl be Koverned by the law of the jurisdiction in which the I'roperty is located. ln the event that any provision or claui-e of this Mortgage or t hi• tiote conAicts with applicablP law, such conflict shall not affect other pmvisiuns ot this Mortgage or the Note which c~n be given effect K•ithout lhe conflictinK prr~vision, and to this end the pruviaions of the 111orlgage nnd the Note are derlared to t-e ~everable. 16. f3orrower's Copy. Iiormwer shall be furnished a cY-nfi-nned copy of the Note xnd of this Mortgage at the time of execution or after rEr~ordatiun hereof. I7. Transfer of lhe Property; Asaumption. If all or any part ot the f'roperty or nn interest therein is sold or transferred by Borrower w-ithout I.ender F prior written consent, excluding la) the creation of a lien or encumbrance sutwrdinate to this Mortgage, lb) the creation of a E~urchase money security intereat for household appliances, lc) a transler by devise, d^scent or by operation of law upon the death of a joint t«~nant or!d) the grant of any leasehold intemxt of three years or less not containing an option to purchase, I.ender may, at l.ender's option, ~irclare all the sums securea by this Mortgage to be immediately due and payabte. l.ender shall have waived such option to accelerate if, prior t~, the saleor transfer, l.ender and the person to whom the Hroperty is to be sold or transferred reach agreement in writing that thecredit of auch p~•rsun is satisfucton~ tu I.ender and thiit !he interest pay able on the sumx xecured by thix MortgaKe ahall be at such rate as l.ender ahall n-c~uest. I[ I.ender h:~s waived the option to 3ccelerate provided in this paraKr~ph 17, and if &~rruw•er's succexxor in intereat has executed a w ritten asaumption aKreement acceptrd in writinK by l.ender. I.ender xhall release I3~~rrower frum xll obliKatiuns under this Mort~age and the \i~te. it I.endrr exerci~ such option to :+ccelerale, I~~nder Ah:~ll mail Burmwer noticeof acceleration in accordance with paragraph 14 hereof. ~uch nutim shall pruvide a period ~~[not less than :i(1 dnys from the date the notim is rr.ailcd within which Knrn-wer may paY the sums declared ~lu~~. If E~rrow~er fails to pay such sums prior to the expiration of such peri~, Ixnder may, without further notice or demand on fiorrower, ~nvoke:~ny rrmiyliE~ pennittrd by paraKrauh Itt here•~f. 18. Acceleration; Remediea. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or a~Kreement otEiorrower in this Mortgage, including the covenanta to pay when due any eums eecured by thie Mortgage, Lender prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereofepecitying: (1) the breac6;(2) the action rt~quired to cure auch breach; (3) a date, not leae than 30 days from the date the notice ie mailed to Borrower, by which euch t~reach muat be cured; and (41 that failure to cure such breach on or before the date specified in the notice may result in arcelerat ion of the aums secured by this Mortgaqe. foreclosure by judicial proceeding and sale of the Property. The notice ehall further intorm Rorrower of the right to reinstate after acceleration and the right to aseert in the foreclosure proceeding the nun-e:iatence ot a detault or eny other detense of Borrower to acceleration and [orecloeure. If the breach ie not cured on or tx•fore ihe date specified in the notice. I.ender at Lender's option may declare all of the aume secured by thie Mortgage to be immediately due and payable without furtherdemand and may forecloae this Mortgage by judicial prceecding. Lender ehall be ~~ntitled to collect in auch proceeding al) expenses of toreclosure. including. but not limited to, reasonable attorney'P feea. and i~ostx otdocumentary evidence. abstracte and title reporla. 19. Borrower'e Right to Reinstate. NotwilhatandinK I.ender s accelerationof lhe aums secured by this Mortgage, Borrowershall have the right to have any proceedings begun by I.ender to enforce this Mortgaqe discontinued at any time prior to entry of a judgment enforcing this Mort~age if: (a) i3orrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future rldvances, if any, had no acceleration occurred; (b) Rurrc~wer cures all breachea of any other covenanta or agreements of I3orrower contained in this Mortgage; Ic) f3orrower pays al) reasonable expenses incu~red by I.ender in enforcing the covenante and aRreementa of f3orrower contained in thie Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d- Borrower takes auch action as i.ender may reasonably require to assure that the lien of this Mortgage, I~ender a intereat in the Property and I3orrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obliqationa secured hereby ahall remain in full force and effeM as if no acceleration had occurred. 20. Aeaignment of Renta; Appointment of Receiver. As additional aecarity hereunder, Borrower hereby assigne to Lender the rente uf the Property, provided that Borrower ehall, prior to acc-eleration under paragraph 18 hereotor abandonment of the Property, have theright to collect and retain such rents as they become due and payable. 1Jpon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a cnurt to enternpon, take poaseasion of and manage the Property and to collect the rents of the Property, including those past due. All rnnta collected by the receiver shall be applied first to payment of the coats otmanagement otthe Property and rnllection of rente, including, but not limited to, receiver e fees, premiuma on receiver's bonda and reasonable attorney's feee, and then to the suma eecured by thie Mortgage. The receiver ahall be liable to acoount only for thoee mnta actually received. . J~~i1~~~ `W~ ~ ~