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HomeMy WebLinkAbout0083~ , ~~ti S. lnepectio~. I.ende~ may make or cnuse to be made reasonableentries ~~pon and inapectiuna otthe property, provided -hat I.enderehall Kive E3orrower nolice prior to any auch inepection apecifying ceaxonable cuuee therefor related to l.ender's intereat in the Property. 9. Condemnation.'11-e proceeds of a~y award or claim for damaRes, direct or consequential, in co~nection with any condemnation or ~~ther taking of the property. or part thereof, o~ for conveyance in lieu of condemnation, are hereby asaig~ed and ahall be paid to l.ender. In the event ot a total taking ot the Pooperty, the proceeda ehall be applied to the auma eecured by this Mortgage, with the exceee, if any, paid to Horrower. In the event of a partial taking of the Property, unleas Bor~ower and l.ender otherwise agree in writing. there shall be :-pplied to the auma secured by this Mortgage euch proportion of the proc~eeds ne ia equa) ta that proportion which the amount of the euma ac~ ured by this Mortgage immediately prior to the date of taki~g beara w the fiur market value of the Property immediately prior W thedate of ttiking, with the balancr of the proceeds pt-id to Boirower. I f the Property ia abandoned by Borrower, or if, after notice by I.ender to I3orrower thal the condemnor oftere to make ao award or eettle a clt-im for dumagee, Borrower faila to reepond to I.ender within 30 duye after the date auch notice is mailed, Le~der is authorized tocollect and ~+pply the proceeda, at I.ender'a option, either to reatoration or repair of the properiy or to the aums Recured by thin Mortgage. Unleas I.ender and E3orrower otherwiee agree in writing, any such application of proceeda to priocipal shAll not exeend or postpone the due date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereot or change the amount of such inatallmenta. !0. Borrower Not Releaaed. F:xtrnsion of ihe time for paym~nt or modificution of amortization of the sums secured by this Mortgage Kre~nted by t.ender to Any~ successor in intereat of E3orrower shnll not oper:ite to relrase, in any mt~~ner, the liability of the original l3orrawer nnd Borrower's auccrasors in interest. I.ender shall not be required to romm~nce pr~~ccr~linKs aguinst such xucYrasor or mfuse to extend time i~ ~r pa~yment or otherwise moclify amurtizatiun of th~• sums scrund by this Alortga~;c try re~~sun uf ~ny dem.ind mnde by the originnl f3urrower :~nd fiorn-Kers succes.w~rs in interest. 11. Forbearance by l.ender Not a Waiver. Any forbearance by l,ender in exerciaing any right or rnmedy hemunder, or otherwise ~ifforded by applicable law, shall not be ~ wniver of or preclude the exemise of any auch riKht ur rrmedy. The pmcnrement of insurance or the E~:+yment of taxea or othe~ liens or cha~gea by l.ender shall not be a waiver of l.ender's right to accelerate the maturity of the indebtedneas .ecured by this Mortgage. 12 Remediea Cumuletive. All remedies provided in thia Mortgage are distinct nnd cumulative to any other right or remedy under thia ~iortrage or atforded by law or equity, and may be exemise~i concurrently, independently or succesaively. 13. Succesaora and Aseigns Bound; Joint and Several Liability; Captione. The covenants and uRreementa herein contained shall i~ind, and the righta hereunder shnll inure to, the respective successors and assigns of I.ender and l3orrower, subject tu tha provisions of p:+r~graph 17 hereof. All covenants and i~~rreements of E3orrower shall be joint and several. The captions and headings otthe paragrapha of !his blortgage are for covenience only nnd are not to be used to interpret or define the provisions hereof. l4. Notice. Except fi,r any nutice rev~uinYi under applicable law to Im Kiven in another manner, lal any notice tu i3orruw•er pr~~vided for in t his Hlortgnge shall begiven by mnilinK such notice by certified mail addressed to Rorn-wer at the Yroperty Address or at such other addreas us ft~~rrower may designate by notice to I.ender ~s pmvided herein, and Ib- any notice to I.ender shall be given by certi5ed mail, return receipt nY~uested, to l.ender's addmss sl~~ted herein or to such other addresri as [.ender muy desiKnate by notice to E3orrower ax provided herein. Any nuticr provided for in this Mortgflge shall be deemed to hnve been given to I3ormwer or l.ender wheo given in the manner designated herein. 15. tlniform Mortgage; Governi ng Law; Severability. This torm of mortKa~ge a~mbinea uniform a~venants for natiunal use and non- unifi~rr.~ a»~enants v-ith limited variations by jurise~ictiion to mnstitute a uniform security instrument coverin~; real property. This Mortgage .hall be Kuvernid bv the law of the jurisdiction in which the I'roperty is located. In the event that anv provision or clause of this MortKage or the lute conflicLs with applic~Lle law, such conilict shall not affecl other provisiuns of this MortK:-Ke or the Note v-hich can be Kiven effect ~.~ithuut the rnnflictinQ pnn•ision, and to this end the pm~ isions of the htortK.~ge and the Note arc declared tu be u ~~erable. 16. Rorrower's ('opy. Iiorrower shall be furnished a rnnf~rmed copy ot the Note and of this MortgaKe at the time of execution or after rt~•urdation hereof. 17. Transfer of the Yroperty; Asaumption. If all or any part of the f'roperty or ~~n interest therein is sold or trnnsferred by Borroveer w ith~,ut I.ender a prior w~ritten consent, excludinK la1 the creation of a lien or encumbrance subordinate to thiR Mort~aKe, lb) the creation of a purchase money security interest for household appliances, lcl a transfer by devise, d.~cent or by operation of law upon the death of a joint crnant or ldl the grnnt of any leasehold interest of three years or less not rnntaining an option to purcha.~e, l.ender may, at I.ender soption. ~iF~•lare all the sums secumef by this Mortgage to t-r immediately due and payable. I.ender shall ha~•e wnivcd such option to accelerate if, prior t~~ the sale or transfer, l.ender and the person tn M hom the !'ruperty is to tx~ sold or transferred reach ~Kreement in writinK that the credit of such E,t•rson is satisfacton to I.ender and that the intere~;t pa~:~ble on thr sums secu-ed b~ this ~1ortKaKe shull Ix :~t such rate as I.ender ahall r~r~uest. If Ixnder has wai~•cKl the option to accrlerate pru~ided in this paraKraph 17, and if f3orruK~er's :~ucccwsor in interest h:~s executed a •.~~ritten assumption aKreement acc~epted in writinK by IAnder, l.endershall relea.ge t3orrower from .+11 ubliKatiuns underthis ~lortgaKeand the \~~te. • I f I.ender exercises such opti~~n to accelerate, t.ender shall mail Borrower notice of accelerntion in am~rdance with paragraph I a hereof. ~u~~h noticr shall provide a period of not Icss than :p~ dayc fmm thedate the nutice is rr.ailecl within ~+hich Rormwer may pay thesums derlared ~iue. If Borrower fails to p.i~~ such sums prior to the expir.~tiun of such peri~-d. Ixnder m:+~, without further notice or demand on f5~rrower. ~m•oke any remeciies permithd b~ pxraKr,~oh lti hereuf. 18. Acceleration; Remedies. F.xcept as provided in paregraph 17 hereof. upon Borrower's breach of any rnvenant or <+~reement of Borrower in this Mortgage. including the covenants to pay when due any eums aecured by this Mortgage. Lender prior to acceleration shall mail notice to E3orrower as provided in paragraph 14 hereofspecifying:ll)the breach;(•l)theaction rc•yuired to cure such breach; (3) a date. not less than 30 dayy from the date the notice ia mailed to Borrower, by which euch brcach must be cured; and (41 that failure to cure such breach on or before the date specified in the notice may result in tu•celeration of the sums Recured by this Horigage. forecloaure by judicial proceeding and sale of the Property.The notice shall further inform Borrower of the right to reinstate after acceleralion and the right to assert in the torecloaure proceeding the n~-n-exiatence of a default or any other defense of Borrower to acceleration and torecloaure. If the breach ia not cured on or tx•forn the dete specified in the notice. Lender at Lender's option may declare all ot the aums secured by this Mortgage to be immc~diately due and payablr without furtherdemand and may foreclose this Mortgage by judiciel procerding. l.endrr shall be ~~ntitled to collect in xuch proceeding all expensEnR otforecloyure. includinR. bul not limited to. reasonable attorney's fres. and ~•utits of documentary evidence, Abstracts and title mports. , 19. Borrower's Right to Reinatate. NMwithstandinK I.ender's acreleration of the sums secured by this Mortgage, I3orrower shall havc the right to have any proceedings beKun by t.ender tn enforce this MortgaKe disrnntinued at any time prior to entry of a judKment enforcin~t this Mort~aae if: Ia) E3orrower pays I.ender all sums which would be then due under thie Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; ~b) E~rrow er curex all breaches of any other covenanta or aAreements of F3orrower contained in this MortKage; Icl Rorrower pays all reasonable expenses incurred by Lender in enforcing the covenante and aKreements of Borrower contained in this Mortqage and in enfoming I.ender's mmedies as provided in paragraph lA hereof, including, but not limited to, reasonable <~ttorney's fees; and Idl Borrower takes such action as I.ender may reasonably require to aasure that the lien of this Mortgage, I.ender's interest i n the Property and I3ormwer's obliKation to pay the sums secured by this Mo~age shnll continue unimpaired. Upon such payment and cure t~y F3orrower, this Mortgage and the obliKations aecured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aasignment of Rents; Appointment of Receiver. As additional security hernunder, E3orrower hereby aseigns to Lender the rents ~~f the Property, provided that E3orrower shall, prior to acceleration under paraqraph I S hereof or abandonment of the Property, have the right tn collect and retain such renta as they become due and payable. Upon acceleration under paragraph IS hermf or abandonment of the I'roperty, l.ender ahall be entitled to have a receiver appointed by a cti,urt to enter-upon, take pos.vession of and manage the Property and to collect the renta of the Property, including those paet due. All rents cnllected by the receiver sha0 be applied firat to payment of the costs of managementof theProperty and collection of rents, including, but not limited to, receiver e fees, premiums on receiver's bonds and reasonable attomey's fees, and then to the auma secured by this Mortgage. The rcreiver ahall be liable to account only tor those rents actually received. ~ - _ :.z~ _ _ _ ~ ~~45 P~ g~