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HomeMy WebLinkAbout0461~ i~ ti•. 3~• J/^ 8. Inepection. L.ende~ may make or cauec to be made reaeonable entriea upon and inspectiuna of the property, provided that Lender ahall give Borrower ~otice pdor to any auch inspectio~ apecifyiog reasonabte cauae therefor related to [.endei a i~terest in the Properiy. 9. Condemnation.lfie ptocecda of any award or claim for damagea, direct or coneequential, in connection with any condemnation or othe~ laking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby asaigned and shall be paid to l.enaer. I~ the eve~t of a total taking of the Property, the proceede shall be applied to the auma secured by this Mortgage, wilh the exceea, if a~y, paid to Borrower. In the eve~t of a partial taki~g o! the Pooperty, u~leae Borrower and l.ender otherwise agree in writing. there shall be ~pplied to the aums aecured by thie MortgaRe such proportion of the procceds as ia equal to that proporiion which 1he amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. lf 1he Property ia aba~doned by Iiorrower, or if, after notice by l.ender to Borrower that the condemnor of'1'era to make an award or eettle a claim for damagea, E3orrower faile to respond to Lender wilhin 30 days aRer lhe date auch notice is mailed, Lender is aathorized to collect and e~pply the proceeda, at l.ender's option, either to reatoration or rnpair of the property or tu the aums aecured by this Mortgage. Unlesa [.ender and Borrower otherwiee agree in writing, any such application of procceda to principal shall not extend or poatpone the due date of the monthly inatalimente referred to in para~aphs 1 and 2 hereoi or change the amount of such inetallmente_ 10. Iiorrower Not Released. Extension ot the time for puym~nt or modification of amortizption of the sums secured by this Mortgage Krunted by l.ender to any succes.gor in inleresl of Borrower shall not aperAte lo releuse, in any manner, the liability of the original Borrowe~ and I3orrower's successurs i~ interesl. l.ender shnl) not be required to cummrnce prcx~redings s~g~inst such successor or refuse to extend lime for payment or otherwise mcxfify amorlizatiun of the sums secured hy this ~lortg~~Ke by rr.4Min of any demand made by the oriKinAl Borrower :ind f;orrower's succet;surs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Ixnder in exercising any right ur remedy hereunder, or otherwiee :~ftorded by applicable law, shall not be a wniver of or preclude the exercise ot any such riRht or remcdy. The pmcurement of inaurance or the p~yment of taxes or other liens or charges by Lender shall not be a waiver of Ixnder's right W acceleraLe the maturity of the indebtednesa secured by this Mortgage. l2 Remedies Cumulative. All reinedies provided in this Mortgage a~ distinct and cumulative to any other right or remedy under this ~iort~age or afforded by law or equity, and may be exemise~i concurrently, independently or aucceasively. 13_ Successors and Aesigna Bound; Joint and Se~ eral Liability; Captions. The covenanta and agreements herein contained ehall I~ind, and the rights hereunder shall inure to, the respective succea.gors and assigns of Lender and 13orrower, subject to tha proviaions of p:iragrAph 17 hereof. AU covennnts and ugreements of 13orrower shall be joint and several. 7'he captions and headinKs of the paragrapha of this Mortgage are for covenience only nnd Are not to be used to interpret or define the proviaions hereof. 14. Notice. F;xcept for any n~~tim reyuired under applicable lav- to be Ri~•en in another maoner, la1 any notim t~~ Borruwer provided for in this Morig~+Ke shall be given by mailing such notice by certified mail addressed to f3orrower at the !'roperty Addressur<it such other address as I~urruwer may desiRnate by notice to [.ender as provided herein, and Ib- any notirn to l.ender ahaU be given by certified mail, return receipt requested, to l.ender's address stated hemin or to such other address as t.ender may designate by notice to Korrower ax provided herein. Any notice provided for in thia MortgaKe shall be deemed to hnve been given to Borruv-er or I.ender when given in the manner designated herein. l~. Uniform :Nortgage; Go~ erning Law; Severability. This form of mortgz~ge combines unifnrm cc,venanta for national uise nnd non- uniforr:~ cueenunts w~ith limited variations by jurise+iction to cunstitute a uniform security instrun-ent cuverin~ rea) properiy. This Mortgage .hafl be governed by the law of the jurisdiction in v-hich the {'roperty is lacatecl. In the event thal any pma ision or clause ~,f this Mortgage or the N~te ~nflicts w•ith applicable law, such rnnflict shall not atfect other pro~~sions of this hlurtQaKe or the Note which can be given eftecl without the cc,nflicting pro~~ision, and tu this end the pmvisions of the MortKnKe and the Nute are declared to be severable. 16. Borrower's Copy. Borrower shall be fumisl~ed n conformed copy of the Note a~d of this MortKc~ge at the time ot execution or afler ra ordati~n hereof. ! 7. Tranafer of the Property; Assumption. If all or any parl of the I'roperty or an interest therein is sold or transferred by Rorrower w•itl-out I.ender's prior N~ritten consent, excluding !a) the creation of a lien or encumbrance subordinate to this Mortgage, fb) the creation of a purchase :noney security interest for household appliances, (c1 a transfer by devise, d~scent or by operation of law upon the death of a joint tenant or ldl the grant of any leasehold interest of three years or less not rnntaining an option to purchase, I~ender ma~r, at I.ender s option, declam all the sums serurea by this Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior t~~ the xaleor transfer, Lender and the person to whom the E'~perty is to be sold ortransferred reach aKreement in w-riting that the credit of such Fx~rson is satisfactory to I.ender and that the interest pa~ ~ble on the sums secured by this MortKaKe shall he at such rate as l.ender shall myuest. If lxndrr h.is wai~•ed the option to attrlerate provideci in this paraKraph 17, and if Borruwer's successor in interest has executed a w ritten :usumption aKreement accepted in writinK by l.ender, Ixnder shall rele.~.~e Korruw•er fr~~m all obliKations under this ~lortgage and the \ ute. If I.ender exercises such option to accelcrate. I.ender shall mail Born,wer notice of acceteratiun in acrurdanc~e with paragraph 14 hereof. tiuch notice shall provide a peri~ of not lekti than :ill days frum thedate thr notice is rr ailed within which Rorrower may pav thesums declared due. If Finrruw~er fails to pay such sums prior to the expiration of such peri~~, I.ender may. ~+•ithout further notice or demand on Korrower, ~nvoke any remeclie:i permitted b~• par.~~,~raoh IK here.~f. l8. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereot. upon Borrower's breach of any covenent or a~reement ot Borrower in this Nortgage. including the covenents to pey when due any eums aecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereofapecifying: (1-the breach;~2) the action reyuired to curE such breach; (3) a date. not less than 30 days from the date the notice ie mailed to Borrower. by which such t~reach must be cured: and (4) that failure to cure auch breach on or before the date speciCed in the notice may result in Hcceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The noticeshall further inform Borrower of the right to reinstate aRer acceleration and the right to asaert in the toreclosure proceeding the non-e:istence ota default or any other defense ot E3orrower to acceleration and forecloaure. If the breach ia not cured on or F-etore the date epeci6ed in the notice. I.ender at I.ender's option may declare all of the aums secured by this Mortgage to be immediately due and pavable without furtherdemand and may foreclosethis Mortgage by judicial proceeding. l.ender ehall be i~ntitled to collect in such proceecling all expenses otforeclosure. including. but not limited to. reasonable attorney's feea. and c•nyts of documentary evidence. abstracts and title reports. 19. Iiorrower's Right to Reinstate. Notwithstandin~ I.ender'a acceleration of the sumssecured by this Mortgage, F3~rrower ahall have the right to have any pn-ceedinga bequn by I.ender to enforce this blortgaKe discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) E3ormwer pays I.ender all sums which would be then due under this blortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; ~b) I3urrower cures all breaches of any other covenants or aqreements of Borrower contFtined in this Mortgage; Ic) E3orrower pays all reaxonable expensea incurred by l,ender in enforcing the covenants and agreements of Borrower c~ntained in this MortgaRe and in enforcing I.ender's remedi~ as provided in paragraph I S hereof, including, but not limited to, reaaonable attorney's [ees; and Idl Borrower takes such action as I.ender muy re.-isonably require to assurethat the lien of this Mortgage, I.ender'a interest in the Property and E3orrower s obliqation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by E3orrower, this Mortgage and the obligations secured hereby shall remain in full torce and et[ect as if no acceleration had cecurred. 20. Aseignment of Renta; Appointment ot Receiver. As additional security hereunder, E3orrower hereby seaigna to Lender the renta r~f the Property, provided that E3orrower shall, prior to acceleration under paragraph lShereoforabandonmentofthe Property, havetheright to collect and retain such rente as they become due and payable_ Upon acceleration under paragraph 18 hereotor abandonment of the Property, l.ender shall be entitled to have a receiver appointed by a rnurt to enter upon, take posaesaion of and manage the Yroperty and to collect the rents of the Property, including those past due. All rnnta rnllected by the receiver shall be applied first to payment of the rnsta of manaqement ef ihe Property and rnllection of rente, including, but not limited to, receiver e fees, premiumx on receiver's bonds and reasonable attomey's fees, and then to the aume secured by this Mortgege. The receiver ahall be tiable to acrnunt only for those rents aMualty received. s ~ ~ . ~ ~~w'-~. x~'~-*~ . ..~:r .__~:._.. enox 345 ~acf 4SQ _-~ ~~~~~