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HomeMy WebLinkAbout0473' . ~ . i ~« e• r 8. Inepectioa. Lender may make or cauee b be made reaeonable entriee upon and inapectiona of the property, pmvided that l.ender ehall give Borrower notice prior to any euch i~spection specifying reasonable cauee tharefor related to Lender's intereet in the Property. 9. Condemnation. The procce~ls of any award or claim [or damagee, direct or conaequential, in connection with any condemnetion or other taking of the properly, or part thereof, or [or conveyance in lieu of condemnation, are hereby aeaigoed a~d shall be paid to l.ender. In the event of a total taking of the Pmperty, the procecde ehall be applied to the auma secured by this Mortgage, with the e:cess, ii any, paid /o Borrower. In the event of a partial taki~g of the Property, unleas Rormwer and L.ender otherwiee agree in writing, there eheU be applied to the aucns eecured by thie Mortgage euch proportion o[ the procceds aa is equal to that proportion which the amount of the aums secured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Prope~ty immediately prior to the date of taki~g. with the balancY of the procecds paid to E3arrower.. If the Property ie abanda~ed by Borrower, or if, after notice by l.ender to l3orrower that the condemnor offers to make an award or settle a claim for damagee. Borrower fails to reapond to I.ender wilhin 30 days after the date such notice is mailed, l.ender ie authorized to coUect and apply the proceFda, at I~ender's option, either to reatoration or repair of the property or to the aums eecured by this Mortgage. Unlesa I.ender and Borrower otherwise agree in writing, any such application of proceeda to principal ahall not extend or postpone the due date of the monthly inetallmente referred to in paragraphe 1 and 2 hereof or change lhe amount ot such installmente. 10. E3orrowe~ Not Released. Extension of the time for paym~nt or modification of amortization of the auma secured by this Mortgage Kranted by Lender to any auccessor in intereat of l3orrower ahall not operate ta release, in any manner, the liability of the original Borrower und E3orrower's succesaore in intereat_ I.ender ahall not be ~uired to commence proceedinga againRt auch succesaor or refuse to eitend time f~~r payment or otherwise modify amoriization of the sums sei.-u~ed by this Mortgage by reneun of any demnnd made bythe origina) I3orrowe~ and 13orruwer a xucces.~orx in interest. 11. Forbearance by I.ender Not a Waiver. Any forbeara~ce by I.ender in exerciaing any right or remedy hereunder, or otherwise ~i fforded by applicable law, ahall not be a waive~ of or preclude the exercise ot any such right or remedy. The procurement of insurance or the payment of taxea or other liens or chargee by Ixnder ahall not be a waiver of I.ender s right to acceleratr. the maturity of the indebtednesa scrured by thie Mortgage. 12. Remedies Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under this 1lortrage or afforded by law or equity. and may be exercise~i concurrently, independently or auc~.~easively. 13. Succeasore a»d Aesigne Bound: Joint and 3everal Liability; Captione. The covenants and agreementa hemin rnntained shall t~ind, and the righta hernunder ahall inure to, the reapective ancceseora and assigna of I.ender and Borrower, aubject to the proviaiona of p:~ragraph 17 hereof. All covenants and agreementa of E3orrower ahall be joint and several. The captions and headings of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. F xcept for any notice required under i~pplicable law to be Kiven in :+nothcr mnnner, la) any notice to Eiorrower provided for in thix Morigage shall be given by maiting such notice by certified mail addres.4ec1 lo Rorrower at the Properly Addreas or at such olher addreas as li~~rruwer may designate by notice to I.ender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt reyuested, to I.ender's addresa staled herein or to such other address as I.rnder may deaignate by notice to E3orrower aw pmvided herein. Any m,tice provided for in this Mortgage ahall be deemed to have been given to I3orrower or l.ender when given in the manner desiqnated herein. 15. Un iform Mortgage; Governing Law; Severability. This form of mottgage combines uniform rnvenants for national use and non- uniform covenants with limited variations by jurisdiction to conatitute a uniform security instrument cuvering real property_ Thie Mortgage ,hail be go~erned by the law of the jurisdiction in which the {'roperty is located. In the event that any provision or clause of thie Mortgage or the Note conflicts with applicable law, such contlict ahall not affect other provisions of this Morlgage or the Note which can be qiven effect ~•ithuul the conflicting pmvision, and to this end the provisions of the MortKage and the Note are declared to t-e severable. 16. ~3orrower's Copy. E3orrower shall be tumiahed a conformed copy of the Note and of this Mortgage at the time of execution or after ~crordation hereof. i~ I7_ Transfer of the Property: Assumption. [f all or any part of the E'roperty or an intereat therein ie sold or tranaferred by Borrower ~thout l.ender'F prior written consent, excluding (a- the creation of a lien or encumbrance subordinate to thia Mort~age, (b) the crration of a purchase money security intereat tor household appliances, (c) a transfer by deviefe, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or less not rnntaining an option to purchase, I.ender may, at I.ender a option, ~it~clarn all the sums securea by this Mortgage lo be immediately due and payable. I.ender ahall have waived such option to accelerate if, prior tu the sale or tranafer, I.ender and the person to whom the Property is to be suld or transferred reach agreement in writing that the credit of auch F~~~rxon is satisfaMory to I.ender and that the interest payable on the sums secured by this MortgaKe shall be at auch rate aa Lender shall rtr~uest. If l.ender hus waived lhe option to accelerate provided in this paragraph 17, and if E3orrower's succesaor in interest has executed a ~~ritten ~ssumptiun aKreement accepted in writinK by I.ender, Ixnder shall release Borrower from all obligationa under this Mortgage and the \i~te. If I.ender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in acrnrdance with paragraph 14 heTeof. ~uch notice shxll provide a period of not les.4 than :i0 days from the date the notim is mailed within which Borrower may pav thesums declared ~iur. if Borrower fails to pay such sums prior to the expiration ~-f such period, I.ender may, without further notice or demand on ~iorrower, ~nvokeany remedieF permittecl by paraQraoh Itt hercr,f. IS. Acceleration; Remediea. Except as provided in paragraph 17 hereof. upon Borrower'e breach ot any covenant or HRreement of i3orrower in thia Mortgage, includinq the covenante to pay when due any euma eecured by thie Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paregraph 14 hereof epecifying: (1) the breach: (2) the action reyuired to cure such breach; (3) a date, not Icsa than 30 days from the date the notice ie mailed to Borrower, by which such breach muet be cured: and (4) that tailure to cure such breach on or before the date specified in the notice may result in acceleretion of the sume secured by this Mortga~e. forecloeure by judicial proceeding and sale of the Property. The notice ehall fu rther inform Borrower of the right to reinetate after acceleration and the right to asaert in the foreclosure prceeeding the non-e:istence of a default or any other defenae of Borrower to ecceleration and toreclosure. [f the breach is not cured on or Fx~fore the date apecified in the notice, Lender at Lender's option may dectare all of the eume secured by this Mortgege to be immediately due and payable without furtherdemand and may foreclosethie Mortgage by judicial proceeding. Lender ehall be ~•ntitled to collect in such prceeeding all e:penses of toreclosure. including. but not limited to. reaROnable attorney's fees. and c•~~ate of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinetate. Notwithetanding [.ender's acceleration of the aume aecured by this Moctgage, Borrower ahall have the right to have any proceedinqs begun by I.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) I3orrower pays t.ender all suma which would be then due under this Mortgage, the Note and notea securing Future Advances, if any. had no acceleration occnrred; lb) Borrower cures all brnaches of any othercovenante or agreemente of Borrowercontained in this Mortgaqe; (c) Borrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and agreements of E3orrower contained in this Mortgaqe and in enforcing Lendei s remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and Idl Borrower takee auch action as l.ender may reasonably require to asaurethat the lien of thie Mortgage, I.ender's intereat i n the Property and I~rrower's obligation to pay the auma secured by this Mortgage shal) continue unimpaired. [Jpon such payment and cure by Borrower, this Mortqage and the obligations aecured hereby shall remain in fult force and etfect as it no acceleration had occurred. 20. Aseignment of Renta; Appointment of Receiver. As additional eecurity hemunder, Borrower hereby assigne to Lender the rente ~~f the Property, provided that Barrower shall, prior to acoeleration under paragraph 18 hereoforabandonment of the Property, have theright to collect and retain such rent8 as they become due and payable. Upon acceleration under paragraQh IS hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a co~ut to enter upon, take poeaeaeion of and manage the Property and to collect the rente of the Property, including thoee paet due. All rents collected by the receiver shall be applied first tn payment of the ooata of managlment of the Property and collection of rents, including, but not limited to, receiver'a fees, premiuma on receiver's bonda and reasonable attorney e feeH, and then to the sums eecured by thia Mortgage. The receiver ehall be liable to acouunt only [or thoBe renta actually received. --:~~ ._~ $~jr 3~5 Pa~E 47'2