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HomeMy WebLinkAbout1496... ~\ ~.-• ~ 8. l11/pBC~IOA. I.ender ~nay mahe or cause to be made reasonable eAtries upon and inapections of the pmperty. provided thet Isader ehall give Borrowe! notioe prior b aay ~uch inepection specifying reaaonabk cause therefor related to Lender's it~tereat ia the Property. 9. Condetanattoa.'l~e proaeds of any eward or claim for daaaages. direct os coneoquential. in connection with any oondemnation or other taking of the prop~ty. or part thereoi. or for conveyanoe ia lieu of aondennnation. are hereby assigned aad ehall be paid to Lender. In the eveat of s total taking of the Property. the proceeda shall be applied b the euma eecured by thia Mortgage. with the esoas. if any, paid to Borrower. In the event of e partisl taking of the Property. unleas Bo~rower and Lender otherwi~e agree in writing. then shall be applied to the sums secured by this Martgage such proportio~ of the proceeds as ie equal to that proportion which the amount of the eame eecured by this Mortgage immediately prior to the date of taking bease b the fair market value of the Property iiamediately prior b the date of taking, with the ba:anoa of the proceeds paid b Bon~ower. I[ the Property ie abandoned by Borrower. or if, aRer notioe by Lender to Bormwer that the oondemnor offere to malce an award or setUe a claim for damages. Borrower feils to respond to Lender within 30 daye after the date such notioe ia mailed, Lender is authorized to collect and spply the prooeeds. at Lender's option. eithar to resbratioa or repair of the property or to the euma eecured by thie Mortgage. Unlees Lender and Borrower otherwise aeree in writine. anY auch application of proceeds b principal ahall not e:tead or poetpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or chaage the amount of such installments. 10. Borrower Not Released. Eateneion of the time for payms~t or modification o! amortization of the euma eecured by thia Mortgage granted by I.ender to any succeseor in inLereat of Borrower shall not operate to releaee, in any manner. the liability of the original Borrower and Borrower's auceeaeors in interea~ Lender ahali not be required to oommence proc~eedings against auch ajicceesor or refuse b extend time fur payment or otherwise modify amortization of the auma secured by this Mortgage by reason of any demand made by the original Borrowet and Borrower a aucceasora in intereat. 11. Forbearance by l.eader Not a Waiver. My forbearance by I.ender in exercieing any right or remedy hereunder. or otherwise a fforded by applicable law, shall r-ot be a waiver of or preclude the e:ercise of any such right or remedy. The procurement of ins~rance or the payment of taxes or other Uena or charges by I.ender shall not be a waiver of L.ender s right to acxelerate the maturity of the indebtedneea secured by this Mortgage. 12. Remediea Cumulative. All remedies provided in thia Mortgege are distinct and cumolative to any other right or remedy ander thia Mortrege or afforded by lew or equity, and may be e~ereise~i concurrently, independently or auoceseively. 13_ Succeeeore and Aasigns Bound; Joint and 3everal Liability; Captione. The rnvenante and agreemente herein eontained shall bind, and the righis hereunder shall inure to, the respective succeeeors and assigne of Lender and Borrower, subject to the pmviaions of paragraph 17 hereof. All rnvenante and agreements of Borrower shall be joint and several. 77~e captions and headings of the paragraphe of this Mortgage are for covenience only and are not to be. used to interpret or define the proviaione hereof. 14. Notice. F.acept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreea or at such other addreae as Rorrower may deaignate by notice to I.ender as pmvided herein, and (b) any notice to l.ender ahall be given by cettified mail, retnrn reoeipt rcquested, to Lender's addreea stated herein or to such other addrees as Lender may designate by notice to Botrower aa pmvided herein. My notice provided for in this Mortgage ahall be deemed to have becn given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Lew; 3everability. This form of mortgage rnmbines uniform oovenante for national uee and non- uniform rnvenants with limited variationa by j~uiadiction to conatitute a uniform security instrument oovering real property.'I~is Mortgage ahall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clauee of this Murtgage or the 1`ote conflicts with applicable law, such conflict ahall not affeM other proviaiona of this Mortgage or the Note which can be given eft'ect w~ithout the oonflicting proviaion, and to thia end the provieions of the Mortgage and the Note are declared to be eeverabie. 16. Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Ttanefer of the Property; Assumption. If all or r-ny part of the Piroperty or an intereat therein ia sold or traneferred by Borrower `j" ~-i'~out Lender's prior written consent, exciuding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchHSe money aecurity interest for household appliances. (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) :he grant of any leasehold intereet of three yeara or leas not oontaining an option to purchase. I.ender may. at Lender s option. declare aA the suma secured by this Mortgage to be unmediately due and payable. I.ender shall have waived euch option to accelerate if, prior to the eale or tranefer, Lender and the peraon to whom the Property ia to be aold or transferred reach agreement in writing that the credit of euch person ia satisfactory to I.ender and that the interest payable on the sums aecared by this Mortgage shall be at auch rate as L,ender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a succeasor in interest hae executed a w•ritten aseumption agreement accepted in writing by Lender, I.ender ahall release Borrower from all obligationa under thia Mortgage and the ti ote. If Lender euercisea euch option to accelerate, Lender shall mail Borrower notice of acceleration in acoordance with paragraph 14 hereof. 5uch notice ahall provide a period of not lesa than 30 daya from the date the notice ia rusiled within which Borrower may paY the sums declared due. If Barrower fails lo pay such sums prior to the expiration of such period. I.ender may, w7thout further notice or demand on $orrower, ~nvoke any remedies permitled by pazAgraoh 18 hereof. IS. Acceleration; Remedies. Ezcept as provided in paragraph 1? hereof, upoa Borrower'e breach of any oovenant or agreement of Borrower in thia Mortgage, including the oovenante to pay whea dne any suma secured by thia Mortgage, Lender prior to aoceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breac6; (3) a date, not less t6an 30 daye from the date the notice ie mailed to Borrower, by which auch breach must be cured; and (4) that failure to cnre euch breach on or before the date specified,in the notice may result in acceleration of the sume secured by thie Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice shall further iniorm Borrower of the right to reinatate atter acceleration and the right to aesert In the foreclosure proceeding the non-eziate»ce of a default or any other defense of Borrower to acceleration aad foreclosure. If t6e breach is not cured on or t-efore the date specifed in t6e notice. Lender at Lender's option may declare all of the aums eecared by thie Mortgage to be immediately due and payable without furtherdemand and may foreclose thie Mortgege by judiciai proceeding. Lender shall be entitled to collect in such proceeding all e:penses of foreclosure, including, but not limited to, reaeonable attorney's fees, and coata of documentary evidence, abstracta and title reports. 19. Borrower's Right to Reinetate. Notwithstanding Lender's aoceleration of the auma eecured by thie Mortgage, Borrower ahall have the right to have any proceedinga begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paye [.ender all suma which would be then due under thie Mortgage, the Note and notee eecaring Future Advancea, if any, had no acceleration oocurred; (b? Borrower cures all breachea of any other rnvenanta or agreementa of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable eupensea inrurred by Lender in enforcing the oovenants and agreemente of Borrower rnntained in thie Mortgage and in enforcing Lender e remedies as provided in paragraph 18 hereof, inclnding, but not limited to, reseonable attomey's fees; and (d) Borrower takea such action ae Lender may reasonably require to assure that the lien of thia Mortgage. Lendei e intereet in the Property and Borrower's obligation to pay the eume secured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obGgations eecured hereby ahall remain in full force and effect ae if no acoeleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereander. Borrower hereby aaeigns to Lender fhe r~te of the Property, provided that Borrower shall, prior to aa:eleration under paragraph l8 hereuf or abendonment of the Property, have the right to collect and retain auch Tenta as they become due and payable. Upon acceleration nnder paragraph 18 hereof or abandonment of the Property, L.ender ahall be entided to have e reoeiver appointed by a oourt to enter-apon, take possession of and manage the Property and to oollect the rente of the Property, including those paat due. All renta oollected by the receiver ahall be applied firat to psyment of the o~te of management of the Proper~ty and oollection of rents, including. but not liatieed to. receiver's fces, premiume on receiver'e bonds and reaeonable attorney's [cea, and then b the aums eecured by this Mortgage. The reoeiver shall be liable to aooount only for thoee rente actually received. eo~'x 345 PaGE14g4 ; ~ ~~ _~ ~~