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HomeMy WebLinkAbout0345 o ',' . S. laepectjon. l.ender may make or cauee to be made oeasonable entri~ upon and inepeMiona of the properiy, provided that l.ender ehall Kive Borrower noGce prior to soy euch inepection apecifying reasonable cauee therefor related to l.ende~'e intereet in the Pmperty. 9. Condemnation.'I1~e proceede of any award or claim for damagee, direct or coneequeotial, in connection with any oon~temnation or other teking of tho property, or part thereof, or tor conveyance in lieu of condem~ation, ere hereby aeaigned and ehall be puid to I.ender. !n the event of a total taking of the Property, the proceede shall be applied to the aume eecured by this Mortgage, with the e:ceea, if a~y, paid to t3orrower. In the event of a partial taking of the Property. unleae Bosrower and I.ender otherwiee agree in writing, there ehall be t+pplied to the suma eecured by this Mortgage auch proportion oi the proceede as ie equal to thet pmportion which the amount ot the eume aecured by this Mortgage immediately prior to the date ot taking bears to the tair market value of the Property immediately prior to the date of takinq, vrith the balanca of tl~e proceeda paid to Aorrower. If ihe Property ia abandoned by Borrower, or if, after notice by l.ender to l3orrower that the condemnor offere to make an award or eettle a claim for damagea, Borrowe~ fuils to respond to l.ender within 30 days after the date auch nolice is mailed, l.ender ie authorized to collect and apply the procecda, at l.ender'e option. either to reatoration or repair of the property or to the aums eecured by thie Mortgage. Unlese Lender an~ Borrower otherwiae agree in writing, any auch epplication of proceeds to principal ahall ~ot extend or poetpone the due date of the monthly inatallments referred to in paragraphe 1 and 2 hereof or change the amount of euch installmanta. 10. E3orrower Not Releaeed. Extension of the time for paym~nt or modification of amortization of the auma secured by this Mort~age ~;ranted by I.e~de~ to any succeseor in interest of I~rrower shall not operute to release, in nny manner, the liability of the original E3orrower .~nd Borrower's successors in interest. I.ender ahaN not be required to rnmmence proceedings againet auch succeasor or refuse to extend time f~~r paymrnt or otherwiae modify amortizntic~n of lhe sums secured Ly ihis Mortgtige by mason of uny demand made by the original Borrower und 13orrower's auccessors in interest. 11. Forbearance by Lender Not s Waiver. Any forbearance by I.ender in e:erciainq any right or remedy hereunder, or otherwise ~~ Cforded by applicable law, shall not be a waiver of or preclude the exerciae of any auch right or rrmedy. The pmcurement of insurance or the payment of tauea or other liens or charqes by I.ender ahall not be a waiver ot I.endei s right to accelerate the maturity of the indebtedneas ~ecured by this Mortgage. 12 Remediee Cumulative. All remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thia Alortrage or afforded by law or equity, and may be exercise.l rnncurrently, independently or succeasively. 13. Succeasors and Aaeigna Bound; Joint and Several Liability; Captione. The covenanta and agreementa hernin rnntained shall hind, nnd the rights hereunder shall inure to, the respective succesaora and aseigna ot I.ender and Borrower, aubject to the provisiona of paragraph 17 hereof. All covenanta and agreements of Borrower ahaU be joint and several. The captions and headings of the paragraphs of this Mortgage nre for covenience only and are not to be used to interpret or define the provisions hereof. I4. Notice. Fxcept for any notice required under applicnble I:iw to be given in anc-iher manner, (a) uny notice to Borrower provided forin t his Mortga~e shall be given by mailing such notice by certified mail addrexsed to Borrower at the I'roperty Addreae or at such other address as tt~~rrower may designate by notice to [.ender ns provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to I.ender's address stated herein or to such other address as I.ender mny designate by notice to Korrower ax provided herein. Any rn,tice provided for in this Mortgage shall be deemed to have been given to Rorrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgege; Governing Law; Severability. This form of mortgagecombines uniform covenants for national useand non- uniform covenants w-ith limited variations by jurisdiction to constitute a uniform security instrument covering real property_ This Mortgage .t~all be govemed by the law of the jurisdiction in which the Property is lceated. In the event that any pmvision or clause of this Mortgage or the Note conflicts w~th applicab-e law, such conflict shall not affirt other proviaions of this Atortgage or the Note which can be qiven effec! ~cithout the rnnflictinK provision, nnd to this end the provisions of the Mortgage and the Note are declared to be severable. 16_ Borrower'a Copy. Borrower shall be furnislied a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'l~qnsfer of the Property: Aasumption. If all or any part of the Property or an interest therein is suld or tranaferred by [3orrower without J.ender'ri prior written consent, excluding la) the r.reation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a F>urehast money security interest for household appliances, (c) a tranafer by devise, ~~scent or by operation of law upon the death ota joint tenant or rd) thc grant of any lea~ehold intereat of three years or Ieae noE containinq an option to purchase, Lender may, at i.ender's option, ~leclare all the sums secured by this,D~lottgage to be immediately due and payable. Lender ahal! have waived such option to accelerale if, prior to the sale or transfer, Lender and the person b whom the Property ia to be aold or transferred reach aqreement in writing that the credit of such person is satisfactury to l.ender and that the interest payable on the sums secured by this lltortgage shall be at such rate as I.ender ahall rE~c~uest_ Tf I.ender has v-aived the option to accelerate provided in this paragraph 1?, and if Rorrower'a succexsor in interest has executed a ..~ritten assumption agreement accepted in writinK by Lender, l.ender ahall release E3orrower from all obligations under this Mortqage and the \ ute_ If I.ender exercises such option to accelerate, l.ender shail m:,il Born~wer noticeof acceleration in accordance with paragraph 14 hereof. tiuch notice shaU provide a periud of not less lhan :ib days from the date the notice is mailed within which Borrower maY pay thesums declared due. If Borrow er fails to pay such sums prior t~~ the expiration of such period, I.ender may, without further notice or demand on E3ortower, invoke any remedies permittecl by para~raoh 1R hereof. 18. Acceleration; Remediea. Except as provided in paragreph 17 hereof. upon Borrower's breach of any covenant or tiKreement of Borrower in this Mortgage, including the covenanta to pay when due any suma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action reyuired to cure auch breach: (3) a date. not leas than 30 days from the date the notice is mailed to Borrower, by which such breach muet be cured: and (4) that failure to cure auch breach on or before the date specified in the notice may reault in acceleration of th~ suma secured by this Mortgage. foreclosure by judicial proceeding and eale ofthe Property.The noticeshall further inform Borrower of the right to reinatate aRer acceleration and the right to assert in the foreclosure proceeding the non-e:iatence of a default or any other detense of Borrower to acceleration and foreclosure. If the breach ie not cured on or t~efore the date epecitied in the notice. Lender at Lender's option may declare all of the aums aecured by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~•ntitled to collect in auch proceeding all expenses ottoreclosure, including, but not limited to. reasonabte attorney'a fees, and c~usts of documentary evidence. abstrarts and title reporta. ~ 19_ Borrower'e Riqht to Reinstate. Notwithstanding I.ender's acceleration of the suma secured by thie Mortgage, Borrower shall have the right to have any proc~eedings begun by Lender to enfurce thiR Mortqage diacontinued at any time prior to entry of a judKn-ent enforcing this Mortgage if: (a) Borrower pays l.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advancee, if any, had no acceleration occurred; (b) I3orruwer cures all breaches of any other coven anta or agreements of Borrower contained in this Mongage; Ic) E3orrower pays all rnasonable expenses incurred by Ixnder in enforcing the covenanta and agreements of Borrower c~ntained in this Mortgage and in en[orcinq Lender's remedies aa provided in paragraph 18 hereof, including, but not limited to, reasonable flttorney's fees; and (d) E3orrower takes such action as l.ender may reasonably require to assure that the lien of this Mortqage, I.ender's interest in the Property and [3orrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occnrred_ 'l0. Asaignment of Rente; Appointment of Receiver. As additional security hemunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18hereof or abandonment of the Property, have theright to collect and rntain such rente ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandunment of the Property, [.ender ehall be entided to have a receiver appointed by a court to enter upon, take posseasion of and manage the Property and to collect the renta of the Property, including those paet due. All renta collected by the receiver ahall be applied first to payment of the ooste of management of the Property and rnllection of renta, including, but not limited to, reeeiver's feea, premiuma on receiver's bonds and reasonable attorney e feea, and then to the suma secured by thie Mortgaqe. The receiver shell be liable to account only tor those rnnta actually received. ~ , __ _ S - ...~'.-g. : {-t&~'~"~s'e.._ _~F ~o~K 346 PaGE 343 ~ - ~~~_.~ ~~