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HomeMy WebLinkAbout1785. .~ ~ ~,,. 8. Inapection. l.ender may make or cauae to be made reasonable ent~ee uFion and inspec~ions of the pmperly, provided that lxndershap Etive Borrower notice prior to any auch inapection specifying reaeonable cause therefo~ relatecl to l.ender e intereat i~ the Nroperty. 9. Condemnation. The pra~eeda of any award or claim for damagee, direct or consequential, in connection with any rnndemnation or other takinR of the property, or part thereof, or tor conveyance in lieu of rnndemnution, am hereby assigned and shall be paid to l.ender. In the event af a total taking of the Property, the proceeda ehnll be applied to the auma secured by thie Mortgage, with the exceas, if any, paid to E3orrower. In the event ot a partial taking of the Properiy, unleae Borrower and l.e~der otherwi~e aRree in writing. there shall be applied to the suma secured by lhie Mo~tgage auch proportion of the proreede ua ia equal to that proportio~ which the amount of the sume secured by this Mortgage immediutelv prior to the date of taking beara to Ihe fnir market value of the Property immediately prior to the date of taki~g, with the balanca of the procceds paid to Borrower. If the Property ia abandoned by Borrower, or if, Atter notice by I.ender to E3orrower that the condemnor oftera to make an award or setde a claim for damugea, E3otrowe~ tails to reapond to l.ender within 30 days after the date such noticr ia mailed, I.ender is authorized to collect and apply the proceeda, at Lender s optiun, either to restoration or repair ot the property or to the suma secured by this Mortgage. . Unless l.ender and Borrower olherwise agree in writing, any such applicntion of proceeds to princip~l shall not eatend or poatpone the due . d~te of the monthly inst~llments reterred to in pnragrapha 1 and 'L hereof or change the amount of such inatnllmenta. 10. Eiorrower Not Released. F.xtension of the time for paym ~nt or moditicntion of amoriization of the sums secured by this Mortgage Kranted by l.ender to any succexsor in interest of E3orrower ahall not operute to release, in any manner, the liability of the oriQinal t3o~rower and f3orrower's auccessors in interest. lxnder shall not be required to commence proceedings nKainst such sucees~or or refuse to extend time - fur pa~~ment or otherwise modify amortizAtiun of the sums secumcl by this \1urtKuKe t-v ret~u,n of .~ny demand made b,y the originai Sorruwer and Rorrower's successors in interest. . 11. Forbearance by I,ender Not a Waiver. Any torbearance by I.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of or preclude the exercise uf anv such right or rnmedy. The pmcurement of insurance or the payment of ta~ces or other liens or chargea by l.ender shall not be a waiver of I.ender'a right to nccelerate the maturity oCthe indebtedness secured by this 111ortgage. 12_ Remedies Cutnulative. All mmedies pro~~ded in this Mortgage are distinct and cumulative to any other right or remedy under thie ~iortrnge or afforded by law or equity, and may be exerciae~i. concurrently, independently br successively_ 13. Successors and Asaigna Round: Joint and Several Liability: Captiona. The covenanls and aqreements herein rnntained shall bind, and the rights hemunder shall inurn to, the respeclive successors and assigns of Lender and Borrower, subject to the proviaiona of paragraph ! 7 hereof Al) cc-venants and ugreements of Eiorrower shal) be joint and xeveral.'Che captions and headings of the pareQrapha of this I1lortgage are for coveniencP only and are not to be used to interpret or define the provisions hereof. 14. Notice. F.xcept for an~• nulice requireil under npplicnbte law to be ~;iven in another m~nner, lal any nntice to Borrower pro~ idrd forin this htortgaKe shali begiven by mailing such notice by cerlifiecl mail addressed to Borrower at the Property Addressor At such other address as Korrower may designate by notice to l~ender ns pro~ ided herein, and Ib- any notice to l.ender shali be given by ce~tified mail, retum receipt rrquested, to Lender's address stated herein or to such other address as l.ender may designate by notice to Rorrower ax provided herein. Any nutice pro~~ided fur in thia Mortgage shall be deemed to have been qiven to E3orrower or Lender when given in the manner designated hemin_ 15_ Uniform ~'lortgage; Governing I.aw; Severability. This form of mortKagecombines uniform covenants for national use and non- uniCorr.~ covenants w~th limited variations by jurisc~iction to rnnstitute t- uniform security instrument covering real property. This I~lortgage ,hall be governed by the law of the jurisdiMion in which the Yroperty is located_ In the event that any pmvi~ion or clause of this Mortgage or the Note conflicts w~th applicable law, sucti contlict shall not affect other provisions of this hlortgaKe or the 1\ote v-hich can be given effect withuut the c~ntlictinK pmvision, and to this end the provisions of the Mortgage and the N~te are declared to t-e severable. l6. Borrower's Copy. E3orrower shall be furnished a contormed cop> of the \ote and of thin MortKage at the time of execution or after recordatic.~ hereof 1 i. Transfer of the Property; Assumption. !f all or any part of the Property or an interest lherein is sold or Iransferred by 13orrower without i.ender s priur written consent, excluding (a! the creation of a lien or encumbrance subordinate to this MortgaRe, (b) the emation of a purchase money security interest tor household appliances, Ic) n transfer by devise, d~scent or by uper:~tion of law upon the death of a joint tenant or ld) the grant of any leasehold interest of three years or less not containing an option to purchase, I,ender may, at l.ender's option, ~ieclare all the sums secured by this Mortgaqe to be immediately due and payable. I.ender shall have w aived such option to accelerate if, prior to tne sale or transfer. I.ender and the person to whom the E'roperty is to be r,old or t~ansferred rnach agreement in w~ritink that the credit of such penon is satisfactory to I.ender and th:~t the interest pa~•able un the sums securecl by this illortKaKi shall t-e a~ such rate as [.ender shal) request_ !f Ixncfer has wai~•ed the oplion to accelerate provided in this paraQraph 17, and if Einrrow•er's successor in interest has executed a w•ritten ~wumption agreement accepted in writinK by I.ender, lxndershail release Borrower from all obliKations under this MurtgaKe and the \ ote. If I.ender exercises such option t~- accelerate, l.ender shall mail Rorrawer notice of acceleration in accordance with paragraph lA hereof ~uch notice shall prm~ide a perie-d of not le~s than 3f1 days from thedate the notim is maileci within which Rorruw er may pav the ,ums declared due. If Borruwer fails to pa~• such sums prior to thr expiratiun of .r•uch prrioci, I,rnder may, w•ithout further notice or demand on Iiorrower. ~nvoke any remedies permitted hv paraKr~oh lri hereof. IA. Acceleration; Remedies. F.xcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Bonower in this Mortgage. including the covenants to pay when due any euma aecured by this Mortgage, Lender prior to acceleration ~haU mail not ice to E3orrower as provided in paragraph 14 hereof specifying: (1) the breac6; ('l) the action required to cure such breach; (3) a date, not lesa than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in acceleration of the sums secured by thie Mortgage. foreclosure by judicial proceeding end sale of the Property. The notice ahall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-e:iatence ota default or any other de[ense of I3orrower to acceleration and forecloeure. If the breach is not cured on or before the date speci6ed in the notice. Lender at Lender's option may declare all of the eums secured by this Mortgage to be immediately due and payable vvithout furtherdemand and mey foreclosethis Mortgege by judicial proceeding. [.ender ahall be ~•ntitled to collect in such proceeding all expenses of foreclosure. includinq, but not limited to. reasonable attorney's tees, and costs otdocumentary evidence. abstract~a and title reports. _ l9. Borrower's Right to ReinAtate. Notvvithstanding I.ender's acceleration of the sums secured by this Mortqage, Borrowershall have the right to have any proceedings begun by [.ender to enforce this Mort~age discontinued at any time prior to entry of a judqment enfoming this MortgaRe if: la) Borrovrer pays [.ender all aums which would be then due under thia Mortgage, the Note and notes securing Futurn Advances, if any, had no acceleration occurred; lb) Rorrnwer cures al) brnaches of any other covenants or agreements of Borrower contained in this Mortgage; Ic) E3orrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreements of E3orrower contsined in this Mortgage and in enforcinq I.ender'a remediex ~s provided in paragraph 18 hereof, including, but not limited to, reasonablP attorney a fees; and (d) Borrower takes such action as l.ender may reasonably require to assnre that the lien of this Mortgage, Lender's interet+t in the Property and E3orrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cnre by Borrower, thia Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurrud. 20. Asaignment of Rents; Appointment ot Receiver. As additional aecurity hereunder, Borrower hereby assigna to Lender the renta af the Property, provided that Borrower shall, prior to arceleration under Faragraph 18 hereof or abandonment of the Property, have theright to collect and retain such rrnta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, l.ender shal! be entitled to have a receiver appointed by a oourt to entec upon, take posaexaion of and manage the Property and to collect the rents of the Property, including thoae past due. All rents collected by the receiver shall }-e applied first to payment of the rnsts of management of the Property and colleetion of renta, including, but not limited to, receiver's feea, premiums on receiver's bonds and masonable attorney's fees, and then to the sums secured by this Mortgage. The receiver ahall 1-e liable to account only for those rent8 actually received_ "~3~6 P~~E17~1 3~J~K