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HomeMy WebLinkAbout2650• 1 y+l a . 1 • •--, • ~ ., 8. Inspection. I.ertder may make or cauee to be made crasonable entriee upon and inapectione of the pmperty. provided that Lender ehall Kive Borrower notice prior to any euch inepection apecityiog reaaonable cause therefor related to Lender's interest in the Property. 9. Condemnation.'I7~e proceede of any award or ciaim for damagea, dir~t or coneequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of oondemnation, are hereby aseigned and ahall be peud to Lender. In the event of a total taking of the Property, the proc~eds ahall be applied to the auma eecured by thia Mortgage, with the excess, if any, paid to Bor~ower. In the event of a partial taking of the Property, unleae Borrower and I.ender otherwiee agree in writing, there ehall be applied to the suma eecured by this Mortgage ench pmportion of the proceede as is equal to that proportion which Lhe amount of the eums Kecured by thie Mortgage immediately prior to the date of taking bears to the feir market value of the Property immediately prior to the date of taking, with the balanc~ of the proceede paid to Borrower. If the Property ie abandoned by Borrower. or if. aRer notice by Lender to Borrower that the oondemnor offers to make an award or eettle a claim for damages, BoTrower faile w reepond to Lender within 30 days after the date euch notice is mailed. lpnder is autl~orizecl to collect and apply lhe procceds, at I.ender e option. either to reatoration or repair of the property or to the eums eecured by this Mortgage. Unleas Lende~ and Borrower otherwise agree in writing~ any auch application of proceEde to principal ahall not extend or poetpone the due dAte of the monthly installmente referipd to in paragrapha 1 and 2 hereof or change the amount of such inatallments. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortizalion of the aums aecured by thie Mortgage ~; ranted by I.ender to any suc~eseor in intereat of E3orrower ehnll not operate to releaae, in any manner, the liability of the original Borrower und Borrovirer's successore in intereat. I.ender shull not be required to commence proceedings againet such auecessor or refuse to extend time G~r payment or ott~erwise modify amortizatian o[the sums secured by this MortgaRe by reason otany demand made by the original Borrower :+nd f3orrower s succes.sors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exercieing any right or remedy hereunder, or otherwiae :~ fforded by applicable Iaw, ahall not be a waiver of or preclude the exerciae of any such right or temedy. The procurement of inewance or the E~ayment of taxes or other liena or chargea by l.ender shall not be a waiver of Lender a right to accelerate the maturity of the indebtedneas ,ecured by this Mortgage. _ 12 Remediee Cumulative. All remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under this ~turtgage or afY'orded by law or equity, and may be exercise~i concurrently. independently or aucceasively. 13. Succeaeors and Aeaigns Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall bind, and the rights herennder aha11 inure to, the reapective succeseora and assigns of Lender and Borrower, aubject to the provisiona of paragraph 1 T hereof. All covenanta and agreementa ot f3orrower ahall be joint and eeveral. The captions and headinga of the paragraphs of this Mortgage are tor covenience only and are not to be used to interpret or define the proviaiona hereof. ' l4. Notice. I:xcept for any notice required under applicable law to be Riven in another m~nner, (a) any notice to Borrower provided for in t his Mortgage shall be given by mailing such notice by certified mail addressed to Iiorrower at the Property Address or at auch other addreae as F{urrower ri~ay designate by notice to Lender ae provided herein, and (b) any notice to l.ender ahall be given by certi6ed mail, return receipt reyuested, to i.ender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any nutice provided for in this Mortgage shall be deemed to have been given to I3orrower or I.ender when given in the manner designated herein. l5. Uniform Mortgage; Governing Law: Severability. This form of mortgaqecombines uniform oovenants for national use and non- uniform cuvenants with limited variations by jurisdiction to rnnatitute a unifnrm security instrument oovering real property. This Mortgage .hall be governed by the law of the jurisdiction in which the Property is lceated. In the event that any provision or clause of this Mortgage or the Note conilicts with applicable law, such conilict shall not affect other proviaions of this Murtgage or the Note which can be given effect K•ithout the contlicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. E3orrower shall be furnished a eonformed copy of the Note and of thia Mortgage ai the time otexecution or after recordation hereof. 17_ Tranafer of the Property; Aasumption. If all or any part of the Property or an interest lherein is sold or transferred by Borrower w•ithout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tranafer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold internst of three years or less not containing an option to purchase, I.ender may, at Lender a option, ~ieclare all the sums secured by thia Mortgage to be immediately due and payable. l.ender shall have waived such option to aocelerate if prior t~~ the sale or transfer, l.ender and the person to vehom the Property is to be sold or transferred reach agreement in writing that the credit of such ;~~~rson is satisfaciory to I,ender and that the interest payable on the sums secured by this MortgaKe ahall be at such rate as Lender shull rc~c~uest_ If Ixndrr has vvaived the op!ion to accelerate provided in this para~craph 17, and if I3~rrower's successor in interest has executed a w-ritten assumplion aKreement accepted in writinK by I.ender, t.ender shall release Borrower from all obligations under this Mortgage and the ti ute. If I.ender exercises such option to accele~ate, I,ender shall mail tiorrower notice of acceleration in accordance with paregraph 14 hereof. tiuch notice shali provide a period of not less than 3(1 days from thedate the notice is rnailcd within which Borrower may paY tbe sums declared ~lue. If Borrower fails to pay such sums prior to the expiration of such peri~xl, Ixnder may, without further notice nr demend on Borrower, invokeany remedies permittecl b~• paraRraoh 1R he~eof. 18. Acceleratioa; Remediea. Except as provided in paragraph 17 hereaf, upon Borrower's breaeh of any rnvenant or HKreement of Borrower in this Mortgage. including the covenanta to pay when due any eums eecured by thie Mortgage, Lender prior to acceleration shall mail notice to ~3orrower as provided in paragraph 14 hereofapecifying: (1) the bres~ch;(2)theaMion required to cure auch breach; (3) a date, not less then 30 daya from the date the notice is mailed to Borrower, by which eucl~ breach muat 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 suma secured by this Mortgage, forecloaure by judicial proceeding end saleofthe Property. The noticeshaU further inform Borrower of the right to reinetate eRer acceleration and the rigt~t to easert in the foreclosure proceeding the ~iun-existence of a detault or any other defense ot Borrower to aceeleration and foreclosure. If the breach ie not cured on or I~efore the date epecified in the notice, Lender at Lend~r's option may declare all of the eums aecured by this Mortgage to be i mmediately due and payable withouE further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~~nt itled to collect in auch proceeding all e:penaes of foreclosure, including, but not limited to, reasonable attorney's fees. and i~osts of documentary evidence. abstracts and title reporta. 19.13orcov-rer's Right to Reinetate. Notwithstanding l.ender's acceleration of theaums secured by this Mortgage, $orrower shall have the right tn have any proceedinga begun by l.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays I.ender all sums which would.be then due under this Mortgage, the Note and notes securing Futum Advancea, if any, had no acceleration occurred; Ib) Borrowercurea all breachesof anyother covenantsor agreementa of Borrowerrnntained in this Mortgage; (N I3orrower paya all reasonable expenaea incurred by Lender in'enforcing the rnvenante and agreemenfs of Borrower, contained in this Mortgage and in enforcing I,ender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable attomey's fees; and Id) Borrower takes such action as Ixnder may reasonably require to aesure that the lien of thia Mortgage, Lender a interest in the Property and Bormwer's obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations secured hemby ahall remain in full force and effect as if no acceleration had occurred. 20. Aesigament of Rents; Appointment of Receiver. As additional security hereander, Borrower hereby aseigns to Lender the renta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abando~ment of the Property, I.ender shall be entitled to have a receiver appointed by a court to enter.upon, take posaesaion of and manage the Property and to rnllect the renta of the Property, including those past due. All rnnte collected by the receiver sh~all be applied first to payment of the rneta of management of the Property and rnUection of renta, including, but not limited to, receiver e feee, premiums on receiver'e bonde and reasonable atWrney a feea, and then to the e~uns secured by this Mortgage.'I9~e receiver ahall be liable to acoount oniy for those renta actually received. ~ BO~K346 Pac~2645 ~