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HomeMy WebLinkAbout0401'~ ~.i ~ ' ., 8. laspection. Lender may make or cauae to be made reasonable entriea upon and inepectiuns uf the property, provided that I.ende~ ehall Kive Rorrower ~otice prior to any euch inspection epecifying reasonable cauee therefor related to I.ender'e intereat in the Property. 9. Condemnation. The proceede oi any award or claim tor damagee, direct or coneequential, in connection with any oondemnation ur other taking of the property, or part thereof, or for convevance in lieu of rnndemnation, are hereby aseig~ed and ehall be paid to I.ender. In the eve~t of a total taking o[ the Propedy, the proc~,rde ehall be applied to the eume secured by this Mortgage, with the excess, if any, paid to Borrower. In the event ot a partial taking of the Property, unlesa Borrower nnd I.ende~ otherwiee a~ee in writing, there shall be .~pptied to the eume eecured by thie Mortgage euch proportion o! the procecds ae ia equal tu that proportion which the amaunt ot the sums secured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immedietely prior to thedate ot t~king, with the balancr of the proceede paid to Borrower. ~ If the Property ia abandoned by Borrower, or if, aRer notice by Ixnder tu I3orrowet that the condemnor offere to make an award or eetUe a claim for damagea, Botrower faile to n~spond to [.ender within 30 days after the date such notice is mailed, I.ender ia authorized tocollect and apply the procee~da, at I.ender'e option, either to reetoration or rrpair o[ the property oc to the aums aecured by this Mortgage. Unless Ixnder and $orrower otherwise agree in writing, any euch application of pra.~eede to principal ghall not exte~d or postpone the due d:ite of the monthly inatallments referred to in pxragirapha 1 and 2 hereof or change the amount of auch instailmente. 10. Borrower Not Releaeed. Exleneion of the time for paymant or modification of amortization of the auma secured by this Mortgage Kranted by I.ender to any auccessor in interetst of Borrower shaU not operate to release, in any mAnner, the liability of the original Borrower and Borrower's sutt~essors in interest. I.ender shull not be required to commence proceedings agt~inat euch aucceasor or mfuse to extend timr G~r payment or othemise modify nmortization of the sums se..-ureci hy this MortRnKe by reaxon of uny demiind mude by thcori~inal Borrower :ind I~,rrower s succes.gorx in intrrest. I 1. Forbearance by Lender Not a Waiver. Any forbearance by i,ender in exercising any right or remedy hernunder, or otherwiae :~fforded by applicable law, shall not be a waiver of or preclude the exemise of any such right or remedy. The pmcurement of inaurance or the payment of taxea or other liens or charges by I.ender shall not be a waiver of I.endgr'e right to accelerate the maturity of ~he indebtedness ~t~cured by thia Mortgage. 12. Remediea Curauletive. All remediea provided in this Mortgage are distioct and cumulative to any other right or mmedy under this ~iortrsge or afforded by law or equity, and may be exerciscYl concurrently, independently or successively. 13. Successors and Asaigna Bound; Joint and Severat Liability; Captions. The covenants and agreements herein contained ahall hind, and the righta hereunder shall inure to, the reapective successors and asaigna of l.ender and I3orrower, aubject to the pmv~sions of p:~ragraph 1T hereof. All covenants and aqreementa of Borrower shall be jaint and aeveral. The captions and headinga of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define lhe provisione hereof. 14. Notice. F.xcept tor nny notice required under applicable luw to be given in another manner, (al any notice to E3orrower provided for in t h is Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addresa ur at such other address as liorruwer may designate by notice to Lender as provided herein, and (b) any notice to [.ender shall be given by certified mail, rnturn receipt rE~c~uested, to Ixnder's address stated herein or to such other addresa as Lender may designate by notice to Borrower ax provided herein. Any n~~tice provided for in this Morigage shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated hemin_ 15. Uniform Mortgage; Governing I.aw; Severability. 7'his form of mortgage combinec uniform rnvenants for national use and non- uniform cor•enants with limited variations by jurisdiction to constitute a uniform security instrument cuvering real property.l'his Mortgage ~h:~ll be guverned by the law of the jurisdiction in which the Pmperty is loc~nted. ln the event that any pm~ ision or clause of this Mortgage or thE• Note contlicts w~th applicable law, such conflict shall not affect other pmvisiuns of thia M~~rtgage or the Note which can be given effect «-ithuut the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. B~rrower's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tranefer of the Property; Asaumption. I! all or any part of the Property or an interest therein is sold or transferred by I3orrower without Lender's prior written consent, excluding la) the creation of a lien or encumbrance subordinate to this 1liortgage, (b1 the creation of a purchase money security intereat for houaehold appliances, (c) a transfer by devise, d:acent or by operation of law upon the death of a joint t~•nant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase,-I.ender m~y, at [.ender's option, dt~c•lare all the sums securea by this Mortgage to be immediately due and payable. [.ender shal! have waived such option toaccelerate if, prior t~~ the sale or transfer. I.ender and the person tc~ whom the Property is to be sold or transfe~d reac~greement in writing that the credit of auch G~<~rson is satisfactory to I.ender and that the interext payable on the sums secured by this MortQaKe shall be at such rate as l.ender ah~l rfy~uest. If l.ender has waived !he option to accelerate pmvided in this paraRraph 17, and if Iiorrower's succeci,ROr in interest has executed a :~ ritten xssumption :~;rrement accepted in writinR by Ixnder, I.ender shall release Rorrower from all obliKations under this Mortgage and the \~~te. . It I.ender exercises such op[ion to accelerate, I.ender shall mail Rorrower noticeof acceleration in accordance w~th pazagraph 14 hereof. ~u~•h notice shall provide a period af not less than 3U days from thedate the notice is mailed within which Borrower may pav thesums declared ~iui•. If Borrower fails to pay such sums prior tc, the expir~~tion of such period, I.ender may, without further notice or demand on 13orrower, im~oke any remedies permitted by paraKraoh iR herM~f. 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereot, upon Borrower'e breach ot any covenant or f~~reement of Borrower in this Hortgage. ir~cluding the covenants to pay when due any suma aecured by this Mortgage. Lender prior to acceleration shatl mail notice to Borrower as provided in paragraph 14 hereofepecifying: ( I) the breach; (2) the action reyuired to cure such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower. by which euch t~reach must be cured; and (4) that failure to cure such breach on or before the date specitied in the notice may result in acceleration of the eums secured by this Mortgage, toreclosure by judicial proceeding and sale of the Property. The notice ahall f~rther inform Borrower of the right to reinstate aRer acceleration and the rig6t to esaert in the torecloaure proceeding the nun-e:istence of a default or sny other defense nf Borrower to aeceleration and foreclosure. If the breach ia not cured on or tx•fore the date apeciCed in the notice, Lender at Lender's option may deciare all of the sums aecured by this Mortgage to be immediately due and puyable without furtherdemand and may foreclo~se this Mortgageby judicial prceeeding. l.enderehall be t~ntitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's fees, and ~•osts of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinatate. Natwithstanding I.ender's acceleration of the sums aecured by this Mortgage, Borrowershall have the riqht to have any proceedings begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing Future :'ldvunces, if an y, had no acceleration occurred; ~b) Borrower cures all breachea of an y other rnvenants or agreementa of Borrow er contained in this Mortgaqe; (c) Borrower pays all reasonahle expenses incurred by Lender in enforcing the covenanta and ttgreements of Borrower contained in this Mortgaqe and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, bnt not limited to, reasonablR attorneg's fees; and (d) Borrower takes euch action as I.ender may rnasor~ably require to aseiurnthat the iien of thia Mortgage, Lendei e interest i n the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, thia Mortgaqe and the obligations aecured hereby shall remain in full force and effert as if no acceleration had occurred. ZQ. Aseignment of Renta; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby assigna to Lendertherenta of the Property, provided that Borrower shall, prior to acceleration under paraqraph 18 hereof orabandonment of the Property, have the right to collect and retain auch renta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, l.ender ahuU be entitled to have a receiver appointed by a court to enter-upon, take pogsession of and manpge the Property and to collect the renta of the ['roperty, including thoee past due. All renta collected by the receiver shall be applied firat to payment of the rnate of management of the Property and collection of rnnta, including, but not limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorney e fees, and then to the suma eecnred by thie Mortgage. The receiver ahaU be liable to account unly for those mnte actually received. BQnK~~~ P~GE 4~~ ~ ~. ~ ~.~~ ..,~~ _. _..... ~. = ~ti - _ ..: <~~