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HomeMy WebLinkAbout0405~ r•~. 8. laapection. l.ender may make or cause to be made reaeoneble cntriee upon and i~apections o[the pmperty, provided that Le~de~ shall give Borrower notice prios to any such inepection epecifying re~nable cauae therefor related to l.ender's interest in the Property. 9. Condemnatiott. The proceeda of any award or claim for damagea, direct or consequential, in rnnnection with any oondemnation o~ other iaking o! tha pmperty. or pert thereof, or for conveyance in lieu of condemnation, are hereby aseigned and shall be paid to I.ender. Ia the event of a toWl taking of the Propedy. the proceeds ahall be applied to the eums aecured by this Mortgage, with the excese, if any, paid to Borrower. In the event of e pattial taking of the Property, unlese l3orrower and i.ender otherwise agcee in weiting, there shall be applied to the sume eecured by this Mortgage such pmportion of the proceede as ie equal to that proportion which the amount of the sums eecured by thie Mortgage immediately prioi to the date of taking beara to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. ~ If the Pmperty ie abandoned by Borrower. or if, atter notice by I,ender to Borrower that the oondemnor of~ers to make an award or eettle a claim [or dsmages. Borrower fails W reepond to Lender within 30 daye afler the date euch notice ie mailed, Lender ia authorized to collect apd apply the pm~eede. at Lender's option, either to restoration or repair of t4-e pmperty or to the eume secured by thib Mortgage. ~ Unleas Lender and Borrower otherwiee agree in writing, any such application of proceede to principal ah all not eatend or poetpone the due date of the monthly inatallmente refer~ed to in paragraphs 1 and 2 hereof or change the amount of euch installmente. 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of amortization of the auma secured by this Mortgage granted by I.ender tu any succesaor in interest of Borrovver shall not ope~ate to release, in any manner, the -iability otthe original Borrower and Borrower e sucY~es,vors in interes~ Lender ahall not be required to commence proceedings againat euch successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of ~ny demand made by theoriginal Fiorrower and Borrower s succesaora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwise affonied by applicable law, ahall not be a waiver of or preclude the exereise of any such right or remedy. The procurement of inaurance or the payment of taxes or other liens or charges by Lender ahall not be a waiver of Lender s right to accelerate the maturity of the indebtednese secured by this Mortgage. ~ 12 Remediea Cumulative. Alt remediea provided in this I~lortgage are diatinct and cumulative to any other right or remedy under thia Mortcage or afforded by law or equity, and may be e:ercieed ooncurrendy. independently or aucceaeively. 13. Successors and Aseigne Bound; JoinL and Several Liability; Captione. The covenanta and agreements hernin contained ahall bind, and t6e rights hereunder ahall inure to, the reapective succeseors a~d nasigna of Lender and Bo~rower, subject to the provisions of paragraph 1 T hereof. All covenanta and agreemente of Borrower ehall be jo~nt and several. The captions and headinge of the paragrapha of this Mortg~ge are for covenience only and arn not to be used to interpret or define the pmvisions hereot. 14. Notice. F.xcept for any notice required under applicable law to be~tiren in another manner, ia) any notice Eo Borrower provided Corin thia Mortgage shall be given by mailing such notice by certified mail addresaed to Borrower at lhe Property Addreas or at euch othe~ address ae Borrowet may deaignate by notice to l.ender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt reyuested, to 1 ender's addresa atated herein or to such other addresa as I.ender may deaignate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage aha11 be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortqage combinea uniform oovenants for national use and non- uniform covenants with limited variafions by jurisdiction to eonatitute a uniform security instrument ~vering mal property. Thig Mortgage shall be go~ erned by the law of the jurisdiction in which the Property is located. In the event that any pmvision or clause of this Mortgage or the Nate conflicts with applicable law, such conilict shall not af1'ect other provisions of this Mortgage or the i~iote which can be given effect w~thout the conflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy: Borrower shall be furniahed a confor:ned copy of the IVote and of this Mortgage at the time of execution or after recordation hereof. 17. Tranefer of the Property: Asaumption. If all or uny part of the Property or an interest thernin is sold or traneferred by Borrowe~ w~!hont Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate ta this Mortgage, (b) the creation of a purchase money security intereat for huusehold appliancea,le) a transfer by devise, descent or by operation of law upon the deafh of a joint 'a ~ tenant or (d) the grant of any leasehotd interest of three years or leas not rnntaining an option to purchase, Lender may, at I.endei s option, S~ =f` declare all the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, Lender and the peraon to whom the Property is to be sold or transferred rnach agreement in w~riting that the credit of such person is satisfactory to I,ender and that the interest payable on the sums secured by thia Mortgage shai{ 4~e at such rate as Lender shaU reyuest. If Lender has waived the option to accelerate provided in this paragraph I7, and if I3orrower's successor in interest has executed a written asaumption agreement acrepted in writing by I.ender, I.ender shall release Borrower from all obligations underthis Mortgage and the ti ote. ~ If Lender exercises such option to act.'elerate, Lender ahali mail Borrower notic~ of acceleration in accordanee with pazagraph 14 hereof. ~uch notice shall provide a period of not less than 30 days from thedate the notice is mailed within which Borrower may pay thesums declared dae. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on Borrower, ~nvoke any remedies permitted by pari~Rraoh If? herer~f. 18. Acceleration; Bemedies. Ezcept as provided in paragraph I7 fiereof. upon 13orrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sumsaecured by this Mortgage, Gender prior to acceleration shall mail notice to Borrower as provided in paragreph 14 hereofepecifying:ll)the breach;(2)theaction required to cu~e such breach; (3) e date. not lesa than 30 days from the date the notice ia mailed to Borrower, by which such breach must be cured: and (4) that failure to cure auch breach on or betore the date specified in the notice may reeult in acceleration of the suma secured by thie Mortgage. forecloaure by judicial proceeding and eale of the Property. The notice ahall further inform Borrower of the right to reinetate after acceleration and the right to essert in the forecloaure proceeding the non-eziatence of a default or any other detense of Borrower to soceleration and forecloaure. If the breach is not cured on or before the dete apecified in the notice. Lender at Lender's option may dectare s11 oi t6e sums secured by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled to collect in auch proceeding al1 expenses of toreclosure, including, but not limited to. reesonable attorney's fees, and costs of documentary evidence, abstracts and titie reporta. 19. Borrower's Rigbt to Reinetate. Notwithstanding l.ender's acceleration of the sums secured by thia Mortgage, Borrower shaU have the right to have any proceedings begun by Lender to enforce this Nortqage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all suma which would be then due under this Mortgege, the Note and notea securing Future Advances, if any, had no acceleration occurred; lbl Borrower cures all bmaches of any ofher covenante or agreements of Borrower contained in this Mortgage; (c) Fjorrower pays all masonable expensea incurred by l.ender in enforcing the covenante and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as pcovided in paragraph 18 hereof, ineluding, but not limited to, reasonable attorney's feea; and ld1 Borrower takea such action as Lender may resaonably require to aseure that the lien of thia Mortgage, Lender's inlerest i n the Property and Borrower'a obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure Ly Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect ae if no acceleration had occucted. Z0. Assignment of ftents; Appointment of Receiver. As additiona) ~rity hereunder, Borrower hereby aseigna k~ Lender the rente of the Property, pmvided that Borrower shall, 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 abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter~-pon, take poaseasion of and manage the Property and to collect the rente of the Property, inctuding those paet due. A11 rente collected by the receiver shall be appiied firet to payment of the costa of management of the Property and rnllection of rents, including, but not limited W, receiver'e feee, premiuma on receivet's bonds and reaeonable attorney's fees, and then to the euma secttred by this Mortgage. The receiver ahall be liable to account only for those rente aMually received. •w ~ F,ft~~R ~A ~ f ~G~ ; , v . , ~~..a,.~ ~._,. __ _ _= _.. =.~.