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HomeMy WebLinkAbout06258. in~pectioa. I.ender may make or cuuse b be made e~eawneble entrie~ upon and in~pectioiu of the property. provided that Lend~ ~hell give Borrower notice prior to any euch inspection specitying reasonable cauee thenfor nlated to Lender'~ iAterest ia the Prope~p. 9. Coademnetion. Tha procceds oi any award or claim for damages. ditec! or consequential, in oonnecaon wi~h eny aonde,nnaaoa or othez taking of the pmperty. os par! thereoT, or for convsyance in lieu of oondemnation. are hereby a~ned et~d ~haU be paid to I,eAder. In the event oi a total taking of the Pe~operty, the prooeeda shall be applied b the sums secured by thia Morfga~e. with the asoas, if aay, paid to Borrower. In the event of e partia! taking of the Property. unless Borrower and I.ender otherviee agree ia ~vritins. there shaU be applied to the aums secured by this Mortgage such pmportion of the proceeds as ia equal to that pmportion which the amount of the s~au eecured by thie Mortgage i~mediately prior to the date of taking bears b the fair market value of the Propeity immediately prior to We defe of taking. with the balan~a of the proceeds paid to Borrovrer. If the Property is abandoned by Borrowe~. or if, aftes notice by I.ender to Borrowu that the oondcmnor offers to make an aaard or ~ettk a claim for damages. Borrower faila Lo reepond to [xnder within 30 days aRer the date euch aotioe is mailed. Lender is authorized to ooUect ~nd apply the pmceeds. at Lender s option. either to restoration or repair of tha pmpetty or to the sums secured by this M~age. Unle~s Lender and Bo~mower otherwise agree in writine, anY such applicatioa of proceeds to principal shall ~t wctend or postpoae the due date of the aaonthly installmenLs nferrea to in paragrapha 1 and 2 haeof or changa the amount of such inatallments. !0. Borrower Not Releaaed. E:teneion of the time for paymant or modification of amortization of the eume secured by thi~ Mortg~s Kranted by I.ender to any eucceseor in intereat of Borrower ehall not operate to release. in any manner, the tiability of the original Borrower and Borrower's succeasors in intereat~ Lender ahall not be required to aommence proceedings againat such successor or refuse to e:tend time for payment or otherwiae modify amortization of the eums aecured by this Mortgage by reason of any demand made by the original Borrowa and Borrower's suc~.~essors in intesest. 11. Forbearance by Lender Not a Waiver. Any forbearanoe by L.ender in e:ercising any right or nmedy henunder. or othezwise afforded by applicable law. ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The pmc~remeat of inauranoe or the payment of ta~cee or other liena or chargea by Lender shall not be a waiver of Lender s right to aocelerate the maturity of We iadebtednew aecured by lhie Mortgage. - 12 Remediee C~unulative. All remediee provided in thia Mortgage are dietinct and cumulative to aay other right or remedy under thii Mortgage or afforded by law or equity, end may be euerciee~l ooncurrently. :ndependently or suooessively. 13. Sacceaeors and Aeeigns Bound; Joint aad 3everal Liability; Captions. The covenante and agreements herein oontained shall bind, and the righte hereunder ahall inure to, the reepective aucceeeore and seeigne of Lender und Iiorrower. eubject to the provisioas of paragraph 17 hereof. All covenante and agreementa of Borrower shall be joint and several. The captiona and headings of the paragraplu oi this Mortgage sre for covenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. Except for any notice required under. applicable law to be given in another manner..(a) any notice b Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreesed to Borrower at the Property Addrees or at snch other addrees s~ Barrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to Lender'a addreae stated herein or to such other addr~a as Lender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage ahall be deemed to have been give~ to Borrower or I.eader when givea in the menner deeignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage oombinea unifora~ oovenants for national uee and non- uniforr~ covenanta with -imited variationa by juriadiction to oonstitute a uniform aec~uity inetruwent ooveting real property. Thie Mortgage shall be governed by the law of the juriadiction in which the Property is loc:ated. In the event that any pmviaion or clauee of this Martgage or the Note conflict,i with applicable law. euch rnnflict ahali noC affect other provieiona of this Mortgage or the Note which can be given eHeet without the conflicting provision, and to thia end the proviaiona of the Mortgage and the Nate are declared to be eeverable. 16. Borrower'e Copy. Borrower ahall be fumished a conformed oopy of the Note sild of this Mortgage at the time of ezecution or after recordation hereof. 17. Tranafer of the Property; Aesumption. If all or any part of the Property or an interest thenin ia eold or tranaferred by Bormwer without Lender's prior written consent, exctudiag (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchaee money aecurity intereat for houaehold appliances, (c) a transfer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three yeare or lees not oontaining an option to purchase. Lender may, at Lender's option. declare all the suma eecureti by thie Mortgage to be immediately ~iue and payable. Lender shall have waived such option to aocelerate if. prior to the sale or transfer, I.ender and the person to whom the Property ia to be eold or traneferred resch agreeanent in writing that the credit of snd~ pereon ia satiafactory to l,ender and that the interest payable on the auma secured by this Mortgage shall be at auch rate as I.ender ehaq t equest. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower e auoceeaor in intereat haa euecuted a w~ritten aesumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligatione under this Mortgage and the Note. If Lender e:ercises such option to accplerate, Lender ahalt mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 daya from the date the notice is ~r,ailed within which Borrower may pay the eums declared due. If Borrower faiis to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on ~iorrower. ~nvoke any remedies permitted by paraqraoh lA hereof. 18. Acceleration; Remediea. E:cept se provided in paragraph 17 6ereot, upon Borrower'e breach of any oovenant or agreement of Borrower in thia Mortgage, including the oovenante to pay when due any sumesecured by thie Mortgege, Lender - prior to acceleration ehall mail notice to Borrower ea provided in paragrap614 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not leas than 30 daye from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure euch breach on or before the date epecified in the notioe may reeult in acceleration of the sums eecured by t6ie Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall further intorm Borrower of the right to reinetate aRer acceleration and the rig6t to essert in the forecloeure proceeding the non•exietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cnred on or before the date epecified in the notice, Lender at Lender's option may declare all of the sums aecured by this Mortgage to be immediately due end payable without further demand and may foreclose thia Mortgage by judicial proceeding.I.ender shall be entitled to collect in auch proceeding all expenaea of forecbaure. including, but not limited to. reasonable attorney'o feea, ~nd coste otdocumentary evidence. abatracte and title reporta. 19. Borrower'e Right to Reinetate. Notwithatanding Lender s aoceleration of the au~e aecured by this Mortgege. Bortower ahall have the right to have any proceedinge begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment eafoteing this Mortgage if: (a) Borrower pays [.ender a]1 anma which would be then due under thie Mortgage, the Nota and note~ securing I~tnre Advances, if any, had no acceleration occurred; (b) Borrower c~ires all breaches of any other eovenants or agreemente of Borrower oontained in this Mortgage; (c) Borrower pays al) reasonable e~cpenses incurred by Lender in enforcing the covenants and agreementa of Boaower contained in this Mortgage and in enforcing L.ender e remediee aa provided in paragraph 18 hereof. including, but not limited to, rea~oaabls attorney's feea; and (d) Borrower takes such action aa Lender may reasonably require to aseure that the lien of this Mortgage. L.endds intet~ert in the Propezty and Borrower's obligation to pay the aums aecured by thie Mortgage ahall rnntinue nnimpaired. Upon snch paymeqtand care by Borrower, thie Mortgage and the obligatians aecured hereby ahaU remain in fuU force end effect as if no aoceleratioa had occurred. 20. Asaignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigna to Lender We rmts of the Property, provided that Borrower shall, prior to ecceleration under paragraph 18 hereof or abandonment of the Property, have theright to rnllect and retain such rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ehall be entitled to have a receiver appointed by a oourt to enter-upon, take poseession of and manage the Property and to rnllect the rents of the Property, including thoee past due. All renta oollected by the receiver ehall be applied first to payment otthe coeta of management of the Property and collection of nnb, inclading, bnt not limited to, receiver e feea, premiums on receiver's bonda and reasonable attorney's feeg, and then to the eume secnred by this Mortgaga The receiver ehal! be l~able to acoount only for those renta artually reoeived. g~347 PbGE 622 , ~ ; : _ __ _ _ _ ~ ~x~.~~~~ .~_ M._~a :_ ~ , _ ~ ,A ~ ~ ~~~