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HomeMy WebLinkAbout1833~ r~ . 'i 8. Inspeclion. l.ender may make or cause w be made reawnable ent~ieu upon and inspertions of the property, p~ovided that I.ender ~hall Rive Borrower notice pROr to any such iaspection apecifying reasonable cause therefor related to l.e~de~ s intereet in the Property. 9. Condemnation. 'I~e proceeda of any award or claim for damages, direct or consequential, in connection with any oo~demnation or other taking of the property, or part thereof, or fos rnaveya~oe in lieu ot rnndemnatiun, are hereby aseigaed and ~hall be paid to l.c~der. !n the event oi a total taking of the Property, the procceds ahal! be applied to the auma secund by Ihie Mortgage, with the excess, i[ any, paid to Bore~ower. In the event of a partial taking ot the Pt~operty, unleas Borrower and I.ender olheTwiee eqree in writing, there shall be applied to the sums secured by this Mortgage auch proportion of lhe proceeds ea is equal to that proporiion which the amount of the sums Keru~ed by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior W the date of caki~g, with the balanca of the proceeds paid b I3ormwer. If the Property is abandoned by Borenwer. or i[, aAer notice by I.ender to Borrower that the oondcmnor of[ere to make an award or eettle a clnim for dnmaqea, Borrower fails to respond to l.ender within 30 days atter the date euch notice ie mailed, l.ender is authorized to collcct and ,+Nply the p~ocecds, at I.ender s option, eithe~ to restoration or repair of the property or to the suma eecured by this Mortgage. Unlesa i.ender and Borrower otherwiee agree in writing, any such application of proceede to principal ahall not extend or poatpone the due dnte of the monthly inatallme~ts referred to in paragraphe 1 and 2 hereof or charige the amount of euch installmente. 10. Rorrower Not Releaeed. ~xtension of the time for paymant or modification of amortizntion otthe sums aecured by thie Mortgage Kranted by I.ender to any succrasor in intereat ot Eiorrower shall not operate to release, in any manner, the liability otthe original E3orrower :~nd Borrower's auccessors in intemet. l.ender ahall not be required to commence procredinKa againat such eucceasor or refuee to e:tend time C; ~r payment or otherwise modify amortizntiop of the suma secured by this hlortgage by reatwn of any demand made by theoriECinal fiorrower :~nd E3orrowers auccessoru in intereat. 1 l. Forbeatance by Lender Not a Waiver. Any forbearance by l.ender in exercieing any right or remedy hereunder, or otherwiae ;~ fforded by applicable law, ahall not be a waiver of or preclude the exercise of any euch right or remedy. The pmcurement of inaurance or the ps+yment of ta~ces o~ other liena or charges by I.ender ahaU not be a waiver of l.ender'a right to accelerate the maturity of the indebtedneae secured by thie Mortgage. 12 Remediee Cumulative. All remediea provided in thie Mortgage are distinM and cumuletive to any other right or remedy under thia Vortrage or afforded by law or equity, and may be e:erciae~l concurrently, independently or succeaeively. 13. Succeseore and Aaeigne Bound; Joint and Severel Liability; Captione. The covenanta and aRreemente herein contained ahall hind, and the righta hereunder ahall inure to, the reapective aucceseors and asaigns of l.ender and Borrower, aubject to the proviaiona of p<-ragraph 17 hereof. Al) covenanta and agreementa of Borrower shall be joint and several. The captiona and headinga of the parngraphe of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14: Notice. Except tor any notice reyuired under applict~ble (aw to be Riven in another m~nner. (al any notice to E3orrower provided for in t h is hlortgage ahall begiven by mailing auch notice by certified mail addressed to Rorrower at the F'roperty Address or at euch other addreas aa I~arrower may designate by notice to Lender ae provided herein, and (b) any notice to I.ender ahall be given by certified mail, reWrn receipt requested, to Lender'a address stated herein or tu auch other addreas as Lender may designate by notice to Borrower as provided herein. Any n~~tice provided Cor in this hlortgage shall be deemed to have been given to E3orrower or lxnder when given in the manner designated herein. 1 ~_ Uniform Mortgage; Governing Law; Severability. This form otmortgagecombines uniform oovenanta for national useand non- ~~niform cuvenants with limited variations by juriadiction to rnnstitute a uniform aecurity inetrument cuvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Properly ia lceated. In the event that any provision or clause of this Mortgage or t he Note cunflicts with upplicable Iaw, such contlict shall not affect other provisiona of this Murtgage or the Note which can be given effect 1+•ithout the cor.tli~•ting provision, and to this end lhe pru~~sions of lhe Mortgage and the Note are declared b be severable. 16. Bflrrower'e Copy. Horrower eha111~e furniahed a conformed copy of ihe Noter and of thia Mortgage at the time of e:ecution or atter recordation hereof. ~ 17_ Tranafer of the Property; Asaumption. If all or any part ot the f'roperty or an interest therein is sold or traneferred by Borrower "~.•i:hout I.endcr's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) ihe cmation of a -~~ E~urchave money security interest for houaehold appliances, (c) a tranefer by deviae, d.~scent or by operation of law upon the death of a juint ;; tPnant or id3 the Arant ot any lease6nld interest pf three years or leas nat containiqg an option to purchase, I.ender may. at I.ender s option, cleclare all the sums securea by this Morlgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior ;~ tu the sale or transfer. I.ender and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch .~? ~ Fx~rson is satixfactory to [.ender and that the interest payable on the sume e~ecured by this Mortgake ahall be at such rate as l.ender ahall ~~' ~' i r~-yuest_ If I.ender hais waived the option to accelerate provided in thie para+traph 17, and if Borrower's successor in interest has executed a ~'" ~.-ritten assumption agreement accepted in writinK by I.ender, I.endershall release Borrower from aU obligatiuns under this Mortgage and the \ ute. ! f Ixnder exercisea such option to accelerate, l.ender ahall maii Iiorrower notice of acceleration in accordance with paragraph 14 hereof. ~uch notice ahall provide a peri~ of not less than :i0days from thedate the notice is mailed within which F3orrower may pny thesums declared ~iur. !f Rorrower fails to pay such aums prior to the expiration of such periad, l.ender may, without further notice or demand on I3orrower, invoke any remedies permitted by p~raKraoh !R hercof. 18. Acceleretion; Remedies. F xcept as provided in paraqraph 17 hereof. upon Borrower's breach of any covenant or ~~Kreement of f3orrower in this Mortgage, including the covenante to pay when due any aume aecured by thie Mortgage, Lender prior to acceleration ahall meil notice to Borrower ae provided in paragraph 14 hereof epecifying:l l) the breach; (2) the action required to cure suc6 breach; (3) a date. not lesa than 30 daya from the date the notice ie mailed to Borrower, by which such breach muet be cured; and (41 that failure to cure such breach on or be[ore the date epecified in the notice may result in t-cceleration of the auros secured by this Mortqage. forecloaure by judicial proceeding and eale of the Property.The notice shall further inform Borrower of the right to reinetate after acceleration and the right to esaert in the foreclosure proceeding the non-e:istence of a default or any other defense of Borrower to acceleration and toreclosure. If the breach ie not cured on or before the date epecified in the notice. Lender at Lender's option may declere all of the aums aecured by this Mortgage to.be immediately due and payable without furtherdemand and may foreclosethis Mortgage by judicial proceedinq. Lender shall be ~~ntitled to collect in such proceeding all expeneee of toreclosure. including. but not limited to. reasonable attorney's fees. and c•osta of documentary evidence. abetracts and title ~eporte. 19. Borrower's Right to Reinetate. Notwithalanding I.ender's acceleration of the auma scrured by thia Mortgage, Borrower shall have the right to have any prooeedinga bequn by l.ender to enforce this Mortgaqe discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (ay E3ornower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future rldvancea, if an y, had no acceleration accurred; lb- E3orrower cures al l breaches of an y other coven antg or agreements of Borrower contained in this Mortgage; Ic) E3orrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreemente of Borrower rnntained in this Mortgage and in enforcinq Lender's remedies as provided in paragraph 1 S hereof, including, but not limited to, reasonable attorney's fees; and Id) Borrower takes such action ae I.ender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Iiorrower s obligation to pay the sums aecured hy thie Mortgage shall continue unimpaired. Upon euch payment and cure by Borrowet, this Mortgage and the obligationa secured hereby ahall remain in full [orce and effect as if no acceleration had occurred. 20. Asaignment of Renta; Appointment of Receiver. As additional security hemunder, Borrower hereby aseigna to Lender the rente uf 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 rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a court to enter.~pon, take poeseasion of and manaqe the Property and to collect the rents of the Property, including thoee past due. All renta collected by the receiver shall be applied firet to payment of the wste of management of the Property and rnllection of renta, including, but not limited to, receiver'a feee, premiuma on receiverb bnnda and reasonable attomey'e fees, and then to the auma eecured by thie Mortgage. The receiver ahall be liable to acoount only for those rente actually rn~eived. ~~~~~K347 PAGE1827' _ ~ ~~~~-~~.~:~~~~- . : ~ _ .~.~.::;