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HomeMy WebLinkAbout0404~:. 8. Iaepection. Lender may make or cauee to be made reaeonable entries upon and inapections of the propeKy, pmvided that Lender shaU give Horrower notice prior b any such inapection epecitying reasonable cauee the~efor related to I.e~der-e interest in the Property. 9. Condemnation. The pmccede otany award or claim tor damagee, direct or rnneequential, in rnnnection with sny oondemnation or other taki~ of the prope~ty, or part thereof, or for conveyance in lieu of rnndemnation, are hereby aesigned and ahall be paid W l.ender. In the event of a total taking of the Property, the proceeda ahall be applied W the eums aecured by thia Mortgage, with the esceas, if any, paid to Borrower. I~ the event of a partial taking of the Propetty, unlcea Borrower and I.ender otherwiee agree in writing, there ehall be applied to 1he anma eecured by this Mortgage such proportion of the procceda as ie equal to that proportion which the amount of the eume eecured by this Mortgage irnmediately prior to the date of taking beacs to the fair market value of lhe Nropedy immediately prior b thedate of taking, with the balanca of the proceede paid to Botrower. If the Property is abandoned by Borrower, or if. after notice by Lender to E3orrower that the rnndemnor o~fera to make an award or eetde a claim tor damagee, Borrower fails to reapond to l.ender within ~0 days after the date euch notice is maited, Lender is authorized to collect and apply the proc~eeds, at I.ender'e option, either to restoration or repair of the property or to the eume aecurrd by this Mortgage. Unleae t.ender and Borrower otherwiae agree in writing, any such application of proceeda to princi~x,; d;~uii r~ot eatend or poetpone thedue date of 1he monthly inatallmenta referred to in paragraphe I and 2 hereof or change the amount of euch inatallmente. 10. Rorrowe~ Not Released. Extension of the time [or paym ant o~ modification of amortixation of the sums secured by this Mortgage granted by I.ender to any successor in interest of tiorrower ahall not operate to release, in any munner, the liability of the ori(cina! I3orrower xnd Borrower's successors in interest. I.ender shall not be required to commence ptoceedings against such succeasoror refuse to extend time for payment or otherwise modify amorlization otthe suma secured by thit, Mortgage by rens~-n of any demand mnde by theoriginal Borrower and liorrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in exercising any right or remedy hereunder, or otherwise :~fforded by appiicable law, ahall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liena or charges by i.ender ahall not be a waiveT of l.endei s-ight to accelerate the maturity of tfie indebtedneaa secured by thia Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thie ;1ioKrage or afforded by lave or equity, and may be exercise+~ concurrently, independrntly or auccesaively. 13. Succeasors and Aseigns Bound; Joint and Several Liability; Captiona. The co~ enants and agreements herein contained ahall bind, and the rights hemunder shall inure to, the reepective successors and assigns of I.ender and E3orrower, aubject to the proviaions ot paragraph 1 i hereof. Ail covenants and agreements of Borrower shall be joint and aeveral. The captions and headings of the paragrapha of thia Mortgage ate for covenience only and ace not to be used to interpret or define the provisione hereof. i a. Notice. Escept for nny notice required under applicable law to be Kiven in nnother m~nner, (n1 any notice to Rorrower provided for in this hlortgage shall be Etiven by maiiinR such notice by certified mail addresseci to Borrower at the Property Address or at such other addreas as Borrower may designate by nolice to Lender sis provided herein, and Ib) any notice to I.ender shall be ~Civen by certified mail, retnrn receipt requested, to l~ender's address stated herein or to auch other address as I.ender may designate by notice to Eiorrower aa pru~ided herein. Any nutice provided for in this Mortgage shall be deemed to have been given to E3orrower or I.ender when given in the manner designated herein. 1 ~. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenanta for national useand non- unifnrm covenan~4 with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage .hall be governed by the law of the jurisd~ction in which the Property is located. In the event thal ~ny provision or cl~use of this Mortgage or the Note conilicts w~th applicable law, such conflict shall not affect other pmvisions of this 1ltortgage or the Note which can be given effect without the contlicting provision, and to this end the provisiuns of the Mortgaqe and the Note are declared to be severable. 16. Barrower's Copy. I3orrower shall be tumished a conformed rngy of the IHote and of this Mort~age at the time of execution or after rec tion hereof. -~ 17. ransfer of the Property; Aaeumptiun. If all or any part of the Property or an interest therein ia sold or trans[erred by 13orrower ~`-~ with t[.ender'a prior written consent, excluding (a1 the crnation of a lien or encumbrance subordinate to this Mortgage, ib) the creation of a ~, purrhane money security interest for household appliancea, lc) a transfer by devise, d~scent or by operation of law upon the death o[ s j~int tenant or (d) the Rrant of any leasehold interest oC three years or lesa not containinR an option to purchase, Lender may, at l.ender's option,. ~C: ~~ declarn ali the sums securea by this Mortgage to be immediately due and payabie_ I.ender ahall have waived such optinn to acceterate if, prior to the sale or transfer, Lender and the person to whom the Propecty is to be sold or tranaferred reach agreement in vrriting that the credit of such person is satistactory to l.ender and that the intere~t payable on the sums secured by this Mortg:ige shall be at such rate as t.ender ahall request. If l.ender has wseivld the option to accelerate pmvidecl in this pazaKraph 17, and if Iiorrowei s successor in interest has executed a .+~ritten assumption aRrrement accepted in w-ritinK by i.ender, f.endershali reie:ise Borrower from all obliKations under this Mortgage and the \ ote. If Ixnder exercises such option to accrlerate, I.ender sh.~ll mail Korrow•er notice of acceleration in accordance with paragraph 14 hereof. ~ucfi notice sha{i provide a peri~~d of not less than :~O days from thedate the notice is mailed within which Rorrow•er may pay the sums declared due. If Borrov~er fails to pac such sums prior to the expiration of such periud, [xnder may, witfiuut further notice or demand on Borrow-er, invoke an~ remedies permittrci by paraKraoh IR hereuf. 18. Acceieration; Remedies. E:cept as provided in paragraph 17 hereof. upo~ Borrower's breach ot any covenant or agreement of Borrow•er in thia MortgAge. including the covenants to pay when due any sume secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (21 the action reyuired to cure auch breach;l3) a date. not leas than 30 daya from the dete the notice ie mailed to Borrower. by which euch breach muet be cured; and (4) that failure to cure such breach on or befoce the date apeciCied in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and ealeof the Property. The notice ehall further inform Borrower of the right to reinatate after acceleration and the right to essert in the torecloaure proceeding the non-existence of a default or any other defense of Borrower to acceleration and toreclosure. If the breacfi ie not cured on or hefore the date apecified in the notice. Lender at Lender's option may declare all of the aums aecured by thie Mortgage to be immediately due and pa~ able without furtherdemand and may foreclosethis Mortgage by judicial proceeding. Lender ahall be ~~ntitled to collect in such proceeding all e:pensec; of foreclosure. including. but not limited to. rearsonable attorney's feea. and custs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.ender's acceleration of the aums secured by thie b'Iortgage, Borrower shall have the right to have any proceedings be~tun by Ler.der to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this 1liortgage if: (a) Elorrower pays Ixnder all anms which would be then due under this Mortgage, ihe Note and notes securing Future :~dvances, if ar~y, had no acceleration oc~curred; lb) Borrower cures aU breaches of any other rnvenants or agreemen~a of Borrower conta~ned in this Mortgage; (c- Rorrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgaqe and in enforcing Lender's remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d1 Borrower takes such action as Lender may reasonably require to assuretti~at the lien of thia Mortgage, I.ender a intereat in the Property and Borrower s obligation to pay the aums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obliqatione secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment ot Receiver. As additional security hereunder, Borrower hereby asaigns to Lender the renta of the Property, provided 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, [.ender shall be entitled to have a receiver appointed by a court to enter-upon, take posaesaion of and manage the Property and to col{ect the rents of the Property, including those past due: All renta collected by the receiver ehall be applied firat to payment of the oosta of manaKement of the Propetty and oollection of renta, including, but not limited to, receiver's fees, premiuma on receiver's bonda and reaaonable attorney's feea, and then to the eums secured by thie Mortgege. The receiver sl:aU be liable to acoount only for those renta actually received_ f~. fE~~.~ n~~K 349 racE ~Q5 ~ -' ,~ ~ ~.~~~;_~~~ __ ___~.~..~^:_ , ...~ , . - - r,~lr)K•JZV iQVE~~~ ~;;~~y ~ ~ ~