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HomeMy WebLinkAbout04218. In~pectlon. Lender may make or cause to be made reewnable entrie. upon and inspectioiu of the pr~erty. provided tl~at Leadu ~!-aU Qive Bormwer notice prior fo sny auch inspectio~ apecifying nasonable cause therefor releted to Let-de~s ir-terest i4 tb~ properiy, 9. Condemnetlon. Tha proceeda of any award or claim [or damages. dirat or consequential. in connection with aqy ooademnation o~ ~ih~r Laking ot the prop~rty. or part theracf. ur for c~nveyance in lieu ot con~~mnation. ar~ h~r~by ~~~~n3 and ~hait t~a ~aid b Leader. In tha event oi a total taking of the Property, the proceeda shall be applied to the sume eecured by thie Mort~aQe. wlth the excxas. if any, paid to Borrower. In the event of a partial taking of the PcopeKy, unleaa Borrower and I.ender otherwise agree in writinQ. there shall bs applied b the sums secured by this Mortgage such proportion of the prooeeda na ie equal to that proportion which the amount of the ~ums secured by this Mortgage immediately prior to the date of taking beare to the fair market value uf the Ptoperty immedintely priorto the dab of tating, with the balanca of the proceeds paid to Borrower. I[ tne e'mperty u aoanaonea dy tsotrower, or ~i, atur nouce uy i.entier w isorrower tnat ti~e condemnor o~fers w make an award or settle a claim for dama~es. Borrower failn to r~pond to I.ender within 30 daye aher the date auch notice is mailed, l.ender ie authorized to oollect ~nd apply t2~e proceeds, at I.ender'e option. either b resturation or repair of the property or to the sums secured by this Martgage. Unless Lender and Borrower otherwiee ~gree in writing, anp Ruch application of proceeds to principal shall not extend or postpoAe the due date of the monthly installments referred to in parugraphe 1 and 2 hereof or chenge the amount of euch inataliments. 10. Borrower Not Released. Exteneion oi the time for paymant or modification of amortization of the auma eecured by this Mort~a~e giranted by Lender to any eucceaeor in interest of Bor-ower shall not operate to releaee, in any manner. the tiability of the original Borrower and Borrower's euccesaora in interest. I.ender shal! not be required to commence proc~eedinge againat auch aucceesur or refuse to e:tend time [or payment or otherwise modify amortization of the sums secured by this Mortgage by r~ason of any demand made by the original Borrower and Borrower's su~rexsors in intereat. 11. Forbearaace by I.ender Not a Waiver. Any forbearance by I.ender in e:erciaing any right or remedy hereunder, or otherwise aPforded by applicable law, ahall not be a waiver of or prrclude the exercise of any such right or reenedy. The procurement of ineurance or the payment of taxee or other liena or chergee by I.ender ehall not be a waiver of I.ender a right to accelerate the maturity of the indebtedaeas secured by thie Mortgage. • • 12 Remediee Cumulative. All remedies provided in thie Mortgage are diatinct and cumutetive to any other right or remedy under this 1~Iortrage or afforded by law or equity, and may be exerciee~i rnncurrently, independendy or eucceeeively. !3_ 3ncceesors and Aeeigne ~3ound, JoInt and Severa! L:iabili4y; ~aptione.7'he rnvenen~ end agreemente hgrein cuntainedshEll bind, and the rights hereunder shall inure to, the reapective aucceasors and aeaigna of Lender and Hor~ower. aubject to the pmvisioas of par~graph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeveral. Tfie captione and headinge of the paragraphs of this Mortgage are for covenience only and are not to be uaed to interpret or define the provieions hereot. 14. Notice. Except for any notice required under applic:~ble law to be given in anoth~r manner~ (a) any notice to Borrower provided forin this Mortgage shall be given by mailing auch notice by certified mail addreased W Borrower at the Property Addresa or at auch other addrese ae Borrower may deaignate by notice to Lender ae provided herein, and (b) any notice to Lender sha11 be given by certified mail, return reccipt requeated, to Lendei a address stated herein or to auch othe~ a8dress as l.ender may deaignate by notice to Borrower aa provided herein. An~ ~otice provided for in thia Mortgage ahall be deemed to have bern given to I3orrower or l.ender when gi~en in the manner deeignated herein. 15. Unitorm Mortgage; Governing l.aw; Severability. Th~s form otmortgagecombines uniforra oovenants for national uae and non- uniform covenants with limited variationa by jwiadiction to conatitute a uni,form aecurity instrument oovering real property.'I~ia Mortgage shall be governed by the law of thr juriadiction in which the Yroperty is I~,cated. In the event that any provic+ion or clauee of thia Mortgege or the Note conflicta with npplicable law, such contlict shatl not affect other provisions of this Mortgage or the Note which can be given egect without the contlicting pmvision, and to thia end the proeisions of the Mortqage and the Note are declared to be severable. 16. Borrower's Copy. E3orrower ahall be fumiahed a confor:ned rnpy of the I~ote and of thia Mortgage at the time of e:ecution or after recordation hereof. 17.'I~anefer ot the f'roperty; Aasumption. If ull or any part nf the Property or an intereat therein is aold or traneferred by Borrower without Lender s prior written coneent, ezcluding la> the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaee money security internat for houaehold appliancea, (c) a transfer by deviae, dc~cent or by operation of law upon the death of a joint tenant ur (d) the grant of any leasehold internat of three years or tesa not containing an option to purchaee, Lender may, at Lendei s option. declare all the sume secured by this ;~lortgage to be immediately due and payable. I.ender ahall have waived anch option toaccelerate if. prior to the sale or transfer, I.ender and the person to whom the Yroperty is to be suld or transferred reach aqreement in writing that the credit ofsuch person is eatiafactory to Lender and that the interest payable on the aums secured by this Mortgnge shall be at such rate ae Lender ehall requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if E3orrowei a eucceasor in interest has executed a written assumption agreement acceptc~i in writinK by I.ender, I.ender shall release Borrower from all obligationa under this Mortgage and the Note. If [.ender exercises such option to accelerate. [.ender shall mai! Rormwer notice of acceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not lesx than 30 daya fmm the date the notice ee mailed n ithin which Borrower may pay thesuma declared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on Eiorrower, tnvokeany remedies permitted by paraqraoh 1R her~~f. 18. Acceleration; Remedies. E acept se provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of E3orrower in this Mortgaqe~ inciudinq the c~venante to pay wheo due any aume aecured by this Nortgage. Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereofspecifying: (1) the breach;(2) theactioa required to cure such breach;l3) a dute, not lesa than 30 days from the date the notice ie mailed to Borrower, by whic6 suc6 breach muat be cured: and (4) that failure to cure such breach on or before the date specified in the notice mey reeult in aeceleration of the sums secured by thie Mortgage. torecloaure by judicial proceeding and ealeof the Property. The notice shatl further intorm Borrower of the right to reinstate after acceleration and the right to aseert in the forecloaure proceeding the non-exietence of a default or any other defenae of Borrow•er to acceleretion and forecloeure. If the breach ie not cured on or before the date epecified in the notice. Lender at Lender's option may deciare all of the eume eecured by this Mortgage to be immediately due and payable without furtherdemand anJ may forecloae this Mortgage by judiciel proceeding. Lender sha11 be entitied to collect in auch proceeding all expenaee~ of foreclosure. including. but not limited to. reasonable attorney'e feea. and coste otdocumentary evidence. abstracta and title reports. 19. Borrower's Right to Reinetate. Notwithatandinq I.ender's pccelerationoftheaumsaecured by this Mortgage, Borrowerehall have the right to have any proceedings begun by l.ender b~ enforce this l~to~age diacontinued at any time prior to entry of e judgment enforcing this Mortgage if: (a) Borrower paya Lender all sums which would be then due under thie Mortgage, the Note and notee sa.vring P`~ture Advancea, if any, had no acceleration occurred; Ib1(3orrower cures all breachea of anyothercovenrinte or agreemente of Borroweroontained in this Mortgage; Ic) Borrower pays all reasonable expenxes incurred by Lender in enforcing the covenants and agreement~ of Borrower oontained in this Mortgaqe and in enforcing l.ender's remedies ax pruvided in paragraph 18 hereof, including, but not limited to, reasonable attorney a fees; and id) Borrower tekea auch ertion as [.ender may reasonably require to aseure thet the lien of thie Mortgage, Lendds intend - in the Properfy and Borrower'a obligatiun to pay the aums aecured by this Mortgage ahall continue unimpeired. Upon auch paymentand cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fuli force and effect aei if no acceleratioa had occurred. Z0. Aseignment of Rents; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby aaeigns to Lender therents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain euch renfs as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be er,titled to have a receiver appointed by a oourt to enterupon, take pasaeasion of and manage the Property and to collect the renta of the Property, including thoee paet due. All nnts ooUected by the receiver ahall be appiied 6rst to payTnent otthe rnsta of managementof the Property and collection of rents, including, but not limited to, receiver e feea, premiuma on receiver e bonde and rea~sonable attorney'a feea, and then to the auma secured by this Mortgage.'17~e receiver shall be liabie to account only for those renta actuaily received_ 8a'~ 349 Pn~ 422 ~ a _ ~ {:~x _ - - -- ~~ ~ ~~~~~~~~~~- ; ~~~~