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HomeMy WebLinkAbout0777~ri! .._.~ 8. Inepection. I.ender may make o~ cause to be made reseonable entriea upon and inepections of the properly, provided that l.ender shnll Kive Aorrower notice prior to any such inepection epecifying reasonable cauee therefor related to l~ndcr'e intcrest ia thc Propcrty. 9. Condem~atipn.'I7~e proceeda of any award or claim for damages, direct or coneeque~tial, in connection with any condemnation or uther teking of the pruperty, or part lhereot, or for conveyance in lieu of condemnation, are hereby aaeigned and ehall be paid to I.ender. In the event of a btal taking of the Property, the proceeda ahall be applied to the auma eecured by thia Mortgage, with the exceas, if any, puid tu Borrower. In the event of a partial taki~g of the Property, unleae Rorrower and I.rnder otherwiee agree in writing, there ehall be xpplied to the aume secured by this Mortgaqe euch proportion of the proce~da us is equal to that proportion which the amount of the aume secured by this Mortgage immediately prio~ to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanca of the procrede paid to Borrower. It the F'roperiy ia abandoned by E3orrower, or if, atter notice by l.ender to E3orrower that the condemnor otYera to make an award or settle a claim for damugee, f3orrower faila to reApond to I.ender within 30 day8 after the date auch notice ia mailed, l.ender is authorized to collect and ~ipply lhe proceede, at I.ender e option, either to reetoration or repair of the property or to the eums secured by this Mortgage. Unlesa l.ender and Borrower otherwiae agree in writing, uny auch app-ication of proceeda to principal shaU not extend or poetpone the due ~ate oi the monthly inatnlimenta referred to in para~aphs i and 21~erruf or change the amount of euch inelallmenta. 10. Iiorrower Not Released. Extension of the time for paym ~nt or modificntion uf amortiza~tion of the aums secured by this Mortgaqe ~;ranted by I.ender to uny succeseor in intemat of I;urrower ahall not operate to rnlease, in any manner, the liability of the uriginal 13orrower und liurrower's succeasors in interest. I.ender shull not be required to rnmmence procei~ciings aguinst such succrseor ur refuse to extend time f~~r payment or otherwise mudify amortizatiun uf thr:~umx x~rured by this Mur2KaKc by reuson of :-ny demund madr by theoriginal Rorrower :-nd li~~rtow•rr's succra.wrs in intrrcwt. -1. Forbeara~ce by Lender Not a Waiver. Any forbearance by l.ender in exercixinK uny right or remedy hereunder, or othenviee :~ffurded by applicable law, shall not be a waiver utor preclude the exemiae of any auch right or remedy. The pmcurement of insuranrn or the puyment of taxes or other liens or chargea by (.ender shall not be a waiver of l.ender a right to ~ccelerate the maturity of !he indebtednesa :+ecured by this Mortgage_ ' 1'L Remediee Cumulative. All mmediea provided in this Mortgage arn diatinct and cumulative to any other right ur rnmedy under thia ~tort~age or atYorded by law or equity, and may 6e exemise~i rnncurre~tly, independently or eucceaeively_ l:i. Succeaeore and Aasigne Bound; Joint and tieverel Liability~ ~:aptione. The covenants and agreementa hernin contained shall I,ind, and the righta hereunder xhall inure to, the reapective succeasora and assigna of I.en~er and Rorrower, subject to the provisiona of p<ir<-graph 17 hereot All covenants and agreements of i3orruv-er shall be juint and several. The captions and headings of the paraqraphe of this Mortgnge are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. F.xcept for any notice requirrd under applicable law to be Kiven in anuther m.~nner, l:~l any n~~tice to (3orruwer provided for in t h is MortKuke ~hxll be given by muiling xuch notice by crrtified ma~l addrexxed U, t3~,rrvwer at the I'roperty Addrer~a ar i-t such other addreas as Itorruwer may desiKnate by notice to I.ender as provided herein, r~nd (b- any notice to I~ender shall t-e given by certified mail, return receipt n-yuested, to l.ender's address stated herein or to such other addreas ~ua l.ender may design~te by notice to Borrower aR provided herrin. Any n~ ~tice provided for in this Murtg:ige ahal l be deemed to have t~ren given to f~rrower ur I.ender when qiven in the manner designated hernin. 1 i. Uniform Mortgage; Governinq Law; Severability. This form of mortKa{~e rnmbinrs uniform rn~~rnanfs for national use and non- unilorm a-venants wilh limited ~~ariations bv jurisdiction tu cunstitute a uniform urcurity instrument ~,verin~; real pruperty. Thia Mortgaqe .h~dl be Koverneci by thr law of the jurir;diction in which the I'rope~rty is la•ated. In the rvent that any provirion or clauae of this Mdrt~aRe or t he IVotP cunilicts with applicable law, such conflict ~hall nut atCect other provisi~ms of this .".!~rt~;.z~;r ar i~e'_l~utL :r•h:eh can he ~,~iven effert «-ithuut the rnnllictinK pnwitiion, ~nd u, this end the provisiunx of the hlortK.iKe and the Note nre decl:+red to 1-e severable. 16. Barrower'e Copy. E3orrowe~ shall be furniahr~ a rnnformed copy of the I`ote and otthia Mortgage at the time of execution or after rf~~urdatinn nereof. 17. Tranafer of ihe Property; Asaumption. If all or any part ~~f the {'ruperty or an interesl therein is sold or tranaferred by Bonower wit6uut I.ender's prior w~itten cunxent, exduding la) the creation o[ a lirn ur encumbrance sutx~rdinate to this Mort{CaKe, lbj the creatiun of a ,~~irch.~.se money security interest for huusehold applianms, (c- a tra~nsfer by devise, d:scent or by operation uf law upon the death of a joint tt•nant or (d) the grant of ~ny leasehold interest of three years or leas not containinK an ~-ption to purehase, [.ender may, at I.ender's option, `f ,itrlare ull the sums securra by this MortKaKe to t~e immediately due and payable_ l.ender shall ha~C :;a:.~; n.......~,.:......,~..~:~..,:~:;, Y.:.,. t~ ~ the sale or tran~fer. I.ender and the pers~,n tn whum th~ Yroperty iR to F~e ~~Id or transferre~d rrach aKrerment in w~riting thTt the credit of such E3r~rson iy ~atiwfacurry tn I.~nder and that the intercYCt payable un the sums srcvn~l by thix MortKaKe sh.ill he at such rate as I.ender shall n~;uc~st. If I.rnder has w•aived the option to accelerate pro~•idfY1 in this pariKraph i 7, and if }iurrower's xucccxsor in interext has executecl a «~ritten as.vumption aKreement acceptcyl in writinK by I.ender, (A~nderahall rele.ise li~irrower from all obliKations underthis Alurtgage and the \ ute. ~ If Ixnder exercises such optiun to acmlerate, l.ender shall mail liurruwer notice of acct~leration in accordanm with paragraph 14 hereof. ~ach noticr shall provide a periud of nut less th:~n:ill d.~ys fr~~m thrd:~te the notii~• ix er.ail~d within which B~-rmwf•r may p<-r• thesums declared ~luc•.,If liorrower fails to p~y wuch tium+ prior tu the expirahun of such Fx•riiKi. I.ender m:~y, withuut further notice ur demand on lsormwer, ~nvoke:+nt remc~i~s prrmittecl by par.~Kraoh lx hE•rc~~f. 18. Acceleration; Remedies. F.:cept aa provided in paraqraph 17 hereof. upon Borrower'a breach of any covenant or .iKreement of Rorrower in this Mortgage. includinq the covenantR to pay when due any eumeeecured by thie Mortgage. Lender prior to accelerationahall.muilnolice tu Rorrower ae provided in paragraph 14 hereotepecifying: (1) the breach;~2) theaction reyuired to cure auch breach; (3) a date. not leee than 30 dayx from the date the notice ie mailed to Borrower. by which euch hreach must be cured; and (4) that failure to cure such breach on or betore the date apecified in the notice mey result in acceleration otthe xume secured by this Mortgage. foreclosure by judicial proceeding and saleof the Property.The noticeshall further inlorm Borrower of the riqht to reinstate after acceleration and the right to assert in the foreclosure proceeding the n~~n-existence of a deteult or any other defense of I3orrower to acceleration and forecloeure. It the breach is not cured on or h~•forn the date specified in the notice. Lender at l.ender's option may declare all otthe eums secured by thie Mortqage to be i mmediately dur and payable wilhout furtherdemxnd and may foreclot~e this Mortgage by judicial proceeding. l.ender shall t-e ~~ntiUed to rollect in auch proceeding all e:penser~ of toreclosure. including. but not limited to. reasonable attorney's tees. and c•~~tits of documentary evidence. abstracts and title reporte. . 19. I3orrower's Right lo Reinatate. NotwithstandinK I~ender's s-cceleration of thesumasecured bp this MortgaKe, E3orrowerahall have the right ln have any proceedinKs beKun t~y I.ender to enforce this MortKage disrnntinued at any time prior to entry nf a judgment entorcing this Mnrt~aRe if: (a) F3orrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes aecurinQ Future Advancea, if any, had no acceleration occurred: ~b) [3orn,wer curef- all breaches of any other covenantsor agreements of Borrower contained ~n this Mort~age; Icl I3orrower pays all reasonable expenrsex incurred by [.ender in enforcing the covenants and agreements of Borrower cY~ntained in this MurtgaQe and in enforcinq l~ender's remedies as provided in paragraph 1 R hereaf, including, but not limited to, reasonable :-ttorney's fees; and (d) F3orrower takex auch aMion as I.ender may rnasonably require to asaure that the lien of thie Mortgage, I.ender's interest in the Properly and &xrower's obliKetion to pay the r~ums aecured by this Mortgage shall continue unimpaired. Upon such payTnent and curn by Borrower, this Mortgage and the obliqationa secured hereby ehall remain in full force and ef[ect as if no acceleration had occurred. `l0. Aaeignment of Rente; Appointment of Receiver. As :~dditional eecurity hereunder, Borrower hereby asaigna to Lender the rente ~,f 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 such renta as they becume due and payable. Upon acceleration under paraqraph l8 hereof or abandonment of the Property, [.ender ahall be entitled to have a receiver appointed by a court to enter~pon, take posaexsion of and manage the Property and to collect the rente of the Property, including thc-ee past due. All rente collected tiy the receiver ahall be applied firat to payment of the rnsta of management of the Property and collection of renta, including, but not limited to, receiver e fees, premiume on receiver e bonde and reasonable attorney e tees, and then b the eume aecured by this Mortgage. The receiver Shall be liable to acoount only for thoae rente actually received. a~ax 349 racE 778 ~ ~ ~ ~. _ _ - , -- ~ - . _ . ~.