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HomeMy WebLinkAbout20548. Inepection. l.ender may mekr or cause to be made maeunable rntriea upon and i~apectiune of the pmperty, provided that l.ender ehall give Fiorrower notice prior to any euch inepectio~ apecifying oeaeonable caw+e thetefor related to l.ender'e inteceat in the Property. 9. Condemnation.'llie procceda of any award or claim for damagea, direct or consequential, i~ connection with any oondemnntion or other takir-R of the property, or part thereof. or for conveyance in lieu of condem~ation, are hereby aasigned and ehall be paid to l.ender. In the event of a total taking of the Property, lhe procecda e~hall be applied to the sums aecured by this Mortguge, with the exceea, if any, paid to E3orrower. In the event of a partial taking of the Pe~operty, unlese Born,wer and I.ender otherwixe ag~ee in writing, there ahall be applied to the auma eecured by this Mortgage auch proportion of the pn,cceds as is equal to that proportion which the amount af the sums secured by this Mortgage immediately prior to the date uf tnking bears tu the fair market value of the Property immediately prior to the date of taking, with the balancY of the procceds paid to Borrower. If the Property ie abandoned by Borrower. or if, after notice by [.ender to Born,wer that the condemnor offere tu make an award or ae2tle a rlnim fn-~wmwosw Rnrmwa- Fnilq ~n!~.~~nne1 ~.. ~ ~,...~p~..y:~1.:.. `~A.~.,3 0..Ap. ~l.p.io~p a~~l~ ~t;!=~ :~ ~^iii~, iiis~LT:~ K:~iiuiaii.-u iu ~uiiri.i uiiti ~pply the proceede, at Lender s option, either to reatoration or repni~ ut the property or to the sume aecured by this Mortgage. [J~lese l.ender and Botrower otherwise agree in writing, Any such application of proceeds to principal ahull not extend or poatpone the due date of the monthl.v inatallments reterred to in paragrapha 1 and 'l hereof or change the nmount of euch inata!lmente 10. Ro~rower Not Released. Rxtension of the time fur paymant or modificution of umortizatiun of lhe aums aecured by this Mortgage ~anted by l.ender to uny successor in internst of F3orrower shall not operute to rnlease, in any manner, the li~bility of the original Borrower and 13orrower's successors in interest. I.ender shull not txr required to commence proceedings ugainst such auccexsor or refuse tu extend time fur put ment or otherw ise mcxiify t~murtizntion of the sums scrund by this MortKaKe t,v reaisun of any drmand made by the oriKinal I3orruwer .ind liorrower'4 succe.r•.w,rs in interest. 11. Forbenrance by I.ender Not a Waiver. Any Corbearance by l.ender in exemiaing any right or remedy hereunder, or otherwise :~fforded by applicable law, ahall not be a waiver of or preclude the exen~ise of any auch right or remedy. The procurement of insurance or the payment of taxea or other liens or charges by l.ender shall not be a waive~ of l.ender's right to acrelerate the maturity of the indebtedneas secured by chis Mortgage. 12 Remediea Cumulative. All remediea provided in this 1Nortgage are distinct and cumulative to any other right or remedy under thia :~torti•age or afforded by law or equity, und may be exereise~l concurrently, independently or su~ressively. 13_ Successora and Aeaigne Bound; Joint and Several Liability; Captiona. The covenanta ~tnd aRreements herein contained shall t,ind, und the riRhts hemunder shall inure to, the respective successors and assigns of l.ender and 13orrower, subject to the ptovisions of parngrnph 17 herrof. All covenants and ugreements of Bormwer shall be joint and arveral. 7'he captions and headinga of the paragraphs of thi~: Atortguge are for covenience only nnd are not to be used to interpret or define the pmvisiuna hereof 14. Notire. Except fi~r nny notice reyuirrd under applic:ihle Iaw to t-e Kiven~in s~noth ~r m.~nner, la) any notim tn 13orrower pru~ ided fnr in this MortguKe shall beRiven by mailinR such notice by certi6ed mail addressed ta Bornower:~t the }'roperty Addrexsur at such other addreas as Korrower may drsiKnate by notirn to I.ender us pmvided hernin, and Ib- any notice to I.ender aht~li be given by rertified mail, return receipt rEquested, to I,endei s address statcd herein or to such other address :-s l.ender may designate by notice to Borrower ax provided herein. Any notice procided [or in this Mort{~~Ke shall be deem~~d to ha~ e been given to F3orrower or I.ender when given in the manner designated herein. I 5. 1lniform MortgPge; Governing Law; Severabi lity.l'his form of mortKage combines uniform covenants [or na:ional use and nun- uniform co~en<+nts with limited ~•ariations by jurisdiclion to cvnstitute a uniform security in~trument cY.vering real property. This Mortgage ::h.~li be Kuverned b} the lav- of the jurisdictiun in which the Property is located. In the event thut any proviaion orclause of this Mortgageor the Note cunflicts with applicnble law, such cunAict shall not affect other pmvisionK of this MortRuge or the Note which can be given effect w•ithuut ihe amflictinR pro~•i.cion, and to this end the provisions of the MortKaKe and thr Note arn declared to be severahle. 16_ Borrow•er's Copy. Borrower shall be furnishrd a conformed cvpy of the Note and of thie Mortgnge at the time of executiun or afier • recurciation hereof 17. Transfer of !he !'ropcrty; ASSUtnption. !f a!! ~r any part of the ['roperty or an ir.ierest iherein ia w,ld ur tranafrrrrd by Rorruwer without I.ender'~ prior va-ritten consent, excludinR lal thr cmation af a lien or encumbrance subordinate tc~ thia blortgaKe, (b) the creation uC a {~urchase money 3ecurity interest for household appliances. Ic) a transfer by devise, d~scent or b3 operation of law upon lhe death of a joint tenant or ld) the Rran~. of any leasehold interest of three years or less not containinK nn ~ption to purchase, l.ender may, at [.ender's option, declare al' the s~ms secureu by this 1~tortgage to be immediatelp due and pnyable. l.ender shall have waived such option to accelerate if, prior t„ the saleor transfer, l.ender and the person tn whom the E'roperty is to be sold or transferred re~ch aKreement in writinR that the credit of such pc~rsun is satisfactory to I.endrr and that the inter~t payablr on the sums secunYl bt• this 11ortKaKe shall be at such rale as I.ender shall re~c~uest. If t.ender h.is v-ai~•rc1 the option tu ~cceler:ite pro~•idc~ in this paraKraph 17. ~nd if li~~rrow•er's succcss~~r in interest has executed a ~.~ritten :i.ssumptinn agreement accepted in writinK b~ I.ender. I~•ndershall release Borrawrr frum all obliK.itions under this AtoriKa~;e and the \ ote- If I.ender eaerciscw such option to accelerate, I.ender shall mail BnrroMer notice of accrleration in acrnrdance w•ith par~-Kraph 14 hereof. ;uch notice shall pro~•ide a penod of not I~s tha~n :tOdays fr~~m thedate the notice is rr.ailed within Nhich KormMFr m~v p.~v thrsums declared due. If Rorrow•er fails to pay such sums prior to the expiratiun of such peri~xi, lAnd~•r mu}•, withuut further noticr or demand on ti~,rrower, ~n~oke a~z~~ rcmedics permitt~d b}~ paraKraoh lK hereoC 18. Acceleration; ~temedies. Exce t as ~ p provided in paragraph 17 hercof, u~x~n Borrower's breach ot any covenant or r~~-reement of Borrow~er in this Mortgage, including the covenants to pa~ when due any auma secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (1) the breach;l2-the action required to cure auch breach; (3) a date. not leas than 30 days from the date the notice ie mailed to I3~rrower. by which such breach must be cured; and (4) that failure to cure such breach on or betore the date speciGed in the notice may result in t~ccelerat ion of the sums Aecured by this Mortgage. toreclosure by judicial proceed ing and sale of the Property. The notice ahall further infortn Iiorrower of the right to reinstate aRer acceteration and the right to essert in the foreclosure proceeding the non-existence ota detault or any other defense of Borrower to acceleration and foreclosure. If the breach ia not cured on or 1-efore the dRte specified in the notice. Lender at Lender's option may declare al) of the sums secured by this Mortqage to be immediately due and pa~able vvithout furtherdemand und may foreclosethis;ltortgageby juVicial proceeding. l.enderahall be c~ntitled to collect in such Qroceedinq aU expensc~ otforeclogure. includinq, but not limited to. reasoneble attorney's fees. and coats of documentary evidencr. abstracts and title reports. 19. f3orruwer's Right to Reinatate. Notwithstanding l.ender's acceleration of the sums aecured by this MortRage, Korruwer shall have the right to have any proceedinKs beQun by l.ender tu enforce this Mort}~aQe discontinUed at any time prior to entry of a judKment enforcinK this Mortqage if: (al Rormwer paya I.ender all suma which would be then due under this Mortgagr, the Note and notes securing Futurn Advancee, if any, had no acceleration occurred; lb- E3orrov-er cures all breaches of any other covenants or agreements ot Borrower contained in this Mortgage; Ic) Korrower pays all reasonable expenses incurred by l.ender in enforcing the rnvenants and nRreements ot Bonower c~ntained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 1R hereof, including, but not limited to, rnasonable attorney's fees; and Id1 E3~rrower takea auch ~clion as I.ender may reasonably require to assure that the lien of this Mortqage, Lender's interest in the Property and E3ormwer's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure bp E3orrower, this MortgaKe and the obligationa secured hereby ahall remain in tull forcr and effect as if no acceleration had occurred. 20. Aasignment of Rents; Appuintment of Receiver. As additional security hereunder, Borrower hereby assigna to Lendertherente uf the Property, ptovided that Eiorrower shall, prior to acceleration under paraqraph l8 hereof or abandonment of the Property, have theright tu collect and retain such rents as they become due and payable. Upon acceleration under paragraph !8 hereof or abandonment of the Property, I,ender ahaU be entitled to have a receiver appointed by a court to enter-upon, take possesaion of and manaqe the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver ahall be applied first to payment of the coate of management of the Property and collection otrenta, including, but not limited to, receiver e fees, premiums on receiver's bonds and reasunable attorney's fees, and then W the suma secured by this Mortqage. The receiver shall be liable to acwunt only for those rents actually received. ~~K a~~~r 3~ ~act~j2 ~ ~ 3 ~';^. .. - - . . . . _ . . . _ " " ':