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HomeMy WebLinkAbout1043~. 8. In~pection. Lender may make or cause to be made reawnable eatrie~ upon and 'uupections of the property, provided Wat I.eader ~2sa11 give Borcower notice prior to any auch inspectio~ specifying reaeonable cause thenfor related to I.ender'~ intere~ in the property, 9. Condemaation.'tlie proceeds of any eward or claita for damagea, direM or rnneequeatial, in coanectioa w+ith any oaadeoonetiaa ot ~ther taking of tke P~P~Y. ar part thereof, or t~r conv~y~rn~ in lieu uf oo~demnation. are henby e~aigned aad ahalf be paid to I.eader. Ia the event of a total taking of the Property, the p~oceeda ahall be applied eo ~he eume secured by ehis Mo9regeQe, w;cl, We ezoe.,, ii aay. paid to Borrower. In the event of a partial taking of the Property. unleas Borrower and Lender otherwise agree in wriqt~~ there shall be spplied to the sums eecured by this Mortgage euch amj,ortion ot the prooeeda as is equal to that proportion which the amount of the ~ums secured by this Mortgage immediately prior to the date of taking beara to the fair market value otthe Property immediaWy prior to the date of taking, with the balancv of the procceds paid to Borrower. If the Property is abendoned by Bormwer, or if, aRer notice by Lender to Borrower that the oondemnor offere to make an awrard or ~rtL{e a claim for damages, Bon~ower fails to reepond to Lender within 30 days after the date euch notice is mailed, Lender ia suthurized to oollact and apply the proceeds, at Lender's option. either to reatoration or repair of the property or to the sums secured by this Mortge~ge. Unleea Lender and Borrower otherwiee agree in writing, any auch application of peoceede to principal shaU not e~tend or postpone ti~e dye date of the mo~thly installments referred to in paragrapha 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Releaeed. Exteneion of the time for paymant or modificatio~ ot amortization of the eume secured by thie Alortga~e granted by I.ende~ to any successor in intereet of Borrower ehall not operate to releaee. in any manner. the liability ottheoriginel Borrowet and.i3orrower's sucrea:wrs in intereat Lender shall not be required to oommence proceedings againat euch auccessor or nfuse to eztend time tur payment or otherwise modity amortization of the auma secured by tNis Mortgage by reason otany dea,and made by the original Borrowrer and Borrower's sucressors in interest. 11. Forbearence by Lender Not a Niaiver. My forbearance by l.ender id e:erciaing any right or remedy henunder, or otherwise afforded by applicable law, shall not be a waiver of or preciude the eYPrciee of any auch right or remedy.'17~! psoiu~mlttt of inaurance or the payment of taxea or other liena or chargee by I.ender ahall not be a waiver of I.ender'e right to socelerate the maturity of the indebtedness secured by this Mortgage. 12. Remediee Cumulative. All remediee providcd in this Mortgage are dietinM and cumclative to any other right or remedy unda this ~to~trage or afforded by law or equity. and may be e=erciserl ooncurrendy, independendy or snooeaeivdy. 13. Successore and Aeeigna Bound; Joint and Several Liability; Captione. The oovenaats and agreemeate hernin rnntaincd ahali bind, and the rights hereunder ehall inure to, the reepecEive ssccessors ar.d aasigns ~f I~:~~~r and ~.*~:;.~:, e;;~:1.+ *-. *~_- ~_ _~.:_-__ _~ ,~.,. .., ..,~ r..,.....,,,s v. paraqraph I? hereof. All rnvenan~4 and agreemPntR nf R!+rr_+wrr eh~! tra j~ini Prtd ~Y,,:,1. 7'he r,sgs_+tit ~ a ~;an~~4`^6a ~~4a~ ~~~aN ;~ u€ this Mortgage are for covenience only and are not to be used to inte~ret or define the proviaiona hereof. 14. Notice. F.xcept for anv notice required under applicable !aw to be gi~ en in anothcr munner. (a) aay notice to Borrower provided iorin c hie Mortgage ahall be gi~ en by mailing auch notioe by certifiedmail addresr-ed to Borrower et ~he Property Addreea or at such other address as Fiorrower may designate by notioe to Lender as provided herein, And (b) any notice to Lender ahall be given by~ertifiedmail, rehun receipt rec~uested, to l.ender's addresa stated herein or to such other address as Lender may deaignate by notice to Borr+ower as provided herein. Any notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when gi~en iA ihe tnanner deeignated herein. 15. L{niform ~Mortgage; Governing Law; Severebility. Thia form of mortgage rnmbinea uniform oovenante for national use and non- uniform rnvenanta with limited variatione by jurisdiction ta c~onstitute a uniform security inatniment oovering real property_'(liis Mortgage shali be governed by the law of the jurisdiction in wh:ch the Property is located. In the event that any provision or clause of Lhis Mortgage or c he \ote conllicta w~th applicable law, such conf:ict shxlt not af#'ert oiher provisions of this blurtgage or the Ivote which can be given eg~t • «ithout the conflictir.g pn~vision, and to this end the provisione of the Mortgage and the Note are declared to be aeverable. 16. Borrower'e Copy. ~rrower shall be fumished a conformed copy ot the Note and of thia Mortgage at the time of e~cecutian or aiter r~ti urdation hereot. I7. Trant+ter of the Property; Asaumption. If ali or any part of the Property or an interest therein is eold or traneferred by Borrower w-ithout Lender'F prior written conarnt, e~cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tt~nant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, I.ender may, at I.ender's option, declare all the aums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option toaocelerateif, prior t: ~ the sale or tranafer, Lender and the person to ~vhom the Property ia to be sold or tranaferred reach agreement in writing that the credit of snch person is satisfactory to Lender ~nd that the interest payable on the sums secured by this Mortgaqe shall be at euch rate as Lender shall r~~yurst. If I.ender hua waived the option to accelerate provided in this paragraph 1?, and if Borrower's succesaor in intereat hsa executed a ~Titten ass,mption agreement accepted in writinK by I.ender, I.ender shall release Borrov-er from all obligations underthia Mortgage and the \ ute. If Ixnder exercises such option to accelerate, l.ender shall mail Bormwer notice of acreleration in accordance v-~th paragraph 14 hereof. tiuch notice shail provide a period of not less than :30 days from thedate the natice is mailed vrithin which Borrower may pas theaumb derlared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without fuRher notice or demand un ~iorrower. -nvoke any remedies permitted by paraKraoh 1H hereof. 18. Acceleration; Remedies. F.xcept ae provided in paragtaph 17 hereof. upon Borrower's breac6 uf any oovenant or aqreement of Aurrower in this Mortgage. including the oovenants to pay v--hen due any aums secured by this Mortgage. Lender prior to acceleration ahall maii natice to Rorrower as provided in paregraph 14 hereof specifying: (I ) the bresch; (2-the action required to cure auch breach; (3) a date, not lese than 30 days from the date the notice ie mailed to Borrower, by which such breach muet be cured; and (4) that failure to cure euch breach on or before the dete specified in the notice may re~ult in xcceleration of the sums secured by thie Mortgage, toreclosure by judicial proceeding and aele of the Property. The notice shall further inform Bormwer otthe right to reinstate aRer acceleration and the rig6t to assert in the forecloaure proeceding the non-existence of a default or any other defense of Borrower to acxeleration and forecloaure. It the breac6 is not cured on or t~efore the date apecified in the notice. Lender at Lender's option may declare al) of i6e sums aecured by thia Mortgage to be i mmediately due and payable without turther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's ieea. and c•oKts ot documentary evidence, abatracts and title reports. 19. Borrower'e Right to Reinetate. Notw-ithstanding l.ender's acceleration of the suma eecured by this A'Iortgage, Borrower ehall have the right to have any proceedings begun by I.ender to enforce this Mortgage dis.;ontinued at any time prior to entry of a judgment enforcing thie Mortgage if: Ia) E3orrower paya Lender all sums which would be then due under this Mortgage, the Note and notee securing Futarr Advances, if any, had no acceleration occurred; (b) Borrov-ercurea all breaches of any other covenants or agreemenfa of Borrower rnnt~uned in thie Mortgage; (c) Borrower paye al1 reasonable expenses incurred by Lender in enforcing the covenante and agreementa of Borrower contained in this Mortgage and in enforcing Ixnder'a remedies as pro~~ded in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) E3orrower takes such action as l.ender may reasonably require to asaurn that the lien of this Murtgage, Lenda's intered in the Property and $orrower's obliqation tr~ pay the sums secured by this Mortgage ahall continue unimpairrd. Upon such payment and cure by Borrower, thie Mortgage and the obliRations secured hereby shall remain in fu11 force and ef:ect as if no acceleration had occurrod. 20. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Borrow•er hereb~ assigne ta Lenderthe rmta ~~f the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright tn collect and retain such renta as they become due and payable. Upon acceleratinn under paragraph 18 hereof or abandonment of the Property, l.ender shall be entitled to have a recei~•er appointed by a court to enter.upon, take posseseion of and manage the Yroperty and to collect the rents of the Property, including those paet due. All rnnte ~~ollected by the receiver ahall be applied first to payment of the costa of management of thP Prqperty and collection of renta, inciuding, bat not limited to, receiver's feea, premiume on receiver's bonds and reasonabie attorney's fees, and then to the sums eecured by this Mortgage. The receiver ahall be liable to acoount only for those rente actually received. ~ :~ . . . _ _ =-- :~ ~~};~351 ~~1041