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HomeMy WebLinkAbout0986 • . 8. Inapection. Lender may make or cawe to be made reawnable eatrie~ upon and inspections of the property. provided tAat Leades ~haU give Horrower notioe prio~ ~o aqy such inspectioa ~pecifyinB reasonable cawe thenfor related to Lender's int~erest in the Ptop~b?. 9. Condemnatlon.'l~e pmoeeds of aay award or claim for damaQes. direct or con~ecluential. ia ooanection with aRy ooande~nnation or oehar talcin8 of the property. ~ Part thereoi. or for conveyanos ia Geu of candemnadon. an hereby assig~ad aad shaU be paid ~o Lendet. In the eveat of s total taking of the Property. the pmoeeds aha11 be applied b the sums secured by this Mortgage. with the aacoess. if any. psid tfl Botrower. In the event oi a psitial talrin6 of tha Prope~ty. unless Sorrow~ and Leader oWerwise aeree in writin~, ihere shaU be applied to We sums secured by thi~ Mort~ege ~uch proportioa of the proceed~ as is equal to that proportion which the amount of the sums secured by this Mortgage immediahly prior to We date of taking bears to the fair masket value of We PropertY ~~~1Y Prior to We date o! taking. with the balence of We proceeds peid to Borrower. If the Property ia abaadoaed by Bocrower, os ii, aR~es notice by Lander to Borrower that the cond~nnat offers to make an awa:d or settle s claim for damages. Borrower fails to respond to Lender within 30 days aRer the date auch notice is mailed, Leader is authorized b oollect and 8PP1Y ~e P~s. at Leader's option. aWer to restoration or repair of tbe pmpetty or to the sums secured by this Mortgaga Unlees I.ender aad Borrower otherwise agree in writing. enY a~?ch npPucaaon of pmoasdi b P~pP~ ~ot eutend or postpone the due date of the monthly installmenb nferred to in patag~raphs 1 and 2 hereof or change the arn~unt of such instal4oaents. 10. Borrower Not Released. E:tension of the time for paymsnt or modificetion of amortization of the eume secured by this Mortgage granted by l.e~der to any suocessor in intereat of Borrower sball not operate to release. in any manner, the liability of the original Borrower and Borrower s succeseora in interest Ixnder ahall not be required to o~mmence pTOCeedinge against such succeasor or refuee to e:tend time for payment or otherwiae modify amortization of the auma eecured by this Mortgage by reason of aay demand made by the original Borrowa and Borrower a euoceeeors in interest• 11. Forbearance by Lender Not a VUaiver. Any forbearance by i.ender in exercising any ri8ht or remedy hereunder. or other~vise a~'orded by applicable law. shalt not be a waiver of os preclude the racercise of aay euch right or remedy. The procurement of inauraace or the payment of tases or other liens or charges by Lender shall not be a waiver of L.endet'e right to sooelerate the matnrity of the indebtednees secured by this Mortgage. 12. Remedies Gtimuletive. All remedies provided in this MortgaHe are distinct and cumulative to any other rieht or remedy nnder this Mortgage or a~orded by law or eqnity. and may ba ezarieed ooacurrendy. independendy or suoceeaively. 13 3ucceseors and Assigns Bownd; Joint and Several Liability; Captions. The oovenaate and agreements hereia oontained shall bind. and the righta herennder ahall inure to. the respective euc~.~essors and aaaigns of I.ender and Borrower, subject to the proviaione of paragraph 17 hereof. All covenants and agreemente af Borrower shall be joint and several.'Ibe captioas and headings of the parsgrsphs of this Mortgage are for ooveaieace only and an not to be used to interpret or de5ne the provieions hereof. 14. Notice. E:xpt for any notice required under appiicable law to be given in another mann~. (a) any notice to Borrower provided for in this Mortga~ce shall bz given by mailing such not~ce by certified mail addressed to Borrower at the Property Addcrse or at ench other address as Borrower may deeignate by notice to Lender ae provided herein. and (b) any notice to Lender ahaU be given by oertified mait, eetum receipt requeuted, to Lender'e addrees stated herein or to euch other addrees ae I.ender may deaignate by notice b Borrowez as pmvided herein. Any notice providerl for in ti+is Mortgage ahell be deemed to have been given to Borrower or l.ender whea given in the maaner designated herein. 15. Uniform Mortgage; Governiag I.aw; 3everability.'Ihia form of mortgage combines uniform covenants for national use and non- uniform oovenant$ with limited variatidna by jnriediction ta oonstitute a uniform security instrua~ent aovecing real prnperty. This Mortgage ehall be govemed by the law of the jurisdiction in which the Property ia located. In the eveat that any pmvieion or claoee of tlus Mortgage or the Note contlicta with applicaWe law. such eonflict shall not affect other proviaions of this Mortgage or the Note which can be given effect without the oonflicting proviaioa, and to thia end the pmviaione of the Mortgage and the Note are declared b be sevecable. 16. Borrnwer's Copy. Botrower shall be furnished a oonformed oopy of the Note and of this Mortgege at the time of ezecution or after ~ reoordation hereof. 17. 'l~ansfer of the Property; Aeanmptiou. If all or aay part of the Propezty or an intereet thereia ia eold or tranefrrred by Borrower without Lender's prior written conaenl, excluding (e) the creation of a lien or eacumbrance aubordinate to thie Mortgage. (b) the creation of a ~ ~ purchaee money eecurity interest for household appliances. (c) a tranefer by deviee, deecent or by operation of law apon the death of a joint { 1 tenant or (d) the grant of ang leaeehold intereet of three yeare or lees not oontaining an option to purchaee. l.ender may, at Lendefs option. i~ declare all the auma eecured by this Mortgage to be immediately due and payable. Lende.~ ahall have waived such option to accelerate if. psior to the eale or transfer, Lender aad the pereon to whom the Property is to be eold or transferred reach agreement in wrritin8 that the credit of auch ~ ~ j~ `*ereon ia eatisfactory to Lender and that the interest payable on the eums secured by thie Mortgage shell be at auch rate as I.ender ahap y a~equest. If Lender has waived the option W accelerate provided in this pa~agraph 17. and if Borrower's auocessor in intereat has ~ecuted a ~ 1 Y written aseumption agreement accepted in writing by Lender. Lender ahall releaae Borrow~ from all obligatione under thia Mortgage and the ` ' tvote. If I.ender ezercises euch option to aocelerate, Lender ahall mail Borrower notice of aooel~ation in aooordance with paragraph 19 hereof. Such notice ahall provide a period of not leea than 30 daya from the date the notice is ~r,ailed vrithin which Borrower may pay the suma declared due. If Borrower faila W pay such suma prior to the ezpiration of such period. Lender may, without further notice or demand on Borrower~ invoke anY re~nedies Perm~tted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept se provided in paregraph 17 6ereot. npon BorrowePs breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenante to pay when due any sums secuned by thie Morigage, Lender prior to acceleration ehall mail notice to Borrower ea provided in paragrspb 14 hereof spedfying: (1) t6e breach; (2) the action required to cure euch bresc6; (3) a date. not lese than 30 days from the date the aotice is mailed to Borrower, by which such ~ breach muet be cured and (4) that taiture to cnre euch breach on or before the date epecified In the notice may result in acceleration of the sume aecvred by this Mortgage, foreclosure by judicial proceeding and eale of the Property. T6e notice ehall ! further inform Borrower of the right to reinetate aRer aoceleratioa and the right to assert in the toreclosure proceedinB the ~ non-ezietence of a default or eny other defense ot Borrower to soceleration and foreclosure. If the breach is not cured on or before the date apecified in the notice, Lender at Lender'e option may declare all of the sums aecured by this Mortgage to be immediately due and payable withoat turther demand and may toreclose t6is Mortga$e by judicial proceeding. Lender ehell be entitled W oollect in auch proceeding all ezpe~ees of foreclvsure, including, but not limited to, reaeonable attorney's fees, and j coats ot documentary evidence. abetracts and title reporte. ~ 19. Borrower's Right to Reinstate. Notwithatanding Lender's aooeleration of the suma secured by thia Mortgege. Borrower ahall have ' the right to have any pmceedings begun by Lender to enforce th+s Mortgage discontinued at any time ptior to eatry of a jndgment enforcing ' this Mortgage if: (a) Borrnwer pays Lender ell auma wlrich would be then due under this Mortgage, the Note and notee eecvring l~ture Advaaces, if any. had no aooeleration occurred; (b) Borrower curea all breachee of any other covenants or agrcementa of Borrower oontained in this Mortgage; (c) BoTrowrr pays a11 reasonable e~penaes incurred by Lender in enforcing the covenants and agreemente of Botrower ' oontained in this Mortgage and in enforcing Lendei a remediea ea Fmvided in paragraph 18 hereof, including. but not limited to, reasonabla , attorney's teea; and (d) Borrower tal~ea auch action aa Lender mey reasonably require to assure that the lien of thie Mortgage, Lendds intenet ' in the Property and Borrowe~s obligation to pay the sums secured by this Mortgage ehall oontinue unimpaired. Upon auch payment and cnr~e by Borrower. t}?ia Mortgage snd the obligations secured hereby shall remain in full force and effect as if no aooeieration hed oocurred. 20. Asaignment ot Rents; Appointment ot Reoeiver. As additional eecurity hereunder, Borrower hereby ereigns to Lender the rents of the Property, provided that Borrower shall. ptior to aoceleration under paragraph 18 hereof or abandonmeat of the Proptrty, have the right to collect and retain each renta as they become due and payable. Upon avoeleratioqnnder paragraph 18 hereof or abandonment of the Property, I.ender shall be entided to have a recriver appointed by a court to enterayon, take possession of and menage the Property and to collect the rents of the Property. including thoee paat due. All reab oollecte~ by the n+ceiver shall be applied fust to payment of the ooeta of management of the Property and oollection of rents, including, bnt nd Wnited to, rec~iva's fees, premiums on receiver s bonda and reasonabie attorney's fees, and.thea to the sums secured by this Mortgage.lLe reoaver shaU be liable to eoc~ant only f~ those rents adually reoeived. ~aox352 P~~F 985 -