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HomeMy WebLinkAbout0950 . : . . 8. In~pection. Lendes may make or cawe to be made ieawaable entrie~ upoa aad 'uupectiot~ of the P~P~Y. P~ded thst Leader ~hall give BorroNrez notioe priot to aay such inipectioa specifyin8 reasonabk cause therefor releted to Lenda ~ iaterat ia the Property. 9. COAd@~Aa~IOIf. 71~e pra~ueed~ of any a~vard or claim for dama~es. direct oz oonsequential. in coanectioa with any oondemnatioa or other taking ot We property. or part thereoi. or !or oonveysnoe in lien of oondemnation. are haeby awi~ned and ~hall ba paid to I,rmder. In the evcnt of a btal taking of the Propedy. the proceeds shall be applied to the sums secured by this Nortga~e. with We escsw. if any, paid to Borrovrer. Ia the eveAt of a paitiaf talang of the Property. unles~ Borrowa end L.ender othenvise agree in Mrritins~ tben ~hsU be appUed to the auma secured by this Mortgage such proportion of the pmceedi aa ia equal to that propostioa which the amount of We sunu secured by this Mortgage iiemed6ately psior b the date of taking bears to the fair market value of the Property immediaf~ely prior to the daLe ot taking, with the baianoa of the pr+ooeeds paid to Borrower. If the Property u abandoaed by Bormwer, or if. after notice by Lenda to Bo:rower that the oondemnor offen to mahe aa a~rud os ~ettk • claim for demagea. Borrower faile to respond to Lender withia 30 dnys atter tlx date such notice is mailed~ l,ender ia authorited to oollect aad apply the prooeeds. at Lender's optioa, eifher b nstoratioa or repair of the pwperty or to the snme aecvred by this Mortga~e. Unless Lender and Borrower otherwise agree in writing. any euch applicatioA of prooeeds to principal shall not ea~tsnd or postpone tbe d~ date of the monthly instaltmenta nferred to in paragraphs 1 and 2 hereof or change the a~unt of such installa~eaL. 10. Bortower Not Released. E:tenaion of the time for paymant or modificatioa of amo~ization of the sums eecused by thi~ Ildortg~s granted by Lender to any aucceaeor in intereat of Borrower ehall not operate to rele~ee, in any mannet, t2ie liability of the original Borrowtr and Borrower's auccesaore in interesf~ Lender ahall not be required to oommence pmceedings againat such auocessor or refuse to ~tend time for payment ot otherwise modify amortization of the sums aecured by this Mortgage by reason of any demand ma ~ by ~eoriginal Borrower and Borrower's successors in intereat~ 1 l. Forbearance by I.ender Not a VYaiver. Any lorbearance by I.ender in ezerciaing any right or te~edy luteunder, or otherwiie afforded by applicable law, ehall not be a waiver otor preclude the e:erciee of any euch right or remedy. The procurennent of inanranoe or the payment of ta~ces or other liene or chargea by I.ender ahall not be a waiver of I.ender'e right to accelerate the matnrity of the indebtAdnew eecured by this Mortgage_ 12. Remediee Cumulative. All remediea provided in this Mortgage are distinct and cvmulative to any other right or nmedy under thi~ Mortrage or afforded by law or equity, and may be ezerciee~i aoncutrendy. independendy or sucoessively. 13 Succeaeors and Aseigne Bound; Joint and Several Liability; Captions. The covenants and agreements herein oontained shedl bind, and the righta hereunder shali inure to, the reepective eucceseors and aseigns of I.ender and Bonower, aubject to the provisione of paragraph 17 hereof. /W covenanta and agreementa of Borrower ahall be joint and sevezal. The captions and headinga of the paragraphs of thia Mortgage are for covenience only and are oot W be ueed to interpret or define the provisioas hereof. l4. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Moctgage shall be given by ma?ling snch notice by certi8ed mail addreseed to Borrawer at the Property Addreea or et such other address as Borrower may debignate by notice to Lender es pmvided herein. and (b) any aoRice to I.ender ehall be given by oerti5ed mail, reRurn receipt r, queated, to Lender's addreas stated herein or to auch other addrese as LendeT may designate by aotice to Borrower es provided herein. Any notic~ piovided for in thia Mortgage ahall be deemed to have been given to Borrower or Leader when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everabiltty. Thia focm of mortgagecombinea nniform oovenantw for nationat nee and non- uniform covenants with limited variations by juriediction to eonstitnte e uniform eecurity instrument wvering real property.'l~is Mortgage ehal: Le govern~f by ihe law of the juriadiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or the Note conflicta with applicable Iaw, such confliM aha11 not af~ect other proviaions of this Mortgage or the Note which can be given eKect w:thout the confliMing provision, and to thia end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrnwer'e Copy. Borrower shall be fumished a conformed oopy of the Note and of this Mortgage at the time of ezecution or aft~er recordation hereof_ ~ 1 T. Tranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein ie eold or tranaferred by Borrower without I.ender'F prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) tlse creation of a purc~ase money aecurity intereat for houaehold appliances, (c) a transfer by deviBe, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasefiold intereat of three years or lesa not eontaining an option to pnrchese, Lender may. at Lender'e option, declare all the auma eerured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to aocelerate if. prior to the eale or tranefer, Lender and the peraon to whom the Property is to be sold or traneferred reach agreement in writing that the credit of euch person ia satistactory to I.cnder and that the interest payable on the sums secured by this Mortgage shall be at auch rate as Lender shall request. If Lende~ has waived the option to accelerate provided in thia paragraph 17, and if Borrower's anoceesor in interest has ezecvted a written assumption agreement accepted in writing by Lender; [.endershall releaee Borrower ftom allobligalions under this Mortgage andthe Note. If Lender•exerciaes such option to accelerate, i.ender shall mail Borrower notice of soceleration in accordance with paragraph 14 hereoi ; Such notice shall provide a period otnot less than :i0 days from the date the notice is ~r.ailed within whicfi Borrower may pay theaume declared ~ due. If Borrower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on Eforrower, ~ ~nvoke any remediea permitted by paragra~h 18 hereof. ~ 18. Acceleration; Remedies. E:cept se provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or agreement of Borrower in this Mortgage, including the oovenants to pay when due any sums secured by this Mortgage, Lender i prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (I) the breach; (2) the action ~ required to cure auch breach; (3) a date. not lese than 30 days from the date the notice is mailed to Borrower, by whic6 eucb ~ breach must be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in j acceleration of the suma secured by this Mortgage. foreclosare by judicial proceeding and sale of t6e Propetty. T6e notice shell j further inform Borrower of the right to reinstate after acceleration and the rig6t to assert in the foreciosure proceeding:the ~ non-eziatence of a default or any other detense of Borrower to acceleration snd forecloaure. If the breach is not cured on or ~ before the date specified in the notice. Lender at Lender's option may declere all of t6e eume aecured by thie Mortgage to be ~ immediatety due and payable without furlfier demend and may foreclose this Mortgage by judicial proceeding. Lender e6a11 be entitled to collect in such proceeding all e:penaea of forecloaure, including. but not limited to. reasonable attorney's feea, and ~ costa of documentary evidence. abetracts and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithstanding Lender's acceleration of the aums eecured by this Mortgage, Borrower ehall have ~ the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of e judgment enforcing thie Mortgage if: (s) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes securing ~tnre ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenant8 or agreemente of Borrower oontained in this Mortgage; (c) Sorrower paye sU reasonabie expenses incurred by Lender in enforcing the covenants and agreemente of Borrower ° oontained in this Mortgage and in enforcing [xnder's remedies as provided in paragraph 18 hereof, induding, but not limited to, reasonabla ~ attorney e feea; and (d) Borrower takes auch action as Lender may reasonabty require to assure thet the lien of thie Mortgage, Leada'sintere~t in the Property and Borrower'a obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Upon euch paymentand cure by Borrower, this Mortgage and the obtigations eecured hereby shall mmain in fuil force and effect as if no soceleration had occarred. 20. Aaeignment of Rente; Appointment ot Receiver. As additional secnrity herennder, Borrower hereby assigna to Lenderthe rents ' of the Property, provided that Borrower shall, prior to acceleration under paragtaph 18 hereof or abandonment of the Property, have the right to rnilect and retain auch renta ae they become due and payable. ' Upon acceleration under paragraph 18 heceof or abandonment of the Froperty, Lender shall be entitled to have a reoeiver appointed by a court to enter upon, take posaession of and manage the Property and to collect the rents of the Property, inciuding thoee past due. AU rents ~ collected by the receiver ahall be applied firat to payment of the oosta of managementof the Property and oollection of rents, including, but not l limited to, receiver'a feea, premiums on receiver s bonda and reasonable attorney e fcea, and then to the auma secured by this Mortgage.'I7~e ° receiver ehall be liable to sooount only for those rente actually received. ~ 3 t i ~ ati~c ~~cf ~Q _ - .