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HomeMy WebLinkAbout26808. l~~pection. l.ende~ may make or cauee to be made reasonable e~tries upon a~d irtepectiona of the property, provided that L,ender shall give Rorrower aotice prior to eny such inepection specifying reaeonable cauee therefor related to I.e~der's interest in the Property. 9. Condemnetion. The proceeda o[ any award or claim for damages. direct or coneequential, in connection with eny oondemnation or other taking o[ the pooperly, or pnrt thereof, o~ for conveyance in lieu of condemnation, are hereby asaigned and ehall be paid to l.ender. !n the event of a total tating ot the Properiy, the proceeda ehall be applied to the euma secured by this Mortgage. with the excees, if any, paid to Borrowe~. Io the event of a partial taking uf the Property, unleas Borrower and l.ender otherwiee agree in writing. there shall be applied to the sume aecured by thie Mortgage auch proportion of the proceede ae ie equal b that propottion which lhe emount otthe aums aecured by thie Mortgage immediately prior to the date o[ taking beara to the fair market value of the Piroperty immediately prior Lo the date of taWng, with the balanc~ of the proceede paid to Borrower. lf the Property ie abandoned by Borrawer, or if, after notice by l.ender to Borrower that the condemnor offere to make an award or aettle a claim fo~ damages. E3orrower taila W reapond to l.ender within 30 days after the date auch notice ia mailed, [.ender ie authorized to collect and apply the procceda. at l.ender e option, either to reatoration o~ repair o! the property or to the euma secured by thie Mortgage. Unleae I.ender and Borrower otherwiee agree in writing, any such application of procceda to principal ahall not extend or poetpone thedue date of the monthly inatallmente referred to in paragraphe 1 and 2 hereotor change the amount of auch installmente. l0. E3orrowcr Not Released. ~ate~sion of the time for paym ~nt or modification of amortization otthe sums aecured by this Mortgage fcranted by Ix~der to any succeasor in interest of 13orrower ahall not operate to releaee, in uny manner, the liability of the original E3orrower und Rorrower'g successora in intereat. l.ender shall not be required to rnmmence proceedings against such successur or refuae to rxtend time for payment or otherwise mudify amortiz~tion of the sums securcd by this MortKtiKe by reaw~n o[nny demand made by the original f3orsower .~nd BoROwer s succ~~xors in interest. 11. Forbearance by I.ender Not a N-aiver. Any forbeamnce by l.ender in exercising any right or remedy hereunder, or otherwise affurded by applicable.law, ahall not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of inaurance or the payment of taxes or otfier liena or chargea by I.ender ehall not be a waiver of i.ender'e right to accelerate the maturity of the indebtedneae secured by thirs Mortgage. 12 Itemedies Cumulative. All remediea provided in this Moriqage are dietinct and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be exerciee~l concurrently, independently or aucceasively. 13. Succesaors and Aeaigne Bound; Joint and Several Liebility; Captione. The covenante and agreementa herein contained ehall bind, and the righta hereunder shall inure to, the reapeclive aucceseors and aesigns of I.ender and Borrower, aubject to the proviaione of paragraph 17 hereof. Alt covenants and agreemente ot Borrower shall be joint and aeveral. The captiona and headings of the paragrapha of this Mortgage are for covenience only and are not to be uaed to interpret or define the provisiona hereof. 14.1Votice. l:xrnpt for nny notice required under applicabie law to be Kiven in anothzr manner, (a) any notice to Rorrower provided forin this Mortgnge ahall be given by mailing such notice by certified mail addreased to Eiorrower at the I'roperiy Addresaor at auch other address as 13orrovrer may deaignnte by notice to I.ende~ as provided herein, and (b) any notice to Lender aha11 be given by certified mail, return receipt requested, to l.ender's address stated herein or to auch other addresa as [.ender may designate by notice to Rorrower ax provided herein. Any notice provided for in this Mortgage shall be deemed lo have been given to t3orrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This t'orm of mortgage combinea uniform covenants for national uae and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inatrument rnvering real property_'l~-is Mortgage ~hall be Koverned by the law of the jurisdiMion in which the Property ia located. In the event that any pmvisiun or clause of this Mortgage or the Note conflicts with ~pplicable law, auch conilict shall not affect other provisions of this Mortgage or the Note which c.an be given effect w~thuut the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. I;orrovrer shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of eYecution or after rea ordafion hereof. ' 17_ Transfer of the Property; Aseumption. If All or uny part of the I'roperty or an interest therein ia eold or tranaferred by Borrower without I.ender s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a ~< purchase muney security interext for houaehold appliancea, (c) a tranafer by devise, d.~scent or by operation of law upon the death of a joint ,~~tenant or (di the grant of any leaaehold interest of three years or leas nnt rnntaining an option ta purchase, l.ender may, at I.ender's option, ~` declare all the sums Recured b this Mo y rtgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior , to the sale or tranAfer, Lender and the persun to whom the Property is to be sold or translerred reach agreement in writinq that the credit of such person is xat.dfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as I,ender ahall requeat. If [xnder hus wai~•ed the option to accelerate provided in this paraKraph I7, and if I3orrower's successor in interest has executed a w•ritten assumption agreement accepted in writinK by l.ender, l,ender shall releaxe Korrower from all obligations underthis Mortgage and the Note. If Lender exercises such option tn accelerate, l.ender shall mail Korrower noticeotacceleration in accordance with paragraph 14 hereof ~uch notice shall provide a period of not lea.4 than :30 days trom thedatethe notice is mailed within which Rornower may pay thesums declared due. If Borrower fails to pay such sums prior to the expiratir~n of such period, l.ender may, without further notice or demand on 13orruwer, ~nvoke any remedies permittcd by paragraoh IR hereof. 18. Acceleration; Remedies. F:cept as provided in paragreph 17 hereof. upon Borrower's breach of any covenant or agreement ot Borrower in thie Mortgage, including the covenante to pay when due any eu~sseeurec~ by this Mortgage, Lender prior to accel'eration ahal! mail notice to Borrower as provided in paragreph 14 hereofapecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by w6ich such breach muet be cured; and (4) that tailure to cure such breac~ on or before the date specified in the notice may reault in acceleration of the aums secured by this Mortgage, forec~oaure by judicial proceeding and saleofthe Property. The notice shall further inform Borrower of the right to reinatate aRer acceleration and the right t~ asaert in the forecloaure proceeding the non-e:istence of e default or any other defense of Borrower to aceeleration and torecioeure. If the breach ie not cured on or beforg the date specified in the notice, Lender at Lender's option may declare all of the eume aecured by this Mortgage to be immediately due and pa~ able vdithout turther demand and may toreclose this Mortgege by judicial proceeding. Lender ahall be entitled to collect in such proceedinq aU expenaes of foreclosure. including. but not limited to. reasonable attorney's fees, and costa of documentary evidence. abstracts and title reports. 19. Borrower'e Right to Reinstate. Notwithatanding I.ender a acceleration c-f tl~e suma secured by this Mortgage, Borrower ahall have the right to have any proceedings bequn by l.ender to enforce thia Mortgage disc~rntinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) F3orrower pays -.~ender all sums which would be then due under th~a Mortgage, the Note and notea securing Fulure Advances, if any, had no acceleralion occurretl; (b) Borrower cures all breaches of any other covenants or agreements of $orrower contuined in thia Mortgage; (c) Borrower pays all .reasonable expensea incurred by I.ender in enforcing the covenante and aqreemente of E3orrower oontained in this Mortgage and in enforcing Lender 9 rnmediea s~s provided in paragraph 18 hereof, including, but not limited to, reasonabie attorney's fees; and (d- Borrower takes such action as I.ender may reasonably'require to aeauFe that the lien of this Mortgage, Lender's interest in the Property and Borrower a obligation to pay the sums secured by this Mortgage ehall continue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aasignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aesigns to l.ender the rente of 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 auch rents aa they become due and payable. Upon acceleration undet paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter-upon, take poasrasion of and manage the Property and to collect the renta of the Property, including thoae paet due. All rente rnllected by the receiver shall be applied 6rat to payment of the ooets of management of the Property and collection of rente, including. but not limit~d to, receiver's fees, premiuma on receiver a bonda and reaeonable attorney's feee, and then to the sums aecured by this Mortgage. The receiver ehall be liable to acoount only for those rente actually received. ' ~ ~ - ~ ~, -_ ~~~``~~~~- _ ~ „r 34~ P~~E 2f 7~ S{2'~K • -- -- ~ ,< ~~-~ -