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HomeMy WebLinkAbout0950 l . ~ . ~ ~ , , ' Yt. . ~•r . 8. In~peetiop. I,eader may make or causr to be made reawnabie encries upon and inspection~ of the pmperty, pro~~ded that Lender shall give Borrower notice prior tu auy surh inspection specifying seasonable cauee therefor c~elated to I.ender's intereet in the Property. 9. ('.oademnadoa.'l~e proceeds of any award or claim for 3amagea, direct or consequential, in connection with any cnAdamnation or other taking of the pruperty. ur part ~henof, or for conveyanoe in lieu of ooadannation. are hereby asaigned and ehall be paid to Lender. In the event of a total talcing of the Property, the proceeds shall be applied to the oums secured by thi~ Mortgage. with the e~cess, if any, paid to Bon+ower. Ia the event of R partial taking of the Property, unlees Bormwer and LeQder otherwiee agree in writing, there shall ba appGed W the sums secured by this Mortgage such proportion of the proceeda as ia equal to that pmportion which the amount of the enms s6cured by this Mortgage immediately prior to the date of taking bear~ to the fair market value of the Prcperty immeciiately prior so ti?e date of ~ taking, waith the balanoa of the prooeeds paid to Borrower. ' If the Property ia sbandoned by Borrowar, or if, aRer notice by Lender to Borrower that the oondemnor offers to make asi award or settle a ' elaim for damagt~, Borrower fails to respond to Lender within 30 devs afier !he date such notice is mailed, Lender ie authorized to ccUect end j apply the proceed~, at I.ender s option, either to restoration or repaiz of the property or to the suma sacured by thia MortgaRe. 1 Unleaa Lender and Borrower otherwise agree in writing, any euch applicatioa of proceeds to principal shall not e:teed or poetpone the due { date of the monthly inetailments referred to in parag: ephs 1 and 2 herec+f or change the amount af such installmente. ~ 10. Borrower Not Released. Extension of the time for paycnsnt or modification ofamortization of the euma eecured by ttiis Mortgage j grantsd by I.ender to any eucaeaeor in intereat of Borrower ehall not operate to release, in any manner, the liability of the original Borrower and Borrower's succ~eors in interesi L.ender ehal! not be required to oommenee proceedings agsinBt auch suc~easor or refuae ta extend time for payment or otherwiae modify amortization oi the aucna secured by this Mort~age by rraeon uf any demand made by the original Borrower ~ and E3orrowei e auc-~eaeore in intereat. 11. Forbearance by I.ender Not a Walver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiee i affordod by applicable law, ahall no3 be a waiver of or preclude the exercise of any euch right or remedy.l'he procurement oi inaurance or the paymeat of tazee or oth~ liens or chargea by Lender ehaU not be a waiver of Lender's right to ~ooel~taEe tUe maturity of the indebtednees secund by thie Mortgage. i 12 Remedies Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or~remedy under thie Mortcage or afforded by law or equity, and may be e:erciseri ooncurrently, independendy or aucceasively. 13. Succeaeors and A.~sigas Bound; Jolnt and 3everal Liability; Captions. The oovenente and agreemente herein oontained ehall bind, and the righte hereLnder ahall inure to, the reapective euoceaeo*e and aeaigae of Lender and Borrower, aubject to the proviaiona of paragraph 17 hereof. All rnver_ante and agreementa of Borrower ehall be join! and eeveral. The captions and headinge of the p~~:.~rapha of thia Morigage are for covanie:~ce only and are not to be uaed to interpret or define the provieione hereaf. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice Lo Bormwer provided for in thia Mortgage shall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addreae or at such other addreae ae Borrower may deeignate by notice to Lender sa provided herein, and (b) any noticx to Lender ahall be given by certified mail, reti:m receipt requeated, to Lender a addreas stated herein or to auch other addreea aB Lender may designate by notice to Borrower as provided herein. Any notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mort~(age; Governing I.aw; 3everability. This form of mortgage combines uniform rnvenants for national uee and non- uniform covensnta with lianited variationa by juriadiction to conatitute a uniform aecurity inetrument rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia tocated. In the event that any proviaion or ciause of this Mortgage or the Note conflicts with applicable law, such conflict ahall not affect other proviaiona of this Mortgage or the Note which can be given ef~ect without the conilicting provieion, and to thia end the provisio.~e of the Mortgage and the Note are declared to be aeverable. 16. Barrower'e Copy. Borrower ahall be furnished a confor_ned copy of Gke Note and of thia Mortgage at the time of eaecution or after recordation hereof. , ' 17. Tranefer ot the Property; Assumptiqn. If all or any part of the Property or an ir.terest tnernin ie sold or tranaferred by Bortower '~rTwithout Lender s prior written coneent, eacluding (a) the creation d: n lien or encumbrance subordinat~ to this Mortgage, (b) the creation of a i 1( purehase money eecurity intereat for honeehold appiiances, (c) a tranafer 5y deviee, dc~oent or by operadon of law upon the death of a joint I(''{i 7'f tenant or (d) the grant of any leaeehold intereat of three years or lesa not containing an option to purchase, Lender r~ay, at Lender s option, ~ declare all the aume eecurea by this Mortgage to be immediately due and payable_ Lender ehall have waived such option to socelerate if, prior to the eale o* tranafer: Lender and the peraon to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of such ~ peraon is sati.efactory to L.ender and that the intereaf. payable on thP euma eecured by this Mortgage shall be at such rate as Lender shall request. If I.ender has waived the option to accelerate provided in thie paragraph 17, and if Bonower's succesaor in intereat haE e:ecuted a µ~ritten aesumption agreement accepted in writing by I.ender, Lender ahall release Borrower from all obligations undes thia Mortgage and the a Note. f i If Lender exercises Buch option to accelerate, Lender ahall mail E3orrower notice of aoceleration in accordance with paragraph 14 hereoL ; ; Such notice ehall provide a period of not lesa than 30 days from the date the notice ia mailed within which Borrower may Qay th2 suma declared ~ due. If Bonower faila to pay such sums prior to the expiration of auch period, Lender may, without further notice or demand on I3orrower, ~ i ~ . 4 ~nvuke any remediea permitted by paragraoh 18 hereof. i ~ 18. Ac^,eleration; Remedies_ Ezcept as provided in paragra~.h 17 hereof. upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage, including th~ oovenante to pay when due any sume secured by this Mortgage, Lender ~ priur to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereofepecifying: (1D the breach; (2) the action ; re9uired to cure such breach; (3) a dat~, not leea t6an 30 daye from the date t~e notice ie mailed to Barrower, by wbich such ~ breach must be cured; and (4) that failure to cure such breach an or before t6e date specified in the notice may reault in ~ ~ acceleration of the sums eecured by thie Mortgage, forecloaure by judicial proceeding and eale uf the Property. T6e notice e6aI1 ~ further inform Borrower of the right to rainetate after acceleration and the rig6t to asaert in t6~ foreclosure proceeding the ~ non-ezisteace ot a default or any other defense of Borrower to acceleration aad [oreclosure. If the breach ie not cured on or before the date speeified ia the notice, Lender at Lender'e option may declere ull ot the sume eecured by thie Mortgage to be ~ immediately due and peyable without further demand and may forecloee this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in euc6 proceeding all e:penaea of forecloaure, including, but aot limited to. reasonable attorney'a fees, and ! costs of documentary evidence. abetracta and title reporte. ~ I 19. Borrower'e Rig6t to Reinstate. Notwithatanding Lender's acceleration of the eume eecured by this Mortgage, Borrower aha:l have ' ~I the right to have any proceedinge begun by Lender to e:.force thie Mortgage discontinued at any +ame prior to entry of a judgm~nt enforc"sng k tt~ia Mortgage if: (a) fiarrower pays Lender all auma v~hich would be then due under this Mortgsge, the Note and nfltea eecvrir.g Future Advanoee, if any, had no accelerarion occurred; (b) Borrower cures all breaches of any other covenante os agteementa of Bonower contained in thie Mortgage; (r) Borrower pays all reasonable expenaea incurred by I.ender ir_ enforcing the covenante a.~d agreementa of Boaower ~ contained in this Mor'~gage and in enfotcing I.ender's reme~ies aa provided in paragraph 18 hereof, incluciing, but not limited Lo, reaBOnable attorney a fees; and (d? Borrower takes such action as i,ender may reasonably sequire to aesure that t~?e lien of thie Mortgage, Lender e interest ? , i n the Property and Borrower e obligation to pay the aume secured by thie Mortgage ahall continue unimpaired_ Upon euch paymenc and cure by Borrower, thie Mortgage and the ohligationa eecnred hereby ahall remain in full force and effect ar? if no acceleration had oa,-urred. i Z0. Assignment ot Rente; Appointment ot Receiver. Ae additional security hereunder, Borrower hereby aasigns to Lender the reata ~ ot the Property, provided thet Borrower ahail, pzior to acceieration under parsgraph 18 hereof or abandonment of the Pro to colled and retain auch renta ae they beccx~me d~e ar.d payable. P~Y, have the right } i Upon accelera~on under paragraph 18 hereof or abandonment of the Property, Lender ehgll be entided to have a r~ceiver a ~ ` oourt to enter.npon, take posaeseion of and manage the Property and to collect the renta of the Pro ppO~~ by a perty, induding thoae past die. All rente ~ ~ oollected by the receiver ehall be applied firet to payment of the ~oete of managementof the Property and collection of rents, including, but not ~ E ~~mited to, receiver's feee, premiums on receiver'a bonde and reaeonable attomey`s fees, and tiien to the sums etcured by thia Mortgage.'1'he ~ reoeiver shall be liable to acoount only for those renta actually receieed. ~ ~ B~ ~z P~E ~ ~