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HomeMy WebLinkAbout0953 i ~ . . • . , l~~ t 8. Ia~pectioa. Lender may make or cauee to be made reasonable entries upon and inspections of the properiy, provided that Lender ehali give Borrower notice prior to any auch inepection apecifying rnaaonable caw~e therefor related to Lender's interest in the Property. 9. Condemnatioa. The proceeda of any award o~ claim for damagee, direct or ronsequential. in conneetion with any ooademnetion or otfier taking of the property, oz part thereof, or for conveyanoe in Geu of condemnation, are hereLy assigned and aha11 ba paid to I.ender. In the event oi a tatal taking of !he Property, the proceada shall be applied to the sums eecured by this Mortgage, with the e:cees, if any. paid :o Botrower. In the event of a gartial taking of the Property, unleae Hortower and I.ender otherwiee agree in writing, there shali be applied to the eume eecut+ed by this Mortgage auch proportion of the proceeds as is equal to that proportion which the amount of the suma eectitred by this Mortgage immediately prios to the date of taking beare to the fair martet value of the Property immedintely prior to the daie of talring, with the balan~ of the proceeds paid to Bormwer. If the Property ia abandoned by Borrower, or if, after aotice by Lender to Borrower that the condemnor o~'ers to meke an eward or settie a claim for damagee, Borrower faile to respond to Lender within 30 daye aRer the date auch notice ie mailed, Lender is authorized to collect and apply the proceeds, at Lender'a optian, either to restoration or repair of the property o: to the sume secured by thia Mortgage. Unless Lender and Somower otherwiae agree in writing, any euch application of proceede to principal ehalt not eactend or poetpoae the due date of the monthly inetallmente referred to in paragraphs 1 and 2 hereof or change the amount of snch inetaUmenta. 10. Borrower Not ReleaBed. Extension of the time for paymani or modification of amortization of the aums secured by thie Mortgege granted by Lender to any succeseor in interest of F3orrower shatl not operate W celea8e, in any manner, the liabi~ity of the original Borrower and Borrower'e auecessors in interesc. Lender ehall not be required to oommence proceedings againat euch succeaeor or nfuae to e:tend time for payment or otherwise modify amortization of the suma aecurec~ by thie Mortgage by~ reaaon of any demand made by the original Borrower and Borrower'a successora in interest. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiae aPforded by applicable lew, ehall not be a waiver of or preclude the exerciee of any auch right or remedy_ The procurement of insurance or the payment of ta:ea or other liene or chargee by Lender shall not be a waiver of Lender'e right to accelerate the matwity of the indebtedneae aecured by thie Mortgage. 12. Remediee Cumulative. All remedies provided in thie Mortgage are dietinct and cumulative to any other ri~htor remedy under this Mortrage or afforded by law or equity, and may be eaercise~ ooncurrently, independently or eucce~sively. 13. Successora and Aasigne Bound; Joint und Several Liability; Captione. The covenante and agreements herein contained ehall bind, and the righLs hereunder shall inure to. the resp~ctive aucceeaors and aasigns of Lender and Borrower, subject to the provisiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and several. The captione and headinge of the paragrapha of this Mortgage are for covenience only and are not to be used to interpr~t or define the proviaions hereof. t4. Notice. Except for any notic~ required under appiicable law to be given in anoth~r manner, (a) any notice to Borrower provided forin this Mortgage shaU be given by mailing such notice by certified mail addreased to Borrower at the Property Addreas or at euch other addreas aa Borrower may designate by notice W Lender aa provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to Lender's addreas stated herein or to such other addreaa as I.ender may deaignate by notice te ~3orrower as provided herein. Any notice provided for in thia Mortgage sha:l be deemed to have been given to Borrower oT Lender when given in the manner deaignattd herein_ 15. Uniform Mortgage; Governing Law; 5everability. This form of mortgage combinea uniform oovenante for national uae and non- uniform covenants with limited variations by jurisdiclion to conetitute a uniform security instruaient rnvering real property.l'hia Mortgage shall be governed hy the law of the juriadiction in which the Property ia located. In the event that any provision or clauae of thia Mortgage or the Note conflicts with applicable law, auch conflict shall not affe~:t other proviaions of this Mottgage or the Note which cun be given eNect H-ithout the conflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be aeverable. l6. Borrower's Copy. Borrower ahall be furniahed a confor:ned copy of the Note and of this Mortgage at the time of execution or efter recordation hereof. i 7. Tranefer of the Property; Aasumption. If ail or any part of the Propetty or an intereet therein is satd or tranaferred by Borrovicei ~ without Lender'E prior written consent, eacluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a pum~iase money security intereat for household appliancea, (c) a tranefe: by devise, d.~scent or by operation of law upon the death of a joint k~r~ r tenant or (d) the qrant of any leasehold intemst of three yeara or leas not containing an option to purchase, Lender may, at Leader's option, ~ ,~%declare all the suma secured by this Mortgage to be immediately due and payable. Lender ehalj have waived such option to socelerate if, prior ~ to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that Lhe credit of auch € peraon is satisfactory to Lender and that the intereat payable on the sums secured by this Mortgage ahall be at auch rate as Lender ehall ,~Vtequest. If Lender haB w aived the option to accelerate provided in this ps~ragraph 17, and if Borrower a successor in intereet has ezecuted a i written assumption agreement accepted in w~riting by l.ender, Lender ahall releaae Bortower from a11 abligationa under this Diortgage and the ~ ; Note. ' ~ If I.ender exercises such option to accelerate, Lender shall mai! $orrower notice of acceleration in accordance with paragraph 14 hereof. 5uch notice shall provide a period of not less than 30 days from the date the notice is mailed within which Botrower may pav the suma declared F due. If Botrower fails to pay auch sums prior to the eapiration of such period, l.ender may, without further notice or demand on F3orrower, i invoke any remedies permitted by paragraoh lA hereof. 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenante to pay when due eny eume eecured by this Mortgage, Lender prior to acceleration shall meil aotice to Borrower ae provided ~n paragraph 14 hereof apecifying: (1) t6e breach; (2) the action required to cure auch breach; (3) a date~ not lese than 30 daye from the date the aotice is mailed to Borrower, by which such breach musi be cured; and (4) that failure to cure suc6 breach on or before the date epeci6ed in the notice may res~lt in acceleration of the aume secured by thia Mortgage, forecloeure by judicial proceeding snd sale of the Property. The notice ehall further inform Borrower of the right to reinatxte atter acceleration and t5e right to aaaert in the foreclosure proceeding the ~ non-ezistence of a default or any other defense of Bor~'ower W acxeleration and forecloeure. If the breach is aot cured ~n or before the date specified in the notice, Lender at Lender's option may declare all of the eums secured by tt~ia Mortgage to be immediately due and payable witfiout further deznand and may foreciose 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'B fees. and coats of documentary evidence, abatracts and title reporta. 19. Bonotver's Right to Reinsiete. Notwithstanding Lender's acceleration of the suma secured by this Mortgage, Borrower ahall have ' the right to have any proceedings begun by Lender to enforce this Mortgage ciiecontinued at any time prior to entry of a judgment enforcing this bfortgage if: (a) Borrower paye Lender all auma which would be then due under this Mostgage, the Note and notes eecuring Futum ; ~ Advancee, if any, had no acceleration occurred; (b) Borrower cures ail breaches of any other covenante or agreementa of Borrower contained in ~ this Mortgage; (c) Bonower pays a11 reasonable expenses incuned by Lender in enforcing the covenante and agreementa of $ortower ~ contained in this Mortgage and in enforring I.ender'e remedies as pro~lded in paragraph 18 her~f, including, but not limit.ed to, reaeonabla ~ a ttorney'a fees; and Id) Bonower takes auch action ee Lender may reasonably require to assure that the lien of thia Mortgage, Lender'a int+er~st in the Property and Borrower's obligation to pay the euma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Sorrower, this Mortgage and the obligations aecured hereby aha~i remain in full force and effect as ~f no acceleration had occun~ed. ~ 20. Aasignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and mtain such rents ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a caurt to enter-upon, take posaesaion of and manage the Property a~3 to collect the renta of the Froperty, including those paet due. All rente ~ collected by the receiver ahxll be applied first to payment of the costa of managementof the Property and collection of rents, including, but not ~ limited to, receiver's fees, premiums on receiver's bonda and reasanable attornev's fees, and then to the eume aecured by thie Mortgage.l'he receiver ahall be liable to account only for those rents actually received. f[ E s` et~~~ J~ PACE ~ i ~