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HomeMy WebLinkAbout0989 i ' i ~ - . 8. Ia~pection. I.ender ma~y make or cawe to be made rea~oaable enttie~ upoa aad irupection~ of th~ propsrty. provided Wat I.ender ~haU give Borrower notice prior to any such inspection ~pecifyin~ reasonable cawe theref~ related to Lender'~ intereet in the properfy, 9. CoademnaUoa.'ll~e prooeed~ of aay swerd os claim for deme~qes. dieeM os consequerrtial, in oonnection rvic~? say oondeau?acio~ or other taking of the pmperty, or part thereof. or for oonveyenoe ia Ueu of oondemnation, are hereby a~si~aed aud shaU bs paud to Lender. In ehe event of a btal taking of the Property. the proceeda shall be applied to the ~ums secured by this Mort~a~e. with the e:oee~. if any. paid to Borrovrer. In the event of a partial taking of the Propezty. unles~ Borrower and Lender otherwise agree in writing, there shall be ' applied to the sume secured by this Mortgage such pmportion of the pmceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with thc balana~ of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if. aRer notice by Leader to Borrowu that the oondemnor oPfers to make an eward or settle a claim for damages. Borroaer fails to nspond to I.eader within 30 days aRer the date such notioe is mailed. Lender ie authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the property or b the sums secured by this Mortgage. Unlesa Lender and Borrower otheiwise agree in writing. any such epplication of pmceeds to principal shall not ea~tend or poetpone the due date of the monthly inetallments nferred to in paragraphs 1 and 2 henof or change the amount of such instaUinents. 10. Borrower Not Released. E:teneion of the time for paym~nt or modification of amortization of the auma eecured by this Mortgage " granted by Lender to any aucceseor in interest of Borrower ehall not operate to release, in any manaet, the liability of the original Borrower and Borrower'e auccesaore in intereat. L.ender ahall not be reqaired to rnmmence proceedinga againat euch successor or refuae to eatend time ior payment or otherwise modify amortization of the sume aecured by thie Mortgage by rnason of any demand made by the original Borrower and Borrower a succeasora in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwiae afforded by applicable laa. ahall not be a waiver of or preclude the exercise of any euch right or remedy. The procurement of ineuranoe or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lendei e right to socelerate the maturity of the i~debtedness secund by thie Mortgage. - ' • 12. Remedies Cumulative. All remedies provided in thie Mortgage arr dietinct and cumulative to any other right or remedy under thia Mortcage or afforded by law or equity, and maq be exercieerl ooncurrently. independendy or auoceasively. 13. 3ucceseors and Aeeigr~a Bound; Joint and 3everal Liabilitg; Captione. The covenants and agreements herein oontained ahall bind, and the righta hereunder ehall inure to, the reapective eucceseors and aesigna of Lender and ~3orrower, eubject to the provisions of~ paragraph 17 hereof. All covenanta and agreementa of Borrower ahall be joint and eeveral. The captiona and headinge of the paragraphe of ~ this Mortgage are for covenience only and are not to be uaed to interpret or define the pmvieions hereof. ~ 14. Notice. Except for any notice required under applicable law to be qiven in another manner. (a) any notice to E3orrower provided forin t hie Mortgage ahall be given by mailing such notice by certified mail addi~essed to Borrower at t~he Property Addreas or at euch other addrees ea E~orrower may designate by notice to Lender as pmvided herein. and (b) any notice to l.ender shall be given by certified mail, return receipt requeated, to Lender's addreae atated herein or to euch other address se Lender may designete by notice to Borrower an provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or [.ender when given in the manner deaignated herein. 15. Unitorta Mortgege; Governing I.aw; Severability. Thie form of mortgage combines uniform oovenante for national aee and non- uniform covenanta with limited variationa by juriadiction to constitute a uniform eecurity instrument oovering real property. ThiB Mortgage , shall be qoverned by the law of the jurisdiction in which the Property ia located. In the event that any provic+ion or clause of this Mortgage or i the Note conflicts with applicable law, auch conflict ahall not aftect other proviaions of this A+fortgage or the Note wkich can be given et~ect ~ \ without the conflicting provision, and to this end the provieiona o[ the Mortgage and the Note are declared to be eeverable. ~ ~ 16. Borrower'e Copy. Borrower ahall be furniehed a conformed oopy of the Note and of this Mortgage at the time of execution or after v ~ recordation hereof. . ' 17. 'l~ansfer of the Property; Aseumption. If all or any part of the Property or an intereat therein is eold or traneferred by Eiorrower ; , w-ithou~t Lender F prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the rreation of a ~ purchaee money aecurity interest for houeehold appliancea, (c) a tranafer by deviae, d~oent or by operation of law upon the death of a joint 3 tenant or (d) the grant of any leasehold intereat of three yeara or lesa not oontaining an option to purrhaee, Lender may. at Lendei's option. ~ declare all the aums eecnreu by this Mortgege to be immediately due and payable. L.ender ahall have waived euch option to accelerate if, prior ~ to the saleor tranafer, Lender and the person to whom the Property ia to be eold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the aums aecured by this Mortgage shall be at auch rate as Lender ahall , request. If I.ender has waived the option to accelerate provided in this paragraph 17,.and if Borrower e euccessor in interest hae e:ecuted a ' written assumption agteement accepted in writing by l.ender, I.ender ahall releaee Borrower from all obligationa under thie Mortgage and the ' Note_ f ~ If Lender exercisea such option to accelerate, Lender ghall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ; ~uch notice shall provide a period of not leas than 30 days from the date the notice is nr.ailed within which Borrower may pay the aums declared ' due. If Borrower fails to pay auch sums prior to the expiration of auch period, Lender may, without further notice or demand on Eiorrower, invoke any remediea~permitted by paragraoh 18 hereof. ' 18. Acceleration; Remedies. Eicept as provided in paragraph 17 hereof. upon Borrower'e breach ot any oovenant or agreement of Borrower in t6ie Mortgage. including the oovenante to pay w6en due any eums secured by thie Mortgage. Lender prior to acceleration shall mail notice to Borrower ea provided in paragrap614 hereofepecifying. (1) the breach; (2) the action required to cnre such breach; (3) e date, not le8s than 30 daye from t6e date the notice is mailed to Borrower. by which suc6 , breach muet be cured; and (4) that failure to cure such breach on or before t6e date specified in the notice may re8ult in acceleration of the sums aecured by this Mortgage, foreclosure by judicial proceeding and eale of the Pmperty. The notice shall further inform Borrower of the right to reinstate atter acceleration and the right to assert in the foreclosure proceeding the ' non-e:ietence of a detault or eny other defense ot Borrower to aoceleration and foreclosure. If the breach ie not cured on or hefore the date apecified in the notice, Lender at Lender's option mey declare all of the sume aecured by thie Mortgage to be ~ immedjately due end payable without further demand and may foreclose t6is Mortga~e by judicial proceedi~g. Lender ehall be entitled to collect in such proceeding all e:penees otforeclosure, includiag, bnt aot limited to. reasonable attorney's feee, end ~ coate of documentery evidence. abstracte and title reporte. 19. Borrower's Right to Reinetate. NotwithaLanding Lender e acceleration of the aums eecured by thia Mortgage, Borrower ahall have ~ the right to have any proceedinge begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Bon~ower paye Lender all eume which would be then due under this Mortgage, the Note and notea eecuring ~ture ` Advancee,ifany,hednoaocelerationoccurred;(b)BorrowercureeallbreachesofanyothercovenantsoragreementsofBorrowercontainedin ~ this Mortgage; (c) Borrower pays all reasonable expeneea incurred by [.ender in enforcing the covenante and agreements of Borrower contained in this Mortgage and in enforcing I.ender's remediee as provided in paragraph 18 hereof, including, but not limited to, reasonable s a ttorney e teea; and Id) Borrower takee euch action as Lender may rea8onably require to aeeure that the lien of thia Mortgage, Lender e interest ~ i n the Property and Borrower e obligation to pay the sume eecured by thia Mortgage eha11 continue unimpaired. Upon euch payment and cure by Borrower, this Mortqage and the obligationa secvted hereby shall remain in fiill force and effert as if no acceleration had occurred. ~ 20. Aaeignment ot Rents; Appointment of Receiver. As additional secnrity hereunder, Borrowrr hereby esaigne to Lender the rente ~ 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 retain auch rents as they become due and payable. ~ Upon ecceleretion under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver eppointed by a cc~urt to enter~pon, take poeaesaion of and manage the Property and to collect the renta af the Property, including those pa9t due. All nnts ~ collected by the receiver ahall be applied first to payment of the ooeta of management of the Property and oollection of renta, includir.g, but not g 1 imited to, receiver e fees, premiuma on receiver's bonde and reasonable attorney's fees, end then to the aums secured by this Mortgage. The ~ receiver ahall be liable to acoount only for thoee rents actually received. ~ ~ ~~E ~ ~ ~ ~ - ~ - ~~~.r. - - ~