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HomeMy WebLinkAbout0994 . I ~ 8. Iaspectloa. LendeT may make or cauae b be made reawnable eatries upoa and 'uupection~ of the property. provided that Leqder ~hall givs Borrower notice prio~ to eny ~uch in~pection ~pecityinQ ceawnsble cswe therefor related to l.endrr'~ interert in the Property. 9. Condemnatlon.'l~e proceed~ of sny awsrd or clsim for dama~e~. dinct oe oon~squeatial, in connectio~ with any ooademnation ar othet taking of the property. or part thereof. or for coaveyanoe~ia lieu of oondatanetion. are hereby awi~nad and shall be paid to Lender. In the event of s total taking of tlse Property, the proceeds shall be applied to the ~ums eecured Dy thia Mortgage. ~vith the e:oa~, if any. paid to Borrower. In the event of a partial telring of the Propetty. unless Borrower and L~endes othervrise agtee in writinQ, thare shall be a~plied b the aums secured by this Mortgage such proportioo of the proceeds as is equal to that pmportion which the amount of the eome cecured by thia Mortgage immediately prior to the date of tating bears to tl~e fair market value of the Property immediately prior to the date of - te?king. with the balanoa of the pmceede paid to Bonower. • I[the Propesty is abandoned by Borrower. or if. aRer notioe by Lender to Borrower thet the oondeaanor oPfento make an award or setdea claua fos damages. Borrower faila to respond to Lender within 30 days aR~er the date euch notice ia mailed, Lender is authorized to collect and appty the proceeds. at I.endei s option, either to reatoration or repair of the pmperty or to the sums aecnred by thia Mortgage. Unleas Lender eu~d Borrower othrrwiae agree in writing. any auch eppUcation of pmceeds to principal shall not e=tend or poatpone the due date of the monthly inetallments referred to in paragraphs 1 and 2 henot or change the amount of euch installments. 10. Borrower Not Released. Extenaion of the time for peym~nt or modification of amortizatio~ of the sums aecured by thie Mortgege granted by I.ender to sny successor in interest of Borrower ehall not operate to release. in any manner, the liability of the original Borrower and Borrower a succeesore in intereet. Lender ahall not be required to rnmmence proceedings againat such suceeeeor or refuse to extend time for payment or otherwise modify amortuation of the sums aecund by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower's suci~eseora in intereat. 11. Forbeanance by I.eader Not a Waiver. Any forbearance by Gender in e:ercieing any right or remedy hereunder. or otherwiee ef~orded by applicable law. shall not be a waiver of or preclude the eserriee of any euch right or remedy.'1~?e procurement of inaurance or the payment of tazes or other liena or chargee by Lender ehall not be a waiver o! Lender's right to eocelerate the matnrity of the indebtedneas ~ secured by thie Mortgage. 12 Remedies Cumulative. All remedi~ provided in this Mortgage are diatinct and cumclative to any other right or remedy under this Mortrage or aftorded by law or equity. and may be exercise.l ooncurrendy. independently or suocesaively. 13. 3~cceseore and Aseigae Bound; Joint and Several Liability; Captions. The oovenante and agreementa herein rnntained ehall bind, and the right8 hereunder ehail inure to, the respective eucoeeeore and assigns of Lender and Horrower, eubject to the provieiona of paragraph 1 T hereof. All covenante and agreements of Borrower shall be joint and several. The captions and headinga of the paragrapha of thie Mortgage are for rnvenience only and are not to be ueed to interpret or define the provisione hereof. l4. Notice. F.xcept for any notice tequired under applicable law to be given in another manner, (a) any notice W t3orrowet provided forin this Mortgage shall be given by mailing auch notice by certified mail addreeaed W Borrower at t~~e Property Add ress or at euch other addreee as Borrower may deaignate by notice to Lende~ ae provided herein, and (b) any aotice to Lender shall be given by certified mai1, return receipt requested, to Lender's address atated herein or to such other addreee ae Lender may designate by notice to Borrower an provided herein. My notice provided for in thie Mottgage ehall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of morlgage combinea uniform oovenant$ for national use and non- uniform covenants with limited variations by juriediction to oonatitute a uniform security instrument oovering real property. This Mortgage shall be governed by the law of the jarisdiction in which the Property ia located. In the event that any provixion or clauee of thia Mortgage or 1 the Note conflicts with applicable law, auch contlict shall not aftect other provisions of thie Mortgage or the Note which can be given effect without the coniticting proviaion, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a confora~ed eopy of the Note aad of thia Mortgage at the time of execution or after j > >i ~ iecordution hereof. • . 17. 'IYanafer of the Property; Aeeumption. If al! or any part of the Property or an intereat therein ia eold or traneferred by Borrower L without Lender e prior written conaent, euciuding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of e purchaee tnoney aecurity intereat for houaehold appliances, (c) a tranefer by deviee, dc~cent or by operation of law upon the death of a jaint ~ tenant or (d) the grant of any leseehold intereet of three yeare or leae not oontaining an option to purchese, Lender may, at Lendei s option, declate all the suma securecf by Rhia Mortgage to be immediately due and payable. Lender eha11 have weived euch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be aold or tranaferred ceach agreement in writing that the credit of euch person ia satisfactory W Lender and that the interest payable on the sums secured by this Mortgage ahall be at such rate as [.ender ahall request_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succesaor in interest hea eaecuted a ( w~ritten aseumption agreement accepted in writing by Ixnder, Lender ahall releaee Borrower from a11 obligationa under this Mortgage and the Note. if I.ender exercisea auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 daye from the date the notice is tr,ailed within which Borrower may pay the aums declared € due. If Borrower fails to pay such sums prior W the expiration of sucfi period. Lender may, without further notice or demand on $orrower, ' invoke any remedies permitted by paragraoh 18 hereof. " i 18. Acceleration; Remedies. E:cept as pmvided in paragraph 17 hereof. apon Borrower'e breach of any oovenant or agreement of Borrower in thia Mortgage. inciuding the oovenants to pay when due any sume aecured by this Mortgage. Lender prior to aoceteration shall mail notice to Borrower ae provided in paragraph 14 hereof spe~cifying: (1) the breach: (2) the action required to cure such breach; (3) a date, not less than 30 daye from the dete the notice is maited to Borrower. by which such breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reeult in acceleration of the aumH eecured by this Mortgage, foreclosure by judlcial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinatate atter acceleration and the right to easert in the foreclosure proceeding the non-e:ietence of a default or any other defenee of Bori ower to acceieration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender•e optton may declare all oithe sums secured by this Mortgage to be immediately due and payable without furtherdemand and may forecloee thie Mortgege by judicial prceeeding. Lender shall be entitled to collect in such proceeding all e:penses of foreclosure. including, but not limited to. reaeonable attorney's teee. and coeta of documentery evidence. abstsacts snd title reports. 19. Borrower"s Right to Reinetete. Notwithetanding Lender e acceleration of the auma secured by this Morigage, Borrower ehall have the right to have any procecdinga begun by I.ender to enforce this Mortgage diecontinued at eny time prior to entry of a judgruent enforcing thia Mortgege ii (a) SoYrower paye I.ender all suros which would be then due under this Mortgage, the Note and notea eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curee a11 bmaches of any other covenante or agreementa of Borrower contsiined in ~ this Mortgage; (c) Borrower paya all reseonable ezpensea incurred by Lender in enforcing the oovenanta and agreementa of Borrower contained in this Mortgage and in enforcing Lender'a remediea ae provided in paragraph 18 hereof, including, but not limited to, reasonabie ~ 3ttomey a fees; and Id1 Borrower takee aucfi action ea Lender may reseonably require to seeure that the lien of thia Mortgage, Lender'e interest ~ in the Propetty and Borrower'e obligation to pay the sums secured by thie Mortgage eha11 continue unimpaired. Upon auch payment and cure by Borrower, thia Mortgage and the obligatione eecured hereby shall remain in full foroe and eftect se if no acceleration had oixurred. ~ Z0. Aeeignmeat of Renta; Appointment of Receiver. As additional sec~rity hereunder. $orrower hereby essigna to Lender the rente ~ of the Property. provided that Borrower shall. prior to aaceleration under paragraph 18 hereof or abandonment of the Property. have the right ~ to rnllect and retain such rents aa they become due and payable. ~ Upon aixeleration under peragraph 18 hereof ar abandonment of the Property. Lender ehall be entitled ta have e receiver appointed by a court to enter~pon, take posseeaion of and manage the Property and to oollect the rents of the Property, including those past due. All renta collected by Rhe receiver shall be spplied first to payment of the aosta of managementotthe Property and oollection of renta, including, but not ~ limited to, receiver'e fees, premiums on receiver'a bonde and reaeonable attorney's fees, and then to the auma eecured by this Mortgage. The ~ receiver shall be liable to aooount only Yor thoee rente actually reoeived_ ~ ~ BOOX V~7() PACE ~ ; - .