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HomeMy WebLinkAbout0951 ~ .tt ~ 8. la~pectio~. I<nder msy meke u~ cauae to be made rcawneble entrie~ upon and inspection~ of the property, provided t!?at Lender ~hall ~ve Borrower notice pno~ to any ~uch inapeccion apec~tyin~ reewnable cawe thesefo~ related to Lender i inteee~t in the Proqrty. 9. Coademnatfoa. 'R?e pr«~eed~ of any award or claim for daina~e~, direct or coruequential, in rnnnecaoa with sny ooademnation or other takin~ of the property, or part therieoi, or for conveyance in lieu of oondemnation, are hereby e~ai~ned aad ~haU be paid W le~der. ~ In the event ot a total takin~ of the Property, the proceed~ shall be applied to the sume ~ecured by thi~ Mort~aQe, writh the e:cen, i[ any, pa~d to E3orrower. In the event ot a partiel taking of the Property, unleaa Borrower and Lcnder otherwise agrce in writin~, Lhere ~haU be applied to the sums ~ecuerd by this Mortgage such proportion oi the procceds as is equal to that propoetion which the amount of the sums secured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immedistely prior to Ihe date of taking, with the balance ot the proceeda paid to Borrower. If the Property i~ abandoned by Borrower, oT if, aRer notice by Lender to Borrower thet the oondemnor often to make an awatd or setde e claim for damagea, Borrower faib to respond W I.ender within 30 days after the date euch notice ie mailed, Lender is authoriud to collect and apply the pmceeds, at L.ender's option, either W reatoration or repair of the property or to the suma secured by this Mortgege. Unlese Lender and Eiorrower otherwise agree in writing, any such epplication of pmceeds to principal ehall not extend or postpone the due date of the monthly inetallments referred to in paragraphe 1 and 2 hereof or change the amount of such installments. 10. Borrowec Not Released. E:tenaion of the time for paym:nt or modification of amortization of the euma eecured by fhie Moctgage Kranted by I.ender to any aucceasor in interest of E3orrower ahall not operate to releNae, in any manner, the liability of the original Borrower ' and Barrower's auccessors in interest. l.ender ahall not be requi~ed to cummence proceed~nga againet such aucreasor or refuae to extend time for payment or otherwise modify amortization of thr sums secured by this MortgnKr b~• reasun of any demand made M~ theoriginal Borrower and f3orrower's successors in interest. 11. Forbearance by I.ender Not a Weiver. Any forbearance by I.ender in exercieing any right or remedy hereunder, or otherwiee afforded by appiicable law, shall not be a waiver of or preclude the e:erciee of any auch right or rnmedy. The procutement of insurance or the payment of ta:ee or other liene or chergee by Lender shall not be a waiver of Lender'a right to accelerate the maturity of the indebtedneaa secured by thia Mortgage. 12. Remedies Cumulative. All remedies pTOVided in thia Mortgage are diatinct and cum~:lative to any other right or remedy under thia Mortrage or afforded by law or equity, and ~ay be exerciae~i concurrently, independently or euccea4e~P1y. 13. Succesaore and Asaigne Bound; Joint and Several Liabil'ety; Captione. The covenant8 and agreementa herein contained ahall bind, and the rights hemunder shaU inure to, the respective sutt~easora and asaigna of l.ender and Rorrower, aubject to the proviaions of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and aeveral. The captions and headings of the paragraphs of thie Mortgage am for covenience only and are not to be uaed to interpret or define the proviaions hereof. 14. Notice. F.xcept for any notice required under applicable law to be Qiven in anoth ~r manner,la) any notice to I3orrower pro~~ided for in this Mort~age ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Address or at auch other addreas as Borrower may deaignate by notice to l.ender ae pmvided herein, and (b> any notice to I.ender shall be given by certified mail, return receipt ~equested, to Lender'a address stated hemin or to auch other address as l.ender may designate by notice to Borrower ax provided herein. My notice provided for in thie Mortgage shal) be deemed to have been given to E3orro~uer or l.ender when given in the manner designated hernin. 15. (Jniform Mortgage; Governing Law; Severebility. Thia form of mortgage combinea uniform covenanta for national use and non- uniform covenanta w~th limited variations by jurisdiction to conatitute a uniform security instrun?ent covering real pmperty. This Mortgage shall be qoverned by the law of the jurisdiction in which the Property ia located. In the event tha! any provision or clause of this Mortgage or the Note contlicts with applicable law, such conflict shall not affect other provisions of this Aturtgage or the Note which can be given effect without che conflicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be aeverable. 16. Borrower'e Copy. Borrower ahall be furnished a conformed copy of the Note ar.d of thia Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aaeumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower wiJ?out Lender's prier written consent, excluding la) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a ' punnhaae money e?ecurity internet for household appliancea, (c) a transfe- b~ deviae, deacent or by operation of law upon the death of a joint I tenant or ld) the grant of any leasehold intereat of three years or leas not containing an option to purchaee, Lender may, at Lendei e option, ' declare all the suma seturnl by thie Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior ~ to the sale or tranefer, Lender and the person to whom the Property is to be sold or tranaferred reach aRreement in writing that the credit of euch ~ rson is satisfacto to Lender and that the intereat a~ ~ble on the suma aecured b this Mo age shali be at such rate as Lender ahall i Pe rY P_'~ Y ~8 j request. If I.ender has waived the optien to accelerate providecl in this paragraph 17, and if Borrower's succesaor in intereat hae executed a ~ w~ritten assumption agreement accepted in writinR by l.ender, l.ender shail release Borrower from all obligationa under this Mortgage and the V ote. If Lender exercise4 such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. - Such notice shall pmvide a period of not less than :i0 days from the date the natice is mailed within which Borrower may pay the suma declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Fiorrower, ~ ~nvoke any remedies ermitted b ~ p y paraRraoh 1R hereof_ ~ 18. Acceteration; Remedies. E:cept es provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or agreement of Borrower in this Mortgage, including the covenante to pay when due any eume Becured by this Mortgage. Lender prior to aceeleration ehall mail notice to Borrower se provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not leas than 30 daye from the date the notice ie mailed to Borrower. by w6ich euch breach muet be cured; and (4) that tailure to cure euch breach on or before the date specified in t6e notice may result in acceleration of the eume secured by thie Mortgage. foreclosure by judicial proceeding and sale of the Pcoperty.The notice ehall ~ further inform Borrower ot the right to reinstate aRer acceleration end t6e right to sesert in the forecloeure prceeeding the ~ non-e:istence of a defeult or any other defenae of Borrower to aceeleration and foreciosure. If the breach ie not cured on or before the date epecified in the notice. Lender at Lender'e option may declare alt of t6e eume secured by thie Mortgage to be ~ immediately due and payable without further demand and may (orecloae thie Mortgage by judicial proceeding. Lender shell be entitled to rnllect in auch prceeeding all ezpenaea of foreclosure. including, but not limited to. reasonable attorney's fees. and coata of doeumentary evidence. abatracte and title reports. ~ 19_ Borrower'e Right to Reinetete. Notwithatanding Lender's acceleration of the suma eecured by this Mortgage, Borrower ahall have the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued et any time prior to entry of a judgment enforcing § this Mo rtgage if; (a) Borrower pays Lender all aume which would be then due under thie Mortgege, the Note and notea eecuring Future - Advancee, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenante or agreemente of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reseonable expenaee incurred by Lender in enforcing the covenanta and agreementa of Borrower y ~ rnntained in thie Mortgage and in enforcing Lender a rnmedies as provided in paragraph 18 hereof, induding, but not limited to, reaaonable ~ attorney e feea; and (d) Borrower takea auch action as Lender may reasonably require to aaeure that the lien of thia Mortgage. Lender'a interest in the Property and Borrower e obligation to pay the eume aecured by thie Mortgage aheli continue unimpaired. Upon euch payment and cure ~ by Borrower, this Mortgage and the obligationB eecured hereby ahall remain in full force and effect ae if no acceleration had occurred. ~ Z0. Aseignment o! Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aasigne to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to coliect and retain auch rents as they become due and payable. ~ Upon acceleration under paragraph IS hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a 3 court to enter apon, take poeaeaaion of and manage the Property and to collect the rente of the Property, including those past due. All rente ~ wllected by the receiver ehall be applied firet to payment of the ooeta of management of the Property and collection of rents, including, but not ~ limited to, receiver's feea, premiuma on receiver a bonds and reaaonable attorney'e fees, and then to the aume eecured by thie Mortgage. The ? receiver shaU be liable to acoount only for thoee rente actually received. ~ ~ ;~~~,r 41l PA~f 950 ~ ~ -i ' ~ - +~i ',r_ _ . . . ~ . . . . . . ~ .