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HomeMy WebLinkAbout0994 ~ 8. In~pectloa. l.ender may mate or cawe to be made reaaonable entrie~ upon and inipection~ otthe prope~ty, provided ehat l.ender ~hall K~ve Borrower ~otice prior to wny such inipection ~pecitying reaaonable .~we therefor celatrd w Le~der i intereat in the Pmperty. 9. Condemnatioo. 7T~e proceeds ot any award or claim fot dama~es, direct or con~quential, in con~ection with any ooademnation or ~~ther takinQ of the property, or part thereof, or for conveysnce in lieu of oondemnation, an herrby awi~ned and ~hall be paid W Lende~. In the event oi a total taking of the Property, the proceede shall be applied to the suma secured by this Mortgage, writh the e:c~, if any, pa~d to Horrower. In the event of e partial taking of the Property, unlees Horrower ano ixnaer o~nr~w~sr ngree in writing, tAere shaU be ,+pplied W the sums secured by this Mortgage auch propoetion of the proceeds as is equal to that propoction which the amouot oi the sums ~;ecured by this Mortgage immediately prior to the date oi taicing beare to the fair marlcet value of the Property immediately prior to the date of caking, with the balancY of the proc~.rds paid to Borrower. If the Property is abandoned by Bo~'mwer, or if, aRer notice by Lender to Borrower thet the condemnor offers to make an award or settle a ciaim for damagee, Borcower feils to respond to Lender wi±~::z: 3^ a~~e after the date euch notice ie mailed, Lender is authorised to collect and a~pply the proceede, at Lender's option, either to reetoratiun or repair of the property or to the eums eecured by thie Mortgage. U~lese Lender and Borrower otherwiee agree in writing, any euch application of proceede to principal ehall not e:tend or poetpone the due date of the monthly installmente referred to in paragraphe 1 and 2 hereof or change the amount of auch inatallmenta. 10. Borrower Not Released. Extension of the time for paymrnt or modification of amortization of the sums secured by this Mortgage ~;ranted by Lender to any auccessor ir. e.^.:er~st of f3orrower ahall nat operate to releNSe, in any manner, the liabi?ity of the original Borrower :+nd Aorrower'a successora in intereat. I.ender ahall not be required to commence pn~ceedinga against auch successor or rnfuse to extend time t~ ~r payment or oiherwise modify amortization of the sums secured by this Mortg~Re h~- rca~?n of any demand-made by the original Borrower and E3orrower's sumessors in intereat. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exemiaing any right or remedy hereundet, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exenise of any auch riRht or remedy. The procurement of insurance or the payment of ta=ee or other liene or charges by Lender shall not be a waiver of Lendei e right to accelerete the maturity of the indebtedneae ,PCUred by thie Mortgage. 12 Remedies Cumuletive. All remediea pmvided in this Mortgage are dietinct and cumclative to any other right or remedy under thia ~tnrt~age or afforded by law or equity, and may be exercised concurrently, independently or succeasively. 13. Successore and Aseigne Bound; Joint and Several Liability; Captione. The covenants and agteements Aeiein contsined ahall t~ind, and the righte hereunder shall inure to, the respective successors nnd aasigns of I.ender and Rorrower, aubject to the provisions of ;~:?ragraph 1 i here~f_ All covenants and agreements of Borrow•er shall be joint and aeveral. The captiona and headinga of the paragraphs of this Mortgage are for covenience only and are not to be uaed to interpret or define the proviaione hereof. 1-1. Notice. Except for any notice required under applicable law tu t?e Kiven in anoth ~r manner.la? any notice to Borruwer provided for in ~ ti is Morigage shall he given by mailing such notice by certified mail addressed to Borrower at the Praperty Address or at euch other addreea as Fiurrower may deaignate by noticY to l.ender as provided herein, and (b) any notice to Lende: ahall be given by certified mail, return receipt r~ uested, to Lendei a address siatrd herein or to such other addresa as l.ender may designate by notice to Borrower ax provided herein. Any n„tice provided for in thia Mortgage shall be deemed to have been given to Borrodver or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Se~ erability. Thia form of mortgage combines uniform covenanta for national uee and non- uniform covenante with limited variations b~• jurisdiction to constitute a uniform security instrument covering real properfy. This Mortgage ~hall be ~ovemed by the law of the jurisdiction in w•hich the Property is locatcd. In the evrnt that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not af~ect other provisions of this Murtgage or the Note which can be given effect ithout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16_ Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note ar.d of this Mortgage at the time of execution or after ~ recordation hereof. k 17_'Itiranafer of the Property; Aseumption. If aU or any part of the f'roperty or an interest therein is sold or traneferred by Borrower i ti~ w•ithout I.ender'r- prior written conaent, exduding Ial the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase cnoney eecurity intereet for houaehold appliances, Ic) a transfez by devise, descent or by operation of law upon the death of a joint ~K,~ tenant or (d) the grant of any leasehold intereat of three years or less not containing an option tn purchase, Lender may, at I.endei s option, 7' declare all the sums aecurea by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior ~ , a~ the sale or transfer, [.ender and the person to whom the Properly is to be sold or transferred reach agreement in writing that the credit of such f ~~c•rson is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as L.ender ahall ~ rt,~uest. If Lender has waived the option to accelerate provided in this paragraph 17, and if E3onower's succeasor in interest has executed a ~ w ritten asaumption agreement accepted in writing by [.ender, Lendershall release Bonower from all obliRation$underthis Mortgageand the ! \~~te. ~ If Lender exercises such opiion to accelerate. ~.Pnder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ ~uch notice shall provide a period of not less than :~0 days from the date the notice is rr.ailed within w•hich Borrovver may pay the sums declazed ~'•ue. If Borrower fails to pay such sums prior to the expiration of such peric~d. Lender may, without further notice or demand on Iiorrower, ~ ir:~•oke any remedies permitted b}• paraRraoh 1R hereof. P £ 18. Acceleration: Remedies. Except as provided in paragraph 17 hereof, u;~on Borrower's breach of any covenant or ~ aRreement of B~nower in thia Mortgage, including the covenanta to pay when due any eums secured by this Mortgage. Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying:ll) the breach; (2) the ection required to cure auch breach; (3) a date. not lese than 30 daye from the date the notice is mailed to Borrower, by which euch ~ hreach muet be cured; and (4) that failure to cure such breach on or before the date epeci6ed in the notice may reault in * ticceleration of the aums secured by this Mortgage. forecloaure by judicial proceeding and eale ofthe Property. The notice shall ~ fu rther intorm Borrower of the right to reinstate after acceleretion and the right to aseert in the forecloeure prceeeding the ~ non-e:iatence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ hefore the date epecified in the notice, Lender at Lender's option may declare all of the eume secured by this Mortgage to be z i mmediately due and payable a•ithout further demand and may foreclose this Mortgage by judicial proceedina. Lender shall be _ t~ntitled to collect in such proceeding all expenaes of foreclosure, includinq, but not limited to, reasonable attorney's [ees. and c~~sts of documentary evidence, abstracts and title reports. " 19. Borrower's Right to Reinstate. NotwithstandinR [,ender's acceleration of the sums secured by this Mortgage, &~rrower shall have ~ 3 ~ he right to have any pruceedings begun by I,ender to enforce thia biort~age discontinued at any time prior to entry of a judgment enforcing ~his l~iortgage if: (al Borrower pays [.ender all suma which would be then due under this Mortgage, the Note and notes aecuring Future :+dvances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenants or sgreements of Borrower cuntuined in chis Mortgage; (cl E3orrower pays all reasonable expenses incuned by I.ender in enforcing the covenanta and agreementa of E3onower ~ runtained in this Mortqaqe and in enforcing Lender's remedies as pro~:ded in paragraph 18 hereof, including, but not limited to, reasonable ~ i ttorney's fees: and Id? E3orrower takes such action as Ixnder may reasonably require to asaure that the lien of this 1~Sortqage, Lender'e intereet " ~ r, the Propert3• and Borrower's obligation to pay the aums aecured by this Mortgage shall continue unimpaired. Upon auch payment and cure k~~• E3orrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurnd. _ 'l0. Aseignment of Rents; Appointment of Receiver. As additional aecurity hereunder, BorroweT hereby assigns to Lender the rents ~ f the Property, provided that E3orrower ahall, prior to acceleration under paragraph :8 hereof or abandonment of the Property, have the right _ collect and retain such rnnts as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a - ,~~urt to enter upon, take poaseasion of and manage the Yroperty and to collect the renta of the Property, including thoee past due. All renta ~~~~ilected by the receiver shall be applied firat to payment of the costa of management of the Pmperty and collection of renta, including, but not ~ I:mitrd to, receiver's teea, premiume on receiver's bonda and reasonable attomey's feea, and then to the auma secured by this Mortgage. The receiver shall be liable to account only for those renta actually received. ! f t ~r 411 ~~~E 993 ~ _ : - ~ ~ .