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HomeMy WebLinkAbout0966 . ~ ~ , t ~ , 1~ ,j ~ 8. In~pection. Lender may make or cauae to be a?ade reaw~ble eatrie~ upon uid inapectiona of Lhe proparty~ provided that Lead~r shsll give Borswver ootice Drior to any ~uch uupec~tion sPeeifyiat rea~onsble caus~ thecefor rel~ted to I.end~t'~ intere~t in We Prop~rty. ' 9. Cw~demnadon.'I4~e prooeeds oi any aw~ezd or claim for d~mage~„ dierct o~ oon~equentiai. in oonnection with aay oo~ndemaation or other talrinQ of the pmpert,y. or part thereot. or for conveyanas in lien of o~ndeinnation, ase hereby s~ned and shall bs pwid to I.endar. In the event of a total taking of the Property. the prooeeds ahsll be applied to We sums ~ecured by this Mort~a~e, ~rith the esoer. ii sny. ~ paid to Borrower. In the eveat of a partial taking of We Property. unleas Borrower e?nd I.ender otheiwiae agree in writit~~ Were shall be applied to the eum~ secured by ~hi,s Mort~age sueh proportion of the proceeda aa is equal to Wat proportion which We amount o! the ~ums aecured by this Mortgage immediately prior to the date of taking bea» to the fair market value of the Property immediately prior Lo the date of taking. wit!? the baliuia~ o! the pmceeds paid to $orrower. If the Property is abandoned by Botrower. or ii, after aotice by Lender to Bormw+er that the o~ndemnot od'en to make aa award or ~ettle a cl aicn for damages. Bormwer fails to napond to Lender within 30 deys aRer the date such notioe is mailed. Lendet i~ authotir~ed to coUect and apply the pmoeeda, at Lend~'s option. either to testoration or repair of the property or to the sums secured by this Mortgege. Unless Lender and Borrower otherwise agtee in writin8. anY such application of proceeds to principal shaU not ~Lend or postpone the due date of the monthly installmenta referted to in paragraphs 1 and 2 hereaf or change the amouat of euch insteUments. 10. Borrnwer Not Released. Exteneion of the time for paym~nt or modification of amortization of the aums ~cured by Lhie Mortgage ~ranted by Lender to any euccessor in interest of Borrower ahall not operate to release, in any manner, the iiability of the original Borrower a nd Borrower'e succeasora in interee~ Lender shall not be required to commence proceedinge againat euch succeasor or refuee to e:tend time fur payment or otherwise modify amortization of the suma secured by thie Mortgage hy rnason of any demand made by the origine! Borrowez and Borrower's succesaore in intereet. 11: Forbearanee by Lender Not a Waiver. My forbearance by Lender in eaercising any right or remedy hereunder, or otherwiee a fforded by applicable Iaw, ahall not be a waiver of or preclude the ezerciee of any euch rytht or remedy. The prxurement of ineuranoe or the payment of tazes or other liena or chargee bjr Lender shall not be a waiver of Lender e right to aocelerate the maturity of the iadebtedneae aecured by this Mortgage. 12 Remediea Cnmulative. All remediee provided in thia Mortgage are dietinct and cumclative b any other righ! os remedy undez f.his Mortrage or aPforded by law or equity, and enay be ezerciee+i aoncurrenUy, independently or euccessively. 13. Sucoessors and Aesigna Bound; Joint and Several Liability; Captioae. The covenanta and agreemente herein contained ehall bind, and the rights he~under shall inure to, the re8pective succeaeore and aasigna of Lender and Bormwer, eubject to the provieione of pa ragraph I7 hereof. All covenanta and agreements of Borrower ehall be joint and eeyeral. The captions and headings of the paragraphe of this Mortgage are for covenience only and are not to be uaed to interpret or define the provisione hereof. 14. Notice. Except for any notice required under applicable law to be given in anothar manner, (a) any notice to Borrower pzovided for in t hi a Mortgage shall be given by mailing auch notice by certified mail addreaeed to Borrower at t~e Froperty Addreea or at such other addreee ea Borrower may designate by notice to Lender se provided herein, and (b) any notice to Lender ahall be given by certified meil, return reoeipt requested, to I.ender's addrees atated herein or to euch other addreea aa Lender may deaignate by notioc to Borrower an provided herein. Any notice provided for in ihia Mortgage shall be deemed to have been given to Borrorver oz Lender when given in the manner designated herein. 15. Unitorn~ Martgage; Governing I.aw; Severability. This form of morlgage combinea uniform covenanta for national uee snd noa- uniform covenanta with limited variationa by jurisdiction to oonstitute a uniform security inatrun~ent covering teal property. Thia Mortgage sh ali be go~erned by the law of the jurisdiction in which the Property ia located. ln the event that any provinion or clause of this Mortgage or the Note conflicte with aprlicable law, such conflect ahall not affect other proviaiona of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the proviaions of the Mortgage ~nd the Note are declar~d to be aeverable. 16. Borrower's Copy. Borrower ehall be furnished a conforzned oopy of the Note and of thia Mortgage at the time of ezecution or after recardation hereof. ~ 17. Trensfer of the Pr+operty; Aseumptioa. If all or any part of the Property or an intereat therein is eold or transferred by Borrower ' wzthout Lende*'a prior written consent, excluding (a) the creation of a lien or encumbrance eubordinaLe to this Mortgage, (b) the creation of a y~ ;.purchase woney eecurity inLereet for houaehold appliances, (c) a transfer by deviee. deecent or by operation oE law npon the death of a joint tenant or (d) the grant of any leaeehotd intereet of three years or leae not containing aa option to purchase. Lender may, at I.ender's option, , declare all the aume securea by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to aocelerate if. prior ' to the sale or transfer, Lender and the person W whom the Property is to be eold or tranaferred reach agreement in writing that the credit of such ~~eraon ia satiafactory to Lender and that the interest payable on the sums aecured by this Mortgage shall be at auch rste as Lender ehall ' request. If Lender has waived the option to accelerate provided in lhie paragraph 17, and if Borrower's anccessor in interest hae executed a ~-ri tten assumption agreement accepted in writing by Lender, Lender shall relea$e Borrower from ail obligations under thia Mortgage and the ti ote. If Lender ezercisea auch option to accelerate, Lender ahaU mail Borrower notice of aoeeleration in accordance with parsgraph 14 hereo~ Such notice shall provide a period of not less than 30 daya fiom the date the notice ia c~siled within which Borrower may pay the auma declared due. If Borrower fails to pay euch suma prior to the expiration of such period, Lender may, without further notice or demand on Iiorrower, ~nvoke any remediea permitted by paragraoh 18 hereof. 18. Aeceleration; Remediee. E:cept as provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or agreement of Borrower in thie Mortgage, including the covenanta to pay when due any sume eecured by this Martgage, Lender pr ior to aoceleration ehall mail notice to Borrower as provided in paragrap614 hereof speeifying: (1) the breach; (2) the actioa required to cure such breach; (3) a date. not lese than 30 da,ye from the date the notice ie mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ahall further inform Borrower of t6e rig6t to reinstate after acoeleratioa and the right to aasert in t6e foreclosure proceeding the non-e:istence of a default or eny other defenee of Borrower to acceleration and forecloeure. If the breacb ie not cured on oc before the date epecified in the notice, Lender at Lender'e option may declare all of the eume secured by thia Mortgage to be immediately due and payable without further demand and may forecloee this Mortgege by Judicial proceeding. Lender ahall be entitled to collect in such aroceeding aii ezpenses of foreclosure. inclading. but not limited to, reasonable attorney's feea. and coata of documentary evidence, abatracts and title reporta. 19. Borrower's Right to Reinatate. Notwithatanding Lender's acceleration of the eums eecured by this Mortgage, Borrower ahall have the right to have any prooeedings begun by Lender to enforce thia Mortgage diecontinued at any tiroe prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paye Lender all auma whict~ would be then due under this Mortgege, the Note and notee securing Future Advances, if any, had no acceleration occurred; (b) Borrower curea aU breachee of any other covenante or agreementa of Borrower contained in this Mortgage; (c) $orrower pays all reaaonable expeneea incurred by Lender in enforcing the covenanta and agreements of $orrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeoneble attorney'e fees; and (d) Borrower takes such action as Lender may reasonably reqnire to ~aeure that the lien of this Mortgage, I.ender'a interest in the Property and Borrowei s obligation to pay the aums eecured by this Mortgage shall continue unimpaired. Upon euch payment and care by Borrower, this Mortgage and the obligatione eecured hereby ahali remain in full force and effect as if no acceleration had occurred. 20. Aeeignment of Renta; Appointment of Aeceiver. As additional eec~rity hereunder, 8orrower hereby a8aigne to Lender the rents of !he 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 acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receivec appointed by a court to enter.upon, take poeeession of and manage the Property and to ooilect the rents of the Property, including thoee paat due. All renta coAected by the receiver ahall be applied firat to payment of the ooate of management of the Property and oollection of rente, including, but not limited to, receiver'a fees, premiuma on receiver's bonds and reaaonable attorney e feee, and then to the aums eecured by this Morigage. The receiver shall be liable to acoount only for those rnnte actually received. 414 P~ ~ 966 _ _ _ . . u