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HomeMy WebLinkAbout0973 . i • . , ~ ~ . 8. Iaspection. I.ender may mske os cawe to be made reawaable en~ie~ upon and inspections of the prope~ty, provided that Lsndez shall give Bormwer notioe prior to aay such uupection ~pcei(ring reswnabk cau~e thsrefa~ related to Lender'~ intered in th~ Properb?. 9. Condemnadon.'tLe p~oosed~ oi any a~rard or claim fos dama~e~. dir~ct or co~ueVuential. ia oonaectioR with a~Y oo~?demnaaon or , other takin~ ot the properfy. or Part thareoi. or for conveyaace ia lieu of oondeinnatioA, are herebY wi~ned aad ~heU be paid b Leadar: In the event of e total tal~in~ of the Property. the proceed~ shaU be applied to the ~um~ ~ecured by thi~ Mort~+~0. with the ~oea, if any, z paid to Borrower. In the event of a partisl tating of the Property. unlees Burrower and Lead~ othenvi~e agree in writina, there ~haU be _ applied to the sums secured by thi~ Moztgage such proportion of the proceed. aa ia equal to that proportion which the amount of the eums aecured by thie MortgaQe immediat,ely prior to the date of taking bears to the fair market value of the Property immediat~y prior to the date of • caking. with the balnnoa of the proceeda paid to Bonower. : If the Propaty is abaadoned by Borrower. or if. alter notice by Lender to Botrower thet the oond~nnor offers to make an a~vard or ~ettle a ' claun for damage~, Borrower fails to respond to Lender wi Win 30 days after the date such notioe ie mailed, Lender is authorirea to oollect sad x apply the prooeeds. at Lender's option. either tio restoration or r.~pair of the property or to the suma secured by this Morfgege. Unlese Lender and Borrower otherwiee agree in writing. anY such applicetion of proceeds to principal ahall not atend or pwtpone the due date of the monthly insLellments referred to ia paragraphs 1 and 2 hereof or change the amount of such uutallments. ~ 10. Borrower Not Relea~cd. E:teneion of the time for paym~nt or modification of amortisation of the suma secured by this Mortgage ti•ranted by Lender to any aucceseor in interest of Borrower ahall not operate to rnletiee, in any manner, the liability of the original Borrower a nd Borrower'e succeeeore in interea~ I.endes shall not be required to commence pra.~eedings againat such aucceseor or refuse to estend time for payment or otherwise modify amortization of the auma secured by thie Mortgage by reason of any demand made by the original Borrow~ and Borrowei s succeesora in interest. - I 1. Forbearanoe by Lender Not d VNaivei. Any forbearance by I.ender in e:ercieing any right or remedy hereunder. or othe:wiee a fforded by applicable law, shall not be a waiver of or pnclude the e:erciee of any euch riEtht or remedy. The procurement of insurance or the payment of tazes or other liene or chargee by Lender shaU not be a waiver of Lendei s right to socelerate the mah?rity of the indebtedneae secund by this Mortgage. 12 Remediea Camulative. All remedi~ ptovided in this Mortgage are diatinct und cumalative to any other right or remedy under thia blortrage or afforded by law or equity, and !nay be ezerciae~l aoncurrendy, independently or aucoeseively. ~ 13. Sacceseore and Aeeigne Bound; Joint and Several Liability; Captione. Tfie oovenants end agreements herein rnntained shall bind, and the righta hereunder ahall inure to, the reapective succeeeors and aesigns of Lender and Borrower, aubject to the provieions of paragraph 17 hereof. All covenants and agreementa of Borrawer ehali be joint and eeveral. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the pmviaions hereof. ; 14, Notice. E:cept for any notice required under applicable law W be given in anoth~r manner, (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing auch notice by certified mail addreased ta Borrower at the Piroperty Address or at euch other addrese as Borrower may deeignate by notice to Lender ae provided herein, and (b) any notice to Lender ahall be given by certified mail, nturn receipt ' requeat~ed, to Lender'e addreas stated herein or to euch other addreea as L.ender may deeignate by aotice to Borrower aa provided herein. My ~ notice provided for in thie Mortgage ehall be deemed to have been given to Borrovuer or Lender when given in the manner deeignated herein. 15. Uaiform Mortgage; Governiag I.aw; 3everability. This form of mortgage combinea uniform oovenants for national uee and non- uniform covenante with limited variations by juriediction to oonetitute a uniform eecurity inatrument oovering real property. Thie Mortgage r sh all be governed by the law of the juriadiction in which the Property ie located. In the event that any pmvu+ion or clauee of this I?tortgage or the Note conflicts with applicable Iaw, such contlict shall not af~ect other proviaiona of thia Mortgage or the Note which can be given effect without the oonflicting provision, and to thia end theprovisione of the Mortgage and the Note are declared to be eeverable. 16. Borrower'r Copy. Borrower ehall be fumished e rnnformed oonv of the Note and of this Mortgage at the time of execution or after recordation heteof. F 1?. 'I~anefer of the Property; Aeaumptioa. If all or any part of the Property or an interest therein ie eold or traneferred by Borrower ~ without I.endei E prior written coasent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a Y purchaee money eecarity intereat for houeehold appliancee. (c) a tranefer by deviae, dc~cent or by operation of law upoa the desth of a joint tenant or (d) the grant of any leaeehold intereet of three years or leea not oontaining an option to pnrchaee, Lender may, at L~nde~s option. declare all the sums aecured by this Mortgage to be immediately due and paysble. Lender ahall have waived euch option to acoelerate if. prior ±o the sale or transfer, Lender and the person to whom the Property is to be sold or traneferred reach agreement in writing that the credit of such ' person is satiafactory to I.ender and that the intereat payable on the auma secured by this Mortgage ahall be at such ratc se l.ender ehall ~ requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a succeesor in inten~t hae rz~ecuted a wTitten assamption agreement accepted in writing by Lender, Lender shall release Borrower from al1 obligationa under this Mortga~a and ihe ~ ti ote. " ' I f Lender e~ercises such option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereot i 5uch notice ahall provide a period of not less than 30 days from the date the notice is ~r,ailed within which Borrower may pay the auma declared ; due. If Borrower faila to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower'e breach of aay oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenants to pay when due any eums aecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as prnvided in paragrap614 hereof epecifying: (1) the breach; (2) the action ~ required to cnre euch breach; (3) a date, not leee than 30 daye from the date the notice ie mailed to Borrower, by which auc6 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 sume secured by this Mortgage. forecloeure by judiciel proceeding and sale of the Property. The notice ehall turther inform Borrower of t6e right to reinatate eRer acceleration and the right to assert in the forecloeure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and forecloaure. If the breac6 ie not cured on or ~ ~ before the date specified in the notice. Lender at Lender'e option may declare all of the sums eecured by thie Mortgage to be immediately due and payable without further demand and may forecloee this Mortgageby judicial proceeding. Lender ehall be ~ entitled to oollect in such proceeding all e:pensea of foreclosure, including, but not limited to, reeaonable attorney's feee, and ~ coste of documentary evidence, abatrecta and title reporte. 19. Borrower'e Right to Reinstate. Notwithatanding Lendei s acceleration of the aume eecured by thia Moitgage, Borrower ahall have ~ che right to have any proceedinge begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ s, thia Mortgage if: (a) Borrower pays Lender all aume which would be then due under this Mortgage. the Note and notes eecuring ture Advancee, if any, had no acceleration occurred; (b) Borrower cnrea all breaches of any other covenants or agreementa of Borrower rnntained in thia Mortgage; (c) Borrower pays all reseonable expensea incurred by Lender in enforcing the covenanta and sgreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bnt not limited to, reasonabl~? ~ attomey's feee; and (d) Borrower takes such artion as Lender may reaaonably require to eaeure that the lien of thie Mortgage, Lender'e intereet s_. E in the Property and Borrower a obligation to pay the suma eec~red by thia Mortgage ehall continue unimpaired. Upon such payment an cure ~ by Borrower, this Mnrtgage and the obligationa eecured hereby ehall remain in full force and effect ae if no aoceleration had occarred. ~ 20. Asaignment of Rente; Appointment of Receiver. Ae additional8ecurity hereunder, Borrower hereby seaigne to Lender fhe renta ~ of the Property, provided that Borrower ahall, priur to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a reoeiver appointed by a court to enter~upon, talce posaeaeion of and manege the Property and to collect the rents of the Property, including thoee past due. All rente ~ collected by the receiver ahall be applied first to payment of the ooata of management of the Property ~nd oollection of rente, including, but not ~ limited to, n~oeiver'e feea, premiume on receiver'8 bonds and reasonable atbrney'e feea, and then to the euma eecured by this Mortgage. The rece~ver ehall be liable tu acoount only for thoae rente actually received. . ~ ~ ~ ~14 r~ 97~ ~ - - r~:~~ ~ ~ _