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HomeMy WebLinkAbout0985 ~ ~ t ~ , x ' r. 8. inspsetion. Lender m~y make or cawe to be made re~wnabk eatrie~ npon aad iaspectioaa otthe property, provided that I.ender ~hsU give Borro~rer aotioe prior to aay wch i~spection sperifj~in~ e~eewneble cwws therator related to Leader'~ intee~t in the Ptoperty. 8. Condemnation.'lUe proossd~ of any aaard o: e4im fo: damaQe~. direct o~ rnn~squential. in oonaectioa wiW aay oondemnation or other takin~ of the property. o: part thersof. or for oonveyanas ia Gen of oondemnaaion. ara hareby arsi~aed and ~haU be paid to Lender. In the eveat of a ~otsl takin~ of the PropedY. the prooeed~ shaU be applied Lo the ~um~ secured by this Mort~a~e, ~vith the ea~ce~s, if eay. 4 paid to Borrower. Ia the eveat of a partial talrin~ of We Prope:ty. unless Borro~ver aad Lend~ otherwise agree in .vritin~, there ahaU be applied W the sums secured by tbi~ Mot~ga~e ~uch propostion of the prooeeda as ia equal ta that proportion which the amouat ot the suaas eecured by this Mortgage immediately prior to the date of talung bean b tha fair market value of the Property immediate~jr pruor to the dateof taking, v?iW the balaua3 of the prooeeds paid to Borrow~er. If the Property is abandoned by Bosrowror. or if, aRer notioe by Lender to Borrower that the oonde~nnor offer~ to mel~e an awerd or settk a claim for damages. Borrower faib to respond to L~der within 30 days at~er the date snch notioe ie mailed. l.ender is authorised to oollect and apply the prooeeds, at Lender's option. ~thez to restoration or repair of the pmperty or to the sums secured by this Mortgage. Unless I.ender and Borrow~ otherwise agree in writiag, any such apglication of proceeds to principal ahall not eztend or postpone the due date of the monthly inetallmente nferred to in paragraphs 1 and 2 hereof or change the amount of auch inetaUments. 10. Borrower Not Releaaed. E:teneion of the time for paymant or modification of amortization of the aume eecured by this Mortgege granted by I.ender to any aucceesor in intereet of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower e succcssors in interest Lender shall not be required to commence procee~ciings againat euch aucceseor or refuse to e:tend time t for payment or otherwise modify amortization of the suma eec~red by this Mortgage by reaeon of any demand made by !he original Borrower ` and Borrower's succeseors in interest. 11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender in exercieing any right or remedy h~reunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the ezerciee of any auch right or remedy. The procurement of ineurance or the payment of t~ee or other liens or chargee by I.ender ehall not be a waiver of Lender's right to accelerate the maturity of the indebtednese aecured by this Mortgage. 12 Remediee Gtimulative. All remediee pmvided in thia Mortgage are distinct and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be e~erciee~i ooncurrently, independently or eucceeeively. 13. 3noceaeors end Aseigns Bouad: Joiat and 3everal Liability; Captione. The rnvenanta and agreemente herein. oontained ahall bind, and the tighta hereunder ahall inure to, the reepective succeseore and seeigne of Lender and Borrower, eubject to the proviaione of paragraph 17 hereof. AU covenanta and agreements of Borrower ehall be joint and eeveral. The captione and headings of the paragraphe of this Mortgage are for covenience only and ar~ not to be nsed to interpret or define the pmvisions hereof. 14_ Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ehall be given by mailing euch notice by certified mail addreseed to Borrower at the Property Addresa or at auch other addrees as Borrower may deaignate by notice to Lender aa provided herein, and (b) any notice to Lender ahall be given by certified mail. return receipt requeated, to Lender's addrees etsted herein or to auch other addreea aa L.ender may designate by notice to Borrower as provided herein. My notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated hereia. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combinea uniform oavenants for national uee and non- uniform covenanta with limited variationa by jurisdiction to oonatitute a uniform eecurity inetn~ment covering real property. This Mortgage ~hall be govemed by the law of the juriediction in which the Property ia located. In the event that any provu+ion or clauee of this Mortgage or the Note conflicta with applicable law, euch contlict ahall not af~'ect other proviaione of this Mortgage or the Note which can be given effect without the canfticting proviaion, and to thie end the pmviaiona of the Mortgage and the Note are decland to be severable. 16. Borrower'e Copy. Borrower shall be furniahed a oonformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. ~ • 17. 'l~ansfer of the Property; Asawnption. If all or any part of the Property or an interest therein is aold or traneferred by Borrower wzthout Lender'e prior written coneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchaee money aecurity interest for houaehold applianoea. (c) a transfer by deviee, deecent or by operation of law upon the death of a joint ? tenant or (d) the grant of any leaeehold intereat of three yeara or lese not oontaining an option to purchaee, Lender may, at Lender'a option, . 1 declare all the auma eecurea by thie Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if. prior ~ to the sale or tranefer, Lender and the person to whom the Property ie to be eold or transfernd reach agreement in writing that the credit of euch peraon is satiafactory to I.ender and that the intereet payable on the auma secured by this Mortgage ahall be at such rate as Lender ahall ~ request. If Lender haa waived the option to accelerate provided in thia paragraph 1?. and if Rorrower's eucceesor in interest has ezecated a ; w~ritten aseumption agreement accepted in writing by L.ender, L.ender ehall celeaee Borrower from all obligatione under thia Mortgage and the ; Note. ~ If Lender exercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. p Such notice ehall provide a period of not leas than 30 daya from the date the notice ia mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such auma prior to the eapiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Ezcept ae provided in patagraph 17 hereof. upon Borrower'e breach of aqy oovenant or ~ agreemgnt of Borrower in thia Mortgage. including the oovenante to pay when due any sume eecured by this Mortgage, Lender prior to aoceleration ahaH mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action required to cure such breach; (3) a date, not lese than 30 daye from the date the notlce is mailed to Borrower, by which snch breach muet be cured; and (4) that failure to cure euch breach on or before t6e date epecified in the notice may reeult in acceleration of the eume eecured by this Mortgage, forecloeure by judicial proceeding and eale of the Property. The notice ehall further infonu Borrower of the right to reinetate aRer acceleration and t6e right to aseert in the foreclosure proceeding the non•ezistence of a default or any other defense of Borrower to aoceleration and foreclosure. If the breach ie not cured on or before the date apecified in the notice. Lender at Lender'e option may declare all of the sume secured by this Mortgage to be - immediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender shall be entitled to oollect in such proceeding all ezpensee of foreclosure, including, but not limited to. reaeonable attorney's feee, and coste of documentary evidence, abstracts and title reporte. . 19. Borrower'e Bight to Reinetate. Notwithatanding Lender s acceleration of the suma eecured by thie Mortgage, Borrower shall have the right to have any pmceedinge beg~n by Lender to enforoe this Mortgage diecontinued at any time prior to entry of e judgment enforcing ~ thie Mortgage if: (s) Borrower paya Lender all eume which would be then due under this Mortgage, the Note and notee eecuring ~ture ~ Advancee, if any, had no acceleration occ~rred; (b) Borrower cures all breachee of any other oovenants or egreementa of Borrower contained in ~ thie Mortgage; (c) Borrower paya all reaaonable ~penees incurred by Lender in enfotring the oovenants and agreements of Borrower contained in thie Mortgage and in enforcing Leader's r~nedies ea provided in paragraph 18 hereof. including, but not limited to. reasoaable ~ attorney's fcee; and (d) Borrower takea auch action as Lender may reasonably require to asaure that the lien of ihie Mortgage, Lender'e intereat i in the Property and Borrower's obligation to pay the sume eecured by this Mortgage ahall oontinue ununpaired. Upon euch payment and cure ! by Borrower, thie Mortgage and the obligatioaa secured hereby shall remain in full fon~e and effect aa if no aoceleratioa hed oc~cnrred. ~ 20. Assignment of Rents; Appointment of Iteoeiver. As additionel security hereander. Borrower hereby seaigns to Lender the rents of the Property, provided that Borrower shall. prior to aoceleretion under paragraph 18 hereof or abandonment of the Property, have the right ~ to colleet and retain such rents as they become due and payable. ~ Upon aooeleration under paragraph 18 hereof or abandonmeat of the Property. Lender shall be entided to have a receiver appointed by a ~ court to entera~pon, take posaession of and manage the Property end to oollect the rents of the Property. including thoee pasf due. All rente collected by the receiver ahall be applied first to payment of the ooste of management of the Property and oollection of rents, including, bnt not limited to, receiver's fees, premiuma on n~oeiver'e bonds and reasonable attomey'e fcea, and then to the snms secnred by this Mortgage. The receiver shall be liable to aooount only for those rents actually received. ~ ~ 418 P~~E 985 ~ ~ ~ . _ ~ ~ ~ . ~ - - _ ~