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HomeMy WebLinkAbout0886 8. iasp~ctioa. l.ender u~ay iuakc or cause to !~c ~i~~de reusonable entri~~a u~wn uncl ins~~ections oi the Pmp- erty, provided that Lender shall give Borrower ~wtice p~ior to nny such ins~?ection ,pecifying reasonable cause tharefor related to Lender's intcrest in the Pmperty. 8. Cond~naaation. The proceede ot nny nwarcl or claim tor damages, direct or consequentiat, in connection with any condemnation or other takiag of the Property, or ~~art tl~ereo(. or for canveyance in lieu of condemna- tion, sre hereby assigned and shall be paid to I.ender. - . In the event of a total taking of the Property, the ~~roc~~~ ~I~AU i~e a~?Piied co the ~ums Securea by this Mort- ; gage, with the excesa, it any, ~~aid to Borrower. In the event o[ n partial taking of the Property, unless Borrower ~ and Lender utherwise agree in ~vritin~, there shall I,e appiieci to the Q~a».~ seeurecl by this \torigage sueh propor- ~ tion of the proceeds as is equal to that proportion whicl~ ti~c o~nount o( thc sums secured by this Mortgage imme• ~ diately prior to the date of taking hears to t1?e fair marl:et• vah~c of thc Yropert,y immc~iately prior to thc date of } taking, with the balence of the proceeds paid to Borrower. ~ If tbe Property is abandoned by Borrower or it ntter noticc I~y I.ender to Borro~ver ti~at the condemnor oRers to make an award or settle a ctaim for damages, Borrower fails to respond to I.ender within 30 days oi the date ~ of such notice, I.ender is authori:ed to collect, and apply the ~~rocceds at I,ender's option eitl~er to restoration or ~ repair of the Property or to the Qums securect by this ~tortgage. j Untess Lender and Borrower otherwise agree in tvriting. any such application of proceeds to principal shall s not extend or nostpone the due date of the monthly instxllments referrecl to in ~~aragraphs l and 2 hereof or ~ change the amount of sueh installments. 10. Borro~ver Not R~l~d. bctension of the tinie for ~~ayment or modifecation of amortiaation of the sums ~ secur~d by this Mortgage granted bv Y.ender to any succes~or in interest. of Borrower shal! not operate to release, in any ~nanner, the tiabitity of the originAl Bornower and Borrower's successors in interest. I.ender shall not be required to commence proceediags ngainst sucl~ successor or refuse to extend time for payment or otherwise modify ~morti~ation of the sums secured by this ~iortgagc b,y reason of any demand made by the original Borrower and f Borrower's successors in interest. 11, Forb~aaa~ace by Lender Not a Waiver. A~~y forbearance by I.ender in exercising any right or remedy hereunder, or otherwise afforded by applicabte law, shati not i~c ~~~aiver of or preclude the exercise of any right or remedy hereunder. The procurement of insurance or tl~c payntent. of tnxes or other liens or charges by T.ender ; shait not be a waiver of Lender's right to accelernte t.he maturity of the indebtedness secured by this Mortgage. ' 12. 8emedira Cumulative. All remedies provideci in this ~Tortgage are distinct and cumulative to any other ~ right or rEmedy under this i~ortgage or af~ordeci by la~v or eryuity, and may be exercised concurrently, independ- ently or succes.sively. ~ 13. Successora mid Assigns Bouad: Joint cmd Several Liability; Captions. The co~~enants and agreements herein contained shall bind, :?nd fhe rights 1~ereunder shaii inure to, t~~e respective succzssors and assigns of Lender ; and Borro~ver, subject to the provisions oi ~~nragraph 17 hereof. ~ll covenantc and agteements of Borrower shali be joint and several. The captions snd l~eadings of the ~~ara~raph~ of this \tortgage are for convenience only and are not to be used to interpret or define the ~~mvisions hereof. 14. Notice. Any notice fo Borrower provided for in thic ~Iortgage shall be given by mailing such notice by ~ certified inail .~ddressed to Borro~ver at the Pmperty ~ddress stated f~elo«, except for am~ not~ice required under ~ ~~aragraph 18 hereof to f~e given to Borrower in the manncr prescribeci bti• applicable lacti•. Any notice provided j for in this ~iortgage shal! l~e deemeci to have been given to Borrow er hen Qiven in tl~e manner designateci herein. ~ 25. IInifosm Mortgage; Governiag La~v; Severarbiiity. This forni of mortgage combines uniform co~~enants for national use and non-uniform covenants witl~ limiteti variations I~~~ jurisdiction to constitute a uniform secu- ~ rity instrument covering real property. This \Zortgage shull be governed b~• the lan of thc jurisdiction in which ~ the Pmperty is located. In the event that any provision or clause oi this Mortgage or the Note conflicts with € applicable law, sucl~ conflict shall nof, aftect other pmvisians of this ~io~tgage or the Note which can be given i effect without tl~e conflicting rrovision, and to this end the pmt•isions of tl~e ~iortgagc and the Note ate deelared , to be severable. 16. Bo:rower's Copy. Borrower shutl be furnisl~ed a conforn~ed capy of this \Iortgage at the time of execu- ; tion or after recorrlation l~ereof. ~ 17. ?ransfer of the Property; Aseumption. If all or any ~~Art of the Property or au interest therein is sold ~ or trsnsferred by Borro~ver ~vithout Lender'c prior «ritten consent, excfuding (al the creation of a lien or encum- brance subordinaEe to this \tortgage, (bl the creution of a purcliase mone~~ securit~• i?~terest for household appli- xnces, (c) ~ transfer i~y devise, clescent or hy o~~eration of lair u+~on tlic ~leath of a joint tenant or ld) the grsnt of ' any leasehold intcrest of three ycars or les~ not containing an option to purchasc, I.endcr may. at Lender's option, ~ ! deetare all the sums secured by this ~iortgage to lie im~neciiately due and l~ayable. I.encier shall have ~vaived sueh ~ option to nccelerate if. prior to the sale or transfer, Lender and the ~~e~son fo ~vhom the Property is to be sold or : transferred reacli agreement in ~vriting tl~at the creciit of such ~~erson is satisfactory to I.ender and that the interest ' payabte on the suins secured by this \iortgage shall l~e at sucl~ ratc a.~ 1,ender shall request. If I,ender l~as waived the option to aiccelerate ~~rovidetl in this paragraph 17 and if Borto~ver's successor in interest l~as executed a writ- ten assun~ption agreement sccepted in writing by I,ender, I.cncier sliall release Borro~~er from all obligations under this vlortgage and the Note. If I.ender exercises suci~ o~,tion to accelerate. I.ender shait ~?iail Borro~ver ~iotice of acceieration in accordance ~ ~~•ith ~?nragrnph 14 hercof. Such notice shaN nro~-idc ~t j?eria! of not le.~ than 30 day~ from the date the notice is # msiled «•ithin w•liici~ Bonower t~~a~~ pay tl2e sums declarecl ~luc. If Borro«er fails to pay such sum~ prior to the ; expiration of such ~~erial, I.ender may, ~rithout further noticc or ~leu~an~l on Aorrower, invoke any remedies per- r mitted by paragraph 18 hereof. i ~ . ~ \ox-liviFaR~ (,'ov~x,~~~. Korrouer ~u~d Lender fin•tl~er co~•~nant and agree as tollo~~-s: ~ 18, Acceleration; Remedies. I~;xcept ~s ~,m~~i{le~l in ~?ar:i~ra~~l? 17 hereot. uJion Rorro~~•er'• breacli of an~ ~ co~•enant or agrecment of BorroW er in tLi~ ~Iortgage, includinK thc co~•enants to pa~ ~rl~en due an~ sums secured i Ly this ~lortgage, 1,ender Iirior to acceleration shall ~nail noticc to Borrower as ~~ro~•ided in paragraph 14 hcreof ; speci[ving: 11) the breach; (2) the :~ction requireci to cure such breacL: ~31 a ct:~tc. not ics: than thirty days from ~ ; t6e date the notice is mailecl to Borro~~~er, by which sucli breac~i~ must be cureci; and 141 tliat failure to eure sueh ' breach on or t?eforc the datc specified in tlie notice n~ay result in acccleration of thc smns secureci hy this ~iortgage ~ and sale of the Propert~y. If the bresch is not curecl on or I~efore thc ~late ~pecifiecl in the notice, Lender at I.ender's ~ option n~ay ~lecfxre afl of the sums ~ecureci by this ~Iortga~c to l~c im~ncdiately due nnd ~iayable ~rithout further ; demand and ~uag fomclose this ~Iortgage by ju~licia) ~?rocecrlin~. t,~ndcr ~I~all I~e entitled to collect in such proceeci- i ing all ex~?enses of foreclosurc, including, but not limitrci to, reasonal~lc attorncy'~ fces, anci costs of documentan• j evidence, abstracts and titic re~~orts. o R ~ ~o~K ~ . ~ i ~ ~ .s _ . ~ _ . _ . _ .