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HomeMy WebLinkAbout0289 8. lnepcction. l.ender mey make or cause to be made reaao~able entries upon and inepectiona of the properiy, providecf that l.ende~ ehall give Bor~ower notice p~or to any euch inepection epecifying reasonable cauee there[or related to I.endei e intereet in the Property. 9. Condemnatlon. The procearle of any award or claim fo~ damagee, direct o~ rnnsequentiul, in connectio~ wiW any oondemnation or othe~ taking of the property, or part thereol, or fo~ conveyance i~ lieu of condemnatio~, are hereby aesigaed and ehall be paid to I.ender. ln the event of a total taking of the Ptoperty, the pro~~eeds shali be applied to the euma secund by thie Mortgage, with the exceas, if any, paid to Borrower. In the event ot a partisl taking of the Property, unleae Borrower a~d I.ender otherwiee agree in writing, there ehall be applied to the suma eecured by thie Mortgage auch proportion ot the proceeds ae ie equal to that proportion which the amount of the aums eecured by thie Mortgage immediately prior to lhe date of taking beare to the fair market value of the Piroperty immedietely prior to the date of taking, with the balanca of the proceede paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by l.ender to E3orirower that the rnndemnor of~ers to make an award or eettle a claim for damagea, Bor?ower fails to reepond to Lender within 30 days after the date euch notice ie mailed, Lender ie authorised to collect and applyrthe proceeds. at Lender'a option, either io reetoration or repai~ of the property or to the aume eecured by thie Mortgage. ~ Unlesa Lender and Borrower otherwise agree in writing, any such application of proeeeds to priacipal shall not extend or postpone the due date of the monthly inatallmente Teferred Lo in paragraphs 1 and 2 hereof or change the amount of such inetalimenta. 10. Borrower Not Releaeed. F.xtension of the time fur paym:nt or modification oi amortization of the sums secured by this Mortgage granted by l.ender to any succeeaor in interest of Fiorrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower'a succesaore i~ intereat. I.ender ahall not be required to commence proceedinga againat auch succeasor or refuse to extend time for payment or otherwise modify amortization of the sums aecured by thie Morigage by reason of any demxnd made by theoriginal E3orrower and l3orrower's auccY~asors in interest. 11. Forbearance by I.ender Not a N?aiver. Any forbearance by l.ender in e:ercieing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exerciae of any such right or remedy. The procurement of inaurance or the payment of ta:ea or other liens or chargee by l.ender shal) not be a waiver of I.ender'e right to accelerate the maturity of the indebtednesa aecured by thie Mortgage. 12 Remedies Cumuletive. All remedies provided in this Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be~exercise~l concurrently, indepen~iently or eucceHaively. 13. Sncceaeore and Aasigns Bound; Joint and Several Liability; Captione. The rnvenants and agreemenfs herein rnntained ahall bind, and the righta hereunder ahall inure to, the reapective aucceaeora and asaigns of Lender and Borrower, subject to the provieions of paragraph 1? hereof. All covenants and agreements of Eiorrower ahall be joint and several. The captiona and headinga of the paragraphs of thia Mortgage are for covenience only ahd are not to be used to intetpret or define the provisions hereof. 14. Notice. Except for any notice required under applicuble law to be given in another manner, lal any notice to Borrower provided forin thia Mortgage ehall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at auch other address ae Borrower may designate by notice to l.ender as pravided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt requeeted, to I.ender's addreas atated herein or to such other addreas as l.ender may designate by notice to Borrower aa provided hernin. Any notice provided for in this Mortgage ahall be deemed 1o have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability.ll~is torm of mortgagecombinea uniform oovenants for national useand non- uniform covenants with limited variationa by jurisdiction to rnnstitute a uniform security instrument eovering real property. This Mortgage shall be governed by the law of the jurisdiMion in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note conflicta with applicabie law, auch conttict shall not afTect other provisions of this Mortgage or the Note which can be given effect without the conilicting provision, and to this end Lhe provisions of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower ahall be Iurniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recardation hereof 17_ Tranefer of the Propetty; Asaumption. If aU or any part of the Property or an interest therein ia sold or transferred by Borrower without Lender a prior written consent, eaccluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliancea, (c) a tranafer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchxae, Lender may, at Lender e option, declare all the suma secureu by this Mortgage to be immediately due and payable. l.ender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch peraon is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage ahall be at such rate s+s Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph IT, and if Borrower'a succeasor in interest has eaecuted a written assumption agreement accepted in writing by I.ender, I.ende~ shall release Borrower from aU obliQationa under this Mortgsge and the Note. ' If Lender exercises auch option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from thedate the notice is rnailed within which Borrower may pav thesums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower, ; mvoke any remedies permitted by paragraoh IR hereof. ~ 18. Aoceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage. including the oovenants to pay when due any eums eecured by this Mortgage. Lender ~ prior toacceleration ahall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lesa than 30 daya from the date the notice ia mailed to Borrower, by which such ~ breach muat be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in ~ acceleration of the sume aecured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ahaU ~ further inform Borrower of the right to reinatate after acceleration and the right to esaert in the foreclosure proceeding the non-ezietence of a detault or any other defenae of Borrower to aceeleration and foreclosure. If the breach ie not cured on or before the date apeciCed in the notice, Lender at Lender's option may declare all of the sums aecured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shali be entitled to coUect in such proceeding all expenaes of foreclosnre, including, bat not limited to. reasonable attorney's fees, and costs of documentary.evidence, abstracts and title reporta. 19. Borrower'e Right to Reinatate. Notwithstanding Lender's acceleration of the sumaeecured by this Mortgage, Borrower shall have ' ~ the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a1 Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing Futum Advances, if any, had no acceleration or.cu rred;lb) Borrower cures all breaches of any other covenanta or agreements of Boaower rnntained in thia Mortgege; (c) Borrower pays all masonable expenses incurred by I.ender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgaqe and in enfoming I.ender's remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney a fees; and (d) Borrower takes auch action as Lender may reasonabiy require to asaure that the lien of this Mortgage, Lender'a intereet - in the Property and Iiorrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligationa secured hereby shall rnmain in full force and effect as if no acceleration had occurred. ~ 20. Aesignment of Rente; Appointment of Receiver. As additional eecurity hemunder, Borrower hereby assigns to Lender the rente ~ of the Pro rt rovided that Borrower shall, nor to acceleration under ~ pe y. p p~ paragraph 18 hereof or abandonment of the Property, have the right to collect and rntain auch rents as they become due and payable. ~ [Ipon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitied to have a receiver appointed by a oourt to enterapon, take poesesaion of and manage the Property and to collect fhe rente of the Property, including those paet due. All renta ~ oollected by the receiver ahall be applied first to payment of the coate of management of the Property and collection of renta, including, but not ; limited to, receiver'a fees, premiume on receiver's bande and reasonable attomey's leea, and then to the sums eecured by this Mortgage. The ~ receiver ahall be liable to acoount only for those rents actually ~eceived. ~ - ~ ~ ~oex 284 PALE 2$9 ~ ~ _ . ~ ~ ti.~ . ~ ~ ,.4 ~ . " T" ~p. ~ ~ "a~ _ ..e~.,.sb~~s, . ~ wx~. .',,.~'~..ass~~~, _ . . _ . _ . . ~ ~~~..ec: .