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HomeMy WebLinkAbout0855 8. lnspection. Lender me~y make or cawe io be made reaaonable entriee upon and in~pections of the property, provided that Leader ~hall give Borrower rtotice prior b any such inepection specifying reasonable cause therefor related to [.ender's intereat in the Property. 8. COAd@QIIl~~OA.'11~e prooeeds of eu~y sward or claim for damage~. direct or con~equential. in rnnncetioa with any condemnation or other taking of the p[ope:ty. or psrt thereoi, or [or coaveyaqss in lien of ooademnatioa. an hereby eusiQned end ehalt be paid b Lender. ' In the event of a total taking of We Pe~operty, the proceeds shaU be applied to the ~uau seeur+od by this Mortgage, with the e~coes~. if any. paid to Bormwer. Ia the event of s partial taking of the Property, unleaa Borrower and I.ender othetwire a~rree in writing, there ehall be applied to the suuu eec~red by this Mortgsge ~uch proportion of the pmceeds ae is equal to that pmportion which the amount of the sums secured by this Mortgage immediately prior b the date oI Laking bears to the fair inarket value of the Property immediately prios Lo the date of taiung, with the balanou of the prooeeda paid tu Borrower. If the Property u abandoned by Bocrower, or if. aRer aotioe by Lender to Borrower that the aondemnor of[ers b make an award or aettle a claua for dameges. Horrower taile to respond to Lender within 30 day~ aRer the date such aotioe ia mailed. I,eader ie authorised to copect and app~y the proceeds. at Lender's option. ~the~r to restoration oi repair of the property or to Lhe sums secured by fhia Mortgage. Unlsss Lender and Borrovrer otheiwise agree in writing. any euch application of proceeds to principal shall aot e:tead or postpone We due date of the monthly iastalLnents referred to in paragraphs 1 end 2 heieof or change the amount of such inatallmeats. 10. Borrower Not Releaeed. E:teneion of the time for paymant or modification oi amortization of the eume aecured by thia Mortgege granted by Lend~ to any suoceasor in interest of Borrower ehall not operate to releaee, in any manner, the liability of the original Borrower and Borrower'e aucceaeon ia interes~ Lender ehall not be required to oommence prooeedinge againat such successor or refuse to eztend time for payment or otherwise modify amortization of the suma eecured by this Mortgage by mason of any demand made by ihe original Borrower and Borrower's succeseore in intereat. 11. Forbeannce by Lender Not a R?aiver. My forbearance by l.ender in exerciaiag any right or remedy henunder. or otherwise afforded by app6cable law, ehall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of insurance or the payment of taz~ or other lieas or charge~ by I.enderahall not be a waiver of I.ender's right to accelerate the maturity of the indebtedness eecured by this Mortgage. 12 Remediee Gtimulative. All remediee provided in thia Mortgage are dietinct and cumulative to any other right or remedy uader fhis Mortgage or afforded by la~r or equity. and may be r~ercise~i concurrently, independently or suooeeeively. 13. 3ucoessore and Aseigns Bound; Joiat and 3everal Liability; Csptions.'Phe covenante aad agreements herein contained ehall bind, and the righta hereunder ahall inure to, the respective suc~.~eseors and aeaigne of I.ender and Borrower, $ubject to the proviaiona of paragraph 17 hereof. All covenants and agreements of Borrowe~r ehe11 be join! and several. The captiona and headings of the paragraphe of this Mortgage are for rnvenience only snd are not to be used to interpret or define the provisione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage ahaU be given by mailing euch notice by certified mail addressed to Borrower at the Property Addreae or at such other addrese ae Borrower may deeignate by notioe to Lendet as provided herein, and (b) any notice to Lender ahaU be given by certified mail. return receipt requested, to Lender e addrees atated hereia or to auch other addreas aa I,ender may designate by notice to Borrower ae pmvided herein. My notice pmvided for in thie Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deeigaated herein. 15. Uniform ldortgage; Governi ag Law; 3everability. Thie form of mortgage combines uniform oovenants for national ase and non- uniform covenaata with limited variations by jnrisdiction to oonatitute a uniform security instruaient oovering real pmperty. 77iie Mortgage ahall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or claose of thiB Mortgage or the Note conflicfs with applicable law, auch coatlict shall not effect other provisiona of thia Mortgage or the Note which can be given effect without the oonilicting provieion, and to thia end the pmvieiona of the Mortgage and the Note are declared to be eeverable_ 16. Borrower'8 Copy. BorroweT shall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. ~ 17. 'IYansfer oi t6e Property; Aeaumption. If all or any part of the Property or an intereat therein ia eold or transferred by Borrower without Lende~e prior written consent, excluding (a) the rreation of a lien or encumbrance.subordinate to this Mortgage, (b) the creation of a purchase money eecurity intereat for houechold appliancea. (c) a transfer by deviae, deeoent or by operation of law upon the death of a joint tenant or (d)-the grant of any leaeehold interest of three yeara or leae not wntaining an option to purchase. Lender may. at Lender's option, declare all the sums secured by thia Mortgage to be immediately due and payable. I.endez ahall have waived auch option to accelerate if. prior to the sale or tranafer, I.ender and the person to whom the Property ia to be sold or traneferred resch agreement in writing that the credit of auch peraon ia sutistactory to Lender and that the interest payable on the ebma secured by this Mortgage ahall be at such rate ae Lender ehall request_ If I.ender hae waived the option to socelerate pro:~ded in thia paragraph 1T, and if Borrower a aucceesor in interest hea executed a written asaumption agreement socepted in writing by Lender, Lender ahall releaee Borrower from all obligationa under thia Mortgage and the Note. ~ If Lender e:ercises such option to acceterate, Lender shali mail Borrower notice of sooeleration in accordance with paragraph 14 hereot i Such notice ahall provide a period of not less than 30 days from the date the notice ia mailed within which Borrower may pay the suma declared i due. If Sorrower fails to pay such suma prior to the e:piration of such period, Lender may, without further notice or demand on Eiorrower, E ~nvoke any temedies permitted by pazagraoh 18 hereof. . ~ ~ 18. Aoceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach ot any oovenant or agreement of Borrower in t6is Mortgage, including the oovenanta to pay when due any sums aecured by thia Mortgage, Lender prior to aoceleration s6a11 mail notice to Borrower ss provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not leae than 30 days from the date t6e notice ie mailed to Borrower, by whic6 euch breech must be cured; and (4) that failure to cure such breach on or before the date e~ecified in the notice may reault in acceleration of the suma secured by this Mortgage, foreclosure by judicial proceeding and sale of t6e Property. The notice shall further inform Borrower of the righi to reinetate aRer acceleration and the right to essert in the foreclosure proceeding the non-eziatence of a detault or any other defense of Borrower to acceleration and forecloaure. If the breach is not cured on or before the date epecified in the notice, Lender at Lender's option may declare all of the eume secured by thie Mortgage to be immediately due and payable without fucther demand and may foreclose this Mortgage by judicial proceeding. Lender s6all be entitled to co11eM in such proceeding all e:penaea of forecloaure, including, but not limited to. reasoneble attorney's feee, and coata of documentary evidence. abatracte and title reporte. 19_ Borrower's Right to Reinstate. Notwithstanding L.ender s acceleration of the suma eecured by this Mortgage, Borrower shall have the right to have any prooeedings begua by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paye Lender all sums which would be then due under thie Mortgage. the Note and notea eecuring Future Advancea, if any. had no acceleration occurred; (b) Borrower cures all breachea of any other rnvenants or agreemente of Borrower contained in thie Mortgage; (cj Borrower pays all reasonable ~penaea incurred by Lender in enforcing We covenante and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonabla ~ attomey e fcea; and (d) Borrower takea auch action as Lender may reaaonably require to aeaure that the lien of this Mortgage, Lender's intereet "r in the Property and Borrower's obligation to pay the sums aecured by thie Mortgage shall continue unimpaired. Upon such payment snd cure ~ by Borrower, thia Mortgage and the obligations aecured hereby ahall remain in fu11 force and effect as if no acceleration had oocarred. 20. Assignment of Renta; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby sesigna to Lender the renta ~ of the Property, provided that Borrower shall, prior to aoceleration under paragraph 1 S hereof or abandonment of the Property, have the right ~ ~ to coHect and retain auch rents se they become due and payable. _ ¢ Upon acceleration under paragraph lA hereof or abandonment of the Property, L.ender ahall be entitled to have a receiver appointed by a ~ aourt to enter~pon, talce poeseasion of and manage the Property and to collect the renta of the Property, including those past due. All rente oollected by the reoeiver shall be applied firet to payment of the oosta of management of the Property and oollection of rents, indnding, but not ~ limited to, receiver's feee, premiuma on receiver's bonds and reasonable attorney'e feea, and then to the auma aecured by this Mortgage. The reoeiver shall be liable to acoount only for thoee renta actually received. ~ Bo~K 284 r~~f 849 ~ ~ ~ _ _ _ _ _ - - - ~ ~ ~ ~ ~ { ~ 1 ~v :