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HomeMy WebLinkAbout0813 8. laspection. l.e~der may make or cauae to be made neuonable entries upon and inspections o~the property, pmvjElod that l.ender shall give Boirower notice prior to any such inapection epecifying »aaoa~ble cause theclfor related to L.ender's interest u? the P[operty. 9. COpde1MBU00. 'I~e proceede of any award or claim for da~nages, direot c~ oonsequential. in connection with any oondemnation or other taking of the property, or part thereof, or for conveyanoe in tieu of oondeaanation, ero hereby eaeigned and ehall be paid to Lender.. !n the event of a total taking of the Property. the proceeds shaU be applied to the sums secured by this Mortgage. with the e:ceas, if any. paid to Borrower. In the eve~t of a partial taki~g of lhe Property. unlees Borrower and Lender otherwiae agree in writinQ. then ehall be . appUed to the sums secured by thia Mortgage auch proportion of the proceeds as is equal to that proportion which the amount of the eums aecured by thia Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If !he Property is abandoned by Bor[ower, or if, aRer notice by Lender to Borrower that !he oondemnor offera b ma1~e an award or settle s cleum for damages. Borrower fails b respond to I.ender within 30 days after the date such notias is mailed. Lender ia authoriud to collect and apply the proceeds. at Lender'e option, eithrr to restoration or repair of the pmperty or to the sums eecured Dy thia Mottgage. Unleea Lender and Borrower otherwise egree in writing, any such application of proceeda to principal shall not e:tend os poatpone the due date of the monthly installments referred eo in paragraphs 1 and 2 hereof or change the amount of such ir~atallmenta. 10. Borrower Not Releaeed. Extenaion of the time for paymant or modification of amortizetio~ of the aums eecured by this Mortgage giranted by Lender to any succeaeor in intereat of Borrower ahall not operate to release, in any manner. the liability of the original Bor~ower and Borrower e auecessors in interest. l.ender ehall not be required to oommence proceedinga againet euch eucceeaor or refuse to extend time for payment or otherwise modify amortization of the suma aecured by this Mortgage by reason of any demand made by the original Borrower and Borrower a auccceaora in intereat. 11. Forbearance by Lender Not a Waiver. My forbearence by Lender in e:erciaing any ri8ht or remedy hereunder, or otherwiae afforded by applicable iaw. shall not be a waiver ot or preclude the exerciae of any euch right or nmedy. The pracurement of ineurance or the payment of t~ee or other liena or chargee by I.ender ahall not be a waiver of I{ender's right to aooelerate the maturity of the indebtedneea eecured by thie Mottgage. 12 Remedies Cumulative. All remedies provided in thia Mortgege are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, aad may be exerciee~i ooncurrently, independently or succeeaively. 13 Sacceseors and Aseigne Bound; Joiat ead Several Liability; Captioas. The covenante and agreements herein contained ehall bind, and the righte hereunder ehall inure to, the reepective aucceasora and aseigne of Lender and Borrower, aubject to the provieions of paragraph i? hereof. All rnvenanta an~ agreemente of Borrower ahall be joint and eeveral. The captions and headinge of the paragraphs of this Mortgage are for covenience only and are not to be uaed to interpret or define the provieions hereof. 14. Notice. Fxcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage shall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addresa or ai such other addrese ae Borrowe~ may deaignnte by notice to l.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt reqnested. to Lender s address atated herein or to snch other address aa I:ender may deaignate by notice to Borrower as provided herein. Any notice provided for in this Mortgsge shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governiag Law; Severability.'Riia form of mortgage combinea uniform aovenants for national use and non- uniform covenante with limited variations by juriadiction to oonatitute a uniform security inatrument oovering real property. This Mortgage ahall be go~ erned by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauae of this Mortgage or - the Note conflicta with applicable Iaw, auch conflict ahall not affect other proviaiona of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of eaecution or after recor~ation hereof 17. Transfer of the Property: Aeeumption. If all or any part of the Property or an interest therein ie sold or transferred by Borrower without Lender's prior written coneent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money eecnrity intereat for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or leae not aontaining an option to purchaee, Lendet may, at I.ender's option, declare all the suma securea by this Mortgage to be immediately due and payable. I.ender ehall.have waived auch option to acoelerate if, prior to the sale or transter, I.ender and the pereon to whom the Property ia to be eoid or trsnaferred reach agreement in writing that the credit of euch person ia satisfactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate ae Leuder ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei s successor in interest has e:¢cvted a ~i written assumption agreement accepted in writinR by I.ender, Lender shall release Borrower from all obligationa under this Mortgage and the Note. ~ - f If I.ender e:ercises auch option to accelerate, I.ender ahall mail Borrower notice of acceleration in acxordance with paragraph 14 hereof. E Such notice shall provide a period o(not lesa than 30 daya from the date the notice is ~r.ailed within which Borrower may pay the aums declared ~ due. If Borrower fails to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on Korrower, mvoke any remedies permitted by.paragranh 18 hereof. ~ 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in t6ia Mortgage, including the oovenants to pay w6en due any sume secured by this Mortgage, Lender prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the 6reach; (2) the action required to cure such breach: (3) a date, not lese than 30 days from the date the notice ia mailed to Borrower, by which auch ~ breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in A - acceleration of the aums secured by t6is Mortgage, foreclosure by. judicial proceeding and sale of the Property.The notice ahall further inform Borrower of the right to reinetate after acceleration and the cight to eaeert in the foreclosu=e proceeding the non-e:isteace of a default or any other defenee of Borrower to acceleration and foreclosure. If the breach ie not c~ued on or before the date specified in the notice, Lender at Lender's option may declare all of t6e eume secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all e:penses of foreclosure. including, but not limited to, reasonable attorney's fees, and rosts of documentary evidence. abatracte and title reporte. 19. Borrower's Right W Reinatate. Notwithstanding Lender a acceleradon of the sume aecured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time priot to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all suma which would be then due under this Mortgage, the Note and notes aecuring ~tute Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante otr agceementa of Borrower contained in this Mortgage; (c) Borrower paya all reasonable eapenses incurred by Lender in enforcing the oovenants and agreemente of Borrower wntained in this Mortgage and in enforcing Lender'a rnmedies aa provided in pazagraph 18 hereof, including, but not limited to, reasonable r~ attorney e fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's interesf ~ in the Property and Borrower a obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by 8orrower, thi8 Mortgage and the obligationa secured hernby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Assignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby asaigna to Lender the rente ~ of the Property. provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to rnlleet end retain svch rents as they become due and payable. Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a teceiver appointed by a ~ oonrt tn enter ~pon, take poeseasion of and manage the Property and to collect the rents of the Property, including thoee past due. All rente oollected by the receiver shall be applied firet to payment of the rnata of management of the Property and collection of rente, including, but not ~ limited to, receiver'a fees, premiume on receiver'e bonds and reasonable attorney's feea, and then to the euma eecured by this Mortgage_ The ~ reoeiver shall be liable to acoount only for tho~e rnnts actually received_ En~K285 ~~,1~: 80~. ~ ~ r._ ~ . : i: ~ . _ .ir . . Y' y _ . i . - . _ . . . , . . . . . -.,...c~._.. ~ .~.fi .