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HomeMy WebLinkAbout0817 8. lnrpectioa. Lender may make or cauee to be mede reaaonable entries upon and in~p~ctio~?s otthe propeRty, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor nlatcd to Lendetr's t:itereet in the Property. - 9. CO~IIIelM8~011. The pmceeds of any award or claim for damages, direct or consequential, in rnn~ection with any oondea?ne:ion or other taldng of the pmperty. or part thereof, or [or conveyanoe in lieu of oondemnaaon, are hereby aesigned and shall be paid ~o Leader. In the event of a Wtal takiag of the Property. the proceede shall be applied b the suma eecured by this Mortgage, with the e:cees. if any, paid to Borrower. In the event of a pattial tal~ing of the Piroperty. unless Borrower and I.ender otherwiee agree in writing, there shall be applied to the sums secured by this Mortgege such pmportion ot the proceeds as is equal to thst proportion which the amount oi the sams secured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the daLe of taking, with ehe balanc~ of ehe prooeeds paid to Borrower. I! the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor offers to make an award or settle a daim for damages, Borrower faile to reepond to Lender within 30 days aRer the date such notice is mailed. Lender is authorised to coUect and apply the proceeds, at I.ender's option, either to reatoration or repaic of the pmperty or to the sums secured by this Mortgage. Unlees Lender and Borrower otherwise agree in writing, any euch application of proceeda to principal shall not extend or postpone the due date of the monthly inetallmenta n[erred to in paragraphe 1 and 2 hereof or change t1~e amount of such installmenta. 10. Borrower Not Released. E:tenaion of the time for paym=nt ar modification of amortization of the euma eecured by thie Mortgage granted by l.ender to any aucceaeor in interest of Borrower ahall ~ot operete to release, in any manner, the liability of the original Borrower and Borrower'a aucceseora in intereef~ l.ender shall not be required to commence proceedines aBeirut ~uch auccesaor or refuee to estend time for payment or otherwise modify amortization of the sums aecured by this Mortgage by reason of any demand made by theoriginal Borrower and I3orrower a succesaora in interest. 11. Forbearance by I.ender Not a N?aiver. My forbearance by Lender in e:erciaing any right or remedy hereunder. or otherwiee afforded by applicable law. ahall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of insurance or the payment of t~es or other liena or chargee by Lender ehall not be a waiver of Lender's right to aocelerate the maturity of the indebtedneae secured by thie Mortgage. 12 Remedies Cumulative. All remediea provided in thie Mortgege are dietinct and cuinulative to any other right or remedy under thie Mortgage or attorded by law or equity. and may be e:erciae~i ooncurr~endy, independenUy or eucoeaeively. 13_ 3uccessore and Aseigne Bound; Joint and 3everal Liability; Captione. Tl~e covenants and agreemente herein contained shall bind, and the righta hereunder ahall inure to, the respective aucceseore and seaigas of Lender and Borrower, aubject to the provieione of paragraph 17 hereof. All rnvenants and agreements of Borrower ahell be joint and e~veral. The captione and headings of the paragraphs of this Mortgage are fur covenience only and are not to be used to interpnt or defineihe proviaions 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 thie Mortgage shall be given by mailing euch notice by certified mail addreesed to Borrower at the Property Addresa or at auch other addreaa as Borrower may deeignate by notice to Lender ae provided herein, and (b) any notice to I.ender shnll be given by certified mail, return receipt F requeaLed. to Lender'e sddreea atated herein or to such other addrees aa Lender may deeignate by notice io Borrower as provided herein. Any notice provided for in thia MortgaEte ahall be deemed to have been given to Borrower or Lender when given in the mannrr designated herein. 15. Uniform Mortgage; Governing Law; 3everability.'I~is form of mortgage rnmbinea uniform oovenanfs for national uee and non- uniform covenanta with limited variationa by jnriadiction to oonstitute a uniform eecurity inattument oo~ ering real property.'I4~is Mortgage ahall be governed by the law of the jiuisdiction in which the Property ia located. In the event that any proviaion or clause of thie Mortgage or the Note conflicte with applicable law, such conflict ahali not afiect other proviaione of this Mortgage or the Note which.can be given effect without the rnnflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ehall be fumiahed a rnnformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. Traneter of t6e Property; Aeaumptian. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower without Lender's prior written consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchaee money eecurity intereat for houeehold appliances, (c) a tranefer by deviae, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeare or less not oontaining an option to purchase, Lender may, at Lender e option, declare all the euma secured by this Mortgage to be immediately due and payable. I.ender shall have waived auch option to aocelerate if. prior to the sale or transfer, Lender and the pereon to whom the Property ia to be aold or transferred reach agreement in writing that the credit of auch person ie satisfactory to L.ender and that the interest payable on the aums secured by thia Mortgage shall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in intereet has executed a written asaumption agreement accepted in writing by C.ender, Lender shall release I3orrower from all obligationa under this Mortgage and the I hote. ~ ; If Lender exetciaea such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 19 hereoL ~ Such notice ahall provide a period of not less than 30 days from the date the notice is tr,ailed within which Borrower may pay the aums declared ~ due_ If Borrower faila to pay such auma prior to the expiration of such period, Lender may, without turther notice or demand on Iiorrower, 's ~ invoke any remedies permitted by paragrauh IS hereof. ~ 18. Acceleration; Remediea E:cept -es provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in thie Mortgege. including the oovenants to pay when due any sums eecured by thie Mortgage, Lender ~ prior to aoceleration ehall mail notice to Borrower aa provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not less than 30 daya from the date the notice is mailed to Borrower, by which such breach muet be cured; and (4) that failure Eo cure snch breach on or before t6e date apecified in the notice may result in acceleratioa of the sums aecured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the rig6t to reinetate aRer acceleration and the right to eaeert in the forectosure proceeding the non-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date apecified in the notice, Lender at Lender'e option may declare all of the eume aecured by this Mortgage to be immediately due and payable without further demand and mey foreclose this Mortgage by judicial proceeding. Lender ehall be entitted to collect in such proceeding all e:penses of foreclosure. including. but not limited to, reasonable attorney'e feea, and ~ cosis of documentary evidence, abatracts and title reporta. ~ 19. Borrower'e Right to Reinetate. Notwithattinding Lendei a acceleration of the sums secured by this Mortgage, Borrower ahall have the right to have any proceeclinga begun by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays Lerider all aums which would be then due under this Mortgage, the Note and notes securing ~ture Advancee, if any, had no acceleration occurred; (b) Borrower curea all brnaches of any other rnvenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:penaes incurred by I.ender in enforcing the covenante and agreemente of Borrower ~ contained in this Mortgage and in enforcing I.endei s remedies as provided in paragraph 18 hereof, including, but not limited to, reseonable ~ atwrney's fees; and (d) Borrower takes auch aMion as Lender may reasonably require Lo aesure that the lien of this Mortgage. I.ender's intereat in the Property and Borrower's obligation to pay the aume secured by thia Mortgage shall rnntinue unimpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage and the obligatione aecured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aaeignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby aeaigne to Lender the renta ~ paragraph 18 hereof or abandonment of the Property, have the rig t ~ of the Property. provided that Borrower ahall, prior to acceleration under to collect and retain such rents as they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a receiver appointed by a ~ oourt to enter~upon, take poasession of and manage the Property and to collect the rents ot the Property, including thoee pest due. All renta c~llected by the receiver shall be applied first to payment of the coste of management of the Property and oollection of rente, including. but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the euma eecured by thie Mortgage. 74~e ~ receiver shall be liable to acoount only for those renta artually received. ~ ~ , i ~ ~ t,Rzs~ ~ s~c~ QACz ~ ~ _ ~.F _ - - .._-p--