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HomeMy WebLinkAbout0261 • 8. [nspection. Lender may make or caase to be made ceasonable entries upon and inepections of the property, provided that Lende~ ehall give Borrower notice priot to any euch inepection specifying reaeonable cauee therefor related to l.ender's intereet in the Property. 9. Condemnation.'ll~e procecda of any award or claim for damages, direct or consequential, in connection with any oondemnation or other taking of the property, or part thereof, or for rnnveyance in Geu of condemnation, are hereby aasigned and ehal) be paid to l.ender. In the event of a total taking of the Property, the prooeecl~ahall be applisdb the eums aecured by thie Mortgage, with the e:cess, if any, paid to Borrower. In the event of a partial taking of.lhe Propprty,"unle~ wer and Lender othervriee agree in writing, there ahall be apptied to the sums eecured by thie Mortgage euch proportion of the p~ ia equal to that proportion which the amount of the eums secured by thie Mortgage immediately prior to the date of taking beare to the fair market value of lhe Property immediately prior to the date of talung, with the balanca of the proceede paid to Borrower. If the Property ie abandoned by Borrower, or if, after nodce by I.ender to Borrower that the oondemnor offers to make an award or settle a claim far damagea, Borrower faila to reapond to Lender within 30 daya after the date auch notice is mailed, Lender iB suthorixed to collectand apply the procceds, at Lender's option, either to rrstoration or repair of the property or to the sume eecured by thie Mortgage. Unleea Lender and Borrower otherwiee agree in writing, any such application of praceeds to principal ahall not e:tend or postpone the due date of the monthly inatallmente mferred to in yaragraphs 1 and 2 hereof or change the amount of euch inetallmenfs. 10. Borrower Not Released. Exteneion of the time for paym~nt or modification of amortization of the auma eecured by this Mortgage ~ranted by L.ender to any succeaeor in intereat of E;orrower shaU not operate to release, in aiiy manner, the liability of the original Borrower ~nd Borrowei a successora in intereat. Lender shall not be required to rnmmence proceedings againat such succesaor or refuse to extend time for payment or otherwiae modify amortization of the sums secured by this Mortguge by reason of any demand made by ihe original Borrower and Borrower's aucceasors in intereat. 11. Forbearaace by I.ender Not a Waiver. Any forbearance by Lender in exenieing any right or remedy hereunder, or otherwise afForded by applicable law, ahall not be a waiver of or preclude the eaerciee of any auch right or remedy. The procurement of inaurance or the payment of taxes or other liens or charges by Lender ehall not be a waiver of Lendei e right to accelerate the maturity of the indebtednesa secured by thia Mortgage. 12_ Remediee Cumulative. All remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:erciee~l ooncarrendy, independently or succeasively. ' 13. Succeasore and Aeaigne Bound; Joint and Several Liability; Captiona. The covenants and agreemente herein contairied shall bind, and the rights hereunder ahall inure to, the respective succeasore and asaigns of Lender and Borrower, aubject to the proviaione of paragraph 17 hereof. All covenanta and agreemente of Borrower ahall be joint and aeveral. The captiona and headings of the patagrapha of thia Mortgage are for covenience only and are not w be used to interpret ar define the proviaione hereof. 14. Notice. Except for uny nofice required under applicable law to be given in ai~other manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreased to Borrower a~ the Property Addresa or at auch other address as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahaU be given by certified mai1, return reoeipt requested, to Lxnder a addrese atated herein or to euch other address as Lender may designate by notice to Borrower aa prr~vided herein. My - notice provided for in this Morigage ahall be deemed to heve been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Goveraing Law; Severability. Thia form of mortgage combines uniform covenants for national use and non- uniform covenanta with limited variations by juriadiction to rnnstitute a uniform security instrument covering real property_ Thia Mortgage ~hall be governed by the law of the jurisdiction in which the Property is located. In the event thal any provii+ion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict shall not afa!'ect other provisions of thie Mortgage or the Note which can be given effect w~ithout the conflicting proviaion, and to thia end the proviaione of the Mortgage and the Note are declared to be aeverable. 16. Bormwer'e Copy. Borrower ahall be furniahed a conformed copy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. 'I~ansfer of the Property; Aesumption. If all or any part of the Property or an interest therein ia sold or traneferred by Borrower w~thout Lender's prior written conaent, exeluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b? the creation of a purchaae money aecurity interest for household appliances, (c) a transter by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any ~g~sehold interest of three years or less not containing an option to purchase, Lender may, at Lendei a option, I (~MIATP AII ~FIP q1lTQ QOf`t~M/I ~Y ~}~lp MnT?ooon }w 1m~n~iolalv a~~0 4nil .~l./n i e...~or e1.o11 l.r..*.. .....1 e..1. 1~..~..:e _ ' ' " . . , ~ r~3 - . ~~a: " • .'i's : vk. .sis ~:..~....~i.:i..t.::, aa~ ~:i:i~ii ; to the sale or tranafer, Lender and the person to whom the Property is to be sold or traneferred reach agreement in writing that the rredit otauch ; person is satisfartory to Lender and that the interest payable on the sums secured by thia Mortgage ehal! be at such rate as Lender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Boaower s succesaor in intere,~t has executed a w-ritten aseumption agreement accepted ~n writing by Lender, Lender shall release Borrower from all obligationa under thia Mortgage and the Note. ' - ` ~ If Lender exerciaea such option to accelerate, Lender- shall mail Borrower notice of acceleration in accordance with ara p graph 14 hereof. ~uch notice shall provide a period of not less than days from the date the notice is mailed within which Borrower may pay theaums declared due. If Borrower fails to pay such sums prior to the expiration otsuch period, l.ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. - 18. Acceleration; Etemediea. Ezcept ae provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or ~ aqreement of Borrower in this Mortgage, including the covenants to pay when due any eums eecured by thie Mortgage. Lender prior to acceleration ehaU mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action i required to cure euch breach; (3) a dete. not lese than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in ~ acceleration of the euma securecl by this Mortgage. foreclosure by judicial proceeding end eale ofthe Property. The notice ehall ~ further inform Borrower of the right to reinetate after acceleration and the right to assert in the foreclosure prceeeding the ' non-e:ietence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach is not cured on or t?efore the date epecified in the notice. Lender at Lender's ~ption may declare all of the euma aecured by this Mortgage to be ~ immediately due and payable without furtherdemand and may forecloae this Mortgage by judiciai proceeding. Lender ahall be i f~ntitled to colleM in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's teea. and c•osts of documentary evidence, abstracta and title reporte. ? 19. Borrower'e Right to Reinstate. Notwithatanding I.ender's acceleration of the suma secured by this Mortgage, Borrower shall have ' the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ; this Mortgage if: (a) Borrower paya Lender all auma which would be then due under thie Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenante or agreements of Borrower contained in ; this Mortgage; (c) Borrower pays al! reasonable expenses incurred by Lender in enforcing the oovenante and agreementa of Borrower contained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes auch action as Lender may reasonably require to aeaure that the lien of this Mort{;age, Lender a intereet in the Property and Bormwer's obligation to pay the sums secured by thie Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations aecured hereby shall remain in fuli force and effect as if no acceleration had occurred. _ 20. Aeaignment of Renta; Appointment of Reoeiver. As additional security hereunder, Borrower hereby asaigne W Lender the rente of the Property, provided that Borrower sha11, prior to acceleration under paragraph 18 hereof or abartdonment of the Property, have the right _ to collect and retain auch rents as they become dae and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shaU be entitled to have a receiver appointed by a ; coart to enter.upon, take poaseasion of and manage the Property and to collect the renta of the Property, including thoee past due. All rente oollected by.the receiver eha11 be applied firet W payment of the ~ata of management of the Property and rnllection of renta, including, but not _ limited to, receiver a fees, premiuma on receiver's bonds and reasonable attomey e fees, and then to the suma eecured by this Mortgage_ The ' receiver ahall be liable to acoount only for those renta actually received. ~ . ~ - ~uo~ - p 286 ?~c~ 261 - - - _ ~