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HomeMy WebLinkAbout0667 8. lnspection. Lender may make or cauae to be made reaeonable entriee upon and inapections of the property, provided that l.ender ahall ~cive Borrower notice prior to any such inepection specifying ~easonable ceuee therefor related to l.ender's intereat in the Property. 9. Condemnation. The proceeds o[ any awsrd os ciaim Ioi damag~,direct or coneequenE~al, in connection with any condemnation or other taking of the ptoperty, or part thereof, or for rnnveyance in lieu of condemnation, are hereby aseigned a~d ehall be paid to Lender. In the event of u total taking of the Property, the proceeds ahall be applied to the auma secund by this Mortgage, with the e:cese, if any, paid to Borrower. In the event of a partial taking of the Property, unleea Borrower and L,e~der otherwise agree in wtiting, there shall be applied W the sume eecured by thie Mortgage auch proportion of the proceeds ae is equal to that proporUon which the amount of the sume eecured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanc~ of the proceeda paid to Borrower. If the Property ia abandoned by Borrower, or if, after notice by Lender to Bonower that the rnndemnor ot~'ers to malce an award or aettle a claim for damagee, Borrower faile to respond to Lender within 30 daye after the date such notice ia mailed, Lender is authorised to collect and apply the pra.~ceds, at I.ender s option. either to teetoration or repair of the pmperty or to the suma eecured by this Mortgage. Unleae I.ender and Borrower otherwise agree in writing. any auch application of pmcceda to principal ehall not e:tend or postpone the due date of the monthly inetallmente refernd to in paragrapha 1 and 2 hereof or change the amount of auch inatallmenta. 10. Borrower Not Released. Eztenaion of the time for paym~nt or modification of amortization of the aums secured by thie Mortgage granted by l.ender tu any eucceseor in intereat of Borrower ahaU not operate to release, in any manner, the liability of the original Borrower and Borrowei s succesaors in interest_ l.ender ahall not be required to commence proceedings againet auch aucceaeor or tefuse to e:tend time for payment or otherwise modify amortization o[the aums aecured by this Mortgage by reucwn of any demand made by the original Borrower xnd f3orrowei s successors in interest. ~ 11. Forbearance by I.ender Not a R+aiver. Any forbearance by Lender in e:erciaing any ?ight or remedy hereunder. or otherwiee afforded by applicable law. ehall not be a waiver of or preclude the exercise of any euch right or rnmedy. The procurement of ineurance or the payment of taues or other liena or chargea by Lender shnll not be a waiver o! Lender s right b accel ~rate the maturity of the indebtednees aecured by thie Mortgage. 12 Remedies Cumulative. All remediee provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exercieed ooncurrently, independendy or suctesaively. 13. Succesaors and Aesigna Bound; Joint and Severat Liability; Captione. The covenants and agreements herein oontained ehall bind, and the righfs hereunder shall inure to, the reapective succeesors and aseigne of Lender and Borrower, aubject to the provisione of paragraph 17 hereof. All covenants and agreementa of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to~orrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addrees or at such other addrees as Borrower may deaignate by notice to Lender ae ptovided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt requested, to Lender`a addreas atated herein or to such other addrees as i.ender may designate uy nutic~ tu Borruwer ae~ pruvi~f~ci t~~rein. ~iy notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform oovenanta for national use and non- uniform covenanta with limited vt?riationa by jurisdiction to rnnstitute a uniform security inatruwent rnvering real property.'I1»s Mortgage shaU be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauae of this Mortgage or the Note conflicts with applicable law, auch conflict shall not afTect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed eapy of the Note and of thia Mortgage at the time of execution or after recordation hereof. • 17_ Tranefer of the Property; Aseumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower without Lender's prior written consent, e:cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security intereat for household appliances, (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not containing an option to purchase. Lender may, at Lender's option, declare all the aums aecured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the peraon to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of auch ; person is satisfactory to I.ender and that the interest payable on the sume aecured by this Mortgage ahall be at auch rate as Lender ahall ~ request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succesaor in interest has eaecuted a i written assumption aRreement acrepted in writing by [.ender, Lender shall release Borrower from all obligations under this Mortgage and the : Note. . 3 If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is ~r.aited within which Borrower may pay the auma declared ` due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~ ' mvoke any remedies permitted by paragraoh IR hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrnwer's breach of any oovenant or } agreement of Borrower in thie Mortgage, including the covenenta to pay when due any sume secured by this Mortgage, Lender ~ prior to acceleration ahell mail notice to Borrower ae pwvided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure such breach: (3) a date, not leae than 30 dsya from the date the notice ia mailed to Borrower, by which euch ~ breach must be cured; and (4) that failure W cure such breach on or before the date apecified in the notice may result in ~u acceleration of the aums sec~ured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloaure procecding the ~ ~ non-e:istence of a default or any other defenee of Borrower to aoceleration and forecloeure. If the breach is not cured on or a before the date epecified in the notice. Lender at Lender's option may declare all of the euma aecured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all e:pensee of foreclosure. including, but not limited to, reasonable attorney's feea. and coata of documentary evidence. abatracts and title reporta. ~ 19. Botrower'e Right to Aeinstate. Notwithstanding Lender's acceleration of the aums aecured by thia Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays Lender all suma which would be then due under thie Mortgage, the Note and notes aecuring Future _ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable eapenses incurred by Lender in enforcing the covenanta and agreemente of Borrower contained in thie Mortgage and in enforring Lender's remedies xs provided in paragraph 18 hereof, including, but not limited to, reaaonable _ attorney'e fees; and (d) Botrower takea auch aetion as Lender may reasonably require to assure that the lien of thia Mortgage. I.ender's intereat in the Property and Borrower s obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon such payment and cure . - by Borrower, this Mortgage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occurred. - 20. Aesignment of Rente; Appointment of Receiver. As additional security hereunder, f3orrower hereby asaig~s to Lender the rente of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Propetty, have the right to collect and rntain such rents aa they become due and payable. - Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahali be entitled to have a receiver appointed by a oourt to enter-upon, take possession of and manage the Property and to collect the rente of the Property, including thoee past due. All rente - collected by the receiver ehall be epplied first to payment of the coata of management of the Property and collection of renta, including, but not = limited to, receiver e fees, premiuma on receiver's bonds and reasonable attorney's fees, and then to the suma eecured by thia Mortgage_ The receiver ahall be liable to account only for those rents adually received. .'`E ~ -°S T-S J l' ~ ~ooK286 P~~f 665 ~ _ _ - - y ~ 2~ ~ ~ _ _ . . r~_, iE.~ ^aa?~:5~