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HomeMy WebLinkAbout0063 8. Iaspectioa. Lender may mal~e or ceuse to be u~ade reaaonable entries upon and inspectiona of tha property, ptovided that Leader shall give t3orrower notice prior to any such inspection specitying reaeonable cause therefor related to lxnder's interest in the Ptoperty. ~ 9. Condetnnation.ll~e prooeeds of any award or claim for damages, direM or conaequential, in connectiou with aay ooademnation or othe~ taking of the property, or part thereof. or for rnnveyau?ce in lieu oi condemnation. an hereby aa~igned and shaU be paid to Lender. - ln the event of a total tal~ing of the Property, the proceeds shall be applied to the eums secured by thia Mortgage, w~ith the e~ccess, if any. paid to Borrawer. In the event of a partial taking of the Prop~ty. unless Borrower and l.endss otherwiee agrce in writing. there shaU be applied to the sums secured by thu Mortgage euch propo'on of the pmce~ds ae is equal to that pmportion which the amoun! of the suma eecured by thie Mortgage immediately prior to the date oi taking bears to the fair market value oithe Properiy immedistely prior to the date of ~aking. with the balancv of the proceed~ paid to Borrower. - Ii the Property is abandoaed by Borrower, or if, after hotice by Lender to Bo~rower that the oondem~or oPfers to make an award or eettle a claim for damages, Borrower fails b respond to Lender within 30 daya aRer the date auch notice is mailed. Lender is authorised to rnllect and apply the pmceeds, at Lender'a option. eiWer to restoration or repair of the property or to the sums secured by this Mortgage. Unleee Lender and Borrower otherv~rise agree in writing, any such application of pioceeda b principal ahall not extend or poetRone the due date of the monthly inetaliments nferred to in paragraphe 1 and 2 henof or change the amount af such installmeats. 10. Borrower Not Released. E:teneion of the time for p~nnant or modification o! amortization of the eume eecured by this Mortgage granted by Lender to any aucceaeor in intereet ot Borrower ahall not operate to releaee, in any manner~ the liability of the original Borrower s e'------- t.. :.-.s_~~.~s t.~~iR~ ah3!) ssn* faa a-esrissire.A }n M~nw107sM nTY!lY4~l~!lfi~ RE~RlTl:L~!!~! !f!lY~P9.9!!! ffT TPf1l~ PltPllf~ ~!!!!P ' c1~~4 LVlaVwc? o o~~.~.~oov~u w~ u~w.ww ~w........ w.w.....~........~~."~. " ~''"y"'~' ' . _ . . . for payme~t or otherwise modify amortization of the sums aecured by this Mortgage by ma~on of any demand made by the original Borrower and E3orrower s aucceasors in intereet. ~ 1 l. Forbearaaee by l.ender Not a R?aiver. My forbearance by I.ender in e:erciaing any right or nmedy hereunder. or otherwiee afforded by applicable law, ahall not be e waiver of or preclude the exerciee of any euch right or remedy. The procurement of inaurance or the ~ pgyment of tazea or other Gene or chargee by I.ender ehall not be a waiver of I.ender s right to aocelerale the maturity of the indebtedneea secatpd by thia Mortgage. 12 Remedies Cumuletive. All remediee provided in thia Mortgage are dis4nM and cnmulative to any other right or remedy under thia Mortgege or afforded by la~r or equity, and anay be ezerciae~l wncurrentiy, independendy or suoceseively. 13. 3ucceeeors and Asaigne Bouad; Joint and 3everal Liability; Captions. The covenante and agreementa herein rnntained ehall bind, and the riRhte hereunder shall inure to, the reapective aucc~eaeore and asaigns of Lender and Borrower. subject to the pmvieions of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeveral.'l~e captione and headings of the paragrepha of this Mortgage are for covenience only and are not to be ueed to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, ia) anY notice to Bor~wer provided for in thia Mortgage ahall be given by mailing auch notice by certified mait addreased to Borrower at the Property Ad~ireas or at auch other address an Borrower may deeigaate by notice to Lender se provided herein, and (b) any notice to Leader shall be given by certified mail, return reoeipt requeated, to Lender s addreas stated herein or to euch other addreea ae Lender may deaignete by notice to Borrower ae pmvided herein. Any notice pmvided for in thie Mortgage ahall be deemed to have been given to Sorrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governirig I.aw; 3everability. Thia form of mortgage combinea uniform oovenante for national uee and non- uniform covenants with limited variationa by jurisdiction to oonatitute a uniform secnrity instrun?ent oovering real property. This Mortgage shall be govemed by the law of the jurisdiction in which the Property is tocated. In the event that any proviaion or clauae of this Mortgage or the Note conflicts with applicable law, such contlict ahall not afTect other proviaiona of this Mortgage or the Note which can be given effect w-ithout the oonflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to 6e aeverable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed rnpy of the Note and of thie Mortgage at the time of e~cecution or after recordation hereof. 17. 'l~anafer of We Property; Aasumption. If all or any part of the Property or sn interest therein ia eold or traneferred by Borrower without Lender s prior written rnnsen~ e~ccluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money eecurity intereet for h~u~ehuid ~~pii,~~~. a tranafer by deviae. descent or by opzration of lavr upan ihe de::th of a jaini tenant or (d) the grant of any leasehold intereet of three years or leae not oontaining an option to purchaee, Lender may, at Lender's option, declare all the auma eecured by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if. prior to the eale or transfer, Lender and the peraon to whom the Property is w be sold or tranaferred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate as I.ender ehell requeet. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a suocessor in interest has eaecuted a written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under this Mortgage and the Note. ` If Lender exerciaes auch option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereot i Such notice shall pmvide a period of not lesa than 30 days from the date the notice is mailed within which Borrower may pay the aume declared ~ due. If Boaower feile to pay such aums prior to the expuation of such period, I.ender may, without further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenaat or ~ agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by thie Mortgege. Lender ~ prior to aoceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cuce suc6 breach; (3) a d~te, not leas than 30 daye from the date the notice ie mailed to Borrower, by which such bresch must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result ia acceleration of the sume secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property.T6e notice ahall further inform Borrower of the right to reinstate aRer acceleration and the right to aseert in the foreclosure proceeding the - nan-ezistence ot a default or any other detense of Borrower to acceleration and forecloaure. Itthe breach is not cured on or before the date epecified in the notice. Lender at Lender's option may declere all of the eums secured by this Mortgage to be immediately due and payable without further demand and may forecloae thie Mortgage by judicial proce~ding. Lender ahall be entitled to collect in euch proceeding all e:penses of foreclosure, including, but not limited to, reasonable attorney's fees. and costa otdocumentary evidence, abstracta and title reports. - ~ 19. Borrower'e RighE to Reinatate. Notwithatanding Lender's acceleration of the auma secured by thie Mortgage, Borrower shaU have the right to have any proceedinga begun by Lender to enforce thie Mortgage disrnntinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under thie Mortgage. the Note and notea securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or egreementa of Borrowercontained in ~ thia Mortgage; (c) Borrower pays all reasonable eapeneea incurnd by Leader in enforcing the covenants and agreements of Borrower - contained in thie ib(ortgage and in enforcing Lender'a remedies aa provided in paragraph 18 hereof, inclnding, but not limited to, reaeonable ~ attorney e feea; and (d) Borrower takes auch action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender's intereet ^ in the Property and Borrowei s obligation to pay the sums secured by this Mortgage shall condnue unimpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage end the obligations secured hereby shall remain in full force and effect ae if no acceleration had oocurred. . ~ 20. Assignment of Rents; Appointment of Receiver. As additional securily hereunder, Borrower hereby aseigne to I.ender the re~te " ~ of the Property. provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain anch rente as they become due and payable. ~ Upon acxeleration nnder paragraph 18 hereof or absndonment of the Property, Lender ahall be entitled to have a receiver appointed by a court to enter upon, take poaeeeaion of and manage the Property and to coliect the rents of the Property, including those paet due. All rente ~ oollected by the receiver shall be applied firet to payrnent of the ooete of management of the Property and oollection of renta, including, bat not limited to, receivei e feea, premiums on receiver's bonds and reasonable attorney'a feea, and then to the aume eecured by this Mortgage. The receiver ahall be liable to aooount only for thoae renta actually received. ~ ~ ao~x 2~8 r~c~ ~ ~ . ~ ~ .