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HomeMy WebLinkAbout0151 8. Itupectioo. Lender mey make or caws to be made reuonable e~trie~ upoa a~d 'uupection~ of th~ psopertY. p~o~?id~d that Lender ahall . give Borrower aotice prior to aay such inspection specifyinQ ~eawaeble cause eherefo~ relsted to Leader's interest in the Prope~ty. 9. Condemn~Uon.'l1~e proceeds of any eward or clsim for dama~es. direct or oonsequential. in connectioa with any oondemnatioa or other tal~ing of the pmperty, ar part theroot, or for coaveyanca in lieu oi oondemnation. are hereby eusigned and shsU be paid to Lender. In the event of a total taking of the Property, the proceed~ sha11 be applied to the ~ums secured by this Mort~a~e. ~viW We ~oea, if any. paid to Borrowe~. In the eveat oi w partial takine of the Propesty. unless Borrower and Leader otherwiee agree in writin~. Were ahal! be applied to the sums secuced by this Mortt~aa~e snch proportion of the proceeda as is equal to that proportion which the amount ot the sums eecured by this Mortgage immediately ptior to the date of tating ~n Lo the [enr market value of the Property immediately prior to the tlate oi taldn8. with the balance of the proaeds paid to 9orrower. If the Property is abandoned by Borrower. or if. sRer notioe by Leader to Bormwee that the oondanaor oHers b make an award or settle e claun for damage~, Borrower fails to respond to Lender within 30 days etter the date such aotioe is mailed. Leader iu authorised to rnllect and apply the prooeeds. at Lendei e optiun. eith~ to restoration or repair of lhe pmperly or b the sums secured by this Mortgage. - Ual~s Lender aad Borrower othervinee agree in writing, eny such application of proceed~ to~prll sha11 not e:tend or postpone the due dete of We monthl,y inatallments referred to in paragraphe 1 and 2 hereof or change the amount of such inatallments. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the auma eecused by thia Mortgage granted by l.ender to any succeseor in interest of Borrower shall not operate to release. in any manner. the liability of the original Bon~ower and Borrowei s succeeaors in interea~ Lender shall ~ot be required to aommence proceedings against euch succeeaor or nfuse Lo eztend time for payment or otheiwise modify amortization otthe auma eea?red by this Mortgage by reaeon of any demaqd made by the original Borrower and Borrower's aucc~eseors in interest. - 11. Forbearanoe by Lender Not~s Waiver. Any forbearance by Lender in e:ercising any riBht. or remedy hereunder. or otherwise aPforded by applicable law. shall not be a waiver of or preclude the ezercise of any such right or remedy.'1Le psocurement of insarance or the paymeat of t~eo or other liena or. charges by Lender shall aot be a waiver of Lender's right to sooelerete the maturity of the indebLedaeea aecured by this Mortgage. _ ~ 12 Remedies G~mulative. All remedies provided ia this Mortgage are distiact and cumulative to any other right or remec~y under this Mortgage.ar afforded by law or equity. and may be ~~ciaevl ooncurrendy, independently or suaxssively. 13. 3ui.~ceasor. and Asaigns Hound; Joint and 3everal Liability; Captions.'I~e oovenanta and agreements herein oontained shall bind, and the righta hereunde~r ahall inare to. the reapective auccessors end assigns of Lender and Borrow~, subject to the provisions of paraAraph 17 hereoL All covenants and egreementa of Borrower shall be joint and eeveral. The captions end headings of the paragraphe of thie Martgage are for rnvenience only and are not to be used to interpret or define We proviaions hereof. - 14. NoNce. Except for any nuli~~e required under epplicabie law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ehall be given by mailing such notice by certified mail addreeeed to Borrower at the Property Addrese or at euch other addreas as Borrower ~nay deeignate by notice to Lender se provided herein. and (b) any notice to I.ender shall be given by certified mail. nturn reoeipt requeeted, to Lend~'s addreea stated herein or to auch other addrese as Lender may deeignate by notice to Borrower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner desigaated henit?. 15. Uai[orm MQrtgage; Governing I.aw; 3everability. This form of mortgage combinea uniform aovenants for national uee and non- uniform rnvenanta with limited variationa by jurisdiction to oonatitnte a uniform eecurity inatrunient oovering real praperty.'l~ie Mortgage ahall be governed by the law of the juriediction in which the Property is located. In the event that any pro~~iaion or clauee of this Mortgege or the Note conilicta with applicable Iaw. auch conflict ehall not at~ect other pmviaiona of this Mortgage or the Note which can be given e~oct without the oonflicting proviaion, and to thia end the pmvisions of the Mortgage and~the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniehed a rnnformed copy of the Note and of thia Mortgage aL the time of ezecution or aftez recordation hereof. 17. 7~ansfer of the Property; Aseumption. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower without Lender'a prior written rnneent, ezcluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchaee money eecurity interest for houeehold appliancea, (c) a transfer ~y deviee. desoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or leas not containing an option to purchase. Lender may, at Lendefe option. declare all the sams eecured by thia Mortgage to be immediately due and payabk. I,ender ehall have waived such option b accelerate if. prior to the sale or transfer. Leader and the peraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of such peraon is eatisfactory to Lender and that the interest payable on the aume eecured by thia Mortgage ehall be at auch rate as I.ender ahall requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s suocesaor in interest has ezecnted a. ~ written asaumption agreement accepted in writing by I.ender, Lender ahatl release Borrower from sll obligationa under this Martgage aad the a- ! Note. - ~ If Lender exerciees such option tu accelerate. Lender shall mail Borrower notice of acoelezation in acoordance with paragraph 14 hereoL ~ Such notice ehall provide a periad of not leae than 30 days from the date the notice is tr.ailed within which Borrower may pay the suma declared E due. If Borrower fails to pay such sums prior to the ~piration of such period, L,ender may, without fiirther notice or demand oa E3orrower, invoke any remediea permitted by paragraoh 18 hereof. . _ 18. Aoceleration; Remedies. E:cept as prnvided in paragraph 17 hereof, apon Borrower's breach of any aovenant or agreement of Borrower in this Mortgage, includiag the oovenants to pay when due any sume secured by this ll~ortgage, I.ender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) t6e breac6; (2) the action reyuired to cure such breac6; (3) a date, not leas than 30 daye from the date t6e notice is mailed to Borrower, by which such breach must be cured; aad (4) that failare to cure such breach on or before the date specified ia the notice may reault in acceleration of the sums eecured by this Mortgage, forecloawe by judicial proceeding and aale of the Property. The notice ehall further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosure pmceed'utg the non-ezistence of a default or any other defenee of Borrower to soceleration and foreclosure. It the breach is not cared on or before the date specified in We notice, I.ender at Lender's option may dectare all of the suma secnred by t6ie Mortgage to be immediately due and payable without fi~rther demand and may foreclose thie Mortgage by judicial proceeding. I.ender ehall be entitled to oollect in such proceeding all e:penses of forecloeure, including, but not limited to, reaeonable attorney'e fees, and coets of docvmentary evidence. abstracts and tide reporte. ~ 19. Borrower's Right to Reinstate. Notwithetanding Lender's acceleration of the auma eecnred by thie Mortgege, Borrower ahall have the right to have any pmceedings beg~n by Lend~ to enforce thie Mortgage discontinued ai any time prios to entry of a judgmeni enforcing this Mortgage if: (a) Borrower paye Lender all suma which would be then due under this Mortgage. the Note and notes s~nring Phture Advanoes, if any, had no aooeleration oocurred; (b) Borrower cures a11 breaches of any other covenents or agreem~ts of Borrower contained in ~ thia Mortgage; (c) Borrower paye all ressonable e~cpensea incurred by Lender in enforcing the oovenanta and agreemente of Borrower aontaiaed in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof. including, but not limited to, reasonable ~ attorney's fees; and (d) Borrower takea such action as Lender may reaeonably require to aesure that the lien of thia Mortgage. Lender'e interest ~ in the Property and Borrowei s obligation to pay the eums secured by thie Mortgage ahail continue unimpaired. Upon eneh payment and cnre ~ by Borrower, thie Mortgage and the obligationa eecured hereby ahall remain in full force and effect ea if no aoceleration had occureed. ~ 20. Assignment of Renta; Appointment of Receiver. Aa additional eecnrity hereunder, Borrower hereby aeeigna to Lender the reate of the Property, provided that Borrower ahall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to oollect and retain anch rente aa they become due and psyable. Upon acoeleration under paragraph 18 hereof or abandonment of the Property. Lender ehall be entitled to have a reoeiver appoiated by a ooutt to enter~pon, take poeseasion of and manage the Property and to oollect the rente of the Property, including thoee paet due. All renta oollected by the rnxiver ehell be applied first to payment of the ooats otmanagement of the Property and oollertion of tents, including, but not limited to, receiver's fees, premiume on reixiver'e bonds and reseonable attomey's feea, and then ta the suma eecured by this Mortgage. The reoeiver ehall be liable to acuount only for thoee renta actually received. ~ - ~ au~,c28~ rA~E 151 - ~,r-„,~~ - =~~~_~`.~~y ~~~~.~c ~ . _