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HomeMy WebLinkAbout0159 8. In~pectioa. Lender may make or cau~e to be made rea~onable entries upon and inapectiooa of the property. providad that Leader ahall ~ivs Horrower notice p~ior to any such inspedion spectifying reawaable causs thenior related to L.ande~ ~ interest in the Property. 9. CondemnMtion. 71ie prooeed~ of any award or claim fos dame~es, direct or coiuequential. ia connection wieh any oondemnation or oWer taf~in~ of the pmps~ty, or part thereof, or ior conveyenoe ia lieu ot oortdemnation, are hereby as~igned and shall bs paid to Lender. Ia the event of a total takinQ oi the Property, We prooeeds shaU be applied to the sums secured by thi~ Mott~age, with the ~oe~s. if awy. i paid Lo Borrower. In the event of a partial takias of We Propesq?, unles~ Borro~t and 1~ender otherwiee a~res in writin~. there shall be ' appGed to the sums secured by this Mortgage such proportioa ~ fhe proceeds as ie equal to that proportion which the emount of the sums secured by this Mortgage immediately prios to the date of laking bears to tha [air martet value oithe Property immediate~j? prior b the dats of taking. with the balanc~ of the prooeeds paid to Borrower. If W e Property is abandoned by Boreower. or it. aRer aotioe by Lender to Borrower that the oondemnor oPfen to make an award or settb s claim fos dama~es. Borrower fails fn reepond to Lender within 30 days afi~ the date such notia is onailed. L,endu is authorized b collect and ~ apply the prooeeds. at Leader'~ option, eith~ b restoration or repair of the prope:ty or to the suma secared by this Mortgage. ' Unlces Lender and Borrower otb~rvvise ag~ee in writinB. anY application of pmoeeds W principal ahall not estcnd ar po~tpone the due ~ date of the montlily installmenb referred to in paragraphs 1 and 2 h~eof or change the amount of such inataUments. ~ 10. Borrower Not Released. E:tension of the time for paymrnt or modification of amortization of the sums secured by this Mortgage granted by Lender to any succeaeor in intereat of Borrower ehall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's succeasors in intetest I.ender ahaU not be required to oommence proceedings againat such eucceaaor or refuse to e:tend time for payment or otherwise modify amartization of the sums eecured by this Mortgage by reaeon of any demand made by theoriginal Borrower and Borrower e succeesors in interest. ; 11._ Forbearanoe by. Leader Not a R?aiver. Any forb~rance by I.ender in e~erciaiag aay right or nmedy hereunder. or otherv~ise ~ afforded by applicable law, ehall not be a waivrr of or preclude the exercise of any such right or remedy. The procurement of ineoraace or the payment of tazes or other liena or charges by Lender ahaU not be a waiver of L.eader s right to accelerate the maturity of the iadebtedneea ' secured by thie Mortgage. _ 1Z Remediea Cumulatlve. All remedies provided ia thia Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. aad may be ~erciseA ooncurrendy. iadependtndy or suooessively. 13. 3uccessors and Aselgns Bound; Joint aad 3everal I.[ability; Csptions. ~Ue oovenanh and agreemeata herein ooatained shall bind, and the righte hereunder shall inun to, the reapective eucoeeaora aad assigns of Lender and Borrower, aubject to the provisioas of paragraph 17 hereof. All covenaats and agreements of Bon~ower ahall be joint and eeveral. The captions and headings of the paragraphs of thia Mortgage see for covenience only and are not to be aeed Lo interpret or define the pmvisioas henwf. 14. Notice. Ezcept for any noticr required under applicable law to be given in anothe.r manner, (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing euch notice by certified mail addreeaed to Borrower at the Property Addreee or at euch other addrees as Borrower may deaig~ate by notice to I.ender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to Lendei a addrese atated herein or to auch other addresa sa Lender may deeignate by notioe to Borrower ae provided herein. My notice pmvided for in this Mortgage ahall be deemed to have beea given to Borrower or Leader when given in the manner deeigaated herein. 15. Uaiform Mortgage; Governing I.aw; 3everability. Thia form of mortgage oombines uniform oovenante for natioaal we aad non- uniform rnvenanta with limited variationa by juriadiction to oonstitute a uniform eecurity instn~a~ent oovering real pmperty. 71iis Mortgage ahall be governed by the law of the jurisdiction in which the Property is located. In the event Lhat any provision or clause of thia Mortgage or the Note contlicte with applicable law, auch contlict shall not affert oth~ pmviaions of this Mortgage or the NoLe which can be given effeet without the oontticting pmvision, end to thia ead the pmvisions of the Mortgage and the Note sre declared to be severable. • 16. Borrower'e Copy. Borrower shall be furniehed a conformed copy of the Nole and of thie Pviorigage at the time of enecution or after recordation hereof. ~ ' 17. Transfer of the Property; Aesumption. If a11 or any part of the Property or an intereat therein is soW or transferred by Borrower ~ without Lender e prior written coneent, e:cluding (a) the creation of a li~? or encumbrance eubordinate to thia Mortgage. (b) the creation of a purchase money eecurity interest for houeehold appliaaces, (c) b transfer by deviee, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereet of three years or lesa not a~ntaining an option to purchese. Lender may, at Lender s option, declare aU the euma eecured by thia Mortgage to be immediately due and payable. Lender shall have waived euch option b accelerate if. prioT to the sale or transfer. Lender and the peraon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch per8on ie satiafactory to Lender and that the intereat payable on the suma secured by thie Mortgage ahall be at euch rate as Lender ahall ~ request. If Lender has waived the option to aa~lerate provided in thia paragraph 17. and if Bocrower's suoce~soi in interest has e:ecuted a written asaumption agreement accepted in writing by LendeT, Lender ahell releaee Borrower from all obligationa under thia Mortgage and the Note. ~ If Lender ~erciaea auch option to accelerate, Lender ahall mail Borrowernotice of acceleration in aeoordance with paragraph 14 hereoL i Such notice shall provide a period of not lesa than 30 daya from the date the notice ia mailed within which Borrower may pay the auma declared j due. If Borrower fails to pay auch suma prior to the expiration of sach periad, Lend~ may, without further notice or d~mand on Borrower, ! invoke any remediea permitled by paragraoh 18 hereof. f - _ j 18. Acceleration; Remediea Escept as prnvided in psragraph 17 bereot, upon Borrower's breach of any oovenant or ~ agreement ot Borrower in thia Mortgage, inclading t6e ooveaante to pay when due any sums eecured by thie ~ortgage, Lender ; ~ prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) t6e action required to cure auch breach; (3) a date, not leae than 30 days from We date the notice is mailed to Borrower. bp which suc6 ~ breach must be cured; and (4) thet failure to cure suc6 breach on or before the date apecified in the notice may result uf acceleration of the sume secured by this 6lortgage. foreclosure by judicial prooeeding snd sale of t6e Property. T6e notice ehall . further inform Borrower of the right to reinstate after aoceleration and the right to aesert in the forecloeure proceeding t6e non-e~etence of a default or any other defense of Borrower to aoceleration and forecloaure. If the breac6 ia not cured on or before the date epec~ed in the notice, Lender at Lender'e option may declare all of the eume aecured by thie Mortgage to be immediately due and payable without further demand and may forecloee t6is Mortgage by judicial pcoceeding. Lender shall be entitled to collect in euch proceeding all e:penses of forecloaure, including, but not Umited to. rea8onable attorney's fees, and costs of doeumentary evidence. abstraMe and title reports. 19. Borrower'e Big6t to Reinstate. Notwithatanding Lendei e acceleration of the suma aecured by thia Mortgage, Borrower shall have the right to have any ptoceedinga begun by Lender to enforce thia Mortgage disoontinued at eny time prior to eatry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all sums which would be then due uader this Mortgage, We Note and notea eecuring ~ture Advancee, if any, had no aoceleration oocurred; (b) Borrower cures all breachea of any other covenante or agreementa of Borrower oontained in this Mortgage; (c) Borrower paye all reseonable e:penaea incurred by Lender in enforcing We oovenante and agreemente~of Borrower oontained in thie Mortgage and in enforcing Lender's remediee as provided in paragraph IS hereof, including. but not limited to, reasoaable ~ ~ atiorney'e feea; snd (d) Borrower tal~ea auch action as Lender may reasonably require to aeeure that the lien of thia Mortgage, Le~der's intereet ~ in the Property and Borrower's obligation to pay the suma secured by this Mortgage ahail continue unimpaired.. Upon euch payment and cure i ~ by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no aoceleration had occnrred. i 20. Assignment of Rente; Appointment of Receiver. As additionel eecurity herew~der. Borrower hereby asaigna to I.ender We renta ~ of the Property, pmvided that Borrower ahall, prior to aooelrration under paragraph 18 hereof or abandonment of the Property, have the right , to collect and retain su,~h rents as they become due and payable. ' Upon acoeleratioa unda paragraph 18 hereof or abandonment of the Property, Lender shaU be entitled to have a reoeiver appointed by a oourt to eaterapon, take poseeesion of and manage the Pmperty and to oollect the rents of the Property-, including those pad due. All renta - ~ oollected by the i~eceiver ahall be applied fuet to payment of the ooste of manageraent of the Property and oollectiori of r~ts, inclnding, bnt not lunited to, receiver'a fcea, pr~niuma on reGeiver'e oonda and naeonable attorney'e fees, and then to the snma eecured by thie Mortgage.l'6e ~ reoeiver ahall be liable Lo aooonnt only for thoee rents actually reoeived. ' - U R ' b~~K 2~8 rACf 159 : ~ ~ . _ - - . ~ ~ ~ ~ ~ e...._. . ~ . _ . . _