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HomeMy WebLinkAbout0038 8. InspeMlon. LeAder may malce or cause to be made reaaonable e~tries upon and uupectiona of the property. pmvided thet Lender shall give Bonower notioe prior to any such inepection specifying reasouable cause therefae re}aled to Lepder'~ intere~t ia the Propert,y. 9. Condemnation. 'Ifie pmceeda af any award or cleam for dama~es. direct or oon~equeatiel. in connoction wilh any ooademnation os oth~ taking of the ~mperty. or past thereot, ar [or coAVeyanoe in lieu of wndannation. are heroby aasiQaed and shall be paid to Lender. In the event of a btal takinQ of the Propeity. the pra.~eede ehal! be applied to the ~uaoa secured by this Mortgage, with the esoaa. if any, paid to Borrower. In the event of a partial taking ot the Property, uales~ Borrower and Lendu otherwise agree in writing~ there ~haU be f applied to the sums eecured by this Mort~age ouch proportion of the proceed~ as ia equal to that proportion which the amount of the sums } eecured by lhis Mo~tgage immediately prior to the date of tating bearo to the fair market value of the Propedy immediately prior to the date of taking. with the balanca of the pmceeds paid to Borrower. ' ~ If the Property is abandoned by Bormaer, or if. after aotioe by Lender to Borrow~ that the rnndemnor offe~s to make an awerd or selde a claim for damages, Borrower feils to respond to Lender within 30 deya aft~er the date such notioe ie mailed, l.ender is anthorised to coUect and apply the proceeds. at I.eader's option, either to r~toration or repair of the property or to the auma aecured by thie Mortgage. ~ Unl~s Lender and Borrower otherwise agt~ee in writu?g, any such application of proceeds to principal ehall not e~tend or postpone the due ; date of the month~y inataUmenta referred to in paragrapha i and 2 hereof or change the amount of such installments. 10. Borrower Not Releaeed. E:tenaion of the time for paymant or modification of amortisation of the auma eecured by thia Mortgege granted'by I.ender to any eucceaee?r in intemst of Borrower shall not operate to release, in any manner, the liability of the original Bo:rower and Borrowei s aucceasors in interes~ Lender ahall not be required to aommence pmceedinga against such aucceeeor or refuee b extend time for payment or otherwise modify amortizxtion of the aums secured by this Mortgage by reason of any demand made by the original Borrower ~ and Borrower's successore in inter ~ . 11. Forbearanoe by Leader ot a Waiver. Any forbearance by Lende~ in e:erciaing any right or remedy hereunder. or otherwise a!'fotded by applicable law, shall n be a waiver of or preclude the ~erciee of any euch right or remedy. The procurement of ineurance or the payment of ta:es or other liena or arges by I.ender shall not be a wniver of Lender a right to accelerate the maturity of the indebtedaess aecured by this Mortgage. 12 Remediee Gtimulative. All mediee provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgege or afforded by law or equity. d may be eserciee~i oonctirrendy. independendy or auooeseivej~?. 13. 3ucceseors aad Aasigne Bound; nt and 3evera! Liability; Captions. T6e covenant+~ and aareemente herein oontained ahall bind; and the rights hereunder ahall inure to, the respective auoceasote and assigns of Lender and Borrower, subject to the pmvisions of paragraph 17 hereof. All rnvenanta and agreemenis of Borrower ehall be joint and eeveral. The captiona and headinga of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof. ~ 14. Notice. E:cept for any notic8 required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreaeed to Borrower at the Property Address or at euch othei addreas ae Borrower may deeignate by notice to Lender as provided herein, and (b) any notice to L.ender shal! be given by certified mail. return receipt requeated, to I.ender's addreae atated herein or to such other addreas as Lender may deaigaate by notice to Borrower as provided herein. My notice pmvided for in thia Mortgage ehall be deemed to have been given to Borrower or I.ender when given in the manner d~aignated hezein. 15. Uniform Mortgage; GoverniRg Law; Severability.l~ia form of mortgage rnmbines uniform oovenaate for national uee and qoa- uniform rnvenanta with limited variations by juriediction Ro constitute a uniform aecurity inatrument oovering real property.'l~is Mortgege ahell be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clanee of thie Mortgage or the Note conflicts with applicable law, auch conflict shall not aftect other proviaiona of this Mortgage or the Note which can be given effect without the conflicfing provision, and to this end the ptoviaions of the Mortgage and the Note are dedand to be severable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of acecotion or after recordation hereof. 1 T, Tranafer of the Ptoperty; Aseumption. If al) or any part of the Property or an interest therein ie sold or tranaferred by Borrower without Lender'e prior written conaent, ezcluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage, (b) the creation of a purchaee money security interest for houeehold appliencea, (c) a tranafer by deviee, dc~.~ent or by operation of law upon the death of a joint tenant or (d) the grant of any leaaehold interest of three years or leas not oontsining an option to purchaee. Lender may, ai Lender's optioa, • declare all the sume securea by this Mortgage to be immediately due and payable. Lender shall have waived such option to aecelerate if, prior to the aale or transfer, Lender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that Lhe cre~it of auch person ia eatiafactor3~ to i.ender and that the interest payable on the aums aecured by this Mortgage ahall be at auch rate se Lender shaU request. If Lender has waived the option to accelerate pmvided in thia paragraph 17, and if Borrower a auccessor in intereat hsa ezecuted a wtitten asaumption agreement accepted in writing by [.ender, I.enderahall release Borrower from all obligatione under thie Mortgsge and We Note. If Lender e:ercisea auch option to accelerate, I.ender shaU mail Borrowet notice of acceleration in accordance with paragraph 14 hereof. ' Such notice ahall provide a period of not less than 30 daya from the date the notice us mailed within which Borrower may pay the auma declared ~ due. If Borrower fails to pay such euma prior to the expiration of such period, I.ender may, without f»rther notice or demand on ~3orrower, ,f mvoke any remedies permitted by paragrao6 18 hereof. . i ~ ~ 18. Aoceleration; Remedies. E:cept aa provided in paragraph 17 hereof. upoa Borrower's breac6 of suy covenant or agreement of Borrower in thia Mortgage. including the oovenante to pay when due any sums eecured by thie Mortgage. i.ender prior to aoceleration ahall mail notice to Borrower as provided in paragraph 14 6ereof specifying: (1) the breach; (2) the action required to cure euch breach; (3) a date. not lese than 30 daye from t6e date the notice is mailed to Borrovrer, b~r which euch breach muat be cured; and (4) thet failure to cure such breach on or before the date apecified in the notice may reault in _ acceleration of the sums eecured by this blortgage. foreclosure by judicial proceeding and sale oft6e Property. The notice shall further intorm Borrower of t6e right to teinett~te after acceleration and the rig6t to easert in the foreclosure proceed'wg the non-e:iatence of a default or any otber defense of Borrower to acceleration and forecloaure. If the breach is not cured on or before the date epecified in the notice. Lender at I.eoder's option may declare all of the sums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenees of forecloeure, including. but not limited to, reasonable attorney's feea, and coets of documentary evidence, sbstracts and title reporta. ~ . 19. Borrower's Right to Reinatate. Notwithetanding Lender s acceleration of the eume eecured by this Mortgage, Borcower ahall have the right to have any proccedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Bor~vwer paya Lender all suma which would be then due under this Mortgage, the Note and notes eecoring Future Advanoea, if any, had rio acceleration ocrurred; (b) Borrower cures all breachea of any other rnvenants or agreemeats of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable e:penses incurred by Lender in enforcing t}ie covenants and agreemente of Borrower ~ oontained in this Mortgage and in enforcing Lender'a remedies ae provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney's fees; and (d) Borrower takes such action es Lender may reasonably require to assure that the lien of this Mortgage. I.ender'6 intereat ~ in the Prop~ty and Borrower e obligation to pay the aums secured by this Mortgage ahail continue unimpaired. Upon auch paywent and cure A by Borrower, this Mortgage and the obligatione eecured hereby ehall remain in full force and effect ea if no acceleration had occurred. ~ 20. Assignment of Reate; Appointment ot Receiver. Ae additional eecurity hereunder; Borrower hereby aeaigna to I.ender the rente ~ of the Property, provided that Sorrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such rente as they become due and payable: ~ ~ paragraph perty, Lender ehall be entitled to have a receiver a ~ Upon aoceleratioa under 18 hereof or abandonment of the Pro ppointed by a ~ oourt to enter-~pon, take poeseaeion of and manage the Property and to rnllect the rents of the Property, including thoee past due. All rents ~ oollected by the receiver ahall be applied firet to payment of the ooste of management of the Property and rnllection of rente, including, but not ~ limited to, receiver's fees, premiums on receiver'a bonda and reasonable attorney's teea, and then to the suma eecured by this Mortgage. The reoeiver shall be liabl~to aocount only for thoee renta actually received. ~ ~ ~ . ~ 5tlGlc ~ PACf ~ ; ~ - - - - : ~ : - - - ~ ~ ~3',`~~-,-~ ~ ~ ~ c . ~r: ;,_"x--. ,~;~,r~"~" - . . ~~F,,.~