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HomeMy WebLinkAbout0311 8. lnepcction. I.ende~ may make o~ cauae to be made reasonable entries upon and inapections of the property, provided that l.ender ahall give E3orrowe~ notice prior to any auch inspeMiun epecifying reasonable cauee there[ur related to t.endei e intereet in the Property. 9. Condemnation.'ll~e procecde of any award or claim [or damages, direct or conaequential, in coanectioo with any rnademnation or other taking of the property, o~ part thereof, or for conveyance in lieu of condemnation, are hernby aaeigned and ahall be peid to l.ender. in the event of a total taking of the Properly, the proceeds shall be applied to the eume eecured by thie Mortgage, with the exceae, if any, paid to Borrower. In the event of a pertiel taking of the Property, unleaa Borrower and I.ender othenniee agree in writing, there ehall be applied to the aums secured by this Mortgage euch proportio~ of the proceede aa is equal to that p~oportion which the amouot of the aume eecured by thie Mortgage immediately prior to the date ot taking beare to the fair matket value of the Property immediately prior to the date of taking, with the balancY of the pruceeds paid to Borrower. 1f the Property ie abandoned by Borrower, or if, aRer notice by l.ender to Eiorrower that the conde~nnor of~ers to make an award or eettle a cleim for damagea, Borrower faile to respond to l.ender within 30 daye after the date such notice is mailed, Lender is authorized to collect and c~pply the proceeda, at L.ender'e option, either to reatoration or repnir of the property or to the euma eecured by this Mortgage. Unleea l.ender and Borrower otherwiae agree in writing, any auch application of proceeda to principal ehall not extend or poetpone the due date of the monthly inatallmente referred to in paragraphe 1 and 2 hereof or change the amount of such installmente. 10. Rorrower Not Released. Fxteneion of the time tor paymant or modi6cation of amortizntion of the aums aecured by this Mortgage kranted by l.ender to any succeasor in intereat of Borrower ehaU not operate to release, in any manner, the liability of the original Borrower and E3orrower'a succeasora in intereat. l.ender ahall not be required to commence proceedinga against auch auccesaor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by rea~n of any demand made by the original Bonower und E3ur~owei s succestx~rs in inte~est. 11. Forbearance by I.ender Not a R'aiver. My forbearance by l.ender in exerciaing any right or remedy hereunder, or otherwiee afForded by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of inaurance or the ~iaymrnt oi tarces ~r oLh~r lieres or charges hy i.en~er sl:a!! n~! t~e a~xaiver of Ixndei s regh*. to ~cc41e*~~e Ehe mat~srity nf thP in~iPh4wlnww secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thes Mortgage are diatinct and cumulative to any other right or remedy under this ~tortgage or afforded by law or equity, and may be exercised concur~ently, independently or succeasively. l3. Succeasore and Asaigne Bound: Joint and Several Liability; Captions. The covenants and agrrementa herein conisined shall bind, and the righta hernunder shall inure to, the respective succeaeore and assigne of Lender and Borrower, aubject to the provieiona of paragraph 17 hereof. All covenants and agreemente of Borrower ahall be joint and several. The captiona a~d headinge of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borruwer provided for in this Mortgage shall be given by mailing auch nutice by certified mail addreased W BorYuwer at the Pn~perty Address or at auch other address ae Borrower may deaignate by nofice to Lender as provided herein, and (b) any notice to I.ender shal! be given by certified mail, return receipt requested, to I.ender's address atated herein or to such other addreas as l.ender may designate by notice to Borrower aa provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing l.ew; Severability. This form of mortgagecombines unitorm rnvenants for national uaeand non- uniform covenants with limited variations by juriadiction to conatitute a uniform security inatrument covering real property. Thia Mortgage shall be Roverned by the law o[ the jurisdiction in which the Property ia lceated. In the event that any pmvision or clause of this Mortgage or ehe Note conflicts with applicable law, such conflict shall not affect other proviaions of this Mortgage or the hote which can be given eKect without the conflicting pmviaion, and to this end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower'8 Copy. Borrower shall be furnished a conformed copy of the Note and otthis Mort{;age at the time of execution or after recordation hereof. 17. Transfer of the Property; Aesumption. If all or any part of the Property or an interest thernin ie sold or tranaferred by Borrower w~thout I.ender s prior written conaent, excluding (a) the rreation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aecurity intereat foT household appliances, (c) a transfer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lesa not containing an option to purchase, Lender may, at Lend a option, declare all the sums secured by this Mdrtgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior I to the sale or transfer, l.ender and the person to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of auch ~ person is satisfactory to I.ender and that the intereat paynble on the suma secured by this Mortgage shall be at auch rate as I.ender ahall request. [f I.ender has waived the option to accelerate provided in this paragraph 17, and if E3orrower s successor in interest has execvted a ~ written a.asumption aqrePment accepted in w~riting by t.ender, [.rnderahall release Borrower from al1 obliQations underthia Mortgage and the ; tiote. ~ s if Ixndei eaercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ 5 ~uch notice shall provide a periud of not less than 30days from thedate the notice is mailed within which Aorrower may pay the suma declared due. If Borrower fails to pay such sums prior to the expiration of such perioc{, [.ender may, without further notice or demand on E3orrower, ~ } permittec! by par~graoh.iR hereof ~ ~nvoke an • remedies f ~ 18. Acceleration; Remedies. Fxcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower ip thia Mortgege, including the covenante to pay when due any eume secured by this Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragrxph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not less than 30 daye from the date the notice ie mailed to Borrower. by which euch ~ breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reanlt in ~ acceleration of the auma secured by this Mortgage. foreclosure by judicial proceeding and asle of the Property.The notice ahall ~ further inform Borrower of the right tu reinstate after acceleration and the right to esaert in the forecloeure prceeeding the ~ non-e:istence of a default or any other defenae of Borrower to acceleretion and foreclosure. lf the breach ie not cured on or ~ F?etore the date apecified in the notice, Lender at Lender's option may declare all ot t6e eums secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in such proceeding all e:penses of fore~losure. including. but not limited to. reasonabie attorney's fees. and ~ costs of documentary evidence. abatraets and title reports. ~ 19. Borrower'e Right to Reinstete. Notwithstanding I.ender's accelerationoftheauma eecured by this b'Iortgage, Borrowershall have the right to have any proceedings begun by l.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b? Borrower curea all breachea of any other covenants or agreemente of Borrower contained in this Mortgage; (c) E3orrower pays all reasonable expenses incurred by L.ender in enforcing the covenants and agreements of Borrower ~ rnntained in this MortgaKe and in enforcing I.ender's remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees: and (d) BorroweT takes such aMion as Lender may reasonably require to assure that the lien of thia Mortgage, [.endei e interest ; in the Property and f3ormwer's obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obiigat~ona secared hereby ahall mmain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to i.ender the rents pe y, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right of the Pro rt ~ to collect and retain such mnts ae they become due and payable. ' Upon acceleration under paragraph 18 hereof or abandonment otthe Property, [.ender shaU be entitled to have a receiver appointed by a ~ oourt to enter upon, take posaeasion of and manage the Property and to collect the rents of the Property, including thoae past due. All rents - oollected by the receiver ahall be applied first to payment of the coate of management of the Pmperty and collection of renta, including, but not ~ limited to, receiver'e feea, premiums on receiver e bonda and reasonable attorney e feee, and then to the suma secured by this Mortgage. The receiver ahall be liable to account only for those renta actually received. ~ ~ ~ ~ ~:i ~bi ~s ~ - _ V_ _ . . _ ~ ~ - ; ; ~ ~ ~ ~ ~ ~ ,~~j .~~`~`.~u"~,~ F ~~~-.nt, r3. r~, t-~