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HomeMy WebLinkAbout0334 8. l~epection. l.ender may make o~ cause lo be made reaaonable entrie~ upon and inapections of the p~uperty, provided that l.ende~ ehall give Horrower notice prior b any euch ioepection specifying rexeonable cauet ihecefor related to I.ender's interest in the Piroperty. 9. Condemnation. The prorceds of any awurd or claim [or damages, direct or conaequential, in connectiun with any oondemnation o~ other taking of the property, or part thereof, or for conveyance in lieu of condemnation, arn hereby aasigned and ehall be paid to l.ende~. 1~ the event ut a total taking of the P?operty, the proccede ahall be applied to the eume secured by thia Mortgage, with the e:ceea, itany, paid to E3orrower. In the event of a partial taking of the Properiy, unleae Borwwer and l.ende~ otherwise agree in writing, there shall be applied to the sume aecured by thie Mortgage auch proportion of the proceeds as ia equal to thet proportion which lhe amount of the eume secured by thie Mortgage immediately prior to the date of taking beare to the fai~ market value of lhe Hroperty immediately prior to thedate of taking, w~th the balance of the pmceeda paid to f3orrower. ' If the Property ie abandoned by Borrower, or if, after notice by I.ender to F3orrower that the condemnor oF[ere to make an award or eetde a • claim for damagea, Bor~ower laile to reepond to l.ender within 30 days afier the date auch notice ia mailed, l.ender ie authorized to collect and apply the proceeds, at I.ender'a option, either to reewration or ~epair of the property or to the aume secured by this Mortgage. Unleae I.ender and Borrower otherwiee ngree in writing, any such apptication of proeeFde to principal ehaU ~ot extend or postpone the due date of the monthly inatallmente referred tfl in parn~aphe 1 and 2 hereof or change the amount of euch inetallmenta. l0. Borrower Not Released. Exteneion of the time for paymant or modificatio~ of amortization of the auma secured by this Mortgage Kranted by l.ender to any eucce~r in internat of Borrower ehall not ope~ate to release, in any mnnner, the liability of the original Borrower und Borrower's auccessors in intemet Lender shall not be required to rnmmence proceedings againat such succeseor or refuae to e:tend time for payment or otherwise mcxiify amortizatiun of the suma secured by this Morigage by reason of ttny demand mude by the original Borrower and Rormwer's succeaaors in intereat. i l. Forbearance by l.ender Not a Waiver. Any forbearance by Lender in e:ercising any ri~ht or rnmedy hernunder, or otherwiee efForded by applicable law, ehall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of ineurance o~ the payment ot taxee or other liena or chargea by Lender ahall not be a waiver of Lender'e right to accelerate the maturity of the indebtedneae secured by ehie Mortgage. 12. Remedies Cumuletive. All remediea provided in this Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exerciee~l rnncurrently, independendy or succesaively. 13. Succesaors and Aseigne Bound; Joint and Several Liability; Captions. The covenante and agreementa herein contained ehall bind, and the rights hereunder shall inure to, the reapective succeasors and aseigna of l.ender and Iiorrower, aubject to the proviaions of paragraph 17 hereoL All covenanta and ngreementa of Borrower ahall be joint and aeveral. The captione and headings of the paragrapha of thia MortKaQe are for covenience only and pre not to be uaed to interpret or define the provisions hereof. 14. Notice. Except for ariy notice required under applicable law to be ~[iven in another manner, la1 any notice to Horrower provided [or in this Mortgage shal) be given by mailing such notice by ceriified mail addreased to E3orrower at the Property Addresa or at auch other addrees ae F3orrower may designate by notice to I.ender as pro~•ided herein, and (b) any notice to I.ender ahall be given by certified mail, rnturn receipt requeated, to Lender's addreas atated herein or to such other addreas as Lender may deeignate by notice to Borrower as provided hemin. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing l.aw; Severebility. This form of mortgage combines uniform covenanta for national useand non- uniform covennnts with limited variations by jurisdiMion to constitute a uniform security instrument covering real property. This Mortgage shaU be goeerned by the law of the jurisdiction in which the Property is located. In the event that any proviRion or clause of this Mortgage or the Note contlicts with applicable law, auch conflict shall not affect other provisions of this Murtgage or the Note which can be given effect w•ithuut the contlicting provision, and to this end the pm~zsions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy.. Borzower ehall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordatian hereof. 17. Transfer of the Property; Aeaumption. If all or any part of the Property or an intereat therein is sold or traneferred by Borrower withuut [.ender's prior written cunsent, eacluding (a? the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase monev security intereat for household appliances,lc) a transfer by devise, d.acent or b~ operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not containing an option to purchase, Lender may, at Lender'a option, ~ieclarn all the sums secured by this Mortgage to be immediatel~ due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit of such perxon is satisfactory to I.ender and that the interc~t payable on the sums secured by this Mortgage shall be at such rate as Lender shall reyuest. If I.ender has vrai~~ed the option to accelerate provided in this paragraph 17, and if 13orrower's succeasor in interest has executed a ~•ritten assumptiun agreement accepted in writinq by I,ender, l.ender shall release Borrower from all obligatiuns under this Mortgage and the \ ote_ i If I.ender exercises such option tn accelerate, Ixnder shall maii Bormwer notice of acceleration in accordance w~th paragraph 14 hereof ~uch notice shall pmvide a period of not less thun :~1) days from the date the notice is rnailed within which Borrower may pay the sums declared ! due. !f E3onower fails to pay snch sums prior to the expiration of such period, Ixnder may, w•ithout further notice or demand on Korrower, j invoke any remedi~ permitted by paraKraoh IR hereof. ~ 18. Acceleration; Remediea. Except as provided in paragreph l? hereof, upon Borrower'e breach of any covenant or i Hgreement of Borrower in this Mortgage. including the covenants to pay when due any sume secured by thie Moctgage. Lender ; prior to acceleration shaU mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action - required to cure such breach; (3> a date, not leas than 30 days from the date the notice ia mailed to Borrower. by which euch ~ breach muet be cured; and (4? that failure to cure such breach on or before the date apecified in the notice may result in ~ acceleration of the suma secured by this Mortgage. Coreclosure by judicial prceeeding and sale of the Property. The notice ehaU further inform Borrower of the right to reinstate aRer acceleration and the right to aasert in the forecloa~re proceeding the ~ non-e:ietence of a detault or any other defense ot F3orrower to acceleration and foreclosure. tf the breach is not cured on or ~ betore the date apecified in the notice. Lender at Lender's option may declare all of the aums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitied to collect in such proceedinq all expenaea of foreclosure. including, but not limited to. reaxonable attorney's teea, and ~ c•osta of documentary evidence. abstracts and title reports. a ~ 19. Borrower's Right to Reinetate. Notwithstanding l.ender'a pcreleration of the auma secured by this Mortgage, Borrower shalt have ~ the right to have any proceedings begun by [.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ¢ thia Mortgage if: Ia1 Borrower pays [.ender pll suma which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; (b) I3orrower curee all breachea of anyother covenanta or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasunable expenses incurred by [.ender in enforcing the covenanta and agreementa of E3orrower ~ oontained in thia Mortgaqe and in enforcing I.ender'e remedies as provided in paragraph IS hereof, including, but not limited to, reseoneble attorney's fees; and (d? Borrower takea auch action as I.ender may reasonably rnquire to assure that the lien of thia Mortgage, I.ender'a intereet in the Property and Borrower'a obiigation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon auch payment and curn by F3orrower, thie Mortgage and the obligatione secured hereby shall remain in fnll force and effect as if no acceleration had occurred. : Z0. Aseignment of Rente; Appointment of Receiver. As additional eecurity hemunder, Borrower hereby asaigne to I.ender the renta ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph IS hereof or abandonment of the PropeTty, have theright to collect and retain auch renta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Praperty, I.ender ahall be entitled to have a receiver appointed by a ; court to enter upon, take poaseaeion of and manage the Property and to collect the rents of the Property, including those paat due. All rents 3 eollected by the receiver ahall be applied fitst to payment of the costa of management of the Property and rnllection otrnnta, including, but not limited to, receiver'e teee, premiuroe on receiver'e bonds and reasonable attomey e feea, and then to the aums secured by this Mortgage. The ~ receiver shall be liable to acrnunt only for thoee renta actually received. ~ ~ ~ ~ ~ {l~ ` ~~7U rALE 334 4:~ w) ~ _ ^ _ : . ' . _ ' - . . . ' " ~ ` a ~ : p ` ~'~"~;~r~..`F-..., =z s` ~ 4 ~ ~ ~"4 . - . . . --n'~~:' . _ .