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HomeMy WebLinkAbout0575 8. Inspection. l.ende~ may make or cauee to be made reasonable entriee upon and inspections of the property, provided thet l.ender ehall give Borrower notice prior to any auch inepection apecifying ~easonable cauee therefor related to I.eoder'e interest in the Property. 9. Condemaation. The procccds of any award or claim for damages, direct or conaequential, in connection with any oondemnadon or uther taking ot the property, or part lhereot, or for conveyance in lieu of condemnation, are hereby assigned a~d ahall be paid W I.ender. In the event oi a total taking of the Properiy, lhe proceeds ehall be applied to the suma eecured by this Mortgage, with the excess, if any, paid to E3orrower. In the event of a partial taking of the Property, unleae Borrower and Lender otherwise agree in writing. there shall be applied to the sums eecured by thie Mortgage auch proportion of the proceeds as ia equal to that proportion which the amount of the sums eecu~ed by this Mortgage immediately prior to the date of taking beara to the fair market value of the Hroperty immediately prior to the date of taking, with the balan~ of the procceda paid to Borrowe~. ' If the Property ie abandoned by Borrower, or if, after notice by Lender to Eiorrower that the oondemnor oPfere to make an award or eettle a claim for damages, Borcower faila to reepond to [,ender within 30 daye after the date euch notice ia mailed, Lender is authorized to collect and apply the proceeds, at Lendei a option, either to reatoration or repair of the property or to the eume eecured by thie Mortgage. Unleas Lender and Borrower otherwiee agree in writing, any auch application of proceede to principal ehali not extend or poetpone the due date of the monthly inetallmenta referred to in paragraphe 1 and 2 hereof oz change the amount of anch insLallments. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization otthe aume secured by this Mortgage granted by l.ender to any successor in intereat of Borrower ahall not operate to relesee, in any manner, the liability of the original Borrower and t3orrower'a succeasors in intemst. l.ender ehail not be required to rnmmence proceedings againat such auocesao~ or refuse to extend time for pa}~ment or utherwise modify amortization of the suma aecured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succeasora in interest. 11_ Fosbearance by LenQer Not a Waiver. My forbearance by I~ender in exercising any right or remedy hernunder, or otherwiee af~orded by applicable law, ahuU not be a waiver of or preclude the exercise of any such right or remedy. The procurement of ineurance or the payment of taxea or other liena or chargea by Lender shall not be a waiver of l.ender'e right to accelerate the maturity ot the indebtedneae aecured by this Mortgage. 12 Remedies Cumulative. All rnmedies provided in thia Mortgege are diatinM and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity. and may be e:eniee~l concurrently, independently or aucceesively. 13. Succeasore and Ae?aigne Bound; Joint and Several Liability; Captione. The oovenanLs and agreements herein rnntaine~ shall bind, and the rights hereunder shall inure to, the reapective successors and aasigna of Lender and Borrower, subjeet to the provieione of paragraph 1T hereof. All covenanta and agreements of Borrower ehall be joint ~nd several. The captiona and headinga of the paragraphs of thia Mortgage are for covenience only and arn not to be uaed w interpret or define the provieione hereof. 14. Notice. F.xrnpt for any notice required under applicable law to be given in another manner, (a1 any notice to l3orrower provided forin this Mortgage ahall be given by mailing such notice by certified mail addressed W Borrower at the Froperty Address or at euch other addreae ae tiorrower may deaignate by notice to [.ender as provided herein, and (b) any notice to Lender aha11 be given by certified mail, return receipt requeated, to I.ender'a address atated herein or to such other address as Lender may designate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage shall be deemed to have been given W Borrower or Lender when given in the menner deaignated herein. 15_ Uniform Mortgage; Governing Law; Severability. This form of mortgage rnmbines uniform oovenants for national uee and non- uniform covenanta with limited variations by jurisdiction to conatitute a uniform security inatrument covering mal property_'11~is Mortgage shall be governed by the law of lhe jurisdiMion in which the Property ie located. In the event that any provixion or clauee of this Mortgage or the Note conllicts with applicable law, such conflict shall not af~ect other proviaions of this Mortgage or the Note which can be qiven et`[ect ' w~thout the rnnflicting pmviaion, and to this end the provisiona of the Mortgage and the Note are declared to be aeverable. 16_ Borrower'e Copy. ~3orrower shall be furniahed a conformed copy of the Note and of thia Mortgase at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Asaumption. IC all or any part of the Property or an intereat therein ia sold or transferred by Borrower without I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purehase money security intereat for household appliances, lc) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intemst of three yeare or lesa not containing an option to purchase, Lender may, at Lender s option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender aha11 have waived such option to accelerate if, prior. ~ , to the sale or tranafer, l.ender and the person to whom the Property is to be sold or transferred rnach agreement in writing that the credit of auch € person is satisfactory to I.ender and that the interest payable on the suma secured by this Mortqage shatl be at such rate as L.ender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s st~cceasor in interest has eaecuted s i written assumption agreement accepted in writinR by I.ender, [.ender shall release Borrower from all obligations underthia Mortgage and the ~ ti ote. ~ If Lender exercises such option to accelerate, I.ender shall mail I3orrower notice of acceleration in accordance with paragraph 14 hereof. ~ tiuch notice shall provide a peri~ of not less than 30 days from the date the notice is mailed within which E3orrower may paY the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on Korrowrr, ~ invoke any remedies permitted by paragraoh iR hereoL ~ 18. Acceleration; Remedies. Fzcept as provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or a agreement of Borrower in this Mortgage. including the covenante to pay when due any sums eecured by thie Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date. not lesa than 30 daya from the date the notice is mailed to Borrower. by which such ~ breach muat be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may reeult in acceleretion of the aums secured by this Mortgage. foreclosure by judicial proceeding end eele of the Property. The notice ahall further inform Borrower ot the right to reinatate after acceleration and the right to essert in the foreclosure proceeding t6e ~ non-e:istence of a default or any other defenae o! Borrower to accelecation and forecloaure. If the breach ia not cured on or ~ before the date epecified in the notice. Lender at Lender's option may deciare all ot t6e sums secured by thie Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be ~ entitled to cotiect in such pro~eeding ali e:pensex of foreclosure, including. buf not limited to. reaaonabie attorney'e feee, and ~ coets of documentary evidence. abetracts and title reporrts. 19. Borrower's Right to Reinstate. I~totwithatanding l.ender's acceleration of the auma eecured by this Mortgage, Borrower ahall have ~ the right to have any pmceedinga begun by Ixnder to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a1 Borrower pays l.ender all suma which would F?e then due under this Mortgage, the Note and notes securing Future ~ Advancea, if any,~ad no acceleration occurred; (h1 E3orrower cures all breachea of any other covenanta or agreements of Borrower contziined in this Mortgage; (c) f3orrower pays all reasonable expensea incurred by Lender in enforcing the covenants and aqreementa of Borrower - contained in this MortgaRe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, rnasonable attorney a fees; and (d? $orrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's intereet in the Property and liorrower's obligation to pay the eums secured by thie Mortgage shall continue unimpaired. Upon auch payment and cure by Rorrower, this Mortgage and the obligations eecured hereby ahall rnmain in full force and effeM as if no acceleration had occurred. 20. Aesignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to I.ender the rents ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents ae they become due and payable. ~ Upon acccleration under paragraph 18 hereof or abandonment of the Property, Lender shall be er~titled to have a receiver appointed by a ~ oourt to enter upon, take poaseasion of and manage the Property and to collect the rents o[ the Property, including those past due. All renta ~ wllected by the receiver shal) be applied firet to payment of the coats of management of the Property and rnllection of rente, including, but not limited to, receiver's feee, premiums on receiver's b.~nds and reasonable attomey'e feee, and then to the aums secured by thie Mortgage. The ~ receiver ahall be liable to account only for thoee rents actually received. ~ ~ ~ U R ~ ~ _ $;~~9[! ~ 5?5 ~ ~ - - _ ~ ; _ ti