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HomeMy WebLinkAbout0583 8. Inspection. l.ender may make or cause to be made reasonable entries upon and inepectione of the property, provided that l.ender shall qive Eiorrower notice prior to uny auch inapection specifying reasonable cause therefor related to l.ender'e intereet in the Property. 9. Condemnatlon.'It~e proceeda of any award or claim for damnges, direct or conaequential, in connection with any coademnation or other taki~g of the property, or part thereof, or for conveyance i~ lieu of condemnation, are hereby aeaigned and shall be paid to l,ender. In the event o! a total taking o[ the Propeety, the pra.~eede ehall be applied to the aume securec! by thie Mortgage, with the excesa, i[ any, paid to Borrower. In the event of a partial taking of lhe Property. unleas Borrower and l.e~der otherwiee agree in writing, there ehall be applied to the suma eecured by thie Mortgage auch proportio~ of the proceeds aa ie equal to that proportion which the amount of fhe auma aecured by thia Mortgage immediately prior W lhe date of Lsking bears to the [air market value of the Property immediately pTior W the date of taking, with the balanca of the proceeds paid to Borrower. If the P~operty ie abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor oPfera to make au award or eettle a claim for damages, Borrower fails to reepond to Lender within 30 days afte~ the date such notice ia mailed, Lender is authorised to collect and apply the procecde, at l.ender'e option, either to reatoration or repair of the property or W the aume eecured by thie Mortgage. Unlese [.ender and Borrower otherwiae agree in writing, any such application of proceeda to principal ahall not extend or poetpone the due date of the monthly inatallmente rnterred to in paragraphe 1 and 2 hereof or change the amount of euch inatallmente. 10. Borrower Not Releaeecl. Extension of the time for payma~t o~ modification of amortization of the sums necured by thie Mortgage gtanted by l.ender to any successsor in intereat of E3orrowe~ shull not operale to release, in any manner, the liability of the original l3orrower and Borrower's succeasore in intereat. [~ender shall not be required to commence proceedinKs nKainst such auccessor or refuse to extend time for payment or otherwise modify amortization of the sums aecured by this MortgaKe by reason uf any demnnd made by theoriRinal Borrower and Bormwer's auccessurP in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise af~orded by applicable law, shall not be a waiver of or preclude the exercise of any euch right or remedy.'Che procurement of inaurance or the payment of ta:es or other lie~a or chargea by I.ender shall not be a waiver of Lendei e right to accelerate the maturity of the indebtedneas secured by thia Mortgage. 12 Remediea Cumulafive. All remedies provided in thia Mortgage are dietinM and camulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:emise~i concurrently, independendy or aucceasively. 13. Succeasors and Aasigna Bound: Joint and Several Liability: Captione. The covenanta and agreements herein contained shall bind, and the rights hemunder ahall inure to, the reapective auccesaore and aseigna of l.ender and Borrower, aubject to the proviaions of pnmgraph 17 hereof. All covenanta ancl agr~eements of Borrower ahali be joint and aeveral. The captione and headings of thc }'raicgzaphs of this biortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof 14_ Notice. Except for any notice required under applicable lav? to be Ri~ en in another manner, ln) any notice to F3orrower provided for in this Mortgage ahall be given by maiting such notice by certified mail addres.aed to Borrower at the I'roperty Addrese ur at auch other addreas as t3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt requested, to Lender's address stated herein or to such other addreas as Lender may designate by notice to Borrower an provided herein. Any notice pmvided for in thia Mortgage shall be deemed to have been given to Fbrrower or Lender when given in the manner designated herein. 1.5. Uniform Mortgage; Governing Law: Severability. This formofmortgagecombinea uniformrnvenante fornational uaeand non- uniform covenants with limited variationa by jurisdiction to rnnatitute a uniform aecurity inatrument covering rnal property. This Mortgage shall be qoverned by the !aw of the jurisdiction in which the Pn?perty is locuted. In the event that any pmvie+ion or clause of this Mortgage or the Note contlicts with applicable law, such conflict shall not affect other pmvisions of this Mortgage or the Note which can be given effect w~thout the conflicting pmvision, and to thia end the provisione of the MortgaQe and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fumished a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. _ 17.'[~anefer of the Property; Aeaumption. I[ all or any part of the Property or an intereat therein ia sold or transferred by Borrower without L.ender's prior written consent, excluding (a) the creation ot a lien or encumbrance aubordinate to this Mortgage. (b) the creation of a purchase money security intereet for household appliances, (cl a transfer by devise, descent or by operation of Iaw upon the death of a joint tenant or (dl the grant of any leasehold intereat of three years or lesa not containing an option to purchase, Lender may, at Lender s option, declare ail the sums secured by this Atortgage W be immediately due and payable_ Lender shall have waived auch option to accelerate if, prior ~ to the sale or transfer. I ertder and the person to whom the Property ia to be sold or transferred mach agreement in writing that the credit of euch ~ person is sati~fa~:tury to I.ender and that the interest payable on the sums secured by this Mortgage ahall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if E~rrowei s successor in interest has executed a w~ritten asacmption agreement accepted in writing by Lender. I.ender ahall release Borrower from all obligations under thia Mortgage and the y tiote. ! If I.ender exer~ises such option to accelerate, l.ender shall mail 13ormwer notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a peri~~d of not less than 30 days from thedate the notice is rr.niled within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on Eiorrower, ~ invoke any remedies permitted by paraQraoh iR hereof. $ 18. Acceleration; Remedies. E:cept as provided in paragraph 1'7 hereof. upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the covenante to pay when due any sume secured by this Mortgage, Lender ~ prior to acceleration shall meil notice to Borrower as provided in paragreph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leae than 30 days from the date the notice ia mailed to Borrower, by which euch ~ breach rouat be cured: and (4) that failure to cure such breach on or before the date apecifed in the notice may result in ~ ~?cceleration otthe suma secured by this Mortgage, forecloaure by judicial proceeding and saleof the Property.The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloeure proceeding the ~ non-exiatence of a default or any other defenae ot Borrower to soceleration and foreclosure. If the breach ia not cured on or ~ before the date epecified in the notice. Lender at Lender's option mey deciare all of the suma secared by thie 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 ali ezpenaes of forecloeure. including. but not limited to, reasonable altorney'e feea. and costs of documentary evidence. abatracte and title reporte. ~ 19. Borrower'e Right to Reinstate. Notwithstanding I.ender's acceleration of the sums secured by this Mortgage, Borrower shall have ~ the right to have any proceedinga begun by l.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender al) sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreements of Borrower contained in this Mortgage; Ic) E3orrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and agreements of Borrower contained in this MortgaKe and in enforcing Lender's remedies as pmvided in paragraph 18 hereof, induding, but not limited to, rnasonable attorney's fees; and (d) Borrower takes such action as l.ender may reasonably require to assure that the lien of thia Mort{;age, Lender's interest in the Property and Borrower s obligation to pay the auma sec~ured by this Mort{;age ahail continue unimpaired. Upon such paymentand cure by Borrower, thie Mortqage and the obiigations secured hereby ahall mmain in full force and effect as if n~ acceleration had occurred. ~ 20. Asaignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna t~ Lender the renta = ~ of the Property, provided that Borrower ahall, prior to acceleraUon under paraqraph 18 hereof or abandonment of the Property, have the right F_ to collect and retain such rents as they become due and payable. _ Upon acceleration under paragraph 18 hereof or abandonment of the Property. I.ender ahall be entitled to have a receiver appointed by a - rnurt to enter upon, take posaeasion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta coltected by the receiver ahall be applied first to payment of t}~e coats of management of the Pmperty and collection of rente, including, but not limited to, receiver's fees, premiuma on receiver's bonda and reasonable attorney'a feea, and then to the suma eecured by thia Mortgage. The R`~? ~ receiver ahaU be liabte to acoount only for those renta actually received. ~ ~ ~ U Q(~ Q~ r. 5~,;r~~7U PAt,i 5uV _ . - - ~ ~ "`"'~xxr~~µ?"'~is~ ~a.4"~'ca ar~=-r_,„~:~. - - ,v.s-.~ ~ . ~~F.. . _ .