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HomeMy WebLinkAbout0787 8. Inepeciion.lxnder may make or cauae to be made ressunable enlriea upoo and irtepecliune of lhe pruperty, pn?vided ihat I.ender ehall give Borrower notice prior to any such inepection epecifying reuaunable cauae therefor releted to l.eudrr'e intereet in the Property. 9. Condemnation. '11~e p~oceede of any award or claim for damagee, direct or coneequential, in connection with any oondemnatio~ or other taking of the property, or pari thereof, or for conveyance in lieu of co~dem~atio~, are hereby aeeigned and ehaU be paid to Lender. In the event of a total taking of the Property, lhe proceede ehall be applied to the sums secured by this Murtgage, with the excess, ii any, paid to Horn~we~. ln the event o[ e partial taking of the P~operty, unlesa Borrowe~ and Lender otherwise agree in writing, there ahaU be applied lo the sums secured by this Mortgage euch proportion of the procpede as ie equal to that proportion which the amount of the aume eecured by thie Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior W the date of taking, with the balancz of the proceeds paid to Borrower. _ If the Property is abandoned by Borrower. or if, after notice by Lender to Borrowe~ that the condemnor of~era to make an award or eettle a claim fo~ damages, Eiorrower fails to reepond to I.ender within 30 days aRe~ the date euch ~otice ie mailed, l.ender ie suthorized tocoUect and apply the proceede, at Lender'e option, either to reetoration o~ repair of the property or to the aums secured by this Mortgage. Unlese I.ender and Borrower otherwise agree in writing, any such application of proceeda to principal shall not extend or poatpone the due date of lhe monihly inatallrnents ;FLerred tc~ ~n paragrapha 1 and 2 hereo[ or change the amount of auch inetallmente. I0. Borrower Not Released. Extenaion of the time for paymant or modificatian of amortization ot the aums aecured by this Mortgage granted by I.ender to any succeatwr in intereat of F3orr~wer ehAll not operate to mtease, in any manner, the liability of the original E3orrower and Borrower's successore in intereat. lender ahall not be reyuired to commence proceedinga aRainst euch auccesaor or refuae to extend time for payment or othemise mcxlify amortizntion of the sums secured by this Mortgage by reason oiany demxnd made by the oriRinal Borns~ez and 13orrower's sucressors in inte~eat. i l_ Forbearance by I.ender Not a Waiver. My forbearance by l.ender in exerciaing any right or remedy hereunder, or otherwiee afY'orded by applicable law, ehaU not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of inaurance or the payment of taxea or other liena or chargea by Lender ahall not be a waiver of I.ender'a right to accelerate the maturity of the indebtedneae aecured by thie Mortgage_ 12. Remediee Cumuletive. All remediea pmvided in thia Mortgage are diatinct and cumulative to any other right oT remedy under thia Morigage or afforded bv law or equity, and may be e:erciee~l concuRendy, independently or eucceesively. 13. Succeasore and Aaeigna Bound: Joint end Several Liability; Captiona. The covenants and agreementa herein contained ehall bind, and the righta hereunder shall inure tu, the reepective aucceasore and aseigr?s of l.ender and E3orrower, subject to the proviaione of paragraph 17 hereof. Ail covenants and a~reementa of Borrower shall be joint and several. The captions and headinga of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the pmviaione hereof. 14. Notice. Except for 1ny notice reyuired under r~pplicnble law to be Riven in arwther ma~nner,lal any nutice to I3orrower provided forin this Mort~age ahall beqiven by mailing such notice by certiFed mail addressed to Bnrmwer at the Property Addresa or at such other addreas ae E3orrower may designate by noEice to l.ender as provided herein, and Ib) any notice to Lender shall be qiven by certified mail, return ~eceipt requeated, to l~ender'a address atated herein or to auch other address as Lender may desiqnate by notice to Borrower as provided hernin. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. 7'his form of mortgagecombines uniform oovenanta for national use and non- uniform covenante with limited variationa by juriadiMion to conatitute a uniform security instrument rnvering real property. This Mortgage ~ shall be governed by the law af the jurisdictiun in which the Property is located. In the event that any pro~iaion or clauae of this Mortgage or the Note conflicta with applicable law, such conflict shail not affect other provisions of this MoRgage or the Note which can be given effect w~thout the contlicting provision, and to this end the provisions of the Mortgage and the Note are declared to 6e severable. 16. Borrower's Copy. f3orrower shall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Transfer ot the Property; Aasumption. If all or any part of the Property or an intereat therein is sold or traneferred by Borrower without I.rnder e prior written conaent, excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase :nuney security interest for household appliances, Ic) a tranafer by devise, d~scent or by operation of law upon the death of a joint tenant or ~d) the Krant of any leasehold interesi of three years or less not containing an option to purchase, I.ender may, at Lender's option, declare ail ~he su.na secured by this Mortgage to be immediatelp 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 is to be sold or transferred reach aKreement in writing that the credit of auch peraon is ~~tisfactory to l.ender and that the interest payable on the sums secured by this Mortgaqe shall be at such rate as I.ender ahall ~ requrst. If I.ender has wai~~ed the option to accelerate pmvided in this paragraph 17, and if F3orrower s successor in intereat has executed a written asyumption agreement accepted in writinK by I.ender. I.ender Rhall release$orrower from all obligationa underthis Mortgage and the tiote. ~ If [.ender exercises such option to accelerate. l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not les.. than 31) days from the date the notice is mailed within which Bormwer may pay thesums declared ~ due. If Borrower fails to pay auch sumx prior to the expiration of such period, I.ender may, without further notice or demand on ~iorrower, ' ~nvoke any reme.-~ies permitted by paraKraoh ltt her~~f. ~ 18. Acceleration; Remediee. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or agreement ot Borrower in thia Mortgage. including the covenanta to pay when due any aume secured by this Mortgege, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereo[eperifying: (1) the breach; (2) the action required to cure such breach: (3) a date, not lese than 30 days from the date the notice ie mailed to Borrower, by which auch breach muet be cured: end (4) that failure to cure such breach on or before the date apecified in the notice mey result in acceleration of the suma secured by this Mortgaqe, foreclosure by judicial proceedina and eale of the Property. The notice aha11 further inform Borrower of the right to reinstate efter acceleration and the rightto asaert in the foreclosure prceeeding the non-e:ietence of a defautt or any other detense of E3orrower to acceleration and foreclosure. If the breach ie not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and pa~ able without furtherdemand and may foreclosethis Mortgage by judicial proceeding. I.ender shall be entitled to collect in such proceeding all expenses otforeclosure, including. but not limited to. reasonable attorney's teea. and ~ costs ot documentary evidence. abatracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I,ender's acceleration of the aums aecured by this Mortgage. Iiorrower shall have the riqht to have any proceedings begun by [.ender to enforce this Mort{;aQe discontinued at any time prior to entry of a judgment enforcing ~ this Mortqage if: lal E3c,rmwer pays [.ender all sums which would be then due under this Mortgage, the Note and notes securinq Future ~ Advancea, if any, had no acceleratiun occurred;lbl E3orrower cures all breaches of any othercovenante or agreements of Borrower contained in j thie Mortgage; Ic) I3orrower paya all reasonable expenaes incurred by Lender in enforcing the covenanta and agreements of Borrower 'z contained in thia MurtgaQe and in enforcinR I,ender's remedies as provided in paragraph lA hereof, including, but not limited to, reasanable ' attorney e fees; and td) Borrower takes auch aMion as I.ender may reasonably require to asaure that the lien of this Mortgage, [.ender'a intereet in the Property and Borrower's obligation to pay the suma secured by this Morigaqe shall continue unimpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage and the obligationa secured hernby shall remain in fu11 force and effect as if no acceleration had occurred. ~ 20. Assiqnment of Rents; Appointment of Receiver. As additional security hereunder, Borrower herebv assigns to l.ender the rente ~ of the Property, provided that E3orrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents as they become due and payable. ~ Upon acceleration under paraECraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a~eceiver appointed by a ~ cx?urt W enter upon, take poasession of and manage the Property and to co(lect the rents of the Property, including thoee past due. All rente t~ collected by the receiver ahall be applied first to payment of the coats of managementof the Property and collection of rente, inciuding, but not ~ limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney a fees, and then to the sums aecured by thie Mortgaqe. The ~ receiver shatl be liable to account only for those rents actuaU~• received. z ~ ~ JC~r F. iJ. _ ~ ~ 29U ~ [ 1 V / ~ : - - - - - ~ . - ~ ` ~s-~` ~ ~ ~ ~ _ ~ _ ~