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HomeMy WebLinkAbout0795 8. tospection. l.ender may mukc ur cAUer W be made reasonable entriea upon and inepectiuna uf the property, provided that I.endrr ehall give I3orrower notice priur to any euch inepection apecrifying reasunable cauee therefor related to (,rnder'e intereat in the Property. 9. Condemnstion. The proceeds of any award or claim for damagee, direct or conuequential, in connectiun with any condemnatiun or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby asaigned and ehaU be paid to I,ende~. In the event of a totw! ~aking of the PropeKy, the proceecia ehall be applied to the sums eecured by thie Mortgage, with the excesa, if any, paid to E3orn?wer. In the event of a partial taking of the Property, unless I3orrower and I.ender otherwiee Ugree in writing, there ehal) be <ipplied to the sums secured by thie Mortgage euch p~oportion of the proceecls ae ie equal to that pmportion which the xmount of the euma eurured by thia Mortgage immediately prior to the date of taking beara to the fair market value of the P~operly immediately prior to the date of taking, with the balance of the pratirds paid to E3orrower_ If Ihe Prc?perty is abandoned by Borrower, or if, after notice by l.ender to E3orrow•er that the condemnor offers to make an award or aettle a claim for damx~es, Burrower fai?e to reapond to Lender within :;0 days after the date auch notice ie mailed, [.ender is authorized to collect and :~pply the proceecis, at Lendrr's optiun, ~ ither to reetoration or repnir of the property or to the suma securecl by this Mottgage. Unlese I.ender and Borrower otherwiar agsee in writing, any such applicatiun of proceeda tu principal ahall not extend or poetpone thedue date of the monfhly installments referred b in paragrapha l and 2 hereof or change the amount of such inetallments. 10. Eiorrower Not Releaeed. Extenaion of the time for paym ~nt or mudification of amorlization of the sums xc cured by thie Mortgage ti~ranted by [.ender to any auccessor in interest uf &~rmwe~ shal) ~ot operate to rele3se, in any manner, the liaibility of the original Borrower .i~d Borrower's succrssors in interest. l.ender ahall not be required to commence pr«eedinKs aKa~net such sucresaor or refuse to extenJ time fur payment or otherwise moclify amurtizatiun of thr xums secured by this A1ortK~tRe by reas~m of any demand mude hv the original Borrower and t;orrower's sucreaw?n in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in exerciainR any right or rnmedy hereunder, ur othrnviae afforded by applicable law, ehall not be a wai~ er of or preclude the exerciae of any such right or remedy. The procurement of insurance or thr payment of taxes or other liens or charges by l.ender shall not be a waiver of l.endei s right to accelerate the maturity of the indebtednesa st, u~wd by this Mortgage. 12. Remedies Cumulative. All remedies provided in this 111ortgage are diatinct and cumulative to any other right or remedy under thie ~lortgage or s~:.r~ed by iaw or equity, and may be exercise~i ooncurrently, independently or successively. !3. Successors and Asaigns Bound; daint and Several Liability: Captione.7'he covenants and aRreements herein contained ehall i~ind, and the righta hereunder shall inure to, the reapective succesaors nnd asaigna of I,ender and I3orrower, aubject to the proviaions of para~Craph 17 hereof. All covenantx and aqreements of t3orrower s}?al! be joint and several. The captions and headinKe ~f the paraRraphs of this Ntortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 1 a. Notice. Excrpt for any noticP re~ryuired under applicable law to t?e Kiven in another manner. ~a? uny nutice to KorroH•er providecl forin this Mortgage shall be gi~•en by mailinQ such notice by certified mail ~ddrnssed to Borrower at the I'roperty Address or at such other address as 13arrower may designate b~ ne,tice to Lender as prmided herein, and Ib? any notice to [.ender shall be given by certified mail, return receipt requested, to [.ender's address stated herein or to such other address as i.ender may designate by notice to E3orroMer aR provided hernin. Any notice provided for in this Mortgage shall be deemed to have been given to $orrower or l.ender whrn given in the manner designated herein. I 5. Uniform Mortgage; Governing Law; Severability. This form of mortgaKe combines uniform eovenanta for national use and non- uniform covenants with limited ~•ariationa by jurisdiction to constitute a uniform security inetrument cY,vering real property.'This Mortgage shall be go~•erned by the law of the jurisdiction in which the Property is located. In the event that ~?ny proviuion or clause of this MortRage or the I`ute conf3ic~g with applicable I~w, such contlict shall not affect other provisions of this Mortgage or the Note which can be given effect H-ithout the cvntlicting provision, and to this end the pro~-isions of the blortguge and the Note are declared to be severahle. 16. Borrower's Copy. Eiorrower shall be inrn'sshed a conformed copy of the Note and of thia Mortgage a: the time of execution or after recordation hereof 1~. Transfer of the Property; Aaxumption. If all or any part of the Propertv or an intereet therein is sold or tranaferred by I3orrower w•ithuut I~ender's prior written consent, exciuding la) the cmation of a lien or encumbrance suiwruir.atp u~ this Mortgage, (b) the creation of a purehase money security interest for household appliances, ~c1 a transfer by de~~ae, d~scent or by operati~n of ia~ upc?n the death of a joint tenant or (d1 the ~rant of any leasehold intere~t of three years or lexs not containinQ an option to purchase, Lender may, at Ixndcr s option, declare all the sums secure~l by this ~turtgaKe to be immediatel~• dur and payable_ I.ender shall have waived such option to accelerate it, priur ' t~ ~ the sale or trc?nsfer, I.ender and the person to whom the 1'ropert~• ia to be sold or transferred ms~ch aKreement in writinK that the credit of xuch yersun is satisfacton• u~ l.ender and that the interest pa~ able on the sums secured by this 1lortkaKe shall be ~t such rate as I.ender shall i request. If Ixnder h.ts v?•aiced ihe option to accelerate pru~•ided in this paraKraph l7, and if F3orruwer's successur in interest has executed a ! ntten assumption a~{reement acmpted in w•ritinK b}~ i.ender, [.ender shall release Borrow•er from all obliKations under thislllortKeiKeand the ~ \ ute. i i If [.ender exercisc~ such uptiun tn ~ccelerate, I.ender shali mail Burrower notice of acceleration in accordance with paragtaph 14 hereof i ~uch notice shall prnvide a pen~~d of not lrss ihan :il?days from thrdute the notice is rr.ailed within ~+hich Borrow•er m~~• pa~ thesums declared due_ If Borru~er fails to pa~• tiuch sumc prior to the expiration of such period, Ixnder may, without furthe~ nutice or demand on Einrrower. € ~nvoke ~m• remedies permittetl tn• paraKraoh I F herc~C. i k 1R. Acceleration; Remedies. F.zcept as provided in paragraph 1? hereof. upon Borrower's breach ot any covenant or ' agreement of Rorrower in this Nortgage. including the covenants to pay when due any eums secured by this Mortgage. Lender = prior Io acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach;l2) the action ~ required to cure such breach; (3) a date. not less than 30 days from the date the notice ie mailed to Rorrower. by which auch ~ breach mut~t be cured; and (4) that failure to cure such breach on or before the date epecified in the notice mey. result in ~ acceleration of the sums secured b~ this Mortgage. toreclosure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinstate aRer acceleration and the right to essert in the forecloaure proceeding the e non-existence of a default or an~ uther defense of BorroN er to acceleration and forecloaure. 1[ the breacfi ie not cured on or ~ 1~ fore the date specified in the notice. Lender at I.ender's option.may declare all ot the aums secu~ed by thie Mortgage to be _ immediately due and payable without further demand and may foreclose thia Mortgage by judicial proceeding. Lender shall be ? i~ntitled to collect in such proceeding all ezpenses of foreclosurn, including. but not timited to, reaxonable attor~e~•'s fees. and ~ cosls of documentary evidence, abstracts and title reports. n i9. Borrower'a Right to Rrinatate. ~otw-ithstandinK [.ender's acceleration of the sums aecured by this ~tortQaKe, E3orrow•er shall have ~ the right to have any pn,ccrdinKs begun by I.ender to enforce this btortKage discontinued at any time prior to entry of a judqment enforcing f this ~lortXage iF la? Rorrower pays l.ender all sums which would be then due under this Mortgage, the Note and noter securing Future ~ Advances,ifany,hadnoacceleration~ccurred:Ib?&~rn,MercuresallbreachesofanyothercovenantsoragreementsofE3orrowerconlainedin this MortQaqe; Ic1 $orrower pars all reasonable expenses incurred by l.ender in enforcing the covenantx and agreements of Borrower contained in this MortRaKe and in rnforciqg I.ender's rrmrdies as provided in paraRraph 1R hereof, including, but not limited to, reasonablP attorney's fee~s; and Idl E3orrower takes such action as Lender may reasonably require to assurethat the lien of this Mortgage, I.ender's interest a in the Pmperty and Borrow er's obliKation to ps~y the sums secured by thia Morignge shall continue unimpaired. Upon such payment and cure ~ by E3orrower, this :11ortKaKe and the obliRations secured hereby shall remain in ful) force and effect as if no acceleration had occnrred. ; `L0. Aasignment of Renta; Appointment of Receiver. As additional ~urity hereunder, E3~rrower hereby asaigns to l.ender the rents ~ of the Property, provided that Rorrr,v?er ehall, prior to acceleration under paraRraph 18 hermf or abandonment of the Property, have the right 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 shall be entitled to have a receiver appointed by a court to enternpon. take possession of and mans~ge the Property and to coliect the rents of the Yroperty, includinq those past due. All rente collected by the receiver ahall be applied first to payment of the rns~g of manaRement of the Property and collection of rente, including, but not ~ limited to, receiver's fees, premiums nn receiver's bonds and reasunable attorne}•'e fees, and then to the sums secured by this Mortgage. The ~ receiver ahall be liable tn account only for thcx+e rentr. actually received. ~ ~ ~ . . ` t : 290 ~ 7~5 ~ i- ~ _ ~ uf ~ . - _ - _ _ _ . . , _ , ~ S . ~.z.~ ~ . w~'A. _ ~ .`A ~ ~.Y~~....._ 2',..` _ _ F~~~~Kk'Et.~'T`~G~~l4d.