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HomeMy WebLinkAbout0799 8. I~epection. l.ender may make o~ cauae to be made reaeonable ~ntries upon and inapectione of the property, provided that I.ender ehall give Eiorrower notice prior to any auch inepection specifyi~g reaaonable cauee therefor related to l.ender's intereet in the Property. 9. Coademnatlon.'I1~e proceeds of any award or claim for damagea, direct or coneequential, in connection with any rnr?demnetion or other taki~g ot the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aseigned and ahell be paid to l.ender. In the event of a totel taking of the Property, the proceede ehaU be applied so the euma eecured by this Mortgege. with the eaceae, if any, paid to Borrower. In the event of a partial taking of the Property, unleas Borrower and l.ender otherwiee agree in writing, there ahall be applied to the aume eecured by thia Mortgage euch proportion of the proceeds ae ia equal to that proportion which the amount ot the aums eecured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Proprrty immediately prior to the date of taking, with the balancY of the proceeda paid to Borrower. lf the Property ia abandoned by Borrower, or if, after notice by I.ender to Borrower that the rnndemnor of~ers to make an awerd or eettle a claim for damages, Borrower faile to reepond to l.ender within 30 days after the date auch notice is mailed, l.ender is authorized to collect and apply the proceeda, at I.eoder's option, either to reatoretion or repair of the property or to the aume secured by thie Mortgage. Unlesa Lender and Borrower otherwiee agree in writing, any euch application of proceeds to principal ehall not extend or poetpone the due date of the monthly inetaUments referred to in paragraphe 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Released. Extenaion of the time for paym:nt or modification of amortization of the eums aecured by this Mortgage granted by l.ender to any succesaor in intereat of F3orrower ehall not operate to releaae, in any manner, the liability of the original Borrower and Borrower's succesaora in intereat. l.ende~ ahall not be reyuired to commence proceedinge against euch eucceasor or rnfuae to extend time for pay~nent or otherwiae modify amortization of the sums aecured by thia Mortgage by reason of any demand made by the original Borrower and Borrower a aucceseora in interest. 1 l. Forbearance by I,ender Not a R?aiver. Any forbearance by I.ender in ezerrieing any right or remedy hereunder. or otherwiee afforded by applicable law, ehull not be a waiver of or preclude the e:erciae of any auch right or remedy. The procurement of ineurance or the payment of ta~cea or other liena or chargea by Lender ahall not be a waiver of l.ender e right to acceter::;n the maturity of the indebtedneae aecured by thie Mortgage. ~ 12 Remedies Cumulattve. All remediea provided in this Mortgege are diednct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerriec~.1 concurrenUy, independendy or aucceaeively. 13. Succeseore and Aasigne Bound; Joint and Several Liability; Captione. The covenanle and agreemente herein contained shall bind, and the rights hereunder shall inure to, the reapective aucceasots and aseigna of Lender and Borrower, aubject to the provisione of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and several. The captione and headinga of the paragraphe of this Mortgage are for covenience only and are not to be ueed to interpret or define the provisions hereof. l4_ Notice. Except for any notice required under applicable law to be given in another manner, (a? any notice to Borrower provided for in thia Mortqage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at such other addreae ae E3orrower may designate by notice to Lender us provided hernin, and Ib) any notice to Lender shall be given by certified mail, retum receipt requeeted, to Lender a addreas atated hemin or to such other addreas as Lender may deaignate by notice to Sorrower aa provided hetein. 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 I.aw; Severability. Thia form of mort~{age combines uniform rnvenanta for national uae and non• uniform covenants with limited variations by jurisdiction to conatitute a uniform security inetrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. [n the event that any provision or clause of this Mortgage or the Note conflicte with applicable law, such conflict shall not af~'ect other pmvieions of this Mortgage or the Note which can be qiven effect w~thout the cY,ntlicting pmvision, and to this end the proviaions of the Mortgage and the Note arn declared to be severable. 16. Borrower's Copy. Borrower shal) be furniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ' 17. '[~anafer of the Property; Aseumption. If all or any part of the Property or an interest therein is aold or tranaferred~by Borrower without I.ender's prior written consent, e:cluding la) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the crnation of a purchase money security interest for houaehold appliancea, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant cr (d) the grant of any leasehold interest of three yeara or less 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. l.ender shall have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that lhe credit of such person is satiafactory to l.ender and that the interest payable on the suma secured by this Mortgage ahall be at such rate as I.ender shall request. If l,ender has ws~ived the option to accelerate provided in this paragraph i 7, and if Borrower's successor in interest has executed a w-ritten assumption agreement accepted in writing by l.ender, I.enderahall release Rorrower from all obligations under this Mortgage and the V ote. i It I.ender exercises such option to accelerate, l.ender shall mail Borrow er notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall pro~ ide a period of not less thnn 30 days from the date the notice is mailed within which Borrower may pay the sums declared l due. If Borrower tails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on F3orrower, ~ mvoke any remedies permitted by paragraoh 1R hereof. i 18. Acceleration; Remediee. E:cept es provided in paragraph 17 hereot. upon Borrower's breach of any covenant or ~ agreement of Borrower in thia Mortgage, including the rnvenante to pay when due any eums secured by this Mortgage, Lender prior to acceleration shell mail notice to Borrower as provided in paragraph 14 hereotspecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 deys from the date the notice is mailed to Borrower, by which auch ~ breach must 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 aums aecured by this Mortgage. foreclosure by judiciel proceeding and eale ofthe Property. The noticeahali ~ further inform Borrower of the right to reinetate after acceleration and the right to aeaert in the foreclosure proceeding the ~ non•e:ietence of a defeult or any other defenae of Borrower W acceleretion and forecloaure. If the breach ia not cured on or ~ before the date epecified in the notice. Lender et Lender's option may declare all ot the auma aecured by thie Mortgage to be ~ ~ immediately due and payable without furtherdemand and may toreclosethis Mortgage by judicial proceeding. Lender shall be a entitled to collect in such proceeding ali expenaes of foreelosure. inciuding. but not limited to. reasonable attorney's feea. and ~ coete of documentary evidence, abstracts and title reporte. l9. Borrower'e Right to Reinatate. Notwithatsndinq Lender'a aceeleration of the sume eecured by thia Mortgage. Borrower ahall ha~ e ~ the right to hnve any proceedinga begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays [.ender all suma which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advanoea, if any, had no acceteration occuned; (b) Borrower cures aU breaches of any utAer covenante or agreements of Borrower contained in z thie Mortgage; (c) Borrower pays al) reasonable expenaes incurred by Lender in enforcing the covenants and agreements of Borrower - contained in thia biortgage and in enforcing [.ender's remediea ea provided in paragreph 18 hereof, including, but not limited to, reaeonable ~ attorney'e feea; and (d) Borrower takes auch action as Lender may rnasonably require to asaure that the lien of this Mortgage, Lendei a intereet ~ in the Property and Borrower's obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations aecured hereby ahall mmain in fall force and effect as if no acceleration had occurred. ' 20. Asoignment of Renb; Appointment of Receiver. As additiona) secnrity hereunder, Borrower hereby asaigns to Lender the rente ? of the Property, provided that Borrower ehall, prior to acceleration under paregreph 18 hereof or abandonment of the Property, have the right to collect and retain euch renta ae they become due and payable. ~ Upon eccekration under peragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to h~ve a receiver appointed by a c~ourt to enter.upon, take poaseseion of end manage the Property and to collect the rente of the Property, including thoee paet due. All renta oollected by the receiver ahall be applied first to payment of the ooata of management of the Property and colleMion of rents, including, but not ~ limited to, rQCZiver e fees, premiume on receiver s bonda and reasonable attorney e tees, and then to the sume eecured by thie Mortgage. The ~ recei~er ahall be liable to account only for those renta actuelly received. ~ ~ ~ i ~ 29~ Fac~ 7~ ~ - - - _ ~ ~ _ , = f ~ ,,:x;':..,~3 ,