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HomeMy WebLinkAbout0971 8. Inepection. l.ender may make or cauae W be made reaeoneble entries upon and inspections of the property, provided that Ixnder ehall give ~3orrower notice prio~ to any auch inapection apecifying reaeonable cause therefor related to l.ender'e intemat in the Proprrty. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any oondemnation or other taki~g of ?he property, or part thereof, or for cooveyance in lieu of condemnation, are hereby aseigned and shall he paid to I,ender. ]n the event of a totsl taking of the PropeKy, the proceede ahall be applied to the aums secured by this Mortgage, with the e:ceee, if any, pr+id to Borrower. In the event of a pprtial tating of the Property, unleae Borrowe~ and l.ender otherwiae agree in writing, there ahaU be applied to the suma eecured by this Mortgage euch proportion of the proceede aa ia equal to that proportion which the amoun~ of the aums aecured by thie Mortgage immediately prior ~,o the date of taking beara to the [air market valueofthe Hroperty immediately prior co the date of taking, with the balanca of the pn~ceeds paid to ~3orrower. tf the Property ie abandoned by Borruwer, or if, after notice by I.ender to Botrower that the oondemnor offere to make an award or settle a c•laim for damages, Borrower faile to reapond to I.ender within 30 days after the date auch notice is mailed, l.ender is authorized tocollect and epply the proceeda, at I.ender'a option, either to reatoration or repAir of the property or to the euma eecured by this Mortgage. Unleea Ixnder and Borrower otherwiae ugree in writing, any such application of proceeds to prinripal ahall oot extend or poetpone the due date of the monthly inataUments referred to in paragrapha t and 2 hereof or change the amount of such inatallmenta. 10. Borrower Not Neleased. Extenaion of the time for paym~nt or modificatiun of amortization otthe sums secured by this Mortgage Kranted by Ixnder to any successor in interest of E3orrower aha1) not operate to release, in any manner, the liability of the original E3orrower and Korrower'a succeasars in internst. Ixnder ahal) not be required to commence proceedings aqainat such aucceasor or refuse to extend time fur payment or otherwiae modify amortization of the suma secured by thia Mortgage hy reaxon of any dem~nd made bv the original Borrower :~nd l;orrower s succes.~sors in inlerest. 11. Forbearance by Lendet Not a Waiver. Any forbearance by l,ender in exercising sny right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or prectude the exercise of any auch right or remedy_ The procurement of inaurance or the payment of taxee or other liens or chargea by [.ender ahall not be a waiver of Lender'a right to accelerate the maturity of the indebt~edness secured by thia Mortgage. 12. Remediea Cemulative. All remediea pmvided in this Mortgage. are diatinM and cumuletive to any other right or remedy under thia tifortgage or afforded by law or equity, and may be exemise~l rnncurre~dy, independently or aucceasively_ 13. Succeasora and Aasigne Baund; Joint and Several Liability; Captiona.7'he covenants and aRreementx herein contained ahall bind, and the rights hernunder shall inure to, the mspective auccessors and aesigna of L.ender and Borrower, subject to the pro~risions of paragraQh 17 hereof. All covenanta and agreementa of I3orrower ahall be joint and aeveral. The cavtions and headinas of thP su.r,+o.~.~tio of ii~ib i~iuetg~gr are fur covenience oniy and are not to be useti -to ~nterpret or define the proviaiona hereof. - 14. Notice. Except for nnv notice rrquired under applicable law to be given in another manner. (a? any notice to Rorrowet provided forin this Mortgagesha!{ begiven by mailing such notice by certified mail addressed to Borrower at the Property Addrexs or at such other address as Horrower may deaignate by notice to l.ender as provided hecein, and (b) any nutice to Lender ahali be Eeiven by certified mai1, return receipt requested, to l,ender's addresa stated herein or to such other address as I.ender may deaignate by notice w Borrower as provided herein. Any notice provided for in thia Mortgage shall be deemed to hav~been given to Borrower or Lender when given in the manner designated herein. 15. Unitorm Mortgage; Go~erning Law; Severability. This form of mortgagecombines uniform oovenants toc national useand non- uniform covenants with limited variations by jurisdiMion to constitute a uniform security ingtnuuent covering real properiy. This Morigage shall be govemed by the law of the jurisdiction in which the Property is located. In the event th~t any provixion or clause of this Mortgage or the Note conflicts with applicabie law, such conflict shall not affect other pro~~sions of this 1lortgage or the Note which can be given ef~ect w-ithout the conflicting provision, and to thia end the provisiona of the Mortqage and the Note are declared to be se~erable_ 16. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or atter recordation hereof. 17. Tranater ot the Properiy; Asaumption. lf a11 or any part of the Property or an interest therein ia sold or tranaferird by Borrower ~rithout Lender's prior written consent, excluding (a! the creation of a lien or encumbrance subordinate to this Mortgagg, fb) the creation of a purchase money serurity interest for household appliancea, (c) a transfer by devise, descent or by operation of law upon the death of a joint te~ant or (d) the grant of any leasehold interest of three yeara or leas not containing an option to pnrchase, Lender may, at Lender's option, cieclare all the sums secuma by this Mortgage to be immediateiy due and payable. Lender ahall have waived such option to accelerate if, prior t~~ the sale or transfer, l ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satiyfa~:tury to [xnder and that the interest payable on the sums aecured by this Mo~cage shall be at such rate as I.ender shall ' rEr~uest. Ii l.ender h:?s waived the option to accelerate provided in this pazagraph 17, and if Borrower's sucressor in interest has executed a ~•ritten asssmption agreement accepted in v?-riting by I.ender, [,ender shail release Borrower from all obligations under this Mortgage and the ~ ~ ote. - I I f Lender exer~iaes such option to accelerate, lxnder ahal l mail Borrower notice of acceleration in aceordance with paragraph 14 hereof. ~uch notice shall provide a period of not less th:~n 30 days from the date the notice is mailed within K hich f3orrow•er may pay thesums declazed due. If Borrower fails to pay such suma prior to the expiration of such period, l.ender may, without iurther notim or demand on fiorrower, ~ tnvoke any remedies permitted by paraKrnnh IR hereof. 18. Acceleration: Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach oi any rnvenant or ~G a~reement of Borrower in this Mortgage, including the covenanta to pey when due any sume secured by this Mortgage. Lender prior to arceleration shall mail notice to Borrower se provided in paragraph 14 hereof apecifying: (1) the breach:l2) the action ; required to cure such breach; (3) a date, not lesa than 30 days from the date the notice ia mailed to Borrower. by which auch ' t~reach must be cured; and (4) that failure to cure euch breach on or before the date apeci~ed in the notice may result in acceleration of the sums aecured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinstate aRer acceleration and the rig6t to sasert in the foreclosure proceeding the ~ non-ezistence of a default or any other defense of E3orrower to acceleration and forecloaure. If the breach ia not cured on or I~efore the date specified in the notice, Lender at I.ender'e option may deciare all of the sums secured by this 4lartgage to be immediately due and payable without furtherdemand and may forecloae this Mortgage by judicial proceeding. I.ender shall be entitled to collect in such proceeding alf expenaea of foreclosure. including. but not limited to. reasonable attorney's fees, and j costa of documentary evidence. abstracfs and title reporte. - 19. Borrower's Right to Reinatate. Notwithstanding I.ender's acceleration ofthesumssecured by this Mortgage. Borrowershall have !he right tn have any proceedings be~un by Lender tc~ enforce this Mortgage discontinued at any time prior to entry of a jud~nent enforcing this Mortgage if: (al Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notea securing Future ! Advancea, if any, had no acceleration occurred; (bl F3orrower cures all breaches of any other covenants or agreements of Borrower contained in ' this Mortgage; (c) Borrower pays aU reasonable eapenses incurred by I.ender in enforcing the covenants and agreements of Borrower ' contained in this Mortgaqe and in enforcing l.ender's remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) BorroweT takes such action as l.ender may reasonably requireto assure that the lien of this Mortqage, l.ender's interest - in the Property and Borrower'a obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Upon such payment and wre , by Borrower, this Mortgage and the obligations aecured hereby ahall remain in full force and effect as if no acceleration had occurred. ' 20. Aasignment of Rente; Appointment of Receiver. As additional security hereunder, F3orrower hereby asaigns tu Lender the rente uf the Property, provided that Borrower ahall, prior to acceteration under paragraph l8 hereof or abandonment of the Property, have the right to collect and retain such rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Leader shall be entitled to have a receiver appointed by a court to enterapon, take posaession of snd manage the PTOperty and to coltect the rente of the Property, including thoee past due. All renta , collected by the receiver ahall be applied first to payment of the coste of managementof the Property and coilection of rente, including, but not limited to, receiver's fees, premiums on receiver a bonda and reasonable attomey's fees, and then to the suma secured by this Mortgage. The receiver ahall be iiable to acoount only for those rents actuaUy received. ~ ~ 29t1 ~aL~ 3~`, 290 Pa~~ 971 r • 5g3 a - _ . _ _ _ _ . ~ ~F ~ - ~ ~ r:~ ~ ~ ~ ~ ~ ~ ~ _ ~,s ~-Y r~~~'~:,.~~ -