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HomeMy WebLinkAbout0989 8. Inepection. l.ender may make or cauee to be made reasonable entries upon and inspectiune of the property, provided that l.ender ehall give Borrowe~ notice prior to any auch inepection epecifyi~g reasonable cauee theretor related to l.ender's interest in the I'roperty. 9. Condemnation. The proceede oi any award or claim for damagea, direct or consequential, i~ conneetion with any oondemnation or other taking of the properiy, or part thereof, or for conveyance in lieu of condemnation, are hereby uaeigned and ahall be paid to l.ender. In the event of a total taki~g of the Property, the proceeds ehall be applied to the suma secured by this Mortgage, with the exceee, if any, paid to Borrower. In,the event of a partial taking of the Pe~operty, unleas Borrowe~ and l.ender otherwiee agree in writing, there ehall be ~pplied to the euma secured by thie Mortgage euch proportion of the proceede ae ia equal to thet pmportion which the amount of the suma aecured by thie Mortgage immediately prior to the date of taking beare to the fair market valueof the Property immediately prior to thedate of taking, with the balan~ of lhe proccede paid to Bo~rower. • If the Property ie ebandoned by Borrower. or if, aRer notice by I.ender to Borrowe~ that the condemnor ofTera to make an award or settle a claim for damagea, Borrower faila to reapond to I.ender within 30 daya after the date auch notice ie mailed, I.ender is authorized to collect and npply the proceede, at I.ender's option, either to reetoration or repair of the property or to the aums aecured by thie Mortgage. llnteas l.ender and Borrower otherwiae agree in writing, any such application of proceeda to principal ahall not extend or postpone the due date of the monthiy inatallmente referred to in paragraphs l and 2 hereof o~ change the amount of auch inatallmente. 10. Borrower Not Released. Extenaion of the time for paymant or modificution of amortization of the sums secured by thia Mortgage Ecranted by l.ender to anv successor in intereat ot E3orrower ehall not operate to release, in any manner, the liability of the original Borrower and F3orrowe~ s successors in interest. Ixnder shall not t?e required to commence proceedinqa against such succeasor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this MortRage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearaace by I.ender Not a Waiver. My [orbearance by i.ender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicable Iaw, shall not be a waiver of or preclude the exerciae of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or chargea by I.ender ahall not be a waiver of L.ender's right to accelerate the maturity of the indebtedneae secured by this Mortgage. ~ 12 Remediee Cumulative. All remedies provided in this Mortgage are distinct and cumulative to ariy other right or remedy under thia Mortgage or afiorded by law or equity, and may be exemised rnncurrendy, independently or auccesaively. 13. Successore and Assigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained shall bind, and the rights hernunder ahall inure to, the respective succeseora and assigns of Lender and Borrower, subject to the pro~~eione of paragraph 17 hereof. All covenanta and agreements of Borrower sha11 be joint and several. The captions and headinga of the paragrapha of tnis Mortgage are for covenience only and ~re not to be uaed to interprnt or define the provisiona hereof. . 14_ Notice. Except for any notice required under applicable I:iw to be Qiven in another manner, (al any notice to I3orrower provided for in this Mortgage sha116e given by mailing such notice by certified mail addreased to E3orrower at the Property Addreas or at such other addreae as Borrower may deaignate by notice to E.ender as provided hernin, and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to I.ender's addreas stated herein or to such other eddress as Lender may deaignate by notice to Borrower as provided herein. Any notice pro~~ded for in thia Mortgage ahaU be deemed to have been gi"ven to Borrower or Lender when given in the manner deeignated herein: 15_ Uniform Mortgage; Governing Law; Severability. This [orm of mortgagecombines unitorm rnvenanta for national use and non- uniform covenanEs with !':sr.iied variations by jurisdiction !o rnnst's:ute a uniform security instrument covering real property. This Mortgage I shall tie governed by the law of the jurisdiction in which the Property is Iceated. In the event that any provision or clauae of this Mortgage or the Note conflicts with applicable 1aw, such conflict shall not af~'ect other provisions of this Murtgage or the Note which can be given effect w~thout the canflicting provision, and to this end the provieions of the Mortgage and the Note are declared to be severable. 16. Borrower'8 Copy. Borrower shall be fumished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'I~ansfer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia sold ur tranaferred by Borrovrer without I.ender's prior written conaent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation of a pumhase money security interest for household appliances, (c) a transfer by deviae, descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold intereat of three yeara or less not containing an option to pumhase, Lender may, at Lender's option, declare all the sums secured by this biortgage to be immediately due and payable_ Lender ahail have waived such option to accelerate it, prior to the sale or tranafer, l.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit otauch person is satisfactory to [.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall ' request_ If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a i w•ritten assumption agreement accepted in writinq by I.ender, Lender shall release F3orrower from all obliqationa under this Dlortgage and the \ ote. If Lender exercises such option to accelerate, I.ender shall mai) Borrower notice of acceleration in accordance with paragraph 14 hereof. ~uch notice shull providea peric~d of not less than :i0 days from the date the notice is mailed within u hich Borrower may paY the sums declared ' due. If Borrower laus to pa~ such sums pnor to the expiration of such period, I.ender may, without further notice ur demand on E3orrower, I ~nvoke any remedies permitted b~ para~ttaoh 18 hereuf. ~ 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when due any aums secured by this Mortgage, Lender ¢ prior to acceleration ehall mail notice to Bortower es provided in paragraph 14 hereof epecifying: (1) the breach: (2) the action ~ required to cure such breach; (3) a date. not leae than 30 deya from the date the notice ie mailed to Borrower, by which euch 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 otthe aums secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice shall 9 s:.~a.., e n e.~.. _•~a... • ~ ~ ua ~~aci' iTa~QiTa'il uvi s isei ci v: LSSL" a ig:es ~c'i i c~ias?n?r 3:err nccr:rrue:vii snci iisi ri~iti io i~s~ri in iii8 ioT~;lue,ure pnxe~ing fne ; non-ezistence of a default or any other defense of Borrower to acceleration and forecloeure. [f the breach is not cured on or ~ before the date apecified in the notice. Lender at I.ender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without turther demand and may foreciose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of torecloaure. including, but not limited to. reasonable attorney's feea. and ~ costs of documentary evidence. abstracta and title reports. ` 19. Borrower's Right to Reinatete. Notwithstanding Lendei s acceleration of the sums aecured by this Mortgage, E3orrower shall have ~ the right to have any proceedinga begun by l.ender to enforce this 1Nortgage discontinued at any time prior to entry of a judgment enforcing 3 this Niortgage if: (a) E3orrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Futurn ~ Advances,ifany,hadnoaccelerationoccurred;(b)F3orrowercuresallbreachesofanyothercovenantaoragreementsofBorrowercontainedin thie Mortgage; Ic) Borrower paya all reasonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower contained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a fees; and Id) Borrower takes auch action as Lender may reasonably require to assure that the Iien of this Mortgage, Lender'e intereet in the Property and Bormwer's obligation to pay the aums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aasigna to I.ender the rents i of the Property, provided that Borrower shull, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter.upon, take posseseion of and manage the Property and to collect the rents of the Property, including those past due. All rents ~ collected by the receiver shall be applied first to paytnent of the oosts of management of the Pmperty and rnllection of rents, including, but not limited to, rereiver a fees, premiums on receiver'e bonds and reasonable attorney'a fees, and then to the suma secured by this Mortgaqe. The ~ receiver ahall be liable to acoount oniy for thase rents actually received. ~ ~ ~ ~ ~ ~ R~. 290 ~A~~ 989 S _ _ ~ _ ~ ~ ~ ~ 4 ~ - " i~ 'K?~', ~~~sT$'41 2,sy+ _ ~ " ~II'AI ~ l ~ .