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HomeMy WebLinkAbout0055 8. lnspectton. I.ende~ may make or cause w be made reawnable entrie~ upoa aad inspection~ of the property, provided that Leader shall give BotTOwer notice prior to a~y auch inepection specityi~B re~nable cause therefor related to l.ender's interest in the Property. 9. Condemuadoa. The proceeda of any awsrd or claim for da~na~e+. direct or consequential, in connection with any oondemnatio~ or other taki~g o! the property, or part thereot, or for oonvsyaace in lieu ot oondemnation, are hereby aasigned and shall be paid b Lender. In the evc~t oi a btal taking of the Property. the pe~oa~ds shall bs appli~d to the sums secured by this MortQa~e, with the a:oesa. if any. paid to Borrower. In the avent of a partial taking of the Prop~ty, unle~s Borrower snd Lender otherwisa agree in writing, there ahall be applied to the suma secured by thia Mortga~e euch p~oportion of the proceeds aa is equal to that pmportion which the amount ot the sums eecured by this Mortgage immediately prior W the date of taking bean to the fair muket value of the Property immediately prior to the date of taking, with the balanoa of the prooeede paid to Borrower. If the Property is abandoned by Borrower, or if. aRer notice by I.endes to Borrower thet the condamnor ofters to make an award or settle a claim for damages. Borrower faile to respond to Lender within 30 days after the date such notioe is mailed, Lender is suthorized to coUect and apply the proceeds, at Lendei s option, either to restoratiot? or repair of the property or to the eume secured by thie Mortgage. Unless Lender aad Borrower otherwise agree in writing, any such application of proceeds b principal shall not ~tend or postpone the due date of the monthly iastaUmente roferred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. 10. Bori~ower Not Releaeed. Extension ot the time for paymsnt or modification of amortization of the suma secured by lhis Mortgage granted by Lender to ar~y aucceseor in irttereat of Borrower shall not operate to releaBe, in any manner, the liability of the original Borrower and Borrower's succeaeors in interea~ 1.ender shall not be required to oommence proceedings againat such eucceseor or refuae to e:tend time for payment or otherwiae modify amortization of the euma secured by this Mortgage by reason of any demand made by the original Borrowe: and Borrower s aucceasore in interes~ - 11. Forbearance by I.ender Not e Waiver. My forbearance by I.ender in e:ercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the e:erc~ee of any euch right or remedy. 71ie procurement of inaurance or the payment of t~es or other liens or charges by Lender shall not be a waivet of Lendei e right to aocelerate the maturity of the indebtednees _ eecured by this Mortgage. 12. Remedies Cumul4tive. All remediee provided in this Mo:tgage an distinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, snd may be exercise~l ooncurrendy, independently or auocesaively. 13. 3uceeasore and Aseigns Bound; Joint at~d Several Liabillty; Captiona. The covenants and agreements herein contained ehall bind, and the righte hereunder ahall inure to, the reepective successore and asaigna of Lender and Borrower, eubject to the proviaione of paragraph 17 hereoL All rnvenante and agreementa of Borrower ahall be joint and eeveral. The captioae and headings of the paragrapha of thie Mortgage are for covenience only and are aot to be ueed to interpret or def ne the proviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shaU be given by msiling euch notice by certified mail addresaed to Borrower at the Piroperty Address or at euch other addrees as Borrower may designate by notice to Lender aa provided herein, and (b) any notice to Lender shall be given by certified mail. retum receipt requested, to Lender's addreas stated herein or to euch other addrees aa Lender may deaignate by notice to Borrower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the mannez deeignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combines uniform oovenanta for national uee and non- uaiform covenante with limited variations by juriadictiun to oonstitute a uniform eecnrity inetrumeat aovering real pmperty.'I1~is Mortgage shall be governed by the law of the juriediction in which the Property ia located. In fhe event that any proviaion or clauee of this Mortgage or the Note conflicts with applicable law, euch contlict ahall not affect other provisiona of this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to this end the provieions of the Mortgage and the Note are declared to be severable. 16. Borrnwer's Copy. Borrower ahall be fumiahed a conformed oopy of the Note and of thie Mortgage at the time of ~ecution or after recordation hereof. 17. Tranafer of the Property; Assumption. If all or any part of the Property or an interest therein ia eold or tranaferr~ed by Borrower without Lender'a prior written coneent, e:cluding (a) the creation of a lien or encvmbrance submrdinate to thie Mortgage, (b) the creation of a - purchase money eecurity intereet for houeehold appliancea, (c) a tranafer by devise, dc~oent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold intereat of three years or leas not oontaining an option to purchaee. I.ender may. at Lende~a option, declare all the eums secured by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if. prior to the aale or transfer, Lender and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credi! of auch person is satiafactory to Lender and that the inlerest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall request. If Lender has waived the option to aocelerate provided in this paragraph 17, and if Borrower's auccessor in interest haa e:ecuted a written aseumption agreement accepted in writing by I.ender, Lender shall releaee Borrower from all obligations under this Mortgage and tiie ~ Note. ~ If Lender ~ercisea auch option to accelerate, I.ender shall mail Borrower notice of acceleration in acoordance with paragraph 14 hereoL ; Such notice ahall provide a period of not less than 30 daya from the date the notice is n.ailed within which Borrower may pay the sums declared ~ due. If Borrower faila to pay such auma prior to the expiration of such period, Ixnder may, without further notice or demand on $orrower, ~ invoke any remediea pennitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any eums secured by thie Mortgage. Lender prior to acceteration ahall mail notice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cnre such breach; (3) a date, not less than 30 daye from the dete the notice is mailed to Borrower, by which euch breach must be cured; aad (4) that failure to cure such breach on or before the date epecified in the notice may result in acceleration of the eume secured by thia Mortgage, toreciosure by judicial proceeding aad eale of the Property. The notice shaU further inform Borrower of the right W reinatate after soceleration and the rig6t to sasert in the foreclosure proceeding the non-euetence of a default or any ot6er detense of Borrower to aceeleration and forecloeure. If the breach is not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of the suma secured by thle A~ortgage to be immediately due and payeble without furt6e~ demand and may torecl~e thie Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenaea of foreclosure. including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abetracts and title reporta. - 19. Borrower'e Bight to Iieinstate. Notwithstanding Lender's acceleration of the aume secured by thia Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforae this Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a> Borrower paya I.ender all auma which would be then due under this Mortgsge, the Note and notea eecuring F~ture ~ Advancea. if any. had no acceleration occurred; (b) Borrower cures all breachea of any other rnvenanta or egreements of Borrower rnntained in ~ thie Mortgage; (c) Borrower paye all reasonable expensea incurred by Lender in enforci~g the eovenante and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney e feee; and (d) Borrower takea such action as Lender may reaeonably require to asaure that the lien of thia Mortgage, I.ender'e intereat - in the Property and Borrowefa obligation to pay the aums aecured by this Mortgage ahall continue unimpaired_ Upon euch paywent and cure ~ by Borrower, this Mortgage and the obiigationa eecured hereby ahall remain in full force and effect as if no acoeleration had occurred. 20. Asaignment of Renta; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby aseigna to Lender the rents ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Propesty, have the right ; to collect and retain euch rente se they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a perty, includin oourt to enter ~pon, take poaseaeion of and manage the Property and to collect the rents of the Pro g those past due. All rente ~ aollected by the receiver shall be applied fuat to payment of the aosts of management of the Property and collection of renta, including, bnt not ~ limited to, receiver'a feea, premiuma on receiver's bonds and reasonable attorney'e fees, and then to the suma eecured by thia Mortgage. The reoeiver shall be liable to acc~ount only for those rnnte actually received. ~ ~ ~UOK 29i 55 ~ : ~ ~ x~~ ~ : ~ - ~ ~ = Yr . ~ ' ~ s ` ~ ~ ~r~,~?~ v - - ~ > ~ ~ - _ ' k'P ~f"--~,~ :