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HomeMy WebLinkAbout0387 8. laspection. l.ender may make or cause to be made reaeoneble entriee upoa and inspections of the property. pwvided that l.ender shall give Borrower notice prior to any such inapection specifying reasonable cauee therefor nlated to I~ader'~ interest in the Property. 9. Cw~demnatioa.'It~e proceeds of any award or claim for damagee. direct or consequential. in conaection with any oondemnation or other taking o! the pmperty, or part theroot, or for conveyanoe in lieu of oondemnation, are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property. the proceeds ~hall be applied to the sume aecured by this Mortgage, with the excea~, if any. paid to Bo~ower. In the event of a partial taking of the Property. unl~s Borrower and Lender otherwise agree in writing, there shall be epplied to the aums eecured by this Mortgage such proportion of the pmceeds as is equal to that proportion which the amount of the eums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking. with the balauc~ of the prooeeds•paid to Borrower. I[ the Property is abandoned by Botrower. or if. aRer notice by Lender to Borrower that the oondemnor offere to make an award or eettle a claim for damagea, Borrower fails b respond to L,ender within 30 daye afler the date auch notice is mailed, Lender ie authorised to coUect and apply the proceeds, at Lender s option. either to reatoration or repair of the property or to the sums aecured by thia Morlgage. Unlees L.ender and Borrower otherwise agree in writinB, anY auch applicatioa of proceeds to principal ah aU not extend or poetpone the due date of the monthly instsllments referred to in paragraphe 1 and 2 hereof or change the amount of such instaUmenta. 10. Borrower Not Released. Extension of the time for paymsnt or modification ot amortizatioA of the anme eecured by this Mortgege granted by Lender to any successo~ in interest of Borrower shall not operate to releaee, i~ any manner, the liability of the original Borrower and Borrower a auccessora in interea~ Lender ahall not be required to oommence proceedings against auch aucceeeor or refuee !o e:tend time for payment or otherwise modify amortizatio~ otthe aums aecured by thia Mortgage by reason of any demand made by theoriginal Borrower and Borrowei s aucceaeora in intereet_ 11. Forbearance by Lender Not a VNaiver. Any forbearanoe by Lender in exerciaing any right or remedy hereunder, or otherwiee afforded by appliceble law, ahall not be a waiver of or preclude the e:erciee of any such tight or remedy.'I~e procurement of inaurance or the payment of taxee or other liene or chargee by Lender ehall not be a waiver of I.ender'e right to accelerate the maturity of the indebtedneae secured by thia Mortgage. - 12 Remedies Cumulative. All remediea pmvided in thia Mortgage are diatinM and curaulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:ercise~i concurrently, independendy or euooeesively. 13. 3nccessors and Asaigne Bound; Joint and 3everal Liability; Captione. The oovenante and agreementa herein oontained ehall bind, and the righte hereunder ehall inure to, the teepective eucceaeore and saeigns of Lender and Borrower. eubject to the provisione of _ paragraph 17 hereof. All covenante and agreemente of Borrower ahall be joint and eeversl. The captions and headinga of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreeeed to Borrower at the Property Addreas or at auch other addrese ae E3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to Lender e addrees atated herein or to auch other addresa as I.ender may deaignate by notice to Borrower as provided herein. Any nodce provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Goveming I.aw; Severability. Thia fora~ of mortgage combinea uniform oovenante for netional uee and non- - uniform covenaata with limited variationa by jurisdiction to oonstitute a uniform eecurity inatrument oovering real property. This Mortgage ahall be govemed by the law of the jnriediction in which the Propeity ia located. In the event that any proviaion or clause of this Mortgage or the Note conilicts with applicable law. auch conflict shall not aPfect other proviaiona ot this Mortgage or the Note which can be given effect without the oonflicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Aeaumpdon. If all or any part of the Property or an interest therein is sold or traneferred by Borrower without Lender a prior wtitten rnnsent, e:cluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage, (b) the creation of a purehase money security interest for houeehold appliancea, (c) a transfer by deviBe. deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereet of three yeara or ieea not oontaining an option to purchase. Lender may, at Lender s option, . declare aU the auu~a sec~ree by this Mortgage to be immediately due and payable. Lender ahall have wa.ived such option to actelerate if, prior to the sale or tranafer. Lender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the intereat payable on the sums secured by this Mortgage shall be at such rate as I.ender ahall request. If Gender has waived the option to accelerate provided in thia paragraph 19, and if Borrower's succeasor in intereat has executed a written asaumption agreement accepted in writing by Lender, Lender Bhal! release Borrower from all obligationa under thie Mortgage and the Ij Note. C If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the suma deciared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, invoke any. remedies permitted by pazagrauh 18 hereof. 18. Acceleration; Remedies. E:cept as pmvided in paragraph I7 hereof, upon Borrower's breach ot any oovenant or agreement of Borrower in thia Mortgage, including the oovenante to pay when due any sume secured by thie Mortgage. Lender prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereotepecifying: (1) the breach; (2) the action required to cure such breac6; (3) a date, not less than 30 daye from the date the notice ie mailed to Borrower. by which such breach muat be cured; and (4) thet failure to cure such breach on or before the date specified in the notice may result in a acceleration of the aums secured by thie Mortgage. foreclosure by judicisl proceeding and sale of the Property. The notice ahall further inform :Borrower of t6e rig6t to reinatate atter acceleration and the right to assert in the forecloeure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date apecified in the notice, Lender at I.ender'e option may declare all of the suma secured by this Mortgage to be immediately due and paycble without fiirther demand and may forecloae this Mortgage by judicial proceeding. Lender shall be entitled to collect in euch proceeding ali expensea of forecloeure, including, but not limited to. reasonable attorney's fees, and coate of documentary evidence, a6atracta and title reporte. 19. Borrower'e Right to Reinstate. Notwithatanding Lender e acceleration of the sums eecured by thia Mortgage, Borrower shall have the right to have any proceedinge begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays Lender all sums which wo~ld be then due under this Mortgage, the Note and notea eecuring Future Advances. if any, had no acceleration ocrurred; (b) Borrower cures a!1 bmachea of any other covenants or agreements of Borrower contained in thie Mortgage; fc) Borrower paya all reasonable expenaes incurred by I.ender in enforcing the rnvenants and agreementa of Borrower oontained in thie Mortgage and in enforcing Lender e remedies as provided in paragraph IS hereof, including, but not limited to, reasonable - attorney's fees; and (d) Borrower takes auch action as Lender may reaaonably require to aesure that the lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower e obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations aecured hereby ahall remain in full force and effect as if no acceleration had occurred. . ~ Z0. Aasignment of Renta; Appointment of Receiver. Aa additional eecurity hereunder. Borrower hereby aesigne to L.ender the rents ~ of the Property. provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right w colled and retain auch rents as they beoome due and payable. : ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a reoeiver appointed by a ~ aoart to enter.upon, take poseeasion of and manage the Property and to collect the rents of the Property, including thoee past due. All rente , oollected by the receiver ahall be applied first to payment of the ooets of management of the Property and aollection of rente, inclading, bnt not ~ limited to, receiver's feea, premiams on receiver'e bonde and reasonable attomey'e feea, and then to the euma eecured by thie Mortgage. The ~ receiver shall be liable to aooount only for thoee renta actually received. ~ - E~CiK ~91 PACE 3~? ~ ~ 7~r'~~~~~~ ; - - - _ - - - • - _ ~ ~ ~ - ~