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HomeMy WebLinkAbout0391 8. lnspectio~. l.ender may maka or cawe to ba made reasonable entrieo upon and itupoctions of the property. provided that I.ender ehall give Bor~ower notioe prior ta any such inapection specitying reasonable cawe therefor nlated to I.ender's interrat in the Piroperty. 9. Coademnatlon.'I1ie pmceeds oi any award or claim for damagea, direct or conaequential, in connection with any ooademnation or other taking of the property, or part thereof. or for conveyance in lieu of oondemnation. are hereby aaaigned and shal! be paid to I.ender. in the event of a totai taking of the Property. the proceeds shall be eppUed to the s~au secured by this Mortgage, with the ~oess. if any, paid to Borrower. In the event of a partial taking of the Property. unles~ Borrower aad Lender otherwise agree i~ writing, there shall be applied to the sume secured by this Mort~age such proportion of the pmoeede ae ie equal to thet proportion which the amount of the sums secured by this Mottgage immediately prior to the date of taWng bears to the fair market value of the Property immediately prior to the date of taking. with the balenoa of the proceeds paid to Borrower. If the Property ie abandoned by Borrower. or if. aRer notice by I.ender to Borrower that the oondemnor offera to make an eward or settle a claim for damagea. Borrower tails to respond to Lender within 30 daye after the dafe such notice ia mailed, Lender is authorized to coAeM and apply the proceeds. at I.end~'s option. either to restoration or repair of the property or to the sums secured by thia Mortgage. Unlees Lender and Borrower otherwiee agree in writing, any euch application of proc~eeda b principal sh aU not e~tend or poatpone the due date of the monthly inetalimente referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmeats. 10: Borrower Not Released. Extenaion of the time for payanant or modification of amortization of the euma aecured by thia Mortgage granted by Lender to any succeasor in intereet of Borrower ehaU not operate to release, in any mat~ner. the liebility of the original Borrower and Borrower'e eucceeeora in interest. Lender ahall not be required to oommence proceedings againat auch eucceesor or refuee to e:tend time for payment or otherwise modify amortization of the suma secured by thie Mortgage by reseon of any demand made by the originel Borrower and Borrower'a succeseora in intereet. ' I 1. Forbearance by Lender Not a R?aiver. Any forbearance by I.ender in exercieing any right or remedy hereander, or otherwise aPforded by applicable law, shaU not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of ineurance or the payment of ta:es or other Ueae or chargee by Lender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtednesa eecured by this Mortgage. 1Z Remediee Gtimulative. All remedies provided in this Mortgage are distinct and cumulative to aay other right or remedy under this Mortgage or at'fotded by law or equity, and may be ezerciee~l eoncurrently, independently or sucoessively. . 13. 3ucceeeore aad Aseigne Bound; Joint and 3everal Liability; Captioae. The rnvenants and agreemente herein oontained ehall bind, and the rights hereunder ehall inure to, the reepective succeseore and aeeigna of Lender and Borrower, aubject to the pmviaione of parag~aph 17 hereof. All covenanta and agreementa of Borrower ahall be joint snd eeveral. The captione and headinga of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Eiorrower provided for in thia Mortgage ahall be given by mailing auch notice by certified mail addreesed to Borrower at the Property Addrese or at auch other addreee ae Borrower may deaignate by notice to Lender as provided herein. and (b) any notice to Lender ahall be given by certified mail, retum reoeipt requeated, to Lender's addrese atated herein or to auch other addreae ae Lender may deaignate by notice to Borrower aa pmvided herein. Any nodce provided for in this Murtgage ehall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Goveming Law; 3everability. This form of mortgage combines uniform oovenanta for national uee and non- uniform covenante with limited variations by jurisdiction to oonatitute a uniform aecurity instrument covering real property. Thie Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note conflicta with applicable law, such rnnflict ahall not affect other provisione of this Mortgage or the No4e which can be given effect without the oonflicting proviaion, and to this end the proviaiona of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Horrower ehall be furnished a conformed oopy of the Note and of this Mortgage at the time of ezecution or after recordadon hereof. 17. 'Itiranefer of the Property; Assumption. If all or any_ part of the Property or an intereat therein ia eold or tranaferred by Borrower without Lender s prior written conaent, ezcluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchaae money eecurity intereet for houeehold appliances, (c) a tranefer by devise, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lese not oontaining an option to purchase, Lender may. at Lende~a option, declare aU the aums aecured by thia Mortgage to be immediately due and payable. Lender ehall have waived auch option to socelerate if, prior to the sale or transfer, Lender and the person to whom the Froperty ia to be eold or tranaferred resch agreement in writing that the credit of auch peraon is satiafactory to Lender and that the interest payable on the aume secared by this Mortgage shall be at euch rate as I.ender ahall request_ If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Bonower a successor in interest haa executed a written assumption agreement accepted in writing by I.ender, I.ender ahall releaae Borrower from all obligations under thie Mortgage and the Note. ; If Lender exercises auch option to accelerate, Lender shall mail Borr+ower notice of acceleration in aceordance with paragraph 14 hereof. j Such notice ahall provide a period of not leas than 30 days firom the date the notice is ~r,siled within which Borrower may pay the aums declared f due. If Borrower faila to pay such auma prior to the eapiration of such period, Lender may, without further notice or demand on Eiorrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediee. Ezcept es provided in paragraph 19 hereot. upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay when due any eume aecured by this Mortgage, Lender prior to aoceleration eha!I mail notice to Borrower aa provided in paragraph 14 hereof epecifying. (1) the breac6; (2) t6e actioa ~ required to cnre such breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower, by which such breach muet be cured; and (4) that tailure to cure euch breac6 on or before the date epecified in the notice may reault in acceleration of the sums secured by thie Mortgage, forecloaure by judicial proceediag aad eale of the Property. The notice ahall further inform Borrower of the right to reinatate after acceleration and the right to aseert in the forecloeure proceeding the non•e:ietence of a default or any other detense of Borrovrer to aoceleration and forecloaure. If the breach ie not cured on or before the date epecified in the notice. Lender at I.ender'e option may declare sU of the eums secured by thia Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure. including, but not limited to, reasonable attorney's feea, and ~ coste of documentary evidence, abstracts and title reports. 19. Borrower'e Right to ~teinetate. IVotwithetanding I.ender's acceleration of the eums aecuied by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paya Lender all autns which would be then due under this Mortgage. the Note and notea securing Future ~ Advancea, if any, had no acoeleration occurred; (b) Borrower cures all breaches of any other covenanta or agreementa of Borrower contained in thia Mortgage; (c) Borrower pays all reseonable expenses incurred by Lender in enforcing the oovenante and agreementa of Borrower contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof. including, but not limited to, reasonable attorney's feee; and (d) Borrower takea auch action as Lender may reaaonably require to aeeure that thelien of this Mortgage, Lender a interest in the Property and Borrower's obligation to pay the aume aecured by thie Mortgage shall continue unimpaired. Upon auch payment and care ~ by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occarred. 20. Aseignment of Rente; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby aasigns to Lender the reate ~ of the Prr?perty, provided that Borrov`er ahall. prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ ?.o coUect and retain euch rente as they become due and payable. r; Upon acceleratan under paragraph 18 hezeof or abandonment of the Property, Lender shatl be entitled to have a receiver appointed by a ~ court to enter-upon, take poseeseion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta oollected by the receiver shall be applied firet to payment of the oosts of managementof the Property and collection of rents, including, but not ~ limited to, receiver's fees, premiuma on reoeiver e bonde and reseonable attorney'e feea, and then to the auma eecured b thia M y ortgage. The reoeiver ahall be liable to acoount only for thoae rents actually received. ~ . ~ , ~'~p 291 391 ~ E--f ~=s r + ~n - - - - - - - - lY ~ p'~'aE; .