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HomeMy WebLinkAbout0395 8. Inspectioa. l.ender may mnke o~ cause W be made reawnable eotriee upon and inspections of the property, pmvided that I.ender shall give Borrowe~ aotice prior to any such i~apection rpecifying reasonable cauee therefor related to I.ender's interest in lhe Propi:rty. 9. Condemnetloa.ll~e proceeda of any award or claim for damagea, direct or consequential, in connection with any oondemnation or other taking of the pmperty, or part thenof, or for conveyance i~ lieu of oondemnation, are hereby assigned and shall be paid w Lender. In the event oi a total taking of the Property, the proceede shall be applied to the sums eecund by this Mortgage, with the e:cess, if any, paid to Borrower. la the event of a partial taWng oi the Property. unle~s Borrower and Lender otherwise agree in writing. then shall ba applied to the suma secured by this Mortgage such proportiop of the prooeeds as is equal to that proportion which the amount of the sums eecured by this Mortgage irnmediately prior to the date o[ talring bet?rs to the fair market value of the Properly immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Property ia abandoned by Borrower. or if. aRer notioe by Lender W Borrower that the oondemnor offers to make an award or eettle a claim for damagee, Borrower fails Lo reapond to Lertder within 30 days after the date auch aotice ie mailed, Lender ia authorized to collect and apply the proceeds, at Lender s option, either to reatoration or repair of the pmperty or to the sums eecured by this Mortgage. Unlese Lender and Borrower otherwiee agree in writing, any such application of proceeds to principal ehall not extend or postpone the due date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Released. E:tenaion of the time for paym=nt or modification of amortization of the auma eecured by thie Mortgege Qranted by I.ender to any succeseor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Bormwer and Borrower's sucv.~.~saora in interes~ Lender ehall not be required to oommence proccedings againet such aucceasor or refuee to e:tend time for payment or otherwiae modify amortizetion of the aums secvred by this Mortgage by reaeon of any demand made by the original Borrower nnd Borrower s auc~,~essors in intereat. 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in eaercising any right or remedy hereunder, or otherwise afforded by applicable law, ehall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of insurance or the payment of taa~ee or other liens or chargea by Lender ehall not be a waiver of Lender's right to accelerate the maturity ot the indebf~edneae aecured by thie Mortgage. 12 Remedies G~mulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aPforded by law or equity, and may be e:erciae~i rnncurrently, independently or aucceesively. 13. Succesaore and Aesigns Bound; Joint and 3everal Liability; Captiona. The covenante and agreements herein contained shall bind, and the rights hereunder ahall inure to. the reapective aucceeeore and aesigns of Lender and Borrower, aubject to the pmvisione of paragraph 1? hereof. All rnvenanta and agreements of Borrower ehaU be joint and eeveral. The captions and headinge of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicabte law to be given in another manner, (a) an~ notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Address or at such other addrees ae Borrower may deaignate by notice to Lender aa provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender'a addrees atated herein or to such otheT addreas as Lender may deaignate by notice to Borrower as provided herein. My notice pmvided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Goverair.g Law; 3everability.'11iia [orm of mortgage combines uniform covenanta for national use and non- uniform rnvenants with limited variations by juriadiMion to rnnatitute a uniform security instrna~ent covering real property.'I??is Mortgage ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clause of thie Mortgage or the Note conflicts with applicable law, such contlict shall not affect other proviaions of this Murtgage or the Note which can be given effect w~thout the conflicting pmvision, and to this end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be furniahed a rnnformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17.15ransfer of t6e Property; Aseumption. If all w any part of the Property or an interw.at therein ia eold or tranaferred by Borrower w~thout Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchaee money eecurity intereat for houeehold appliancea, (c) a transfer by devise, d~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of thtee years or less not oontaining an option to purchase, Lender may, at Lendei s option, declare all the suma secured by thia Mortgage to be immediately due and payable_ Lender ehall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at auch rate as Lender shall requeat. If I.ender has waived the option ta accelerate provided in this paragraph I7, and if Eiorrower's successor in interest has ezecnted a written assumption agreement accepted in writing by l.ender, Lender ahall release Borrower from all obligationa under this Mortgage and the I :Vote. ~ ~ If Lender eaercisea auch option to accelera~e, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ' ~ Such notice shall provide a period of not leas than 30 days from the date the notice is ~r.ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Eiortower, ~ invoke any remedies permitted by para~aoh 18 hereof. ~ 18. Acceleration; Remediea. Except ae provided in paragraph 17 hereof, upon Borrower's breac6 of any oovenant or agreement of Borrower in thia Mortgage. including the oovenants to pay when due any suma eecured by this Mortgage, Lender ~ prior to scceleration ehall mail notice to Borrower ae provided in paragraph 14 hereofapecifying: (1) the breach; (2) t6e action required to cure such breach; (3) a date. not leas then 30 daya from t6e date the notice iH mailed to Borrower. by which euch ~ breach muet be cured; and (4) that failure to cure such breach on or befote t6e date specified in the notice may result in acceleration of the aume aecured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinatate aRer acceleration and the right to easert in the forecloeure prceeeding the non-eziatence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach ie not cured on or t~fore the date specified in the notice. Lender at Lender's option may declare all of the euma aecured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgege by judicial proceeding. Lender shall be entitled to collect in auch prceeeding all e:pense8 of foreclosure, including. but not limited to, reasonable attorney's fees. and costa of documentary evidence, abatracte and title reporte. 19. Borrower'a Bight to Reinetate. l~iotwithatanding Lendei s acceleration of the suma secured by thia Mortgage, Borrower ahall have the right to have any proceedinge begun by L'ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Bornower paya Lender all auma which would be then due under this Mortgage, the Note and notea securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea al l brnaches of any other covenante or egreements of Borrower contained in this Mortgage; (c) Borrower pays all masonable expenaea incurred by Lender in enforcing the covenanta and agreementa of Borrower ~ contained in thie Mortqage and in enforcing Lender's remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey e feea; and (d) Borrower takes auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender'a intereat in the Property and Borrower a obligation to pay the sums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligetiona eecared hereby ahall remain in full force and eftect as if no acceleration had occurred. 20. Aesignmeat of Rente; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby assigna to I.enderthe rente ` of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to cotlect and rnLain euch rnnta ae they become due and payable. pa gr p perty, Lender ahall be entitled to have a rec~eiver a x~ Upon aoceleration under ra a h 18 hereof or abandonment of the Pro ppointed by a ~ court to entera~pon, take posaeeaion of and manage the Property and to collect the rents of the Property, including thoee past due. All rente ~ collected by the receiver ahall be applied firat to payment of the costs of management of the Property and collection of rente, including, but not ~ limited to, receiver's feea, premiuma on receiver's bondB and reasonable attorney e fces, and then to Lhe aums aecured by this Mortgage. The ~ receiver ahall be liable to acoount only for those renta adually received. ~ ~ ° 291 ~:~G: 395 ~ . ~ . ~ ~ . ~ ~ - _ _ _ _ - s.~ ~ ~ :;~s~ ~