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HomeMy WebLinkAbout0432 • 8. In~pectio~. Lender may make or cause to be made reawnable entries upon and 'uupections of ?he pmperty. provided that I.ender shall give Borrower notice prior to any such inspectio~ specifying reasoneble cauee therefor relatRd to L.ender's intereet in the Property. 9. Condemnattoa.'I1~e pmceeds of any award or claim for damages, direct or consequentisl, in con~ection with any oondemnation or other taking of the propesty, or patt thereol. or for conveyanoe in lieu oi rnndemnatio~, are hereby assigned and ahall be paid lo [.ender. Ip the event of a total taking of the Peoperty, the proceeda shall be applied to the sume secured by this Mortgege. with the e:ceas, if any, paid to Borrower. In the eveat of a partial taking of the Pe~operty. unlees Bormwei and Lender otherwise agree in writing, tl~ere shall be applied to the sums eecured by this Mortgage such proportion of the proceeds aa is equal to that proportion which the aanount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Pmperty immediately prior to the date o! taking. with the balanoa of the pmceeds peud b Borrower. If the Property is abandoned by Borrower, or if. atkr nolioe by Lender to Borrower that the oondemnor off'era b make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date such notice is mailed. Lender ie authorised to collect and apply the proceeds. at I.ender's option. either to restoration or repair of the pmperty or to the sume aecured by thie Mortgage. Unlees Lender and Borrower othe:wiae agree in writing. any euch epplication of proceeda to principal shall not eztend or postpone the due date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount oi such installmente. a0. Borrower Not Releasetl. Extenaion of the time for paymant or modification of amortization of the suma eecured by this Mortgage granted by Lender to any aucceaeor in interest of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrowei s euc~.~eseore in intereat. Lender shall not be required Lo commence prnceedinga againat such eucceasor or refuae to extend time for payment or otherwiae modify amortization of the sums secured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower a succesaors in intereat. 11. Forbearanoe by I.eader Not a N?aiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwise afforded by applicable inw, ahall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of inaurance or the payment of taxes or other liene or chargee by Lender shall not be a waiver of Lender e right to aocelerate the maturity of the indebf~ednesa aecured by this Mortgage. 12 Remediee Cumulative. All remedies provided in thie Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezerciee~i aoncurrendy, independenUy or suoceasively. 13. 3ucceasore aad Aseigna Bound; Joint and 3everal Liability; Captions.'l~e coveaante and agreements herein oontained ahall bind, and the righta herennder ahall inure to. the reapective succeseore and aseigne of Lender and Borrower, subject to the proviaiona of paragraph 17 hereof. All covenanta and agteementa of Borrower ahall be joint and eeveral. The captione and headings of the paregrepha of thie Mortgage are for covenience oaly and are not to be uaed to interpret or define the pmviaiona 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 ahall be given by mailing such notice by certi5ed mail addreeaed to Borrower at the Property Addreae or at euch other addrese as Borrower may deaignate by notice to I.ender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt requeated, to Lender's addresa atated herein or to auch other addreee ae Lender may deaignate by aotice to Borrower aa pmvided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage rnmbines uniforan covenants for national uee and non- uniform covenanta with limited variationa by juriediction to oonetitute a uniform eecurity instrument oovering r~al property_'l~is Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note rnnflicta with applicable law, euch rnnftict ahall not af~ect other proviaions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the prnvieiona of fhe Mortgage and the Note are declared to be eeverable. ` 16. Bormwer's Copy. Borrower shall be furniahed a conformed rnpy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof 1 T. 'ISrenafer of the Property; Assumption. If all or any part of the Property or an interest therein ia eold or tranaferred by Borrower without Lender'e prior written consent, e:cluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a purchase money security intereat for household applianoea, (c) a tranefer by deviee, dc~ccent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not oontaining an option to purchase, Lender may, at Lender a option. declare all the sums sec~red bystus Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or tranefer, l.ender and the peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch person ia satisfactory to Lender and thaf the interest payable on the aums secured by this Mortgage shaU be at auch rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succesaor in interest hae eaecuted a ; w-ritten asaumption agreement accepted in writing by Lender, Lender ehall release Borrower from all obligatione under thia Mortgage and the ~ Note. E If Lender ezercises such option to accelerate, Lender shall mail ~3ocrower norice of sooeleration in aocordance with paragraph 14 hereof. E Such notice shall provide a period of not less than 30 days from the date the notice is cr,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 ~iorrower, ~ ~nvoke any remedies permitted by paraqraoh l8 hereof. ~ IS. Acceleration; Remediee. Ezcept as provided in paragtaph 17 hereof, upon Borrower'e breach of aay oovenant or ~ agreement of Borrower in thie Mortgage, inclnding the covenants to pay when due any eums secured by this Mortgage, L.ender prior to acceleration ehall mail notice to Borruwer ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lesa than 30 daya from the date t6e notice ie mailed to Borrower, by w6ich ench bresch must be cured: and (4) that failure to cure sach breach on or before the date specified in the notice may reault in acceleration of the sume secured by thie Mortgage, foreclosure by judicial pr~oceeding and sale of the Property.The notice ehall further inform Borrower of the right to reinstate aRer acceleration and the right to aseert in the foreclosure proceeding the non-e:iatence of a default or any other defenae of Borrower to acceleration and forecloaure. If the breach ia not cured on or before the date epeciRed in t6e notice, Lender at Lender'e option may declare all of the sums secured by this Mortgage to be imcnediately due and payable without furtherdemand and may foreclose thia Mortgage by judicial proceeding. Lender ahali be entitled to collect in such proceeding ail expensea ot foreclosure. including, but not limited to. reasonable attorney's fees. and coeta ot documentary evidence. abstracte and title reporta. 19. Borrower's Right to Reinstate. Notwithstanding I.ender'a arceleration of the aume aecured by thia Mortgage, Borrower ehall have the right to have any procredinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Bor~ower pays Lender all auma which would be then due under this Mortgage. the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all brnachea of any other oovenante or agreementa of Borrower contained in thia Mortgage; (c) Borrower pays all reasonable ea~pensee incurred by Lender in enforring the oovenante and agree?nente of Borrower ~ oontained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable atiorney's fces; and (d) Borrower takes auch action as Lender may reasonably require to aseure that the lien of thia Mortgage, I.ender's interest ~ in the Property and Borrower'e obligation to pay the aume aecured by thia Mortgage ehall oontinue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligationa eecured hereby ahall remain in full force and effect ae if no acceleration had occurred. ~ 20. Assignmeat of Itente; Appointmeat ot Receiver. As additional eecnrity hereunder, Borrower hereby aeaigne to Lender the renta of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property. have the right ~ to collect and retain such rents ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitle~ to heve a receiver appointed by a oourt to entPr-upon, take poeeession of and manage the Property and to collect the mnta of the Property, including thoee past due. All renta ~ ooltected by the receiver ahall be applied firet to payanent of the oosta of managementof the Property and collection of renLe, including, but not limited to, receiver's feee, premiume on receiver's bonda and reasonable attorney's feee, and then to the aums aecured by thie Mortgage. The receiver ehall be liabie to acaount only for thoae renta actually received. ~ ~ R : ~ tG~r~~~ - - ~ _ _ - - - - - " _ _ "`m r •:wc~:' ` ',-=-y z r- - ' v .x ..~~z ~ : ~~„i