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HomeMy WebLinkAbout0553 8. l~~pection. I.ender may make or cause to be made raesonable e~tties upo~ and inspectiona of the prope~ty, provided thal Lender ehall give Boirower notioe prior to any such inspection epecifying reasonable cawe therefor related to l.ende~ e inte~est in the Property. 9. Co~demneUoa. The procee~da of any award or claim for dams~e~. direct or coniequential. in connectio~ with any oondemnation or other taking of tha property, or part thereot, or for conveyance ia lieu oi oondemnation, air hereby aesigned and shell be paid to Lender. ln the eveat of a total taking of the Property. the proceeda shaU be appUed to the wms socured by thie Mortgage, with the escees. if any, paid to Borrower. In the event of a pa'al taking of the Pmperty, ualeea Borrower and Lender otherwise egree in writing, there ehall be applied to the auma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount ot the sums eecured by this Mortgage immediately prior to the date of talring bears b the fair market value of the Property immediately prior to the date o! tating, with the balanca of the proceeda paid to Borrower. ~ ' I! the Property is abandoned by Borrower. or if, eRer notioe by Lender to Bormwer that the oondemnor offers to make an award or settle a claim for damages, Borrower faila b respond to Lender within 30 daye after the date euch notioe is mailed, Lender is authorised to coUect and apply the proceeds, at Lenda'a optioa. either to reatoration or repair of Lhe pmperty or to the sume secured by this Mortgage. Unlese Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not e:tend or portpone the due date of the monthly instaUments referred fn in paragraphs 1 end 2 hereof or change the amount of such inetallmenb. ' 10. Borrower Not Released. E:tension of the time for paymant or modificetion of amortization of the sume aecured by thia Mortgage granted by Lender to any auccessor in intereet of Borrower ahali not operate to releaee. in any manner, the liability of the original Borrower and Borrower'a succY~eeors in intereat~ Leader ehall not be required to oommence proceedings againat such aucceasor or refuse to e:tend time fo~ payment or otherwiae modify amortization of the sums aecured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower'a euccesaora in intereet_ 11. Forbearanoe by Leader Not a R?aiver. My forbearance by Lender in exerciaing any right os nmedy hereunder. or otherwise afforded by eppUcable law, ehall no! be a waiver of or preclude the exercise of any such right or remedy. The procurement of inaurance or the payment of tanes or other liens or chargee by Lender ahall not be a waiver of Lender s right to secelerate the maturity of the indebtedneas secured by this Mortgage. 12 Remediea Cumulative. All remediea provided in thia Mortgage are distinct snd cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciee~t ooncurrently, independently or suceeaeively. 13 3ucce8eors end Aseigns Bound; Joint and Several Liability; Captioae. The oovenante and agreements herein contained ehall bind, and the righta hereuader shall inure to, the reapective suc~eeeors and aseigna of Lender and Borrower, aubject to the proviaiona of paragraph I T hereof. All covenante and agn,ements of Borrower ahall be joint and eeveral. The captione and hetidings of the paragraphs of thie Mortgage are for covenience only and are not to be uaed to interpret or de6ne the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage shall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addresa or at auch other addreea es Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, retum receipt requested. to Lender a address atated herein or to euch other address ae Lender may designate by notice to Borrower as provided herein. Any notice provided for in thie Mortgage ehell be deemed Lo have been given to Borrower or I.ender when given in the manner deaignated herein. 15: Unitorm Mortgage; Governiag I.aw; Severability. This form of mortgage combines unitorm rnvenants for national uae and ncn- uniform covenante with limited variations by juriediction to oonatitute a unitorm security instrun?ent covering real property. This Mortgage shall be governed by the Iaw of the jurisdiction in which the Property ia located. In the event that any provieion or clauee of thie Mortgage or the Note conflicts with applicable law, auch conflict shall not afiect other provisiona of thia Mortgage or the Note which can be given effect without the oonflicting provision, and to thia end the provisiona of the Mortgage and the Note are decland to be aeverable. 16. Borrower'e Copy. Borrower shall be furnished a conformed rnpy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 17. 7tiranafer of We Property; Aseumption. If all or any part of the Property or an intereet therein ia eold or tranaferred by Borrower without Lender s prior written rnnaent, e:cluding (a) the creation of a lien or encumbrance aubordinste to thia Mortgage, (b) the creation of a purchase money eecurity intereat for hoaaehold appliancea. (c) a tranafer by deviee. descent or by operation of law upon the death of s joint - tenant or (d) the grant of any teaaehold interest of three years or leas not oontaining an option to purchase. Lender may. at Lender s option, declare ail the aums secured by this Mortgage to be immediately due and payable. I.ender ahall have waived auch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreeinent in writing that the credit of auch person is satiafactory to Lender and that the interest payable on the aucns aecured by this Mortgage ahall be at auch rate as Lender shall reqnest_ If Lender has waived the option to accelerate provided in thia patagraph 17, and if Borrower e aucceasor in intereat has e:ecuted a w~ritten assumption agreement aocepted in writing by I.ender, I.ender ahall release Borrower from all obligationa under this Mortgage and the Note. i If Lender exerriaes such option to accelerate, Lender shal! mail Borrower notice of acceleration in accordance with paragraph 19 hereof Such notice ahall provide a period of not less than 30 daya irom the date the notice ia rr.ailed within which Borrower may pay Lhe suma declared due. If Boaower taila to pay such suma prior to the eapiration of such period, Lender may, without further notice or demand on $orrowet. ~ invoke any remedies permitted by paraqraoh 1$ hereof. 18. Acceleration; Remediee. E:cept es provided in paragraph 17 6ereof. upon Borrower's breach of any oovenant or j agreement of Borrower in thia Mortgage, including the covenants to pay w6en dae any eume secured by thie Mortgage, Lender ~ prior to aooeleration shall mail aotice to Borrower se provided in paragraph 14 6ereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lese than 30 deys from the date the notice ie mailed to Borrower, by which euc6 ~ breach must be cured; and (4) that failure to cure auch breac6 on or before the date epecited in the notice may result in ~ acceleration of the auma eecured by thi[s Mortgage, toreclosure by judicial proceeding and sale of the Property. The notice ehall ! further intorm Borrower of the rigt~t to reinstate after acceleration and the right to asaert in the forecloaure proceeding the a non-ezietence of a default or any other defenae of Borrower to acceleration and forecloeure. If the breach is not cured on or ~ before the dete epecified in the notice, Lender at Lender'e option may declare all of the sums secured by t6is Mortgage to 6e ~ immediately due and payable without further demand and may foreclose ~6is Mortgage by judicial proceeding. Lender shal l be ~ entitled to collect in such proceeding all e:penses of foreclosure. including, but not ltmited to, reasonable attorney's feee~ and costs of documentary evidence, abetracts and title reports. ~ 19. Borrower'e Right to Reinetate. Notwithatanding I.ender s acceleration of the auma secured by this Mortgage, Borrower ehall have ~ the right to have any pmceedinge begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower 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 breaches of any other covenanta or agreementa of Borrower contained in ~ this Mortqage; (c) Borrower pays all reaaonable expensee incurred by Lender in enforcing the covenante and agreemente of Borrower A contained in thia Mortgage and in enforcing Lender's remediea ae provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey i feea; and (d) Borrower takea such action pa Lender may reasonably require to aesure that the lien of thie Mortgage, Lendet'e interest ~ in the Propetty and Borrower a obligation to pay the aums aecured by this Mortgage shall rnntinue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligationa eecured hereby ahall remain in full force and effect as if no acceleration had occurred. ~r Z0. Aaeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the rente ; of the Property, provided that Bornrwer ahall, prior to acceleration under paragraph 18 hereof or ebar~donment of the Property, have the right to rnllect and retain euch rents as they become due and payable. ~ Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitted to have a receiver appointed by a ~ court to enter.upon, take posaeasion of and manage the Property and to collect the rente of the Property, including thoee past due. All renta rnllected by the receiver shal! be applied firat to payment of the oosta of managementof the Property and rnllection of renta, including, b~~_ not re e " limited to, receiver'e fees, premiums on rec~eiver e bonda and reseonable attomey'a fees, and then to the aums eecured by thia Mortgage. The ~ receiver shall be liable to aooount only for thoee renta actually received. ~ ~ g ~ r ~ G _ P,~ ; g `t 29~. ~ 553 r s ~ ~ ~ - , _ : z»_,- . - _ - , . _ ; - ; ~ •~s; :