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HomeMy WebLinkAbout0755 . . 8. lnspeMiop. Lender may make or cause b be mede re~ionable entrie~ upon and inipections of the property. provid~d that Lender ahall give Borrower notice prior fn eny such inspection specifying reasonable cawe therefor related to Lendei s intereat in the Property. 9. Coademnatlon.ll?e prooeeds oi any award or claim fo~ damaBe~. direct or conipquential. in connection with any oondemnatioa or other takiag of the propedy, or part thereof, or fos rnnveyance in lieu oi oor?demnetioq m hereby aeaig~ed and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the awne eecured by thia Mortgage. with the esoe~s, if any. paid to Borrower. In the event of s partial taking of the Propesty. unlees Borrow~ and Lender otheiwiee agree in writing, there shall be applied W the sums secured by thu Mortgage such proportion of the proceeds aa is equal to that pmportion which the amount of the sums secyred by this Mortgage i~nmediately prior to the date of taking bescs to the fair market value o(the Property uamediately prior to the data of taking, with the balanca of the procecds paid to Borrower. If the Property ie abandoned by $ortower. or if. aRer aotioe by Lender to Borrower that the oondemnor offers to make an award or settle a claim for damage~. Borrower faila to re~pond to Lender within 30 days aRer the dete such notice ie mailed, L.ender ie authorised Lo collect and apply the pmceeds, at l.ender's option. either to reatoration or repair of the pmpert,y or to the sums secured by this Mo~Rgege. Unless Leader aad Borrower othetwise agree ia writinB. anY such epplicatioa of proceeds Lo principal shall not e~ttend or postpone the due date of the monthly instaUmenta referred to in paragraphs 1 and 2 hereof or change the amount ot auch installments. 10. Borrower Not Releaeed. E:tensio~ of the time for paym~nt or modification of amortization of the eums secured by thia Mortgage granted by Le~de~ to any succesaor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrower'e successora in intereet- I.ender shall not be required to oommence proceedings againet euch aucceseor or refuee to extend time for payment or otherwise modify amortization of the auma secured by thie Mortgage by reaeon of any demand made by the original Borrower . and Borrower e succeesors in intereet. 11. Forbearaaoe by Lender Not a Waiver. Any forbearance by I.ender in ezerciaing any right or remedy hereunder. or otherwise afforded by eppUcable law, shall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of inaurance or the payment of te~es or other Ueas or charges by Lender shall not be a waiver of Lender s right to aocelerate the maturity of the indebtedness eecured by this Mortgage. - 12 Remedies Camulative. All remedies provided in this Mortgage are distiact and cumulative to any other right or eemedy under this Mortgage or aftorded by law or equity. and may be e~ercise~i ooncurrendy. indepeadently or suooessively. 13. 3aa~easore and Assi~ns Bound: Joint and Sevecal Liability; Captioas. The oovenanta and agreementa hcrein oontained shall bind, and the rights hereunder ahall inure to, the respective sticceesors and easigns of I.ender and Borrower, aubject to the pmviaions of paragraph 17 hereof. All rnvenants and agrcementa of Borrower ahall be joint and eeveral. The csptions and headings of the paragraphs of this Mortgage are for rnvenience only and are not to be used to interpret or define the provisions hereof. 14_ Notiee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided forin thiB Mortgage ahall be given by mailing such notice by cettified mail addreeaed to Borrower at the Property Addrees or at such other addreea ae Borrower may deaignate by notice to Lender aa pmvided herein, and (b) any notice to Lender ehell be given by certified mail, return receipt requeeted, to Lender a addrees stated herein or to auch other addrees as Lender may deeignate by notice to Borrower ae provided herein. Any notice pmvided for in this Mortgage ehall be deemed to have been given to Borwwer or Lender when given in the manner deeignated hezein. 15. Uniform Mortgage; Governing Law; 3everability. Thie form of mortgage combinea unitorm oovenanta for national use and non- uni[orm rnvenants with limited variationa by juriadiction to oonecitute a uniform eecurity inetrument covering real property. Thie Mortgage ehall be governed by the law of the j~uisdiction in which the Property ia located. In the event that any proviaion or clauee of thie Mortgage or the Note conflicts with applicable law, auch conflict ahall not affect other pmvieiona of thia Mortgage or !he Note which can be given effect wilhout the oonflicting provieion, and to this end the proviaione of the Mortgage and the Note are declared to be severabie. 16. Borrower's Copy. Borrower shell be furniahed a oonformed oopy of the Note and of thin Mortgage at the time of e~ecation or after recordation hereof. 17. Tranefer of the Property; Aseumption• If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower :nitlwut Le~~der a prior written conaent~ e~ccluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a punhase money aecurity interest for household appliancea, (c) a transfer by devise, desoent or by operation of law upon the death of a joint tenant .,r (d) the grant of any leaaehold intereat of three years or leas not oonLaining an option to purchaee, Lender may, at Lender s option. declare all the eums aecured by this Mortgage to be immediately due and payable. Lender ehall have waived euch option to accelerate if, prior to the eale or tranafer. Lender and the peraon to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of auch peraon ia satiafactory to I.ender and that the intereat payable on the aume aecured by this Mortgage shall be at auch rate ae Lender shall requeat. If Lender has weived the option to accelerate provided in thia paragraph 17, and if Borrower s aucce~saor in intereet haa e:ecuted a written assumption agreement accepted in writing by Lender, i.ender ehall release Borrower from all obligations under this Mortgage and the ' Note. ~ If I.ender exerciaea auch option to accelerate, Lend~ ahall mail Borrower notice of acceleration in accordance with paragraph 19 hereoL ( Such notice shall pmvide a period of not less than 30 days from the date the notice ia rnailed within which Borrower may pay the aums declared ~ due. If Borrowez faila to pay auch sume prior to the expiration of such petiod, I.ender may, without fi~rther notice or demand on ~3orrower, invoke any remedies permitted by paragraoh 18 hereof. i 18. Acceleration; Remediee. Ezcept as provided in paragraph 1? hereof, upon Borrower's breac6 of any oovenant or agreement of Borrower in thie Mortgage, including the oovenante to pay w6en due any eume secured by thie Mortgage. Lendec prior to acceleration s6a11 mail notice to Borrower es provided in paragraph 14 hereof specifyiag: (1) t6e breach; (2) the action required to cure such breac6; (3) a date, not leee than 30 daye from the date the aotice is mailed to Borrower, by whieh such breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in acceleratioa of the eums secured by thia Mortgage, foreclosure by judicial proceediag and sale of the Property. The notice ehall further inform Borrower of the right to reinstate after acceleration and the right to aseert in the foreclosure procceding the non-e:ietence ot a default or eny other defenae o! Borrower tb aoceleration and foreclosure. If the breach ie not cured on or before the date epeciCed in the nottce. Lender at Lender's option may declare all of the sams secared by thie Mortgage to be immediately due and payable without furtherdemand and mey foreclose thia Mortgage by judicial proceeding. Lender s6a11 be entitled to colled in auch proceeding all e:penaes of forecloeure. iacluding. but not limited to. reasonable attorney's feee, and coete of documentary evidence, abetracte and title reporte. 19. Borrower's Rig6t to Reinetate. Notwithatanding Lender a acceleration of the aums eecured by this Mortgage, Borrower ehall have the right to have any proceedinga begun by Lender to enforce thia Mortgage diecontinued ~t any time pTior to entry of a judgwent enforcing this Mortgage if: (a) Borrower pays Lender all aums which would be then due under thie Mortgage, the Note and notea securing Future ~ Advancee, if any, had no aoceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreementa of Borrower contained in ' thia Mortgage; (c) Borrower paye all reasonable expeneee incurred by Lender in enfotring the oovenants and agreemenis of Borrower oontained in this Mortgage and in enforcing Lendei a remedies as provided in paragraph 18 hereof. including, but not limited to. reasonable ~ attomey'e feea; and (d) Borrower takea anch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower'e obligation to pay the auma eecured by thie Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, thie Mortgage and the obligationa aecured hereby ahall remain in full force and effect as if no aoceleration had occurred. ~ 20. Aeiignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigns to Lender the rente ~ of the Property, provided that Borrower shall~ prior to aooeleration ander paragraph 18 hereof or abandonmentof the Property. 6ave the right ; to coUect and retain euch renta aa they become due and payable. ; ~ Upon aooeleration under paregraph 18 hereof or abandonment ot the Property, Lender ehall be entitled to have a receiver appointed by a ~ oourt to enterupon, take posaeeaion of and manage the Property and to rnllect the renta of the Property. induding thoee paat due. All renta oollected by the reoeiver ahall be applied first Lo payment of the oosta of management of the Property and oollection of renta, including, but not ` limited to,.receiver s fees, premiuma on receiver'e bonds and reasonable attorney'a fcea, and then to the suma eecund by thia Mortgage. The ~ receiver shall be liable to aooount only for thoee renta actually received. ?O~K~91 PACF 7~7. x - - - - _ . . ~ _ . = ~ ~ . ~ ~ ; ~ : ~ . ;