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HomeMy WebLinkAbout0759 8. ln~pection. [.endar may make or cawe to be made rea~onable entries upon and inspections of the property, provided that L.ender shall give Borrower notice prior b any such inepection specifying seaaonabk cawe therefor related to Gender's intereat in the Property. 9. Condemnation. The proceeds of any award or claim for d~naag~s, dinct or co~apuential, in connection with any ouademnstion or other taking of the property, or psrt thereof, or for conveyanoe in lieu of oondemnatiori, ~are hereby aesigned and ahall be paid w I.ender. In the event of a total taking of the P~operty. the proceeds shall be applied to the sume aecured by this Mortgage, with the e:oesa, if any, paid to Borrower. In the even~oi a partial taking of the Property. unlees Borrower and Le~der otherwiee agree in writing, there shall be applied to the aums eecured by this Mortgage euch pmportion of the proce~ds as is equal to that pmportion which the amount of the sums eecured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking, with the balanca of the proceeda paid to Borrower. , If the Property is ebandoned by Borrower, or if, aRer notioe by Lender to Borrower that ihe oondemnor ofters to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 daye after the date such notioe is mailed, Lender ia authotir,ed to collect and apply the proceeda, at Lender'~ optioa. either to reatoration or repair of the pmperty or to We sume secured by thia Mortgege. Unleea l.ender and Borrower otherwise agree in writin6. anY such applicatioa of pmceeds to principal ehall not eztend or poatpoae the due date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Releaeed. E:tension of the time for paymant or modification of amortization of the sums secured by thie Mortgage granted by I.ender to any aucceaeur in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrowei e succeasors in intereat Lender ehall not be required to oommence proceedings against euch succeesor or refuee to extend time for payment or otherwise modify amortization uf the sums secared by thie Mortgage by reason of any demand made by theoriginal Borrower and Borrower's successora in interest. 11. Forbearance by I.et~Aer Not a Wai~er. My forbearance by Lender in e:ercisin~t any riBht or remedy hereunder, or otherwise af~orded by appUcable law. shall not be a waiver of or preclude the e~erciee of any such right or remedy.'l~e procurement of ineurance or the payment of ta:ee or other liens or charges by Lender shall not be a waiver of Lender a right to socelerate the maturity of the indebtedneee eecured by this Mortgage. ' 12 Remedies G~mulative. All remedies pmvided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage os afforded by law or equity, and may be e:errieeri ooncurrently, independently or aucceaeively. 13. Suoc~esaore and Aesigne Baund; Joint and 3everal I.iabillty; Captione. The covenants and agreements herein oontained ahall bind, and the righte hereunder shall inure to, the reapective aucceaeors and aasigna of Lender and Borrower, aubject ta the provieions of paragraph 17 hereof. All covenants and agreementa of Borrower ehall be joint and eeveral. The captions and headings of the paragrapha of thia Mortgage are for covenience only and are not to be ueed to interpret or define the pmvisione hereof. 1 d. Notice. EYcept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing euch notice by certified mail addreseed to Borrower et the Property Addreea or at such other addreee as Borrower may designate by notice_to Lender ae provided herein, and (b) any notice to Lender ahall be given by certified mail, retum receipt requeeted. to Lender's addrese etated herein or to such other address ae Lender mey designate by notice to Borrower as provided herein. My notice provided for in thie Mortgage shall be deemed to have been given W Borrower or Lender when given in the manner deaignated herein. 15. Uai[oroa Mortgage; Governing Law; Severability. Thia torm of mortgage combinea uniform oovenants for national ueeand non- uniform covenanta with limited variations by jurisdiction to oonatitute a uniform eecurity instmn~ent oovering real property. Thia Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clauee of this Mortgage or the Note contlicta with applicable law, such contlict shall not affect other proviaions of this Mortgage or the Note which can be given eff~t without the rnnflicting pmvision, and to thia end the provieions of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed copy of the Note and of this Mortgage et the time of e:ecution or after recordation hereof. 17.'1'ranefer of the Property; Aseumption. If all or any part of the Property or an interest therein ia sold or traneferred by Borrower without Lender e prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a . purchaee money eecurity interest for household appliancea. (c) a tranafer by deviee, deacent or by operation of law upon the death of a joint tenant or (d) the graat of any leasehold interest of three yeara or leas not containing an option to purchase, Gender may, at Lendei e option, declare all the sums aecuree by thia Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or tranafer, Lender and the peraon to whom the Property ia to be aold or transferred reach agreement in writing that the credit of such person ia satiafactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at auch rate ae I.ender ahall request. If Lender hae waived the option to accelerate provided in thia paragraph 1~, and if Borrowei a aucceesor in interest has exe~uted a written asaumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under thia Mortgage and the Note_ . i If Lender ~ercisea such option to accelerate, Lender shali mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ` Such notice shall provide a period of not leas than 30 days from the date the notice is tiailed within which Borrower may pay the aums declared ; due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ( u?voke any remediea p~mitted by paragraoh 18 hereof. f 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in thie Mortgage, including the covenante to pay when due any snms eecvred by thie Mortgage.I,ender prior to aoceleration shall mail notice to Borrower ea provided in paragraph 14 hereof epecifying: (1) the breach; (2) tbe action required to cure such breach; (3) a date. not leai~ than 30 daye from the date the notice is mailed to Borrower, by which such breac6 muet be cured; and (4) that tailure to cure such breach on or before the date epecified in the notice may result in acceleration of the sums secured by this blortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall further wform Borrower of the right to reinatate atter acceleration and the right to aeeert in the foreclosure proceeding the non-ezietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date speciCed in the notice, Lender at Lender'e option may declare all of the sume eecured by this Mortgage to be immediately due and payable without turther demand and may foriclose thie Mortgage by judicial proceeding. Lendereha116e entitled to collect in such proceeding all e:pensee of foreclosure. including. but noi limited to. reaaonable attorney'e fees. and coste of documentary evidence, abstracta and title reports. • 19. Borrower'e ftight to Reinetate. Notwithetanding Lendei a acceleration of the aume secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thie Mortgage diecontinued at any time ptior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had r.o acceleration occurred; (b) Borrower cures al) breachea of any other rnvenante or egreementa of Borrower contained in thie Mortgage; (c) Borrower pays all reaaonable e:pensea incurred by Lender in enforcing the covenante and agreementa of Borrower ooatained in this Mortgage and in enforcing i.endei s remediee as provided in paragraph 1 S hereof, including, but not lunited !o, reasoneble attomey'a feea; and (d) Borrower takea such action ae Lender may reaaonably require to eBSUre that the lien of thia Mortgage, Lender'e interest j in the Property and Borrower'n obligation to pay the sams eecured by this Mortgage shall rnntinue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations eecured hereby ahall remain in fiill force and effect as if no acceleration had occurred. ~ Z0. Aeeignment of Rente; Appointment of Reoeiver. Ae additional eecurity hereunder, Borrower hereby aseigns to Lender the renta of the Property, provided that Borrower ehall, prior to sooeleration under paragraph 18 hereof or sbandonment of the Pcoperty, have the right ~ to rnlled and retain auch rents se they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entilled to have a reoeiver appointed by a oourt to enter~upon, take poseeasion of and manage the Peoperty and to coUect the rente of the Property, including those paet due, All rente ~ rnllected by the receiver ahall be applied firet to payment of the ooste of managementof the Property and rnilection of renta, including. but eot ~ limited to, receiver a feee, premiume on receiver e bonds and reaaonable attorney'a feea, and then to the aums secured bythis Mortgage. The ~ receiver ehall be liable to aooount only for thoee rente actually received. 3 ~ ~ a~°R291 ~;~t 75 1 ~ ~r. - _ _ . _ . . _ - - . t . 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