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HomeMy WebLinkAbout0812 8. Inspection. l.ender may make or cauee to be uiada reaaonable ent~ea upon and inapections of the pro~rty. provided that l.ender shall give Eiorrower notice prior to any auch inspection specifying reaao~able ceuae therefor nlated to l.ender's interesl in the Property. 9. Condemnatloa.'11~e proceeds of any award or cisim tor damages, direct or eori~equential, in connection with any oondemnation or other taking oi the property. or psrt thereof, or for conveyance in lieu of oondemnation. are hereby a~signed and shall be paid b Lender. In the eve~t o! a total teking of the Proparty. the proceeds shall be applied to the ~ums secured by this Mortgage, with the ~oess. if any, paid to Borrower. Ia the event of a partial taking oi the Property. unless Borrower and I.ender otherwiee agree in writing, then shall be applied to the aums secured by this Mortgage auch pmportion of the prooeeds as is equal to thet proportion which the amount oi the sums eecured by this Mortgage immediately prior to the date of taking beare to the fair market velue of the Property immediately prior to the date o! taking, with the balanc~ of the pmceeda paid to Borrower. If the Property is absndoned by BonoweT. or if. after notioe by I.ender to Borrower that the oondemnor offers to make an award or eetde a claim for damages, Borrower fails to respond to Lender within 30 days afte~ the date such notice ia mailed, Lender is authorized to coUect and apply the proeeeds. at Lender's optio~. either to reatoratioa or repair o! the psoperty or to the sums secured by this Mortgage. ~ Unlesa I.ender and Borrowet othetwiee agree in writing, any such application of pmceeds b principal shall not e:tend ot postpone the due date of the monthly inatallmenta referred b in paragraphs 1 and 2 hereof or change the amount o! euch insLsllments. 10. Borrower Not Released. E=tension of the time for paymant or modification of amortization of the aums secured by this Mortgege granted by [.ender to any succesaor in interest of Borrower ehall not operete to relesee, in any manner, the liability of the original Borrower and Borrower's succeasors in intereet. I.ender ehall oot be required to oommence proceedinga against auch eucceaeor or refuee to e:tend time ' for payment or otherwiee modify amortization of the auma secured by this Mortgage by reaeon of any demand made by lhe original Borrower and E3orrower's auccesaors in interest. ~ i l. Forbearance by I.ender Not a R?aiver. My forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exerciae of any auch right or remedy. The procuretnent of ineurance or the payment of ta~ces or other liens or charges by Lende~ ehall not be a waiver of Lender s right to accelerate the maturity of the indebtedneea secured by this Mortgage. - 12 Remediea CumuleUve. All remedies provided in this Mortgage are dietinct and cvmnlative to any other right or remedy under this Mortgage or afforded by law or equity. and may be ea~erciee+i ooncnrrendy, independendy or suoceeaively. 13. 3ucceseors and Aseigns Bound; Joint and 3everal Liability; Captione. The covenant8 and agreementa herein rnntained ehall bind, and the righte hereunder ahall inure to, the reapective aucceseor8 and asaigna of Lender and Borrower, eubject to the pYOVisions of paragraph 17 hereof. All rnvenanta and agreementa of Borrower ehall be joint and eeveral. The captione and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided [or in thie Mortgage ahall be given by mailing such notice by certified mail addreased to Bormwer at the Property Addresa or at auch other addrees as Borrower may deeignate by notice to Lender ae provided herein, and (b) any notice to l.ender ehall be given by certified mail, return receipt requeated, to Lender e add~ees atated herein or to auch other addreas sa Lender may deaignate by notice to Borrower ae provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the mannet deaignated herein. 15. Uniform Mortgage; Goveraing Law; 3everability. This form of mortgage rnmbines uniform oovenanta for national uae and non- uniform covenanta with limited variationa by juriediction to oonstitute a uniform aecurity inatrument oovering real property.'l~ie Mortgege shall be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the conAicting pror:aion, and to this end the provisions of the Mortgage and the Note are declared to be eeverable. 16_ Borrower'e Copy. Borrower ehall be furniahed a conformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereoL 17. Tranefer of the Property; Aesumption. If all or any part of the Property or an intereat therein iB eold or tranaferred by Bonower without Lender s prior written consent, e:cluding (a) the creation of a lien or encnmbranee eubordinate to thia Mortgage, (b) the creation of a purchase money eecarity interest for houeehold appGancea, (c) a tranafer by devise, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or leae not oontaining an option to purchase, Lender may, at Lender's option, declare all the aums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to aocelerate if. prior to the sale or transfer, Lender and the peraon to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of auch person is sstiafactory to Lender and that the intereat payable on the auma secured by this Mortgage ahall be at euch rate as Lender ahall requeat. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s auccesaor in interest hae e:ecuted a written asaumption agteement accepted in writing by I.ender, l.ender ahall release Borrower from all obligationa under this Mortgage and the Note. If Lender eaercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. i Such notice shali provide a period of not less than 30 days from the date the notice is rr.siled within which Borrower may pay the suma declared f due_ If Borrower fails to pay such sums,Erior to the expiration of such period, Lender may, without further notice or demand on I3orrower, e mvoke any remedies permitted by pazagraoh 18 hereof. 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or E agreement of Borrower in thie Mortgage, including the oovenants to pay when due any sums secured by thie Mortgage. Lender ~ prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof epecifying. (1) the breach; (2) the action y reqnired to cure auch breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower, by whic6 such { breach muet be cured; and (4) that, failure to cure auch breach on or before the date specified in the notice may result in acceleration of the sums secured by thie Mortgage, forecloeure by judicial procecdiag and sale of the Property. The notice shall further inform Borrower ot the right to reinetate after acceleratioa and the right to aseert in the foreciosure proceeding the non-ezistence ot a default or eny other defenae of Borrower to acceleration end torecloeure. If the breach is not cure~ on or before the date epecified in the notice. Lender at Lender's option may declare all of the sum.e secured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding all e:penses of foreclosure. including, but not limited to, reasonable attorney's feea, and ~ costs of documentary evidence. abatracte and title reports. ~ 19. Borrower's Right to Reinatate. Notwithatanding Lender'a acceleration of the auma eecared by thie Mortgage, Borrower ahall have the right to have any proceedings begun by [.ender to enforce this Mortgage diernntinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notea eecuring Future ~ A~vances, if any. had no acceleration occnrred; (b) Borrower cures all breachea of any other covenanta or agreements of Borrower contained in ~ thie Mortgage; (c) Borrower paye all reasonable eapenses incurred by Lender in enforcing the oovenanta and agreementa of Borrower contained in thie Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fcea; and (d) BorroweT takes auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's intereet ~ in the Property and Borrower's obligation W pay the sums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cnre by Borrower, thie Mortgage and the obiigationa eecvred hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Asaignment ot Rente; Appointment ot Receiver. As additional se~curity hereunder, Boaower hereby assigna to Lender the rente ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a } oourt to enter~upon, take posseaeion of and manage the Property and to rnllect the rente of the Property, including thoee past due. All rents collected by the receiver ahall be applied first to payment of the costs of management of the Property and collection of rente. iacluding, bnt not ~ ~ limited to, receiver'e fees, premiuma on receiver'e bonda and ressonable attorney's feea, and then to the aiuna secured by thiB Mortgage. The ; ~ receiver ahall be liable to account only for thoae rents actually received. ~ ~ ~ ~ ~~PK291 r.,~E 804 ~ ~ ~ ~ ~ ~ - - _ ~ _ ~