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HomeMy WebLinkAbout0948 8. lnspection. I.endsr may anake o~ cauae to be made reasonnble ent~a upon and inspectiuns of the p~operbr, provided tbat ~.ender ahaU give Borrower notice prior to any such inapection specifying rnasonable cauee therefor related to l.ender'e intereet in the Property. 9. Condatanatfion. '!~e p~occeda of any award or claim for damages, direct or consequential, in coanection with a~y condemnation or other taking of the property, or part thereof, or for conveya~ce in lieu of oondemnation, are hereby aseigned and ehail be paid b l.ender. In the event of a total taking o[ the Property. the proceeds shaU be applied to the eums aecured by this Mortgage, wi,th the e:ceas, if any. paid to Borrower. ln the event of a partial taking of the Proper~y, unless Borrower and l.ender otherwiee agree in writing. there ehall be applied to the suma secured by thia Mortgage such proportion oi the proceede as ia equal to that proportion which the amount of the aums aecured by thia Mortgage immediately prior to the date ot taiting bears to the fair martet value of the Property immediately prior to the date of taking, with the balan~u of the procreds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemaor offere to make an award or aettle a claim for damages, Borrower faile b reapond to I.ender within 30 daye atter the date euch notice ie mailed, I.ender ie authorized to collect and apply the proceeds, at I.ender e option, either to reetaration or rnpair of the pmperty or to the suma secured by thia Mortgage. Unlese I.ender and Borrower otherwise agree in writing, any auch application of proceeds to principal ahall not e:tend or poetpone the due date of the monthly installiqente referred to in paragraphe 1 and 2 hereof or change the amount of auch inetallments. 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of amortization otthe aums aecured by this Mortgage granled by Lender to any succesaor in intereat of Borrower shall not operate to cetease, in any manner, the liability of the onginal Borrower und Borrower's sucresaore in intereat. I.ender ahall not be required to commence proceedings againet such auccrasor or refuee to extend time for payment or othemise mudify amortizution otthe sums aecured by thie Mortgage by reaeon of any demand made by theoriginal Borrow~ und Borrower's aurcessors in intereat. 11. Forbearanoe by I.ender Not a Wsiver. My forbearance by I.e~der in e:erciaing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of ineurance or the payment of taxee or other liene or chargea by I.ender ehall not be e waiver of I.endei s right to accelerate the maturity of the indebtedneae aecured by thie Mortgage. l2 Remedies Cumulative. AU remedies provided in thia Mortgage are dietinM and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:erciee.l ooncurrently, independenUy or eucceaeively. 13. 3ucceseors and Assigna Bound; Joint and Several Liability; Captions. The rnvenanta and agreements herein rnntained ahall bind, end the righta hereunder ehall inure to, the reapective aucceasore and aeaigns of l.ender and Borrower, aubject to the proviaiona of paragraph 1? hereof. All covenants and agreements of Borrower ehall be joint and aeveral. The captions and headings of the paragraphe of thia biortgage are for rnvenience only and are not to be ueed to interpret or define the provisione hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahull be given by mailing such notice by certified mail addreseed to Borruwer at the Property Addresa or at such other address ae F3orrower may designate by notice to Lender as provided herein, and (bl any notice to [.ender ahxll be given by certified mail, return receipt requested, to Lender's addreas atated herein or to auch other address ae Lender may deaignate by notice to Borrower aa provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing l.aw; 3everability. This form of mortgage combinea uniform oovenanta for national use and non- uniform rnvenants with limited variationa by jurisdirtion to oonstitute a uniform security instrument rnvering rnal property. This Mortgage shall be governed by the law ot the juriadiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or t~e Note rnnflicts with applicable law, auch conflict ahall not afFect other proviaiona of thie Mortgage or the Note which can be given eNect µ-ithout the ..~onflicting provision, and to this end the pro~~aions of the Mortgage and the Note are declared to be ceverable_ 16. Bo:'rower'e Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after re~urdation hereof. 17. 'Ilransfer ot t6e Property; Aeaumption. lf all or any part of the Property or an interest therein is aold or transferred by Borrower w~thout Lend~r a prior written rnnsent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purcina9e money security interest for houeehold appliancea, (c) a tranafer by devise, deecen[ or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or less not oontaining an option to purehase, I.ender may, at Lender a option, d~clare all t4?e aums secured by this Mortgsge to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person to whom the Property ia to be sold or traneferred reach agreemenEin writing that the credit of auch person is satisfactory to Lender and that the interest payable on t~e aums secured by this Mortgage shall be at such rate as Lender ahall request_ If Lender has wnived the option to accelerate provided in thia paragraph 17, and if Borrower s successor in interest has executed a wTitten asaumption agreement accepted in writing by I.ender, I.ender ahall release Borrower from all obligationa under thia Mortgage and the V ote_ If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ 5uch notice shall provide a period of not tess than 30 days from the date the notice is rr.ailed within which Borrower may pay the sums declared ! due. If Borrower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on Korrower, ?nvoke any ~emedies permitted by paragraoh 18 hereof. $ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower'8 breach of any oovenant or ~ agreement of Borrower in thia Mortgage, including the oovenante to pay when due any eume eecured by thie Mortgage, Lender ~ prior to acceleration shali mail notice to Borrower es provided in paragraph 14 hereofapecifying: (1) the brench; (2) the action f required to cure such breach; (3) a date, not leae than 30 days from the date the notice is mailed to Borrower, by which such ° breach muet be cnred; and (4) that failure to cure auch breach on or before the date apecified in the notice may reeult in ~ acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Prnperty. The notice ehall ~ further inform Bonower of the right to reinstate after acceleration and the right to easert in the foreclosure proceeding the ~ non-e:istence ot a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured oa or be[ore the date epecified in the notice. Lender at Lender's option may declare all of t6e aums aecured by thie Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be R entitled to collect in auch proceeding sil e:penaes of foreclosure. including, but not limited to. reasoneble attorney'e feee, and ~ coste of documentary evidence. abstracte and title reporta. 19. Borrower's Right to Reinetate. Notwithstanding Lender s acceleration of the aume secured by this MorEgage, Borrower shall have ~ the right Lo have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entty of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notea securing Futurn ~ Advances, if any, had no acceleration occurred; (b) Borrower curna all breachee of Any other rnvenante or agreemenfe of Borrower contained in this Mort~age; (c) Borrower paya all rnasonable expensea incurred by Lender in enforcing the covenante and agreements of Borrower ~ rnnteined in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof including, but not limited to, reaaonable attorney's fees; and (d) Borrower takea auch action as Lender may rnasonably require to assure that the lien of thia Mortgage, Lender'a interest in the Property arld Borrower's obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations aecured hereby ahall remain in full force and effect aa if no acceleration had oce.~urred. ~ 20. Aseignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby asaigns to Lender the rents 5 of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ; to rnllect and retain such rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a . po poesese g pe perty, including thoee paet due. All renta ` court to enter-a n, take ion of and mana e the Pro " rty and to rnllect the rente of the Pro ~ collected by the receiver ehall be applied firat to payment of the oosta of management of the Property and collection of rente, including, but not ~ limited to, receiver a feee, premiums on receiver'e bonda and reasonable attorney's tees, and then to the aums eecured by this Mortgage. The ~ receiver ehall be liable to acaount only for those rente actually receiv ~L ~ BooK 4~9 PAGE • S7 ~ ~ ~ E O ~ ~_~`,<291 Pa~t 94 ~ ~ ~-.v:~, . ~ r4 ~ ' - - - - - - - - - ° ~ ~ ~ - ' _ n ~ ;