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HomeMy WebLinkAbout0960 8. lnapection. l.ender may make or cauae W be made reasonable entrie~ upon and in~pection~ of the prope~ ty, provided that l.ender ehall give Borrowe~ notice prior to any such inepection epecifjring reasonabte cause therefar rel~ted to l.end~t'a interest in the Property. 9. Coademnatlon.'l~e proceeda uf a~y award or claim for damagea, direcl or coneequential, in connection with any oondemnation or other taki~g of the property, or part thereof, or for conveyance i~ lieu ot condemnation, are heceby aesig~ed and shall be paid to Lender. ]n the event o[ a total taking of the Property, the proceeds ehall be applied to the aume secund by thie Mortgage, with the exceas, if any, paid to Borrower. In the event of a pa~tial taking of the Property, unleas Borrower and I~nder otherwiee agree in writi~g. there shaU be applied to the eums secured by this Morlgage such proportion of the proceeds aa is equal to that proportion 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 b the date of taking, with the balance of the proceede paid to Borrower. If the Property ia ebandoned by Borrower, or ii, atter notice by [.ender to Borrower that the oondemnor ofiers to make an award or settle a claim for damages, Borrower faila to tespond to I.ender within 30 daye aRer the date auch notice ie mailed, Lender is authorised to collect and apply the proceeds. at Lender'e option, either to restoration or repair of the property or to the auma secured by thia Mortgage. Unlees [.ender and Botrower otherwiee agree in writing, any auch apptication of procceds to prinripal shaU not e:tend or postpone the due ' date ot the monthly itietallments referred to in paragraphs 1 and 2 hereof or change the amount of euch installments. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amorlization of the auma eecured by thig Mortgage Qranted by [.ender to any auccessor in intereat of E3orrower ahaU not operate to releaee, in any manner, the liability of the original Borrower and Eiorrower's succeeaora in intereat. [.ender ahall not be required to oommence proceedinga against such eucceaeor or refuee to e:tend time for payment or otherwiae modify amortization of the aums aecured by this 111ortgage by reason of any demand made by the original Eiorrower and Borrowet's auccesaora in intereat. i l. Forbearance by Leader Not a Waiver. My forbearance by Lender in e:errieing any right or remedy hereunder. or otherwise afforded by applicable law, ahall not be e waiver of or preclude the exerciee of any such right or remedy. The procurement of iasurance or the payment of taxes or other liena or chargea by I.ender ahall not be a waiver of I.ender e right to accelerate the maturity of the indebtednese secured by thie Mortgage. 12 Remediee Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:ercieeri concurrently, independently or aucceaeively. 13. Succeeeore and Aasigne Bound; Joint aad Several Liability; Captiona. The covenanLe and agreemente herein oontained shall bind, and the righta hereunder ahall inure to, the respective aucceasors and aesigna of Lender and Borrower, aubject to the provisiona of paragreph 17 hereof. All covenanta and agreemente of Borrower ahall be joint and eeveral.'19ie captioas and headinga of the paragrapha of thie Mortgage are for covenience only and are not to be uaed to interpret or define the proviaions hen~f. 14. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage shap be given by meiling euch notice by certified mail addreased to Borrower at the Property Address or at auch other addreee ae Borrower may deeignate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified raail, return receipt requeated, to l.ender's address atated herein or to snch other addreae as Lender may deaignate by notice to Borrower as provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. I5. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform rnvenanta for national uee and non- uniform covenants with limited variations by juriadiction to wnstitute a uniform eecurity instrument oovering real property. Thie Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clauee of thie Mortgage or the Note conflicta with applicable law, auch contlict ahall not affect other proviaiona of this Mortgage or the Notewhich can be given etfect without the eonflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be fumished a conformed rnpy of the Note and of thia Morlgage a! the time of execntion or after recordation hereof. . 17. 'l~ansfer of the Property; Aeaumption. If all or any pari of the Property or an intereat therein ie sold or traneferred by Borrower without Lender'a prior written conaent, e:cluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage. (b) the creation of a purchaee money security interest for houaehold appliancea, (c) a tranefer by devise. dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not oontaining an opiion to purchase, Lender may, at Lendei s option, declare aU the aums securea by this Mortgage to be immediately due and payable_ Lender shall have waived such option to sccelerate if, prior to the sale os tranefer, L.ender and the pereon to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch person ia satisfactory to Lender and that the interest payable on the eums aecured by this Mortgage shall be at auch rate as Lender ahall request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower a succesaor in interest has ezecuted a written asaumption agreement accepted in writing by I.ender, Lender ahall relesee Borrower from all obligations under thie Mortgage and the Note_ ' If I.ender exercisee such option to accelerate, Lender shali mai! Borrower notice of acceleration in accordance with paragraph 14 hereof. ' Such notice shall provide a period of not less than 30 days from the date the notice is ~nailed within which Borrower may pay the suma 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, ~ invoke any remedies permitted by paragraoh 18 hereof. 18. Aceeleration; Remedies. E:cept ae provided in paragreph 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecitying: (1) the breach; (2) t6e action required to cure auch breach; (3) a date, not leas t6an 30 daye from t6e date the notice ia mailed to Borrower, by which euc6 ~ breach must be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in acceleration of the aums aecured by this Mortgage, forecloeure by judicial proceeding and eale of the Property. T6e notice shall further inform Borrower of the right to reinatate after acceleration and the right to esaert in the foreclosure proceeding the non-e=ietence of a default or any other defense of Borrower to acceleration and foreclouure. If the breach ie not cured on or before the date apecified in the notice. Lender at Lender'e option may declare all of the eume secured by thie Mortgage to be immediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender shall be entitled to co11eM in auch proceeding all e:penaes of foreclosure, including, but not limited to, reasonable attorney's feea. and costs of documentery evidence. abstracts and title reports. 19. Borrower's Right to Beinatate. Notwithetanding Lender's acceleration of the aums aecured by thie Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays Lender all suma 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 breachea of any other rnvenante or agteemenfa of Borrower contained in thie Mortgage; (c) Borrower pays all rnasonable expenaes incurred by Lender in enforcing the covenants and agreements of Borrower oontained in thia Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney'a fees; and (d1 Borrower takes such action as Lender may reasonably require to aeaure that the lien of thie Mortgage, Lender e intereet ; in the Property and Borrower s obligation to pay the suma eecured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in fuU force and effect ae if no acceleration had occurred. ~ Z0. Aesignment of Rents; Appointment of Receiver. As additional security hereunder, Boaower hereby seaigna to Lender the rente ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents aa they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a receiver appointed by a ~ oourt to enter-upon, take poeeession of and manage the Property and to coliect the rente of the Property, inciuding thase past due. All rents ~ oollected by the receiver ehall be applied firat to payment of the costs of management of the Property and coltection of rente, including, but not limited to, receiver's feea, premiuma on receiver's bonds and reasonable attorney'e fees, and then to the suma secured by thie Mortgage. The ~ receiver ehall be liable to acoount only for thoae renta actually received. ~ - ~ f ~91 ~ 95~ i t3LK t'~t~ ~ } ~ - !-r , - ~ - ~ - . z _ . ~ ~.h. - ~ ~ - -