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HomeMy WebLinkAbout0964 8. Inspectlon. l.ender may make or cauee to be made reasonable entries upon and inepections of the property, provided that Lender ahall Kive Borrower notice prior to any such inspection epecifyi~g reasonable cause therefor related to Lendei s intereat in the Property. 9. Coademnstion.'I~e proceeds of any award or claim for damagea, direct or coneequential, in connection with any oondemnation or ~ uther taking of lhe pmperty, or part thereof, or for rnnveyaace in lieu of oo~demnation, are hereby asaigned and shall be paid to I.ender. In the eve~t of a totsl taking of the Property, the pra~eede shall be epplied to the auma eecured by thie Mortgage, with the e:cess, if any, paid to Borrower. In the eve~t of a partial taking of Ihe Property. unleas Borrower and Lender otherwise agree in writing, ihere shall be ` applied to the suma secured by this Mortgage euch proportion of the proceeda as ia equal to that proportion which the amount of the auma ' secured by this Mortgage immedietsly prior to the date of tating bears to the fair market value of the Properly itnmedietely psior to th~ date ot teking, with the balancr of the pmceeds paid to Borrower. • If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor offers to make en award or settle a claim for damages, Borrower faila to reapond to I.ender within 30 daye after the date such notice ie mailed, Lender is authorised to coUect and npply the proceeds. et I.ender's option. eith~ to restoration or repair ot the pmperty or to the auma secured by this Mortgage. Unleea Le~der and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inetallments. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the euma eecured by this Mortgege Kranted by [.ender to any aucceseor in intereat of Borrower ahall not operate to releaae, in any manner, the liability of the original Borrower and Borrowei s auc~.~eseors in intereet l.ender ahall not be required to oommence proceedings againet auch eucceasor or refuae to eatend time for payment or otherwiee modify amortization of the auma aecured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower e aucceaeora in interest. 11. Forbearance by I.ender Not a R?alver. My [orbearance by Let?der in exerciaing any right or rnmedy hereunder, or otherwiee afforded by applicable law, ahall no! be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of ineurance or the payment of tauee or other liena or charges by l.ender shaU not be a waiver of Lender a right to aocelerate the maturity of the indebtednees secured by thia Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are dietinct and cumulative to any other right or reaedy under this Mortgage or atforded by law or equity, and may be e:erciee~l ooncurrently, indepeadendy or succeeeively. 13. 3uccessore and Aeeigne Bound; Joiat and 3everal Llability; Ceptions. 71~e covenants and egreemente herein contained ehall bind, and the righte hereunder ahall inure to, the reapective succeseors and assigna of I.ender and Borrower, subject to the provieione of paragraph 17 hereof. All covenants and agreemente of Borrower ahall be joint and eeveral. The captions and headings of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the pmviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in th is Mortgage shall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addresa or at euch other addtese as t3orrower may deaignate by notice to [.ender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt rey ueeted, to Lender's addreea atated herein or to aach other addrese aa Lender may deaignate by notice to Bormwer as provided herein. My notice provided for in this Mortgage ahsll be deemed to have been given to Borrower or Lender when given in the manner deHignaced herein. 15. Uniform Mortgage; Governing i.aw; 3everability. This form of mortgage combinea uniform oovenants [or national uae and non- uniform covenanta with licnited variationa by jurisdiction to oonstitute a uniform eecurity inatrument oovering real property. This Mortgege shall be govemed by the law of the juriadiction in which the Property ia located. In the event that any provieion or clauae of this Mortgege or the Note confiicta with applicable law, euch contlict shall not affect other proviaiona of this Mortgage or the Note which can be given efftxt K-ithout the rnnflicting proviaion, and to this end the proviaiona of the Morigage and the Note are declared to be aeverable. 16_ Borrower's Copy. Borrower ehaU be furnished a conforuied copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'Itiranafer of the Property; Assumption. [f all or any part of the Property or an intereat therein ia sold or transferred by Borrower w7thout i:ender'a prior written conaent, e:cluding (a) the creation of a lien or encnmbrance aubordinate to thia Mortgage, (b) the creation of a pumhaee money eecurity intereat for houeehold appliancee, (c) a transfer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leaaehold intereat of three yeara or lesa not oontaining an option to purchaee, Lender may, at I.ender e option, declare all the aums secured by thie Mortgage to be immediately due and payable. Lender shap have waived auch option to accelerate if, prior to the eale or transfer, Lender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the intereat payable on the euma secured by thia Mortgage ahall be at auch rate ae Lender ahall request. If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower a suceesaor in interest has executed a w~ritten assumption agreement accepted in writing by L.ender, Lender shall release Borrower from all obligationa under this Mortgage and the \ ote. ' If Lender exercisea auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. i ~uch notice shall provide a period of not tess than 30 daya from the date the notice ia rnailed within which Borrower may pay the auma declared due. If Borrower fails to pay auch sums prior lo the expiration of such period, I.ender may, without further notice or demand on Iiorrower, in~•oke any remedies permitted by paragraoh 18 hereof. 's E 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thia Mortgage. including the oovenanta to pay when due any aums secured by this Mortgage. Lender ~ prior to acceleration ehall mail aotice to Borrower se provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action , required to cure such breach; (3) a date. not less than 30 days trom the date the notice is mailed to Borrower, by which euch ~ breac6 muet be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may reeult in ~ acceleration of the auma secured by thia Mortgage, forecloeure by judicial proceeding and eale of the Property. The notiee ehall further inform Borrower of the right to reinstate etter acceleration and the right to asaert in the foreclosure proceeding the ~ non-ezietence of a detault or any other defense of Borrower to acceleration and forecloeure. If t6e breach ie not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all of the aums secured by thie Mortgage to be ~ i m meriiately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Gender shall be entitled to collect in such proceeding all e:pensea of foreclosure. including, but not limited to, reasonable attorney's feeB, and ~ co~ts of documentary evidence, abetracta and title reports. ~ 19_ Borrower's Right to Reinatate. Notwithstanding Lender's acceleration of the eume aecured by thie Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgaqe, the Note and notea securing Futurn ~ Advancea, if any, had no acceleration occurred; (b) Borrower curea al I breachee of any other oovenante or agreementa of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reaeonable expenaea incurrPd by I.ender in enforcing the oovenante 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, reasoneble ' attorney'e feea; and (d) Borrower takes such action as Lender may reaaonably require to aaeure that the lien of thia Mortgage, Lendei a interest ~ i n the Property and Borrower'a obligation to pay the auma secured by this Mortgage ahall rnntinue unim red. U n such pai po payment and cure ~ by Borrower, this 1liortgage and the obligations secured hereby ahall remain in full force and effect ea if no acceleration had occurred. - • Z0. Aeaignment otRenta; Appointment of Receiver. Ae additional security hereunder, Borrower hereby aseigne to Lender the rente of the Property, provided that Borrower ehall, prior to eoceleration 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 ` court to enter.~ n, fake ion of and mana e the Pro ~ po poeseae g perty and to collect the rents of the Property, including thoee paet due. All renta collected by the receiver ahall be applied 5rst to payment of the ooeta of management of the Property and collection of renfa, including, but not ~ :imited to, receiver'e fees, premiums on receiver's Fwnda and reasonable attomey'e fees, and then to the aums eerured by thie Mortgage. The ~ receiver shall be liable to acoount only for thoee rente actually received. ~ ~ ~ ~~~K 291 P~~E 956 } ~ ~=i ~r < - - ,4;y -n ">~~~,'r.a . ~ , y.'~ ~ ~ n:. • ~ "rW+3. -3 * ~ 3 .,r~:..:.~5'rQ - qA'Y . '