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HomeMy WebLinkAbout0342 8. l~spection. l.ender may make or cauee to be made reasonable entries upon and inapections oithe p~operty, provided that I.ender ahall give Borrower notice prior to ac?y such inspection apecifying masonable cauee thaelor related to L.ender'e interest in the Property. 9. Condeadr?atlon.'11~e proceede of any award or c(arm for damages, direct ortoneequential, in connection with a~y oondemnetion or other taking of the property, or part thereot, or for rnnveyance in lieu of rnndemnation, are hereby aeaigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds ahall be applied to the suma secured by this Mortgage, with 1he e~cess, iI any. paid to Borrower. In the avent of a partial taking of the Property, unleea Bortower and Lender otherwiee agree in writiag, there shall be applied to the eums secured by this Mortgaga such proportion of the proceeds ae is equal to that proportion which the amount of the aums aecured by this Mortgage immediately prior to ihe date of taking bears to the fair market value of the Property immediately prior to the date ut taking, with the balanca of the proceeds paid to Borrower. Ii the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor offere to make an award or setde a claim for damages, Borrower faila to reepond to Lender within 30 days after the date auch notice is mailed. Lender ie authorized fu collect and apply the proceede, at L.ender's option, either to r~toratio~ or repair of lhe property or to the sume eecured by thia Mortgage. Unlees I.ender and Borrower otherwiee agree in writing, any auch application of proceede to principal ehall not extend or poetpone the due date of the monthly inatallments referced W in paragraphs 1 and 2 hereof o~ change the amount of auch inatallments. 10. Borrower Not Releaaed. Extenaion of the time for paym=nt or modification of amortization of the euma eecured by thie Mortgage granted by l.ender to any aucceaeor in intereat of Borrower shall not operate to releaee, in any manner, the liability of the origina! l3orrower unsl Aorrowei e successors in interesl. l.ender ahall not be required to rnmmence proceedinga againat auch eucceseor or refuse to e:tend time for payment or otherwiae modify amortization of the sums aecured by this Mortgt~e by reason of any demand made by the original Bortower and Borrowei s auccesaora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by L.ender in ezerciaing any right or remedy hereunder. or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exercise of any euch right or remedy. The procurement of ineurance or the payment of ta:es or other liena or chargea by I.ender ahaU not be a waiver of Lender a right to accelerate the meturity of the indebtedneea secured by this Mortgage. ' 12. Remedies Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exerciee~l concurrently. independently or succeasively, 13. Succeaaors and Aseigne Bound; Joint and Several Liability; Captione. The rnvenants and agreementa herein contained ahall bind, and the rights hereunder ahall inure to, the reepective auccesaora and assigns of I.ender and Borrower, aubject to the proviaione of paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and eeveral.'l'he captions and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applict~ble law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ehaU be given by mailing auch notice by certifieci mail nddreased to Borrower at the Property Addresa or at such other addreaa ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to l.ender ehall be given by certified mail, return receipt requeated, to Lender'a addreas atated hernin or to such other address as I.ender may designate by notice to Borrower as providzd herein. Any notice pmvided for in thia Morigage ahall be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein. 15. Uni[orm Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenants for national use and non- uniform covenanta with limited variations by jurisdiction to conetitute s uniform security instrument oovering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clauae of this Mortgage or the Note con8icte with applicable law, such conflict ahall not affect other provisions of this Mortgage or the Note which can be given effect w~thout the rnntlicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be sevetable. 16. Borrower'e Copy. Borrower ahall be furniahed a contormed copy of the Note and of thia Mortgage aE the time of eaecution or after recordation hereof. 17_'l~anefer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia eold or traneferred by Borrower without Lender'a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security intereat for household appliances, (c) a tranafer by devise, dc~cent or by operation of Iaw upon the death of a joint tenant ot (d) the grant of any leasehold intereat of three years or lesa not containing an option to purchaee, Lender may, at Lender's option, declare all the auma secured by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior to the sale or tranefer, l.ender and the peraon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the auma secured by thie Mortgage shall be at such rate ae Lender ahall requeat. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei s auccessor in interest has eaecvted a ; w~ritten asaumption agreement accepted in writing by Lender, L.ender shall relesee Borrower from a11 obligations under this Mortgage and the t Note. ~ If Lender e:ercises auch option to accelerate, Lender sha11 mail Borrower notice of acceleration in accordance with paragraph 14 hereof tiuch notice shall provide a period of nut lesa than 30days firom thedatethe notice is ~r.ailed within which Borrower may pay thesums declared 5 due. If Borrower fails to pay such auma prior to the eapiration of such period, Lender may, ~ti~thout further notice or demand on Iiorrower, ~ invoke any remedies permitted by paragraoh 18 hereof ~ 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 oovenanta to pay when due any eume secured by this Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifyiag: (1) the breach; (2) the action required to cure such breach; (3) e date. not lese than 30 days from the date the notice ia mailed to Borrower, by which suc6 breech must be cured: and (4) that failure to cure such breach on or before the date specified in the notice way result in ~ acceleration of the sums aecured by this Mortgage. foreclosure by judicial proceeding and eale of the Property.The noticeehall ~ further inform Borrower ot the right to reinatate aRer acceleration and the right to asaert in the foreclosure proceeding t6e non-ezistence of a default or any other defense of Borrower to acceleration aad foreclosure. If the brench ie not cured on or before the date apeciCed in the notice, Lender at Lender's option may declare all of the eume secured by this Mortgage to be immediately due and payable without further demand andmay foreclose this Mortgege by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all expenaee of foreclosure, including. but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracta and title reports. ~ 19. Borrower's Right to Reiaetate. Notwithatanding Lender'a acceleration of the eume eecured by this Mottgage, Borrower ahall have the right to have any proceedinga begun by Lender to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage iF. (a) Bormwer pays I.ender all suma which would t?e then due under this Mortgage, the Note and notea securing Future ~ Advancee, if any, had no acceleration occurred; (b) Borrower curea sll breachee of any other covenants or agreemenf8 of Borrower rnntained in ~ this Mortgage; Ic) Borrower pays all reaeonable expenses incurred by Lender in enforcing the covenants and agreementa of Borrower ~ mntained in this Mortgaqe and in enforcing L.endei s remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's fees; and (d) Borrower takee auch action as Lender may reasonably require to aasure that the lien of thia Mortgage, Lender'e interest in the Property and Borrower's obligation to pay the sume sectired by this Mortgage ahall continue unimpaired. Upon such payment andcure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aeeignment of Rents; Appointment o! Receiver. As additional eecurity hernunder, Borrower hereby assigna to Lenderthe rents x of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right s to collect and retain ench renta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandorunent oithe Property, Lender shall be entitled to have a reaeiver appointed by a oourt to enter~upon, take posseaeion of and manage the Property and to collect the rents of the Property, inciuding thoee paet due. All rente collected by the receiver ahall be applied firet to payment of the coete of management of the Property and rnllection of renta, including, but not ?imited to, receivei a fees, premiums on receiver's bonda and reasonable attorney's fEea, and then to the aums aecured by this Mortgage. The - receiver sha11 be liable W acoount only for those rents actually received_ ~ Y S~ ~ ~oRK 292 P~L~ 342 a^1 . ~ ~ '{~q' _ "S - . _ _ 'Ir N~ _ ~~'~;Y+ >z"rz" ^4+.x~.^'.Ztr r'`^~-= ' '~4' ^.l't'-as. 'ti" . r'~ x~ y-~+r-._. _ _ . .~S •+'f~~',•.~,A ' .,~.;y'- " ~ j'e~ .Y., a'i ~ L' : ~-~rf 'es~t.-.. 'a ,c.r ' y"~~'~s:~-"t` ~.Y,~} _ z,. -e,~~~'^ _ _