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HomeMy WebLinkAbout0520 8. [nspectioa. l.ender may make or cauee b be made reawnable entriee upon and inspectiona of the prupecty, provideci that I.ender ehall give Borrowe~ rtotice prior to any euch inapection epecifying reasonable cauee therefor related to l.ender'e intereat in the Property. 9. Coademnatioa. The proceede of any eward or claim for damage~, ditect or consequential, in connection with any oondemnation or othe~ taking of the property. or part thereof. or tor conveyance in lieu of rnndemnation, are heceby aeaigned and shall be paid to I.cnder. In the eveot ot a total taking of the Piroperty, the proceeds ahall be applied to the eums secured by this Mortgage, with the esceea, if any, paid to Borrower. In the eveat of a partial taking of the Propesty. unleaa Borrower and Lender otherwiee agree in writing, there ehall be applied to the eums secured by this Mort~age such proportion of the proceeds ai is equal to that proportion which the amouat of the sums aecured by thia Mortgage immediately prior to the dete of taking bears to the fair market value of Ihe Property immediately prior to the date of taking, with the balancx o[ the peoceeda paid to Borrower. the Property ia abandoned by Borrower, or if. aRer notice by Lender to Borrower that the condemnor oPfere to make an award or settle a . claim for damages, Borrower [aila to reepond to Lender within 30 days atter the dete euch notice ia mailed, Lender is authorised to collect and upply the pra.~eeds. et l.ender's option, either to restoration or repair of the property or W the eums eecured by thie Mortgage. Unleea Lender and Borrower otherwise agree in writing, any such application of proceede to principal ahall not extend or postpone the due date of the monthly inefsllmenta teferred b in paragrapha 1 and 2 hereof or change the amount of euch installments. ' 10. Borrower Not Released. ~:teneion of the time for paym:nt or modification of amortization of the suma scrured by thia Mortgage granted by l.ender to any eucceaeor in intereet of Borrower ahaU not operate to releaae, in any manner, the liability of the original Borrower and Borrower'a successore in inteoest. Lender ehall not be required to rnmmence proceedings againat such euceeasor or refuae to e:tend time for payment or otherwiae modify amortization of the suma secured by ihis Mortgage by reaeon of any demand made by the original Borrower and Borrower a succesaore in interest. i l. Forbearance by i.ender Not a R?aiver. My forbearance by I.ender in e:erciaing any right or remedy hereunder, or otherwise afrorded by applicable law, ahall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of inaurance or the ~ payment of ta~ces or other liens or charges by Lender ehall not be a waiver o[ Lender e right to accelerate the maturity of the indebtedneas secured by thia Mortgage. 12 Remediee Cumulative. All remediea provided in thia Mortgage are distinct and cumulative to any other right or remedy under this ' Mortgage or afforded by law or equity, and may be exerciee~i ooncurrently. independently or aucceeaively. ' 13_ 3uccessore and Aseigns Bound; Joiat end 3everal Liability; Captions. The covenants and agreementa herein contained ehalt bind, and the righta hereunder shall inure to, the respective eucceaeors and aseigne of I.ender and Borrower, eubject to the proviaiona of paragraph 17 hereof. All covenante and agreementa of Borrower shall be joint and eeveral. The captions and headinge of the paragrephe of this Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. I 4. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in t hia Mortgage shall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addreas or at auch other addrese as E3orrower may deaignate by notice to I.ender ae provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to Lender'a address stated 'nerein or to auch other address as I.ender may deaignate by notice to Bortower se provided herein. Any notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~ 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform oovenants for national uae and non- uniform covenants with limited variationa by jurisdiction to rnnstitute a uniform security instrument covering rea) property.l'hie Mortgage shaU be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not af~ect other provieions of this Mortgage or the Note which can be given effect «•ithout the rnnflicting provision, and to this end the ptoviaiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower sha1) be furnished a rnnformed copy of the Note and of thie Morigage at the time of execution ~r after recordation hereof. 17. Tranefer of the Property; Aesumption. If all or any part of the Property or an interest therein ia sold or tranafened by Borrower w~thout Lender's prior written rnnsent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thiB Mortgage, (b) the creation of a pvrchase money eecurity interest for household appliancea, (c) a tranafer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lesa not cnntaining an option to purchase, Lender may, at Lender'e option, declare all the sums secureo by this Morigage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, Lender and the pereon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the intereat payable on the sums aecured by this Mortgage shall be at such rate as Lender shall i reyuest. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower'a suocesaor in interest has executed a f w-ritten assumption agreement accepted in writinq by I,ender, Lender shall rnleaee Borrower from all obligations underthis Mortgage and the ! `ote. ; If Lender eaercises such option to accelerate, L.ender ahall mai! Rorrower notice of acceleration in accordance with pazagraph I4 hereof. ~ Such notice shall provide a period of not tess than 30 days fro~n the date the notice ia mailed within which Borrower may pay thesums declared t due. If Borrower fails to pay such suma prior~to the expiration of such period, Lender may, without further notice or demand on I3orrower, ~ ~ ~nvoke any remedies permitted by paragranh lA hereof ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or E a~reement olBorrower in thie Mortgage, including the covenanta to pay when due any aumgeecured by thie Mortgage. Lender ~ prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not leae than 30 days trom the date the notice is mailed to Borrower, by which such ~ breach muet be cured; and (4) that tailure to cure such breach on or before the date apecified in the notice may result in ~ acceleration of the suma eecured by ihis Mortgage. forecloaure by judicial proceeding and aale o[the Property.7'he notice ehall ~ furt6er inform Borrower uf the right to reinatate after acceleration and t6e right to esaert in the foreclosure proceeding the ~ non•e:ietence of a default or any other detenae of Borrower to acceler~tion and forecloeure. if the breach is not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare aU of the sums eecared by thie Mortgage to be immediately due and payable without furiherdemand and may foreclosethie Mortgage by judicial proceeding. Lender shell be ~ entitled to collect in euch proceeding all e:penaea of foreclosure. including, but not limited to. reasonable attorney's fees. and ~ coats of documentary evidence, abstracte and title reporta. ~ 19. Botcower's Right to Reinatate. Notwithstanding Lender'a acceleration of the sums aecured by this Mortgage, Borrower ahall have ; the right to have any proceedinge began by I.ender to enforce this Mortqage diacontinued at any time prior to entry o(a judgment enforcing ~ this Mortgage if: (a) Borrower pays [.ender all auma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration xcurred; (b) Borrower cures all breaches of any other rnvenante or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays ali rnasonable expenses incurred by Lender in enforcing the oovenants and agreemente of Borrower ~ contained in thie Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney'a feea; and (d) BQYrower takee euch action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender'e intereet _ in the Property and Borrower a obligation to pay the sume aecured by thie Mortgage ahall continue unimpaired. Upon euch pay~ment and cure by Borrower, this Mortgage and the obligations secared hereby shall remain in fu11 force and effect as if no acceleration had occurred. Z0. Aeeignment of Rente; Appointment of Receiver. As additional secarity hereunder, Borrower hereby asaigna to I.ender the rents of the Property, provided that Borrower ahall, prior to acxeleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain euch rente se they become due and payable. j Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a teceiver appointed by a court to enter-upon, take poseeesion of and manage the Property and to coliect the rents of the Property, including thoee p~t due. All rente collected by the receiver shall be apptied firet to payment of the rnsta of managementof the Property and collection of rente, including, but not : i limite~d to, receivei e feea, premiuma on receiver'a bonda and reasonable atlorney'a feea, end then tolhe eums secured by thia Mortgage. The ri receiver ahall be liabie to acoount only for thoee renta actuaily received. ~ ~ ~`~RK 292 f.,~:~ 520 , ~ ~ ~ - - - - ~ ~ - ~ , ~ ~ ~ h' ~~4'h`~ ~huK"' ~ ~ '~xy„ '2~`3 ~~"~''i'3'~- ~ "~~ia~~~~'^~ -~z`.+~-,~-.r ~ ~ ~~~~~a~~ ~ ,z.~: z~., ~ ~ ~~a~,~ i ~~-iu ~~'°°~..a~ ~~,r ` ~ . ~r,~>,.;~ - 3E~'~~F~^ ``~K''_~ .3 '-4: "V'~ Y..:..:`-.~ ~T~ ~ '