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HomeMy WebLinkAbout0627 8. laspectioa. [.ender mey make or cauee to be made reasonable entriea upon and inspection~ o[ths property.prpvided that l.ende~ ehall give Borrower notice prior to any ruch iospection specifying reasonable cause therefor related to Ixnder'r interest in the Property. 9. Condeatnatioa.'R~e proceeds of a~y award or claim for damages, direct or consequential. in connection with any oondemnation or other taking of the pmperty, or pa~t thereof, o~ ior conveyance in lieu ot condemnation. are hereby assigned at?d ahall be paid to Lender. In the event of a btal taking of the Properly, the pra.~ecds ehall be applied to the sume aecured by thi~ Mortgage, with the excess, if any, paid to Borrower. In the event of a partizl taking of the Property, unless Borrower and Lender otherwise agree in vrriting, there ahall be applied to the euma eecured by this Mottgage such proportion of the pmceed~ as ia equal co that proportion which the amount of the eums secvred by this Mortgage immediately prior to the date ot taking bears to the fair msrket value of the P~operty irnmediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. ~ If the Pmperty is abandoned by Borrower, or if, aRer notice by Lendet to Borrower that the oondemnor oftero to make en award or setde a claim for damagea. Borrower faila to reapond to I.e~der within 30 days after the date such notice is mailed, I.ender ie authorized b collect aad apply the pmce~de, at l,ender'e option, either to reatoration or repair ot lhe property or to the sums secured by this Mortgege. Unlese Lender and Borrower otherwiee agree in writinB, any such application of proaeed~ to ppncipal shall ~ot e:tend or poetpone the due date of the monthly inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of ~uch installmente. 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of amortizatio~ of the euma eecured by this Mortgage granted by I.ender to any aucceesor in interest ot Eiorrower ahall not operate to releaee, in any manner, the liability of the origina) Botrower and Borrower'a successors in intereet. Lender shall not be required to oommence proceedings againat auch euccessor or refuae to extend time for payment or othervriae modify amortization of lhe suma secured by this Mortgage by reason of any demand made by the original Qorrower and Borrower s successors in interest. ~ • 11. Rorbearance by I.ender Not a Waiver. My forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any euch right or remedy. ~l'4e procurement of ineura~ce or the payment of taxes or other liena or chargea by Lender ehall not be a waiver of Lender e right to accelerate the maturity of the indebtedneee secitred by this Mortgage. 12. Remediee G~niulative. AU remediee provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this hiortgage or aftorded by law or equity, and may be ezerciee~l ooncurreatly, independeady or eucceeaiveiy. 13. Succeeeore and Aaeigns Bound; Joint and Several Liability; Captiona. The rnvenants aad agreementa herein contained ehall bind, and the righte hemunder shell inure to, tiie respective aucceaeore and 8seigne of I.ender and Borrower, eubject to the proviaiona of paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and eeveral. The captione and headinge of the paragrepha of this Mortgage are for covenience only and are not to be used to interpret or define the proviaions 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 shall be given by mailing such notice by ce~tified mail addreaeed to Borrower at the Property Addresa or at auch other addrees aa Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender'a addresa atated herein or to such other address as Lender may deaignate by notice to Borrower ae 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_ 15_ Uniform Mortgage; Governing Law; 3everability.'R~ia form of mortgege combines uniform covenanta for national uae and non- uniform covenants with limited variationa by juriadiction to constitute a uniform security instrument eovering real property.'I7?ie Mortgege shall be governed by the law of the juriadidion in which the Property ie located. In the event that any provieion or clauae of this Mortgage or the Note conflicts with applicable law, auch contlict shall not a~ect other proviaions of this Mortgage or the Note which can be given effect w~th.~ut the conflicting provision, and to this end the proviaiona of the Mortgage and the Note are declared to be severable_ 16. Bnrrower'rt Copy. Borrower ahall be fumiehed a conformed wpy of the Note and of thi9 Mortgage at the time of e:ecution or after recordaaion hereof. 17. 'l~anefer of the Property; Aeaumption. If all or any part of the Property or an intereat therein ia eold or transferred by Borrower without I.ender's ~rivr written conaent, excluding (a) the creation ot a lien or encumbrance aubordinate to this Mortgaqe, (b) the creation of a purchaae money security intereat for houaehold appliancea, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not oontaining an option to purchase. Lender may, at Lender's option, declare all the aums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be sold or traneferred rnach agreement in writinq that the credit of auch peraon ia satisfactory to Lender and that the interest payabie on the aums secured by thi9 Mortgage shall be at auch rate as Lender shall request_ If Lender has waived the option W accelerate pmvided in thia paragraph 17, and if Boaower's succeasor in interest has eaecuted a written assumption agreement accepted in writing by l.ender, l.endershall release Borrower from all obligationa under this Mortgage and the :Vote_ ; If Ixnder exercises auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. j Such notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, infoke any remedies permitted by paragraoh 18 hereof. t 18. Acceleration; Remediea. E:cept ae provided in paragraph 17 hereof, upon Borrower'8 breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the rnvenante to pay when due any aume secured by this Mortgage, Lender prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date. not lese than 30 daya from the date the notice ie mailed to Borrower, by which euch ~ breach muat be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in ~ acceleration of the eume aecured by t6is Mortgage, foreclosure by judicial proceeding and saleofthe Property. The notice ehall ~ further intorm Borrower of the right to reinetate aRer acceleration and the rig6t to essert in the forecloeure proceeding the ~ non-eziatence of a default or any other defenae ot Bonower to aceeleration and foreclosure. If the breach ie not cured on or before the dete specified in the notice, Leader at Lender's option may declare aq of the euma eecured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all e:penaes of foreclosure. including. but not limited to, reasonable attorney's fees, and ~ costs ot documentary evidence. abstracta and title reporta. ~ 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of the aums eecured by this Mortgage. Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this l~tortgage if: (a1 Borrower paya Lender a11 suma which would be then due under this Mortgage, the Note and notes securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenanta or agreemente of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonabie expenses incurred by Lender in enforcing the covenante and agreements of Borrower ~ oontained in this Mortgage and in enforring Lender e mmedies as provided in paragraph 18 hereof, including, but not limited to, reseonable <z attorney's fees; and Id> Bortower takes such action as Lender may masonably require to asaure that the lien of this Mortgage, Lender'e intereet - in the Property and Sorrower's obligation to pay the euma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations aecured hereby ahall remain in full force and effect as if no acoeleration had occurred. ~ 20. Aasignment of Rente; Appointment of Receiver. AB additional eecurity hereunder, Borrower hereby assiqna to Lender the rente of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right i to coliect and mtain aueh rents aa they become due and payable. ~y Upon acceleration under paragraph 18 hereof or ahandonment of the Property. Lender shall be entitled to have s receiver appointed by a oourt to enter.upon, take possesaion of and manage the Property and to collect the rents of the Property, inoluding those paat due. All rente ~ oollected by the receiver shall be applied firat to payment of the ooata of management of the Property and rnllection of rente, inciuding, bnt not limited to, receiver'e teee, premiume on receiver's bonda and reasonable attorney'a fees, and then to the aums aecured by thie Mortgage. The receiver ehall be liable to aocount only for thoee rente actually received. r ~ U R ~ ~ 800K ~ Y3" _ ~~"y ~ . , ' ' _ : -~a. w ~r ' ~ ~ G »'e "zs . ~ ~'~a~ -o z ~ ~ _ a ~ ~ :t . ~ , ~T ~ - ~ "Se +e'~~a'-~ .~.~'sc a'' y+i~ ur ' _e.~ x - . ra..'L ~ 5~T' . ef 3•~ s^.Y'~ y.-_ _ . . ~~6nn'~ ~`~t+~~~.'``;'~- _ .