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HomeMy WebLinkAbout0188 ~ . 8. Inepection. l.ender may make or ceuse to be made reaeonable eniriea upon and inspectiona of the property, prov~r'ded that l.ender shall give E;orrower notice prior to any euch inapection epecifying reasonable cause therefor related to I.ender'e intereat in the Property. 9. Coademnatioa.'I1~e proceede of any award or claim [or damagea, direct or consequential, in connection with any oondemnatiort or other talting of the property, or part thereof, or for rnnveyance in lieu of condemnation, are hereby aseigned and shall be paid to I.ender. in the event oi a total taking of the Prope~ty, the proc~ceda shall be applied to the aume secureil ~y thie Martgage, with the exceee, if any, paid to Borrower. In the event of a partial taking of the Property, unlees Borrower and I.ender otherwise agree in writing, there ehall be applied W the euma secured by thie Mortgage euch proportion of the proceeds as ia equal to ihat proportion which the amount of the auma secured by thie Mortgage immediately prior to the date of laking beara to the tair market value of the Property immediately prior to the date of taking, with the balan~ of the procceds paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnor offere to make an award or eettle a claim for damages, Borrower faila to reepond to Lender within 30 days after the date euch notice is mailed. Lender ie authorized to collect and apply the proceeda, et Lender'a option, either to restoration or repair of the pmperty or to the sums eecu~ed by thia Mortgage. Unleaa Lender and Bormwer otherwiee agree in writing, any auch application of proceeds to principal ehali not e:tend or poetpone the due - date of lhe monthly installments referred to in paragraphe 1 and 2 hereof or change the amount of auch inetallments. 10. Borrower Not Releaeed. E:tension of the time for paym~nt or modification of amortiaation of the aums eecured by this Mortgage Qranted by I.ender to any successor in interest of Borrower shatl not operate to release, in any manner, the liability of the original Borrower and Borrower's aucceasors in intereat. L.ender shail not be required w commence proc~eedinge againat auch aucceasor or refuse to extend time for payment or otherwise modify amortization of the suma secured by thia Mortgage by reason of any demand made by the original Borrower and Borrower's succ~c~xsora in interest. 11. Forbearanoe by Lender Not a VNaiver. My forbearance by Lender in exercising any right or remedy hereunder, or otherwiae afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any euch right ar remedy. The procurement of insurance or the payment of taxes or other liens or chargea by Lender ehall not be a waiver of Lender'a right to accelerate the maturity of the indebtednesa secured by thie Mortgage. 12 Remediee Cumulative. All mmedies provided in thie Mortgage are diatinct and cumulative to ar?y other right or remedy under thia Mortgage or afforded by law or equity, and may be eaerciae.i rnncurrendy. independently or aucceeaively. 13. Successors and Assigne Bound; Joint and Several Liability; Captions. The covenants and agreements hernin contained ahall bind, and the rights here~nder shall inure to, the respective succeaeota and aseigns of L.ender and Borrower. aubject to the provieione of paragraph 17 hereof. ~ll covenants and agreements of Borrower ahall be joint and several. The captiona and headings of the paragraphs of this Mortgage are for covenience only and are not to be uaed to intetpret or define the provisiona hereof. 1 A. Notice. F.xcept for any nolice required under applicable law to be given in another manner, (al any notice to Borrower provided for in this•Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addresa or at auch other addreae as Borrower may designate by notice to [.ender ua provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender's addresa atated herein or to auch other address as Lender may designate by notice to Borrower as provided herein. My notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiMion to conatitute a uniform security inatrument eovering real property. Thie Mortgage shall be governed by the iaw of the juriadiction in v?hich the Property is located. In the event that any provieion or clause of thie Mortgage or the Note contlicts with applicable law, such conflict ahall not affect other provisions of this Mortgage or the Note which can be given effect ~~thout the conflicting pmvision, and to this end the pro~ isions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. . - I7. 'I~anafer of the Property; Aseumption. If all or any part of the Property or an interest therein ie sold or traneferred by Borrower i w~thout Lender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ; pumhase money aecurity intereat for household appliances, (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 years or less not rnntaining an option to purchase, Lender may, at Lender s option, ! declare all the sums secured by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to acrelerate if, prior ~ to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such E peraon is satisfactory to Lender and that the interest payable on the aums aecured by thi$ Mortgage shall be at auch rate as Lender ahall ~ request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's successor in interest has executed a 3 µ-ritten asaumption agreement accepted in writing by I.ender, Lender ahall release Borrower from all obligati~na underthis l~tortgage and the ~ \ ote. ~ If Lender exercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 herec?f_ ~ Such notice shall provide a period of not less than 30 days from the date the notice ia rr.ailed within which Borrower may pay the sums declared ~ due. If Borrower fa;ls to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on F3orrower, i; ~nvoke any remedies permitted by paragraoh iR hereof. a ~ IS. Acceleration; Remediea. E:cept ae provided in paragreph 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in thie Mortgage, including the covenente to pay when due any eums aecured by this Mortgage, Lender ~ prior to scceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifyiag. (1) the breach; (2) the action required to cure such breach;l3) a date. not less than 30 days from the date the notice ie mailed to Borrower. by which such ~ breach must be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in acceleration of the sums eecured by this Mortgage. foreclosure by judicial proceeding and aale of the Property. The notice ahall ~ further inform Borrower of the right to reinstate after acceleration and the rigbt to aasert in t6e forecloeure proceeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach is not cured on or ~ befor.e the date specified in the notice, Lender at Lender's option may declare all of the aums secured by this Mortgage to be ~ immediately due and payable without turtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all expenses of forecloeure. including, but not limited to, reasonable attorney's fees, and ~ coats of docuroentary evidence. abstracta and title reports. ~ 19. Borrower's Right to Reinstat~. Notwithatanding Lender's acceleration of the auma secured by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and hotea securing Future Advances, if any, had no acceteration cecurred; (b) Borrower cures all breaches of any other covenanta or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenanta and agreements of Borrower ~ oontained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes auch action aa Lender may reaaonably requ've to assure that the lien of thia Mortgage, Lender's interest in the ]'roperty and Borrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred_ - 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna to Lender the rente of the Property, provided that Borrower ahal.l, prior to acceieration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rente as they become due and payable. = Upon ac~eleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a reveiver appointed by a '3 rnurt to enter~upon, take possession of and manage the Property and to collect the rents of the Property, including thoee past due. All rents oollected by the receiver shall be applied first to payment of the oosts of management of the Property and collection of rente, including, but not limited to, receiver'a fees, premiuma on receiver's bonds and reasonable attorney'a fees, and then to the auma secuted by this Mortgage. The `y receiver ahall be liable to acoount only for those rents actually received. ~ ~~~R~z94 0~~ ~ 188 ~ ~ ~ ~ - - - r . . - - - - - - - ~ - ~',,>w . ~ r l~ ~ ~ - ~;c ~ : ~ a. 3-''~ ~ - ,~r _ : z~° ~ ~~yx' z~Z~:':"~ k.~... ' - '°'-.'F`^..~'_.-.'"a~c:~.~"~~v