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HomeMy WebLinkAbout0207 8. lnepcction. Lender may make or caue~e to be made ~easonable entriea upon and inapections uf the property, provided taqt l.ender shall give E~rrower notice prior to any euch inepection apecifying reasonable cauee there(or related to lxnder'a intereat in the Property. 9. Condemnation. The prooeeda of any award or claim for damagee, direct or coneequential, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aeeigned and ehall be paid to Lender. ln the event of e total taking of the Property, the procPede shall be applied to the eums aecured by thie Mortgage, with the e:ceae, if any, paid to Borrower. In the event of a partial taking of the Property, unleas Borrower and Lender otherwiee agree in writing, there ehall be applied to the suma secured by thie Mortgage euch proportion otthe pcoceeds as is equal to that proportion which the nmou~t oi the eums aecured by thie Mortgage immediately prior to the dat.e of taking beare to the fair market value of the Property immediately prior to the date of caking, with the balanc~ of the proceede paid to Borrower. If the Property ia abandoned by Borrower, or if, aRer notice by Lender to ~iorrower that the condemnor offers to make an award or eettle a claim for damagee, Borrowe~ fails to reapond to I.ender wilhin 30 daye after the date auch notice ia mailed, [.ender is authorized to c6Uect and npply the proceede, at Lender'a option, either to reetoration or repair of the property or to the euma secured by thie Mortgage. Untesa I.ender and Borrower otherwise agree in writing, any auch application of proceede to principal ahall not extend or poatpone the due date of the monthly inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. F.xtension of the time for paym~nt or modificalion of amortization at the eums secured by this Mortgage granted by [.ender to any successor in ir?terest of Borrowcr shaU not operate to release, in any manner, the liebi:ity of the original Borrower and E3orrower's successore in intereat. I.ender ahall not be required to commence proceedinga againat such successor or retuse to ex~xnd time for payment or otherwise modify amortization of the sums secured by this htortgage by reason of ~ny demand made by the original Borrower und fioTrower'a succrsssors in interest. • 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude ihe exercise of any such right or remedy.l'he procurement otinsurance or the payment of taxes or other liene or charqes by Lender ahall not be a waiver of I.ender a right to accelerate the maturity of the indebtedness secured by thia Mortgage. • 12. Remediee Cumulative. All remediea provided in thia Mortgage are disdnct and cumulative to any other right or remedy under thia tiiortgage or afforded by law or equity, and may be exercise~l rnncurrently, independently or successively. 13. Succeasors end Asaigna Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained shalF bind, and'the righta hereunder sha1F inure to, Ihe respective succeseors and asaigne of Lender and Borrower, aubject to the proviaions of psragraph 17 hereof. All covenants and ngreements of Borrower shall be joint and aeveral. The captiona and headings of the paraqrapha of this Morigage are for covenience only and am not to be used to interpret or define the provisiona hereof. 14. Notice. Except for xny nutice required under applicable law tu be~i~~en in another munner, (a) any notice to Borrower provided for in this Mortgage ahall begiven by mailing such notice by certified mail addreased W E3orrower at the Property Address or at auch other nddress as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be gi~~en by certified mail, return receipt requested, to I.ender's addreas siated herein or to auch other address as Lender may designate by notice to Borrower as provided herein_ Any notice provided tor in this Mortgage shall be deemed to have been given to Borrower or~Lendet when given in the manner deaignated herein. 15_ Uniform Mortgage; Governing Law; Severability. 7'hia form of mortgagecombinea uniform covenants for national use and non- uniform co~~enants with limited variations by jurisdiction to rnnatitute a unitorm aecurity instrument covering real property. This Mottgage Sh~ll be qovemed by the law of the jurisdiMion in which lhe Prbperty is located. In the event that any provision or clause of this Mortgage or the Note conflicts wlth applicable law, auch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provisiun, and to this end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be fumished a conformed copy ot the Note and of this Mortgage at the time of execution or after recordation hereof. 1:. 'I~anafer of the Property; Aesumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower without Lender's prior written consent, excluding (a1 the cmation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliancea, (c) a transfer by devise, descent or by operation of law upon the death of a joint ; tenant or fd) the grant of any leasehold interest of three years or less not containing an option to purchase,, Lender may, at I.ender's option, ; declare all the sums secured by this Mortgage to be immediately due and payable_ Lender ahali have waived such option Lo accelerate if, prior 1 to the sale or transfer, l.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such 4 person is satiafactory to Lender and that the interest payable on the sums secured by this Mortqage shall be at auch rate as Lender shall ~ request. If I.ender hns waived the option to accelerate provided in thie pazagraph I7, und if Borrower's successor in interest has executed a ~ «•ritten assamption agreement accepted in writing by [.ender, l.ender shall release Borrower from all obligations under this Mortgage and the • ~ ti ote. . ~ If I.ender exercises auch option to accelerate, I.ender shall mail Borrow er notice of acceleration in accordance with paragraph 14 hereof ~ 3uch notice shall provide a periai of not les.ti than :i0 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expirativn of such period, Lender may, without further notice or demand on Iiorrower, - invoke any remedies permitted by paraRraoh 1H hereof i • E ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Bonower's breach of any covenant or ~ aqreement of Borrower in this Mortgage. including the covenante to pay when due any aume eecured by this Mortgage. Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (i) the breach; (2) the action ~ required to cure auch breach; (3) a date, not less than 30 days froin the date the notice ie mailed to Borrower. by which auch ~ breach muet be cured: and (4) that failure to cure such breach on or before the date specified in the notice mey result in ~ acceleration of the sume secured by this Mortgage. foreclcsure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinatate after acceleration and the right to esaert in the foreclosure prceeeding the ~ non-e:istence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ before the date specified in fhe notice, Lender at Lender's option may declare aU of the eums secured by this Mortgage to be immediately due and payable without turtherdemand and may forecloae this Mortgage by judicial proceeding. Lender shall be ~Y entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees. and ~ costs of documentary evidence, abstractx and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have - the right to have any proceedings begun by Lender to enforce this Mortgaqe discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Bormwer paya I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; (b> I3orrower curea all breaches of any othercovenants or agreements otBorrawer contairied in _ - thes MortRage; (c) f3orrower pays all rnason~ble expenses incurred by I.ender in enforcing the covenanta and agreements of Borrower ~i wntained in this Mortgage and in enforcing I.ender's remedies as pmvided in paragraph lA hereof, including, but not limited to, reasonable attorney a feea; and (d) Borrower takes such action as Lender may reasonably mquire to assurethat the lien of this Mortgage, I.ender's interest ~'y in the PYoperty and Borrower's obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortqage and the obligations secured hereby shail remain in full force and effect as if no acceleration had occurred. 20. Aesignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to I.ender the rents = of the Property, provided that Borrower shall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right - to collect and retain such rents as they become due and payable. ' ;.'j Upon acceleration under paragraph 18 hereof ot abandonment of the Property, Lender shall be entitled to have a receiver appointed by a" court to enter upon, take posaession of and manage the Property and "to coilect the mnts of the Property, including thoae past due. All rents - collected by the receiver ahall be applied first to payment of the coats of management of the Pmperty and collection of renta, includin~, but not - limited to, receiver'a fees, premiuma on receiver e bonde and reasonable attomey's feea, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those renta actually received. . ~o~~ 294 ~~~E 20? :~i - _ ~ _ - - _ - - - ~z - _ - _ u' s. ' _ „~tic, ~ . Y ' - : '~s'~° ~ ""vc ;3 c r~r* ~ - !s~ ~sf, s~ s~.'~.~~»~~~";~_a~.:~'~~.~::~..,..,.~s`s-~'~x, .e.. _ .::~,-"~~rr~.x>.v: