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HomeMy WebLinkAbout0216 8. laepection. I.ender may make or cauae b be made reasonable e~triee upon and inspections of the property, provided that l.ender ehall give Borrower notice prior to any euch inepection specifying reasonable cauae therefor related to Lendei a interest in the Property. 9. Condemnation.'i4~e proc~eede of any award or claim for damagea, direct or consequential, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu ot condemnation, are hernby aBaigned and ehall be paid to Lender. In the event of s Wtal tating of the Property, the pra»eeda shall be applied to the sums eecured by thie Mortgaga, with the excees, if any, paid to Borrower. in the event of a partial taking of the Property, unleee Borrower and Lender otherwiee agree in writing, there ehall be appiied to the sume aecured by thie Mortgage such proportion of the proceeds se ia equal to that proportion which the amount of the euma eecured by lhis Mortgage immediately prior w the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the batane~ of the proceeds psid to- Borrower. If the Property is abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the rnndemnor offere to make nn awacd or eetde a claim for damages, Borrower fails to reapond to Lender within 30 daye after the date such notice ia mailed, Lender is authorized to collect and apply the prooeede, et [.endei a option, either to teaLoration or repair of the property or to the aums secured by thie Mortgage. Unlese Lender and Bonower otherwiee agree in writing, any euch application of proceeda to principal shall not extend or postpone the due date of the monthly instalimenta referred to in paragrapha 1 and 2 hereof or change the amount of auch inetallmenta. 10. E3orrower Not Released. Extension of the time for paym~nt or modification of amortizetion of the aume secured by this Mortgage granted by l.ender to any successor in intereat of Borrower shall not operate to release, in any manner, the lisbility of the original Borrower and Borrowei s succeasors in interest. I~ender ahall not be required to commence proceedings against such succesaor or refuse to eatend time for payment or otherwise modify amortization of the sums aecured by this Mortgage by reason of any demand made by the original Borrower and Aormwer s succrssors in interest. 11. Forbearance by L.ender Not a VNaiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwiee • afforded by applicable law, shali not be a waiver of or preclude~,he exerciee of any auch right or remedy. Tl~e procurement of ineurance or the payment of ta:ea or other liena or charges by Lender ahall not be a waiver bf Lender's right to accelerate the maturity of the indebtednesa secured by this Mortgage. - 12. Remedies Cumulative. All remediea pro~~ded in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exercise.i rnncutrently, independendy or succeeaively. 13. Succeasore and Aseigne Bound; Joint and Several Liability; Captione. The rnvenanta and agreementa herein contained shall bind, and the righta hereunder ahall inure to, the reapective successors and assigne of L.ender and Borrower, aubject to the pmvieiona of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and aeveral. The captiona and headings of the paragrapha of this Mortguge are for covenience only and are not to be used to interpret or define the provieione heteof. 14. Notice. F:xcept for pny notice required under applicable law to be given in another manner, (a) any notice to I3orrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at such other addreas as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, retum receipt requested, to Lender'a addreas atated herein or to such other address as Lender may de~ignate by notice to Bortower ea provided herein. Any notice provided for in this Mortgage ahal! be deemed to have been given to Borrower or Lender when given in the manner designattd herein. 15. Uniform Mortgage; Goveming Law; Severability. This form of mortgage combinea uniform covens~nnts for national use and non- uniform covenants with limited variations by jurisdiction to oonetitute a uniform security inetrument covering real property_'I~is Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. ln the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the contlicting proeision, and to this end the provisions of the Mortgnge and the Note are declared to be severable. 16. Borrnwer'e Copy. Borrower ahall be furnished a eonformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 1T. Transfer of the Property; Aseumption. If all or any part of the Property or an internet therein is aold or trar.eferred by Borrower ~ without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. !b) the creation of a ~ purchase money security interest for household appliances. (c) a tranafer by devise, descent or by operation of Iaw upon the death of a joint ~ tenant or (d) the grant of any leasehold interest of three years or lese not rnntaining an option to purchase, Lender may, at Lendei s option, ~ declam all the sums secured by this Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be soid or transferred reach aE[reement in writing that the credit of such ~ person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall ~ request. If Lende~ has waived the option to accelerate provided in this pazagraph 17, and if Borrower's successor in interest has executed a ~ written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations un~er this Mortgage and the Note. 3 If I.ender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is rr.ailed within which Borrower may pay the sums declared ~ due. If Borrower faila to pay such sums prior to the ezpiration of such period, Lender may, w-ithout further notice or demand on E3orrower, ~ mvoke any remedies permitted by paragraoh 18 hereot 18. Acceleration; Remediee. Ezcept as provided in paragraph I7 hereof, upon Borrower'e breach of any covenant or ~ agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sums secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as pro~zded in paragraph 14 hereof specifying: (1) the breach; (2) the action ¢ required to cure auch breach; (3) a date, not less than 30 daya from the date the notice ie mailed to Borrower, by which such ~ breach must be cured; and (4) that failure to cure such breach on or before the date specified in t6e notice may reault in ~ acceleration of the eums secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall ~ further inform Borrower of the right to reinatate after acceleration and the right to eaeert in the foreclosure proceeding the non-eziatence.of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or .,X before the date apeciFed in the notice, Lender at Lender'e option may declare all ot the sums secured by this Mortgage w be ~ immediately due and payable without furtherdemand end may foreclose this Mortgage by judicial proceeding. Lendershall be ~ entitled to collect in auch proceeding all expenses of forec:losure, including, but not limited to, reeaonable attorney's feea. and costs of documentary evidence, abstracts and title reports. ~ ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums aecured by thia Mortgage, Borrowerahall have the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Boreower pays I.ender all aums which would be then due under this Mortgage, the Note and notea securinq Future 3 Advances, if any, had no acceleration occurred; (b) Borrower cures a11 breaches of any other covenante or agreements of Borrower contained in this Mortgage; fc) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenanta and agreements of Borrower ~ rnntained in this Mortgaqe and in enforcing I.ender's reme~ies as provided in paragraph 18 hereof, including, but not limited to, rea.eonable ' attorney a fees; and (d) Borrower takes such action as Lender may reasonably require to assure that Lhe lien of this Mortgage, Lender's intereat in the Property and Borrower's obligation W pay the sums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations aecured hereby ahall remain in full force and eftect ae if no acceleration had occurred. 20. Asaignment of Renta; Appointment of Receiver. As additional security hernunder, Borrower hereby aaeigne to Lender the rents _ of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right = to collect and retain auch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a po po g pe y perty, including thoae past due. All renta court to enter u n, take ssesaion of and mana e the Pro rt and to collect the rents of the Pro ooilected by the receiver ahall be applied firat to payment of the ooats of management of the Property and collection of renta, including, but not - limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the aums eecured by this Mortgage. The - receiver ahall be liable to accoont only for those mnta actually received. ~ ~ 800K 29~ PAGE ~1~ ~ :,,5 ~ . . . _ _ . - . _ ' ' ' _ _ _ F :_.i;;, ' . - ' ' ' - ~W`.~.r."'~~:~rr.als~ "`?~r...~'u..» ~.Y~.. <z *3'.r a. _ . ~ --.?i ~;.~~.,'",~~'~'t"~'~Z~'~'<