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HomeMy WebLinkAbout0508 8. Inapectioa. Lender may make or cause to be mede reawnable en~ries uRon aad inspeclions of the propecty, pmvided that I.ender ehall give Borrower notice prior to any auch inepection specifying reasonabls cdu~e therefor relat~ to [.ender'a intereet in the Property. 9. Condetanation.'llie proceeda of eny award or claim for damages, direct or coneeyuential, in connection with any oondemnation or other taking of the pooperty, or part thereof, or for rnnveyance in Geu of condemnation, are hereby assigned and shaU be paid to t.cnde~. In the event ot a total taking of the Rroperty. the proceeds shall be applied to the aums secured by thie Mortgage, with the exceee, if any, paid to Borrower. In the event of a partial taking of the Property, unleea Borrower a~d L.ender otherwise agree ~n writing, there ahall be applied to the euma eecured by this Mortgage euch proportion of the proceeds ae is equal to that proportion which the amount of the auma secured ~y this Mortgage immediately prior to the date of taking bears to the fair market vatue of the Property immediately prior to the dete o! taking, with the balanca of the proceede paid to Borrower. ' If the Property ia abandoned by Borrower, or if, after notice by I.ender to Borrower that the rnndemnor uf~'ere to make an award or settle a claim for damages, Borrower faile to respond to Lender within 30 days atter the date euch notice ia mailed, Lender is authorized to collect and apply the proceeds, at I.ender'e option. either to restoration or repair of the pmperty or to the eume eecured by this Mortgege. Unleas Lender and Borrower otherwiee agree in writing, any auch application of proc~eeds to principal ehaU not extend or poetpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of euch installmente. 10. Borrower Not Released. Extension of the time for paymsnt or modification of amortization of the sums aecured by this Mortgage gra~ted by l.ender to any auccesaor in interest of Borrower ahall not operate to mlease, in any manner, the liability of the original Botrower and Borrower's succesaora in interest. Lender ahall not be required to rnmmence proceedinge againat euch succeseor or refuae to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginxl Bortower and E3orrower's successore in interest. 11. Forbearance by Lender Not a Walver. My forbearance by Lender in e:erciaing any right or remedy herennder, or otherwiee afforded by appiicable Iaw, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of inaurance or the payment of taxea or other liena or charges by Lender shall not be a waiver of L.ender'a right to aocelerate the maturity of the indebtedneea secured by thie Mortgage. • 12 Reraediee Cumulative. All mmedies provided in thie Mortgage are dietinct end cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exercise~i ooncurrendy. indepeadently or succeesively. 13. Succesaoraend Aasigne Bound; Joint and Several Liability; Captions. The covenanta and agreemente herein contained ahall bind, and the rights hereunder ahall inure to, the reapective aucceaeors and aseigna of I.ender and Borrower, eubject to the pmviaiona of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captiona and headings of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applirable law to be given in another manner, (a) any notice to E3orrower provided forin thia Mortgage ahall be given by mailing such notice by certified mail addrnsaed to Borrower at the Property Address or at such other addreae ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall _be given by certified mail, retum receipt requested, to Lender's address atated herein or to such other address as Lender may deaignate by notice to Borrower sa proyided herein. Any notice provided for in this 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 combines uniform covenante for national uae and non- uniform covenants with limited variations by juriadiction to conatitute a uniforln security instrument rnvering real pioperty. Thia Mottgage shall be govemed by the law of the jurisdiMion in which the Property is located. [n the event that any provision or clauae of this Mortgage or the Note contlicts with applicable law, auch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the proviaiona of the Mortgage and the Note are declared to be aeverable. ~ 6_ Borrower's Copy. Borrower shall be fumished a conformed rnpy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. 'l~anefer of the Property; Aasumption. If all or any part of the Property or an intereet therein is aold or tranaferred by Borrower writhout Lender's prior written conaent, excluding (a) the creation of a tien or encumbrance subordinate to this N4ortgage, (b) the creation of a purchase money eecurity intereat for houaehold appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yesra or lesa not containing an option to purchase~ Lender may, at Lender's option, declare all the sums secured by tl:is Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior ; to the sale or tranafer, I.ender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch person is satistactory to Lender and that the interest payable on the sums aecured by this Mortgage shall be at auch rate as Lender ahall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has egecuted a ; written assumption agreement accepted in writing by Lender, Lenderahalt release Borrower from all obligations underthis Mortgageand the Note. ' If Lender exercises such optiun to accelerate, Lender shall mail Borrov?er notice of acceleration in accordance with paragraph 14 hereof. ~ 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 auch sums prior to the expiration of such period, l.ender may, without further notice or demand on Eiorrower, invoke any remedies permitted by paragranh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept ae provided in paragreph 17 hereof, upon Borrower'B breac6 of any oovenant or 5 agreement of Borrower in thie Mortgage, including fhe covensnts to pay when due any eums eecured by this Mortgage, Leader ~ prior to acceleration ahall mail notice to Borrower a8 provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cnre such breach; (3) a date~ not lesa than 30 days from the date the notice ia mailed to Borrower. by which euch :ti breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reault in ~ acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall ~ further inform Borrower of the right to reinatate eft.er acceleration and the right to assert in the foreclosure proceeding the ~ non-eziatence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach is not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all of t6e eume aecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney'afees, and ~ costs of documentary evidence. abstracta and title reports. 19. Borrower'e Right to Reinatate. Notwithatanding Lender's acceleration of the suma secured by this Mortgage, Borrower shall have ~ the right to have any ptoceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing - thia Mortgage if: (a) Borrower pays Lender all aums which would be then due under thia Mortgage, the Note and notes aecuring Future = Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any othet covenanta or egreements of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreements of Bor~ower ' oontained in thia btortgage and in enforcing Lendei a remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable ~ attorney's fees; and (d) Borrovver takes such action as I.ender may reasonably require to assure that the lien of tfiis Mortgage, Lender's interest in the Property and Borrower's obligation to pay ttie auma secured by this Mortgage ahall continue unimpaired. Upon such payment and cnre - by $orrowet, thia Mortgage and the obligations secured heteby ahall remain in full force and effect as if no acceleration had occnrred. _ 20. Aasignment of Renls; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigns to Lender the rente of the Property, provided that Borrower shall, prior to ae~.~eleration under paragraph 18 hereof or abandonment af the Property~ have the right to collect and retain such rents se they become due and payable. : Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter upon, take poaseaeion of and manage the Property and to collect the rente of the Property, including thoee past due. Aq rente = collected by the receiver ahall be applied first to payment of the oosts of managementof the Property and collection of rents, including, but not _ limited to, receiver's feea, premiuma on receiver's bonds and reasonable attorney a fees, and then to the sums secured by thia Mortgage. The ~ receiver ahall be liable to acoount onl~for those renta actually received. y ~ ~ ~ E~~~ ~ - _ _ . , - --tz-=- - - ` ~ = ~ . ~ S, `~'~i.~'~J y 4'°,,"i` S _K i ~a~T9 ~ ~"s+S` . ~ ~ ` ..o-~ ~,r~ 3` _ ~ ~3, ~-,s- .-r. _ ~ _ -,b - ~ ; . "~'c~ ~~'.~a,~*~~'"~:"ro'~"' -,cc>",~ a... _ _ '+~`y'.'r~~