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HomeMy WebLinkAbout0516 8. Inepect ion. L.ender may make or cauae b be made reaeonable eniriee upon a~}d inapectiocuo[the property, provided that l.ende~ ehali give Borrower notice prior to any such inapection apecifying reasonable cauae thetefor related {q j~nder's intereet i~ the Property. 9. Condemnation.'I1~e procecde of any award or claim for damages, direct or coneequential, in connection with any rnndemnation or other taking of the property, os part thereof, or for conveyance in lieu of rnndemnation, are hercby asaigned and ahall be paid to Lender. In the event of a total taking o[ the Property. the pra.^eeds shall be applied to the suma secured by thia Mortgage, with the excess, if any, paid to Borrower. In the event oi a partial teking of the Property, unlesa Borrower and Lender otherwiee agree in writing, there shall be applied to the auma eecured by this Mo~tgage auch proportioa of the pra.~eeds as ia equal to that proportion which the amount of the suma eecured by this Mortgage immediately prior to the date of taking beara to the fai~ market value of the Property immediately prior to the date of takiag, wiW the balancY of the proceeds paid to Borrower. o If the Property is abandoned by Bo~tower. or if, aRer notice by I.ender to Borrower that the oondemnor offera to make an award or settle a claim for damages, Borrower faila to reepond to I.ender within 30 days after the date such notice ie mailed, I.ender is authorized to collect and apply Lhe proceeds. at Lender's option, either to restoration or repair of the property or to the eums aecured by thia Mortgage. Unleea Lender and Borrower otherwiee agree in writing, any auch application of proceeds to principal ahall not e:tend or poetpone the due date of the monthly inetalLnente referred to in paragraphs 1 and 2 hereof or change the amount of euch inetallmente. 10_ Borrower Not Released. Extenaion of the time for paymant or modification of amortization of the aums eecured by thie Mortgage granted by Lender to any auccessor in intereat of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower'e successors in interest. Lender sha11 not be required to commence proceedings againat auch succeaeor or refuse to extend time for payment or otherwiae modify amortization of the suma secured by this Mortgage by reason of any demand made by theoriginal Botrower and Borrower's successora in interest. I1. Forbearance by I.ender Not a Waiver. My forbearance by I.ender in e:erciaing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the euercise o~any auch right or remedy.'11ie procurement of inaurance or the payment of ta:ee or other liena or chargee by Lender ehall not be a waiver of Lender's right to accelerate the maturity of the indebtednesa secured by this Mortgage. 12 Remediea Cumulative. All remediee provided in thia Mortgage are distinct and cumulative to any other right or remedy under thia Alortgage or afforded by law or equity. and may be exerciee+l concurrendy, independendy or suoceeaively. 13. Succesaore and Asaigne Bound; Joint and Several Liability; Captions. The oovenanta and agreeme~ts herein coniained ehall bind, and the rights hereunder ahall inure to, the respective aueeeseors and asaigna of Lender and Borrower, eubject to the provisiona of paragraph 17 hereof. All covenanta and agreementa of f3orrower shalt be joint and eeveral. The captiona and headings of the paragraphs of this Mortgage are for coveniencb only and are not to be uaed to interpret or define the pmvieione hereof. 14. Notiee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Address or at such other addreae as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to [.ender's addreas atated herein or W such othec addreae as Lender may deaignate by notice to Borrower as provided hernin. Any notice provided for in this Mortgage ahall 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 variationa by juriadiction to constitute a uniform security inattunient oovering real property. Thie Mortgage ahall be govemed by the law of the juriadiction in which the Piroperty is located_ In the event that any provu+ion or clause of this Mortgageor the Note contlicts with applicable law, auch conlliM shall not aff'ect other proviaions of this Morigage or the Note which can be given effect without the conflicting proviaion, and to Lhia end the proviaions of the Mortgage and the Note are declared to be severable. 16_ Borrower'e Copy. Borrower ahall be furniahed a conformed rnpy of the ~1ote and of this Mortgage at the time of execution or after recordation hereoi. , 17. 7lraneter of the Property; Aesumption. If all or any part of the Property or an intereat therein ia sold oz traneferred by Borrower without Lender's prior written consent, excluding (a) the creation af a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a putchase money security interest for household appliances, (c) a tranefer by deviae, d.~scent or by operation of law upon the death of a joint I tenant or (d1 the grant of any leasehold interest of three years or leas not oontaining an option to purchase, Lender may, at Lender'a option, I declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior ~ to the sale or transfer, Lender and the person to whom the Property is to be sold or traneferred reach agreement in writing that the crndit of euch ~ person is satisfactory to Lender and that the interest payabie on the sums secured by this Mortgage shall be at such rate as Lender ahall E request. If Lender has waived the option to accelerate pro~~ded in thia paragraph 17, and if Borrower's successor in interest has e:ecuted a ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ~ Note_ i If Lender eaercises auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shaU provide a period of not less than 30 days from the date the notice ia mailed within which Borrower may paY the sums deelared ~ due. If $orrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on 13orrower, € invoke any remedies permitted by pazagraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage, including the covenanta to pay when due any aums aecured 6y this MoMgage, Lender ~ prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure suc6 breach; (3) a date, not lese than 30 dsys irom the date the notice ie mailed to Borrower. by which euch breach muet be cured; and (4) that failure to cure euch breach on or before t6e date specitied in the notice may result in acceleration of t6e sume aecured by thia Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice ehall further inform Borrower of the right to reinstate after acceleration and the right to esaert in the forecioaure proceeding the non-esiatence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach ie not cured on or before the date epecified in the notice. Lender at Lender'8 option may declare all of the eume secured by thie Mortgage to be ~ immediately due and payable without turtherdemand and may forecloae this Mortgage by judicial proceeding. Lender ehall be ~ entitled to colfect in auch proceeding all expenses of forecloaure. including, but not limited to, reasonable attorney's fees, and coata of docamentary evidence, abstracts and title reporta. ~ 19_ Borrower'e Right to Reinstate. Notwithstanding Lender's acceleration of the snme aecured by thia Mortgage, Borrower ahall have ~ the right to have any proc~eedings begun by I.ender to enforce this Mortgage diecontineed at any time prior to entry of a judgment enforcing - thia Mortgage if: (a) Borrower pays I.ender all sums which would be then due nnder fhis Mortgage, the Note and notes aecuring Future Advaneee, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other eovenante eT agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reaaonable expensea incurred by Lender in enforcing the covenants and agreemente of Borrower oontained in this Mortgage and in enfotcing I.ender's remedies as provided in paragraph 18 hereof, including, bnt not limited to, reasonable s attomey's fees; and (d) Borrower takea such aMion as Lender may ceasonably require to asaure that the lien of this Mortgage, Lender e intereat in the Property and Borrower'a obligation to pay the aums secured by this Mortgage shall continue unimpaired. Upon such payment and cure { by Borrower, this Mortgage and the obligations secured hereby ahall remain in fult force and effect as if no acceleration had occurred. ~ 20. Asaignment of Renta; Appointment of Reoeiver. As additional security hereunder, Borrower hereby assigns to Lender the renta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente aa they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ cowrt to enter.apon, take poasession of and manage the Property and to collect the rents of the Property, including those past due. All rents ~ oollected by the receiver ahall be applied firet to payment of the ooets of management of the Property and collection of rente, including, but not limited to, receiver e fces, premiama on receivei e bonda and reasonable attorney e fees, and then to the aums aecured by thie Mortgage. The ~ receiver ehall be liable to acoount only for those rente actually received. • ~ :Q r ~ _ ~o ~294 oac~ ~ ~is ~ _ - ~ _ - - - ~ - - _ ~ _ . - _ _ _ 1- ~„M1y~" ' ' 3 ; ~ _ x~ _ , ~ ~ , # ' ~ Y ~'~,r.~.~r`~-~~'~~*.~°~Y,.~~,'~,~~,n~...~ . a-e.~r~.`~§~u~k~t"~:~~'a~'.