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HomeMy WebLinkAbout0532 8. Inspectton. l.ender may make or cuuse to be made reaaonable entriea upon and i~spectiona o[the property, provided that Lender ehall giv~ Borrower notice prior to any such inepection epecifying reaaonable cauee therefor related to l.ender'a intereet in the Property. 9. Condemnation. The proceeda of any award or claim for damages, direct or coneequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby aeaig~ed and ahall be paid to Lender. In the eve~t of a total taking of the Property. the proceede shall be applied to the aums aecured by thie Mortgage, with the exceas, if any, paid to Borrower. In the event of a partial taking of the Property, unleas Borrowes and l.ender othemiee agree in writing. there shaU be applied to the suma eecured by thie Mortgage such proportion of the proceeds aa ia equal to lhat proportion which the amount of the euma eecured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the dete of taking, with the balanca of the proceeda paid to Borrower. lf the Property ie abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor of'lers to make an award or eettle e claim for damagee, Borrower faile to reapond to,Lender within 30 days after the date euch notice is mailed, Lender is authori~d to collect anc~ apply lhe proceede, at Lendei s option, either to reatoration or repair of the property or fo the sums aecured by thia Mortgage. Unleae I.ender and Borrower otherwise agree in writing, any such application of procecda to principal shaU not e:tend or postpone the due date of the monthly installmenta referred to in paragraphe 1 and 2 hereof or change the amount of auch inetallmente. 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of amortization of the gums aecured by this Mortgage granted by Lender to any eucces.qor in intereat of E3otrower ehall not operate to reiease, in any manner, the liability oithe original Borrower and I3orrower's succesaora in intereat_ I.ender shaU not be required to commence proceedinqs against auch succeasor or retuae to extend time for payment or otherwise modify amurtization of the sums secured by this Mortgage by reasoo of any demand made by the original Borrower and E3orrower's succesaors in ir.terest. 11. Forbearance by Lender Not a Waiver. Any Corbearance by Lender in exerrieing any right or remedy hereunde~, or otherwise at~orded by applicable law, ahall not be a waiver of or preclude the e:eniee of any auch right or remedy. 7'he procnrement of ineurance or the payment of t~es or other liena or chargee by Lender ahall not be a waiver of Lender'e right to accelerate the maturity of the indebtedneaa securpd by thie Mortgage. 12 Remediee Cumuletive. All remedies provided in this ~Iortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity. and may be exercise~i ooncurrendy, independently or aucceasively. l3. Succesaore and Asaigns Bound; Joint and Severel Liability; Captione. The covenanta and agreementa herein contained ahall ~ bind, and the righta hereunder shall inure to, the respective succeaeors and aasigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. Al! covenants and agreements of Borrower shall be joint and several_ The captiane and headings of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereoL 14. Notice. Except for any notice teyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreased to Borr+ower at the Property Address or at such other addreae as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, reWrn receipt requeated, to Lender'a addtese etated herein or to such other address as I.ender may designate by notice to Bortower as provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated hetein. ~ 5. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform oovenants for national use and non- - uniform covenanta with limited variations by jurisdiction to eonstitute a uniform security instrument covering real ptoperty. Thie Mortgage ahall be govemed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauae of this Mortgage or the Note conflicta with applicable law, such conflict shall not affect other proviaions of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the provisions of the Mort{zage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be fumished a conformed copy of the Note and of this Mortgage at the time of eaecution or afier recordation hereof. ~ 17.1'renafer of the Property; Aaeumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consenE, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crosstion of a purehase money security intereat for houaehold appliances, (c) a transfer by deviae, descent or by operation of law upon the deaEh of a joint tenant or (d) !he grant of any leasehold interest of three years or less not oontaining an option to purchase, L,ender may, at Lender a option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior i to the sale or transfer, Lender arid the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such ' person is satiafactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender sha11 req~est. If Lender has waived the option to accelerate pmvided in this paragraph 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 under this Mortgage and the ~ Note. ~ , If Lender exercises such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with pnragraph 14 hereof. ~ Such notice ahall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower faila to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iiorrower, ~ mvoke any remedies permitted by pazagraoh IN hereof. ~ 18. Acceleration; Remedies. Except ea provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in thia Mortgage, including the oovenanta to pay when due any sums aecured by this Mortgage. Lender prior to acceleration ehall mail notice to $orrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not less than 30 days firom the date t6e 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 speciCed in the notice may result in acceleration of the suma secured by this Mortgage,~oreclosure by judicial proceeding and eale of the Property. The notice ahall ~ further inform Borrower ot the right to reinatate after acceleration and the right to asaert in the forecloeure proceeding the ~ non-existence ot a default or any other defenae of Borrower to acceleration and forecloaure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be ~ immediately due and payable without further demand arrd may forecloae thia Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding ail expenses of foreclosure, including. but not limited to. reasonable attorney's feea, and ~ costa of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower ahall have ~ the right to have any proceedings begun by I.ender to enforce thie Mortgage disrnntinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays 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) Borrower cures all breaches of any other covenante or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenanta and agreements of Borrower eontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fee9; and (d) Borrower takea such action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's intereet in the Property and Borrower'e obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ,i by Borrower, this Mortgage and the obligations secured hereby shall rnmain in full force and effect as if no acceleration had occurred. ~ 20_ Asaignment of Rente; Appointment of Receiver. As additional security hemunder, Borrower hereby asaigna to Lender the rente ~ of the Property, provided that Borrower ahal l, prior to acceleration under paragraph 18 hereof or ebandonment of the Property, have the right to collect and retain auch rents as they become due and payable. a Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oourt W enLer-upon, take possession of and manage the Property and to collect the renta of the Property, including those past due. All rnnte oollected by the receiver ahall be applied first to payment of the rnata of management of the Property and collection of rents, including, but not ' ?imited to, receiver's feea, premiums on receiver'e bonds and reasonable attorney'a fees, and then to the sums secured by this Mortgage. The ~ receiver ahall be liable to account only for those renta actually received. ~ ~ a ~ ~ ~1 Q I ~ ~ ao~ ~94 ~A~E 532 ~ , ~ ~:a ~ _ _ . _ _ _ - _ _-r - - s - - - _ ~ _ ~ : ~ 'k~x-~~°''.'~'~s1~•rM~ ~~~'n~`~"-5n-~,,....:.z ~'i ~.r,~. _"x`~~~a~s~'a