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HomeMy WebLinkAbout0601 ~ 8. Inepection. l.ender ~nay make or cause to be made reasonable entriee upon and inspectinns of the property, pro~lded that I.ender ehall give Borrower ~otice prior to any auch inepection epecifying teasonable cauee therefor related to [.endei s interest in the Property. 9. Condemnation.'14~e proc~eede of any award or claim for damages, 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 aeaigned and ehall be paid to Lender. In the event ot a total taking of the Property, the proceeds ahall be applied to the eume eecured by thie Mortgage, with the exceee, if any, paid to Borrower. In the event of a partial tuking of the Property, unless Borrower and Lender otherwiee ege^ee in writing, there ahall be applied to the aume eecured by thie Mortgage such proportion of the proceeds as ie equal to that proportion which the amount of the auma eecured by thie Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately grior to the date of taking, with the balanca of the proce~eda paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offere to make an award or eettle a claim foc damage~ Borrower faila to reepond to Lender within 30 daye after the da4e such notice is mailed, I.ender ie authorized to coUect and apply the proceeda, at Lender'a option, either to restoration or repair of the property or to the euma secured by thia Mortgage. Unless Lender and Borrower otherwiae agree in writing, any auch application of proceeda to principal ahall not e:tend or poetpone the due date of the monthly installmenta referred to in paragrapha 1 and 2 hereof or change the amount ot euch installmente. • 10. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the aums secured by thie Mortgage granted by l.ender to anp successor in interest of E3orrower ahall not operate to release, in any manner, the liability of the original Borrower and Borruwet's successors in intetesk I.ender shali not be required to commence proceedings againat auch aucceasor or refuae to extend time for payment or otherwise modify amoriization of the sums aecured by this Mortgage by reaaon of any demand made by the original E3orrower and I3orrower's successore in interest. • 1 l. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwise . af~orded by applicable law, shall not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of insurance or the payment of taxes ar other liene or chargea by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedneee secured by this Mortgage. 12. Remedies Curaulative. All remediea provided in thia Mortgage are dietinct and cumuiative to any other right ur remedy under thia Mortgage or afforded by law or equity, and may be exerciseri concurrenUy, independently or aucceeaively. 13. Successors and Aeeigns Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained ahall bind, and the rights hereunder ahall inure to, the reapective successors and assigna of Lender and Borrower, aubject to the provisions of paragraph 17 heteof. All rnvenanta and agreements of Borrower ahall be joint and several. The captiona and headings of the paragrapha of thia Mortgage are for covenience only and are not to be used to interprnt or define the provieione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Aorrower at the Property Address or at such other addreas ae Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to Lender's addreas atated herein or to such other address as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in this 1ltortgage ahall be deemed to have been given to Borrower or L.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national uae and non- uniform covenants with limited variationa by jurisdiction to eonatitute a uniform security instrun~ent co~ ering real property. This Mortgage shaU be governed by the law of the jurisdiction in which the Property ia located_ in the event that any provision or clause of this Mortgage or the Note conflicts with applicable Iaw, such conflict ahall not af~ect other proviaiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end ihe provisions of the Mortgage and the Note are declared to be severable_ 16. Bortower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17. 'l~anafer ot the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purehase money security intereat for household appliancea, (c) a tranaier by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or leae not oontaining an option to purchase, Lender may, at Lender s option, declare all the suma secured by this Mortgage to be immediately due and payable_ Lender shall h~ve waived such option to accelerate if, prior j to the sale or transfer, I.ender and the peraon to whom the Property is to be sald or transferrcd reach agreement in writing that the credit of such f person is satiafactory to I.ender and that the interest payable on the sums securecl by this Mortgage ehall be at such rate as Lender shall ; request. If I,ender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a successor in intereat has eaecuted a ~ written assumption agreement accepted in w~riting by Lender, Lender ahall release Borrower from all obligations underthis Mortgage and ihe ~ Note_ - j If Lender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. ~ Such notice sha11 pmvide a period of not less than 30days from thedate the notice is ~r,ailed within which Borrower may pay thesums declared s d~e_ If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on f3orrower, E invoke any remedies permitted by paragraoh IS hereof. ~ 18. Accelerstion; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any coveoant or ~ egteement of Borrower in thia Mortgage, including the covenante to pay when due any sama secured by thie Mortgage, Lender ~ prior to acceleration shall maii notice to Borrower ea provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action ~ required to cure such breach; (3) a date, not leae than 30 days from the date the notice ie mailed to Borrower. by which auch ; breach must be cured; and (4) that failure f,o cure such. breach on or before the date epecified in the notice may result in ~ acceleration of the euma secured by thie Mortgage, foreclosure by judicial proceeding and saleof the Property. The notice shaU ~ further inform Borrower of the right to reinatate after acceleration and t6e right to assert in the forecloeure prceeeding the ~ non-e:istence of a default or any other defenae of Borrower to acceleration and forecloaure. If the breach ie not cured on or ~ before the date speciCed in the notice, Lender at Lender's option may declare all of the euma secured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees, and ~ coats of documentary evidence. abetracts and title reports. n 19. Borrower's Right to Reinatate. Notwithstanding Lender's acceleration of the aums eecured by this Mortgage, Borrowershall ha~e ~ the right to have any proceedings begun by L.ender to enforce thia Mortgage discontinued at any time prior to entry of s judgment enforcing thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Futum ~ Advances, if any, had no acceleration occurred; (b} $orrower cures all bmachea of any other covenants or agreements of Borrower contained in = this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreementa of Borrower contained in this Mortgage and in enforcing I.ender's remedies as providedin paragraph 18 hereof, including, but not limited to, reasonable _ attorney's feea; and (d) Borrower takea auch action as Lender may reasonably require to asaure that the lien of this Mortgage, L,ender'a interest - in the Pruperty and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon aueh payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby ahall mmain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rents; Appointment of Receiver: Ae additional security hereunder, Borrower hereby assigne to Lender the rents a of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ` to collect end retain auch rente 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 ~ oourt to enterapon, take possesaion of and manage the Property and to collect the rents of the Property, including those past due. All tente 'f oollected by the receiver ehall be applied first to payment of the oosts of management of the Property and coUection of renta, including, but not limited to, reoeiver a fees, premiums on receiver e bonda and reasonable attorney e feee, and then to the auma eecured by thie Mortgage. The ~ receiver ehall be liable to acoount only for those renta actually received. ~ a . ~ ~ G'4~K ~94 F~ 60i ~ _ _ - 3 - ~x-:~~~.~~ _ ~ .,ti;-:.. . ~ ` ~ ~ *