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HomeMy WebLinkAbout0836 8. lnspection. L.ender may make or cauee to be made reaw~able entries upon and inepections uf the pruperty, provided that t.ender shall give E;orrower notice prior to nny euch inepection epecifying reaeonable cause therefor related to I.ender's intereat in the Property. 9. Condemnation.'t1~e proceeds of any award or claim for damage~, dirert ot conseque~tial, i~ conneclion with any oondemnation or other taking of the pmperty, or part thereof. or for co~veyance in lieu of.condemnalisn, are hernby aeeigned and ahall be L?aid to I.ender. In the event of a Lotal taking of the Piroperly, the proceeds ahall be applied to the aume secund by this Mortgage, with the e:cess, if any, paid W Borrower. In the event of e partiel taking of lhe Property, unleea Borrower and I.ender otherwise agree in writing, there ehall be applied to the eume eecured by thie Mortgage such proportion of the proceede ae is equal to that proportion which the amount of the sume aecured by this Mortgage immediately prior to the date of taking beare to lhe fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Pmperty ia abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofters to make aA award or eettle a claim for damagea, Borrower faila to reapond to I.ender within 30 days after the date such notice is mailed, Lender ia authorized to collect at~d apply the proceede, at Lender'e option. either to restoration or repair of the ptoperty or to the euuls eecured by this Mortgage. Unlese Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or poetpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Releaaed. F.xtenaion of the time for paymant or madification of amortization otthe sums secund by this Mortgage granted by I.ender to any successor in intereat of Borrower ahall pot operate to celease, in any manner, the liability of the original Borrower and Borrower's succeasors in interest_ I.ender shall not he required to commence proceedinga against such auccesaor or refuae to exte~d time for puyment or otherwise modify amortizt?tion of thc sums secured by this Mortgage by reason of any dema~d mnde by the original Borrower nnd I3orrower's auccessors in interest. 11. Fortiearance by Lender Not s Waiver. Any forbearance by l,ender in exercieing any right or remedy hernunder, or otherwise afForded by applicable law, shall not be a waiver of or preclude the exerciae of any auch right or remedy. The procnrement of inaurance or the payment of taxes or other liena or chargee by Lender ahall not be a waiver of Lender e right Lo accelerate the maturity of the indebtednese secured by this Mortgage. 12 Remedies Cumulative. All mmedies prorided in this Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, a~?d may be eaercieeci concurrenUy, independently or successively. 13. Succesaors and Asaigne Bound; Joint and Several Liability; Captiona. The covenants and agreements herein contained ahall bind, and the righte hereunder ahsill inure to, the respective successora and assigns of Lender and Borrower, subject to the proviaiona of paragraph 17 hereof. All covenants and agreements of Borrower shali be joint and several. The captions and headings of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 14. No/iee. F:xcept for nny notice required under applicable law to be gi~•en in another manner, lal any notice to f3orrower provided for in thia Mortgage shall be gi~ en by mailing auch notice by certified mail addressed to Borrower at the Property Addreas or at auch other addresa ae Borrower may designate by notice to Ixnder as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt requeated, to Lender's addreas atated herein or to auch other uddress as l.ender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage shall 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 mortgagecombines uniform oovenanta for national use and non- uniform covenante with limited variations by jurisdiction to rnnstitute a uniform security inatrument covering real property.'l~ia Mortgage ' shall be governed by the law of the jurisdiMion in which the Property is lccated. In the event that any pro~~aion or clause of this Mortgage or the Note conflicts with applicable law, such rnnflict shall not aftect other provisions of this Hlurtgage or the Note which can be given eHect without the contlicting pmvision, and to this end the pro~~siona of the Mortgage and the Note are declared to be severable. - 16. Borrower's Copy. Borrower shall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after ' recordatian hereaf. - I . 17. 'l~anafer of the Property: Aasumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower j without [.ender a prior written conaent, exduding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a f purchase money security interext for household appliances, (c) a trana[er 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 years or less not rnntaining an option to purchase, Lender may, at Lender s 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 E to the sale or transfer, Lender and the person to whom the Property is to be sold or iraneferred reach agreement in writing that the credit of such ~ person is satisfactory to l.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall request. If Lender has waived the. option to accelerate provided in this paragraph 17, and if E3orrower's successor in interest has executed a ~ w-ritten axsumption agreement accepted in vvriting by l.ender, l.ender ahall release Borrower from all obligations under this Mortgage and the 1 V ote_ ` If Lender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accoxdance with paragraph 19 hereof. ~ Such notice shall provide a period o[not less than 30 days from the date the notice is rt:ailed within which Barrower may pay the sums declared m due. [f Borrower fails to pay such sums prior ta the expiration of such period, Lender may, w~thout further notice or drmand on fiorrower, ~ mvoke any rrmedies permitted by paraRraoh 1R hermf. t ; 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in thia Mortgage. including the covenants to pay when due any sume secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ? required to cure such breach; (3) a date, not lese than 30 days from the date the notice ie mailed to Borrower, by which such breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reeult in ~ acceleration of the aume secured by this Mortgage, foreclosure by judicial proceeding and sale ofthe Property. The natice shall ~ further inform Borrower of the right to reinetate after acceleration and the right to assert in the forecloeure proceeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ before the date epecified in the notice. Lender at Lender's option may declere all of the sums secured by thie Mortgage to be w immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender eha11 be entitled to coUect in such proceeding all expenses otforeclosure. including. but not limited to, reasonable attorney's feea. and s; coets of documentary evidence. abstracts and title reports. " 19. Borrower's Right to Reinstate. Notwithstanding I.ender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedinqs begun by Lender to enforce this Mortgage discontinued.at any time prior to entry of a judgment enforcing `i this 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; (h) Borrower cures alI breaches of any other covenante or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays a11 reasonable expenaea incurred by Lender in enforcing the covenants and agreementa of Borrower ~ centained in this Mortgage and in enforcing Lendei s reme.jiea as pmvided in paragraph 18 hereof, including, but not limited to, reasonable - attorney's feea; and (d) Borrower takea auch action as Lender may masonably require to assure that the lien of Lhis Mortgage, l.ender's intereat ''f in the Property and Borrower'a obligation to pay the sums secured by thia Mortgage shall continue unimpaired. Upon auch payment:uid cure - by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Renta; Appointment of Receiver. As additional security hereunder. Iiorrower hereby assigns to Lender the renta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Propetty, have the right to collect and retain auch rents as they become due and payable. ~s Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender SI?all be entitled to tiave a receiver appointed by a _ court to enterypon, take poseesaion of and manage the Property and to collect the rents of the Property, induding thoae past due. All renta - eollected by the receiver ahall be applied first to payment of the costs of management of the Pmperty and rnllection of rente, including, but not limited to, receiver's feea, premiums on receiver's bonds and reasonable attorney's fees, and then to the eume aecured by thie Mortgage. The = receiver shall be liable to acoount only for those rents actually received. ~ ~ ~ - ao~~ ~94 ~4cE 8~ _ _ - - - - - - : ~ . ~ : "f ~ ~Y.~y~~~.b~~~ . , ~