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HomeMy WebLinkAbout0857 8. lnepection. Gender may make or cauee to be made reaaonable entriea upon and inspectiona ot the property, provided that l.ender ehxll give Borrower notice prior to any auch inapection epecifying reasonable cauee therefor celat~d ~o l.ender's interest in the Property. 9. Coademnatlon. 71?e proceeds of any award or claim for damages, direct or coneequential, in connection with any rnndemnation or other taking of the pmperty, or part thereof, or for conveyance in lieu of oondemnation, are hereby aeeigned and eha;l be paid to Lender. In the eve~t of s btal taking ot the Property, the proceeda ahell be applied to the eums secured by thie Mortgage, with the exceas, if any, paid w Borrowe~. In the event of a partial taking of the Property, unleee Borrower and Lender otherwiee agree in writing, there ehall be applied to the sums secured by thie Mortgage auch pmportion of the proceede as ie equal to that proportion which the amount of the auma eecured by thia Mortgage immediately prior to the datc of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balan~ of the proceeds paid to Borrower. If the Property ie abandoned by Borrower. or if. aRer notice by Lender to Borrower that the rnndemnor of~ere to make-an award or eettle a claim for damagea, Borrower faila to reepond to Lender within 30 days after the date auch notice ia mailed, [.ender is authorized to collect and apply the proceeda, at I.ender'e option, either to restoration or repair of the propeKy or ta the sums aecured by thia Mortgage. Unleaa Lender and Borrower otherwise agree in writing, any auch application of proceede to principal ahall not extend or postpone the due date of the monthly iaetallmenta referred to in paragraphe 1 and 2 hereof or change the amount of auch installments. 10.. Borrower Not Released. Extenaion of the time for paym=nt or modification of amortization of the aums aecured by this Mortgage granted by Lender to any succesaor in interest of Borrower ehall not opetate to release, in any manner, the liability of the origina) Botrower and Bortower'a aucc.~easors in internsl I.ender ahall not be required to commence proceedioga against such successo~ or refuae to extend time for payment or otherwise modify amortizntion otthe sums secured by thia Mortgage by reason of any demand made by the original Borrower and Borrower's succesaors in interest_ 11. Forbearance by I.ender Not a N?aiver. My forbearance by Ixnder in exerrising any right or remedy hereunder, or otherwise afforded by applicable law, ehall not be a waiver of or preclude the exerciae ot any auch right or remedy. The procurement of inaurance or the payment of taxee or other liene or charges by Lender ahall not be a waiver of Lender'e right to accelerate the maturity of the indeLtedneee secured by thie Mortgage. 12 Remedies Cumulative. All remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or aNorded by law or equity, and may be exerciae~l ooncurrently, independently or succeasively. 13. Succeasora and Aeaigne Bound; Joint and Several Liability; Caplione. The covenants and agreem~~ta herein con[ained ahall bind, and the righta heteunder shall inure to, the respective succeaeors and asaigne of I.ender and Borrower, aubject to the provieiona of paragraph 17 hereof. AD covenants and agreements of Borrower shall be joint and eeveral. The captione and headings of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the pmvieions 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 ahall be given by mailing auch notice by certi6ed mail addressed W Borrawer at the Property Address or at auch other addreas as Borrower may designate by notice to Lender ae provided hemin, and (b) any notice to I.en~er shall be Etiven by certified mail, return receipt - requested, to l.ender'a address stated herein or to such other address as I.ender may designate by notice to Borrower as provided hetein. My notice provided for in this Mortgage ahall 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 unitorm covenanta for national uae and non- uniform covenants with limited variations by jurisdiction to constitute a uniform secutity instrun~ent covering rnal prapetty. Thia Mortgage ahall be governed by the law of the jurisdiction in which the Property is tceated. In the event that any proviRion or clauae of this Mortgage or the Note conflicta with applicable law, such confliM ehall not af~'ect other proviaiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the pro~~isions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahali be furnished a conformed rnpy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. 'l~anafer of the Property; Assumption. If all or any part of the Property or an intereat thernin ia sald or tranaferred by Borrower wlthout Lender's prior written consent, excluding (a) the creation o[ a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for houaehold appliances, (c) a transfer 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 Lendei s option, , declare all the sums secureu by this Mortgage to be immediately due and payable. Lender ahall have wai~ ed such option to accelerate if, prior to the sale or tranefer, [.ender and the person to whom the Property is to be sold or transferred rnach agreement in writing that the credit of auch ~ person is satisfactory tn Lender and that the interest pay able on the sume secured by this Mortgage shail Je at such rate as Lender ahall i request. If Lender has waived the option to accelerate pro~ided in this paragraph 17, and if Borrower s successor in interest has executed a j written assumption agreement accepted in writing by Lender, Lenderahall release Borrower from all obligations underthis Mortgage and the ~ Note. ~ If I.ender exerciaes such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof E Such notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrawer may pay ihe sums declared ! due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on I3orrower, i mvoke any remediea permitted by paraRraoh 18 hereof. i 18. Accelerelion; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenants to pay when due any aums secured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower es provided in paragraph 14 hereofapecifying: (1) the breac6; (2) the aMion ~ required to cure such breach; (3) a date, not lese than 30 day a from the date the notice is mailed to Borrower, by which such ~ breach muet be cured: and (4) that failure to cure such breach on or before the date apecified in the notice may result in ~ acceleration of the suma secured by thia 111ortgage, forecloaure by judicial proceeding and eale otthe Property. The notice ehall ~ further inform Borrower of the right to reinstate after acceleration and the right to asaert in the foreclosure proceeding the ~ non-ezistence ot 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 notiee, Lender at Lender's option may declare all of the sums secured by this Mortgage to be ~ immediately due and payable without further demand and may toreclose this 1ltortgage by judicial proceeding. Lender aha!! be ~ entitled to rollect in auch proceeding all e:penses of forecloaure, including. but not limited to, reasonable attorney's fees, and costs of documentary evidence. abAtracta and title reports. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender's acceleration of the aumssecured by thie Mortgage, f3orrower shall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (al Borrower pays Lender all sums which would be then due nnder thie Mortgage, the Note and notea securing Future Advancea, if any, had no acceleration ciccurred; (b) Borrower rvrea all breaches of any other covenante or agreements of Borrower contuined in ~ this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower - contained in this Mortgage and in enforcing I.ender'a remedies as provided in paragraph lA hereof, including, but notJimited to, reasonable attorney's fees; and (d) Borrower takeH such action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender's intereat ~ in the Property and Borrower's obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Bnrrower, this Mortgage and the obligationa secured hereby ehall remain in full force and effect as if no acceleration had occurred. ; 20. Asaignment of Rente; Appointment ot Receiver. As additional eecurity hereunder, Borrower hernby aasigna to Lender the renta ; of the Ptoperty, provided that Borrower ahall, prior to acceleration under paragraph IS hereof or abandonment of the Property, have the right to colleet and retain auch rents as 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 s ~ oourt to enter-upon, take possession of and manage the Property and to coliect the rents of the Property, including those past due. All rents ; oollected by the receiver ehall be applied first to payment of the coeta of management of the Ptoperty and collection of renta, including, but not limited to, receiver's fees, premiuma on receiver's bonda and reasonable attorney e feea, and then to the sums aecared by this Mortgage. The ~ receiver ahall be liable to acoount only for those rents actually received. ~ ~ ~ ~ °-R 294 ~56 # 3~cK r~t?~ i ~ 2 ~ _ . . ~ . . _ ' ~ _ ' . ' _ " ' ' ~ _ " . _ _ ~ " _ ' = _ ' . . . ~ _ . y ' _ - - _ ~ ' L.r :y ~F~.e:..~-~"K..~?~::#'`~ a 9~ti"f"'~ ~'~......;s - . . , ~ r