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HomeMy WebLinkAbout0870 8. lASpectioa. l.ender may make ur cauae to be made ceasonable entties upon and inapectione of the pwperty, provided that I.ertdet ehall give Bor~ower notice prior to any auch inepection eperifying reaaonable cause thetefor related W I.ender's intereet in the Property. . 9. Condetnnatioa. The proceeda of any award or claim for damagea, direct or coneequential, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnatiun, are hereby aseigned a.~d ahall be paid to l.ender. In the event of a toLal taking of the Property, the proceeds ahall be applied to the euma eecured by this Mortgage, with the exceea, if any, paid to Borrower. In the eve~t of a partial taking of the Pe~opetty. unlese Borrower and L,ender otherwiee agi~ee in writing, there shall be epplied to the suma secured by this Mortgage auch proportion of the proceede ae ia equal to that ptoportion which the amount of the eums secured by this Mortgage immediately prior to the date of taking beare to the fair market value oithe Property immediately prior to the date of taking, with the ba:anca oi the proccede paid to Borrower. Ii the Property ia abandoned by Borrower, or if, aRer notice by Lender to Borrower that theconde~qnor oitere tom~ke an award or eettle a claim for damagea, Borrower faila to respond to Lender within 30 daya after the date such notice ie mailed, Lenderls 6i~~horized to coliect and apply the procecds. at Lender s option, either to reatoradon or repair of the property or to the aume aecured by thie Mortgage. Unleas L,ender and Borrower otherwiee agree in writing, any such application of proceede to principal shall not e:tend or poetpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of euch instaUmente. 10. Borrower Not Released. Extenaion of the time for paymsnt or modification of amortization of the aums aecured by thie I?iortgage granted by Lender to any a~ccesaor in intereat of Eiorrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowei s succeasora in intereat. l.ender ahall not be required to commence proccedinga againet such auccesaor or refuae to extend time for payment or utherwise modify amoriization of the suma secured by this Mortgage by reason of any demand made by the originai Borrower and•E3orrower's successore in intereat. 11. Forbearance by I.ender Not a Waiver. My forbearance by Lender in exerciaing any right or remedy hereunder, or otherwise aPforded by applicable law, ehall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of inaurance or the payment of taxee or other liene or chargea by I.ender shall not be a waiver of Lender a right to accelerate the meturity of the indebtedneae secured by thie Mortgage. 12 Remedies Gtimulative. All remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Alortgage or afforded by law or eqaity, and may be exercised ooncurrendy. independently or auccesaively. 13. Succeseore and Asaigne Bound; Joint and Several Liability; Captione. The covenantte and agreements hernin oontained shall bind, and the righta hereunder ehall inure to, the respective succeaeore and asaigne of Lender and Borrower, aubject to the proviaiona of paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and several. The captions and headings of the paragrapha of this Mottgage nre for covenience only and are not to be used to intetpret or define the provisione hereof. 14. Notice. Except for any notice requved under applicable law to be given in another manner, ~a) any notice to E3orrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at auch other addreee as Borrower may de»ignate by notice to Lender as provided herein, and (b) any notice W Lender ahall be given by certified mail, return receipt requeated, to Lendei s addreas stated herein or to auch other addreas as Lender may designate by notice to Borrower as pmvided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Unitorm Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform oovenants for national uae and non- uniform covenanta with limited variations by jurisdiction to oonstitute a uniform security inatrument rnvering real property. This Mortgage shall be go~erned by the law of the jurisdiMion in which the Property is located_ In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch contlict shall not affect other provisions of this Mortgage or the Note which can be given effect w-ithout the rnnilicting pro~ision, and to thia end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recc~rdation hereof. 17. Tranafer of the Property; Asaumption. If a11 or any part of the Property or an intereat therein ia sold or tranaferred by E3orrower without Lender's prior written coneent, excluding (a) the creation of a tien or encumbrance subordinate to this Mortgage, (b) the creation of a ~ purchaee money security interest for household appliances, (c) a transfer by deviae, 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 teae not containing an option to purchase, Lendet may, at Lender's option, 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 ia to be sold or tranaferred reach agreement in writing that the credit of such ; person ie satiafactory to I,ender and that the interest pay able on the aums secured by this Mortgage ahall be at such rate as Lender ahall ~ request. If Lender has W aived the option to accelerate provided in thia paragraph 17, and if Botrowei s succeasor in interest has execated a ! written asaumption a~reementaccepted in writing by Lender, Lender ahall release Borrower from all obligations under thia Mortgage and the ~ :V ote. ' If l.ender exercises such option to accelerate, [.ender shall mai) (3orrawer notice of acceleration in accordance with pazagraph 14 hereof. ~ Such notice shall provide a period of not less thpn 30 days from the date the notice is mailed within which Borrower may pay the sums declared due_ If Borrower tails to pay such suma prior to the expiration of such period, l.ender may, without further notice or demand on Korrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay when due any aums eecured by this Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower 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 from the date the notice ia mailed to Borrower, by which euch ~ breach must be cured: and (4) that failure to cure such breach on or before the date epeciCed in the notice may result in ~ acceleration of the auma aecured by this Mortgage. forecloaure by judicial proceeding and saleof the Property.The-notice ahall ~ further inform Borrower of the right to reinstate after acceleration and the right to aseert in the forecloaure prceeeding the ~ non-e:ietence of 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 suma secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's feee. and "s;~ coats ot documentary evidence. abstracta and title reports. ~ 19_ Borrower'e Right to Reinstste. Notwithatanding Lender's acceleration of the auma secured by this Mortgage, Borrower ahall have ~ the right to have any proceedings began by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Futuce Advancee, if any, had no acceleration occurred; (b) Borrowercurea aU breachesof any othercovenante or agreementa of Borrowercontained in this Mortgage; (c) Borrower pays ali reasonable expenses incurred by Lender in enforcing the covenanta and agreements. of Borrower oontained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takea auch action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lendei a interest in the Property and Borrower'a obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon such payment and cwe ~ by Borrower, this Mortgage and the obligatione aecured hereby shall remain in full force and effect as if no acceleration had occurred. 'r~ 20. Asaignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigna to Lender the renta of the Property, provided that Borrower ahall, prior to aeceleration under paragraph 18 hereof or abandonment of the Property, have the right to cullect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender eha11 be entitled to have a receiver appointed by a oourt b enter-upon, take possesaion of and manage the Property and to collect the rents of the Property, including those past due. All renta " oollected by the receiver shall be applied firat to payment of the coste of management of the Property and rnllection of renta, including, but not ~r limited to, receiver's feee, premiuma on receiver's bonde and reasonable attorney e fees, and then to the suma secured by this Mortgage. The receiver aha11 be iiable to acoount only for those rents actually received. 4~ ~ ~ ' 800K~~ PAGE ~ ~ ~ - - ~ ~ ~ , - - - - ~ yn, 1 y,~ ~ ~T~ uE~n ~y ~ 4 ' ~ ~`~^'-,~,7a~s~'~"~-.:~~~'.~n~`~.sh",."'~^.,~~~„'-w^.~ iS?~ _ ~~~"~'~a~~.s~~