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HomeMy WebLinkAbout0509 j 8. lnspection. Lender may make or cawe to be msde reason~bk eatrie+ upon and inspection~ of the pmperty, provided that Lender ehall give Borrower aotira prior to any such inapection specifying reasonable causs therefor nlated to Lender's intereat in the Property. 9. Coadamn~tion. The pmcced~ of any award or claim for dama~es, direct ar consequential. in con~ection with any oondemnation or other taking of the prop~ty. or part thereof. or for conveyeace in Ueu oi oondemnation. ere hereby asrigned and shal) be paid to Lender. Ia the.event of a btal taki~ of the Property. the proceeda ~hall be applied b ehe sums secured by thu Mortgage, with the e~ccess, if any. paid b Bore~ower. la the eve~t of a pactial taking of the Property. unlees Borrower and Lender otherwise age+ee in writing. then shall be ` applied to the suma secured by this Mortgage such proportioa of We prooeeds aa is equal to that proportion which the amount of the aums ` eecured by this Mortgage immediately psior to W e date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the bAlanca of the proceeds paid to Borrower. ~ ~ ; If the Propezty is abandoned by Borrower, or it, aRer notice by I.ender to Borrower thet the aondemnor o~'ers to make an award or setde a claim for dameges, Borrower fails to respond to Lender within 30 duya aftar t;:R date such notice u mailed. Lender ie authorized b collect and apply the pmceeds. at Lendei s option, eithec ~o restoration or repair of the pm~.rrty or to the sums secured by fhis Mortgega. Unleaa Lender aad Borrow~ otherwise agree ia writing, any such applicatioa of peoceeds to principal shall not e:tend or poetpoae the due date of the monthly instellmenta referred ~o in paragraphe 1 and 2 hereof or change the amouat of such installaneats. ~ 10. Borrower Not Released. E:tenaion of the time for paymant or aaodification of amortization ot the auma eecured by thie Mortgage granted by l.ender to any succeaeor in intereet of Borrowe~ ehall not operate to release, in any manner, the liability of the original Borrower and Borrower's encceesora in ~nteres~ Lender ehall not be required to oommence proceedings against euch suoceseor or refuee to eztend time ' for payment or otherwise modify amortization of the auma eecured by thie Mortgage by reason of any demand made by the original Borrower ~ and Bor~owe~ a aua,~eaeore in intereat. ~ 1~. Rorbearanoe by Lender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwise affotded by applicable law, ahall not be a waiver of or preclude the ezerciee of any such right or remedy. The procurement of inaurance or the payment of ta:ea or other liena or chargea by Lender ahaU not be a waiver of Lender a right to aocelerate the maturity of Lhe indebtedneas ; aecured by thie Mort~age. 12 Remedies Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:entieed ooncurrendy, independendy or suoceeaively. 13. 3ucceeeors and Aeeigns Bound; Joint and 3everal Liabllity; Captions. The covenents and egreementa herein oontained ahall bind. and the righte hereunder ehall inure to. the respective auc~.~eseors and aseigna of Lender and Borrower, aubject to the prnvieione of paragraph 1? hereof. All covenante and agreementa of Borrower ahall be joint and eeveral. The captiona and headinga of the paragraphe of this 1Vlortgage are for covenience only and are not to be ueed to interpret or define the provieione hereof. 14. Notice. Ezcept 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 certified mail addreased to Borrower at the Property Addrese or at auch other addreas ee 13orrower may designate by notioe to Lender as provided herein, and (b) sny notice to I.ender ehall be given by certified mail, return receipt requeated, to I.endei a addrese atated herein or to auch other address as Lender may deaignate by notice to Borrower aa pmvided herein. Any ~ notice provided for in this Mortgege shall be deemed to have been given to Borrower or Lender whea given in the manner deaignated herein. ~ 15. Ualform Mortgage; Governing I.aw; Severability. Thia form of mortgege combinee uniform aoveaanta for national uee and aon- uniform covenante with limited variatione by juriadiction to oonstitute a uniform eecwity instruzuent oovering real property. Thie Mortgage ahall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision os clauae of Ehis Mortgage or the Note conflict8 with applicable law, auch rnnfliM shall not affect other provisiona of this Mortgage or the Note which can be given e$'ect < withuut the oontlicting proviaion, and to thia end the provieions of the Mortgage and the Note are declared to be eeverebie. 16. Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after : recordation hereof. - 17. 'I~nsfer of the Property; Assumption. If all or any part of the Property or an intereat therein is aold or transferred by Borrower without Lender a prior written oonsent, ~cluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a pue+chaee money r.t.curity intereet for houeehold appliancea, (c) a transfer by devise. desoent or by operation of law upon the death of a joint tennnt or (d) the ~rant of any leseehold intereat of three yeara or lees not oontaining an option to purchaee, I.ender may, at I.ender a option, declare all the s~ma secnred by thia Mortgage to be immediately due and payable. Lender ahall have waived ench option to aocelerate if, prior to the sale or transfer, I.ender and the person to whom the Property ia to be eold or traneferred reach agreement in writing that the credit of anch person is satisfactory to Lender and that the intereat payable on the suma eecured by this Mortgage ahall be at euch rate as Lender shall request. If Lender has waived the option to aocelerate provided in this paragraph 17, and if Borrower s eucc~essor in interest has eaecuted a w-ritten assumption agreement accepted in writing by Lender, Lender shall releaae Borrower from all obligationa under thia Mortgage and the i Note. ~ If Lender euerciBea such option to accelerate, I.ender shall mail Borrower notice of acceleration in aocordance with paragraph 14 hereof. ~ Such notice shall provide a period of not lesa than 30 days from the date the notice is malled within which Borrower may pay the aums declared due_ If Borrower fails to pay such sums prior to the expiration of such period, L.ender may, without furthet notice or demand on Fiorrower, ~ mvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pey when due any sume secured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Botrower as provided in paragraph 14 hereof speeifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lees than 30 days from the date the notice ia mailed to Borrower, by which euc6 breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in acceleration of the aumr secured by thie Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice ehall further inform Borrower ot the right to reinstate aRer acceleration and the right to aesert in t6e forecloeure proceeding the. non-ezietence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ie aot cured on or before t6e date epecified in the notice, Lender at Lender's option may declare all of the anma secured by thie Mortgage to be immediately due and payable without fiirther demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be entitled to collect in euch proceeding all e:penses of forecloeure, including, bnt not limited to. reaeonable attorney'a fees, and ~ coste of documenfsry evidence, abatrect8 and title reporte. 19. Borrower's Rig6t to Reinetate. Notwithatanding Lender e acceleration of ttie auma aecured by this Mortgage. Borrower ahall have the right to have any pruoeedinga begun by Lender to enfome this Mortgage diecontinued at any time prior to entry of a judgonent enforcing thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and noLes eecuring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other covenante or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e~cpenses incurred by Lender in enforcing the oovenantB and agreemente of Borrower ~ o~ntained in thie Mortgage_ and in enforcing I.ender s remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney'e fees; and (d) Borrower takes auch action as Lender may reaeonably require to asaure that the lien of this Mortgage, I,ender'a interest ~ in the Property and Borrowe~'e obligation to pay the auma secured by thia Mortgage ahall rnntinue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligationa eecured hereby shall remain in full force and effect as if no acceleration had oocurred. 20. Aesignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigna to I.ender the rente ~ of the Property. pmvided that Borrower shall, prior to acceleration under parsgraph 18 hereof or abandonment of the Property, have the right ~ to coUect and retain auch rente aa they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a aoart to enter.apon, take poeaeasion of and manage the Property and to oollect the renta of the Property, including thoee paat due. All rente ooUected by the receiver ahall be applied first to payment of the ooste of managementof the Property and collection of renta, including, but not ~ limited to, recriver a fees, premiume on receiver'a bonda and resaonable attorney's feea, and then to the auma eecured by thie Mortgage. The ~ receiver ahaU be liable to acoount oniy for thoee rents actually received. ~ °oor. 295 P,~cF ' S~ ~ - - - - _ _ -