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HomeMy WebLinkAbout0524 8. IaspeMion. Lender may make or causs to be made reasonable entries upo~ and inspections of the pmperty, pmvided that l.ender shall give Bormwer notiee prior to any such inspection specifying reaeoaable ca~ee therefor related b Lende~'s interest in the Property. 9. Condemnation. The pmoeeds of any award or claim for damages, direct or consequential. ia coanectioa with any oondemaatioa or other taking of the property. or psr! thereot. or for conveyanoe in lieu of oondemnation, are hereby assigned and shall be paid to Lender. In the event of a totsl taking of ehe Property. the proceeds shall be appUed to the rums secured by thia Mortgage. with the ex~ess. it any. paid to Borrower. In We event of a partial taking of the Property. unlee~ Borrower and I.ender otherwise agree in v?riting, there shaU be applied to the sums secured by this Mortgage such pmportion of the proceeds as is equal b that proportion which the amoant of the awns secured by thie Mortgage immediately prior to the date of tsking beare to the feir market value of thePmperty immediately prior to the dete of taking, with the balanca of the proceedi paid to Borrower. If the Property ia abendoned by Borrowa. or it. aRer notioe by I.ender to Borrower that the oondemnor oPfen to make an aw~ard or settle a claim for damages. Borrower faiL to respond b Lender within 30 days aiter the daie euch notioe is mailed. Leader is authorised to collect and apply the psoceeds. at I.ender's option. either to resto~ation or repair of the pmperty oT to the sums secured by this Mortgage. Unlesa Lender and Borrower otherwiee agree in writing, any auch application of pmceeds to principal ahall not extend or postpoae the due date of the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Releabed. Extenaion of the time for paymsnt o~ modification of amortisation of the suina eecured by this Mortgage granted by Lender to any eucc~easor in intereat of Borrower shall not operate to release, in any manner, the liability of the original8orrower and Borrower's aucceeeore in intereef~ Lender shall not be required to oommence proceedings againat auch aueceeeor or refuee to e:tend time for payment or otherwise modify amortization of the sume sec~red by thia Mortgage by reason of any demand made by the original Borrower and Borrow~v a succeeaore in intereat. ~ 11. Forbearanoe by Lender Not a Riaiver. My forbearanoe by L.ender in exercieing any right or remedy hereunder, or otherwiee aftorded by applicable law. sheU not be a waiver of or preclude the ezercise of any euch right or remedy. The procurement of inaurance or the payment of taxes or other liene or charges by Lender ahall not be a waiver of Lender s right to aocelerate the maturity of the indebtednese eecured by thie Mortgage. 12 Remediee G~mulative. All remediee pmvided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:eniee~i ooncurrendy. independendy or succeasively. 13. 3ucceasors and AeBigne Bonnd; Joint aad 3everal Liability; Captione. The rnvenants and agreementa herein contained ahall bind, and the rights hereunder ahall inure to. the respective auccea~rs and asaigna of Leader and Borrower, aubject to the pmviaions of paragraph 17 hereof. All rnvenante and agreements of Borrower ahall be joint and several. The captions and headings of the paragrapha of this Mortgage are for covenience only and arn not to be ueed to interpret or define the pmvisiona hereof. 14_ Notice. Except for any notice required under applicabl.e law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by ma.iling auch notice by certified maii addresaed to Borrower at the Property Addrese or at such other address as Borrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to Lender ahall be given by certified mail, retura receipt requested. to Lender's addr~s stated herein or to snch other addrese as Lender may deeignate by notice to Borrower as provided herein. My notice provided for ia thie MortgaBe shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing l.aw; Severability. Thia form of mortgage combinea uniform oovenante for national uee and non- uniform covenanta with liraited variationa by jurisdiction to conatitute a uniform security inatruiuent rnvering real pmperty. Thia Mortgage shall be governed by the law of the j~uiadiction in which the Property ia located. In the event that any provieion or clauae of thiB Mortgage or • the Note conilicts with applicable law, such conftict shall not affect other provisions of thie Mortgage or the Note which can be given effect without the rnnilicting pmvision, and to thia end the provisiona of the Mortgage and the Note arn declared to be eeverable. 1& Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereoL 17. 'l~anefer of the Property; ABSUmption. If all or any part of the Property or an intereat therein is eold or traneferred by Borrower without Lendei s prior.written consent, e:ciuding (a) the creation of a Gen or encumbrance subordinate to thia Mortgage, (b) Lhe creation of a purchase money aecurity interest for household appliances, (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or lese not oontaining an option to purchase, Lender may, aE I.ende~e option, declare all the sums eecurea by this Mortgage to be immediately due and payable. L.ender shall have waived such option to aacelerate if. prior to the sale or tranafer. I.ender and the person to whom the Property is to be aold or traneferred reach agreement in w+riting that the credit of auch pereon ia eatiafactory to Lender and that the interest payable on the auma aecured by this Mortgage shall be at auch rate se Lender ahal) requesk If Lender has waived the option to accelerate pruvided in this paragraph 17, and if Borrowei s aucceasor in interest hae executed a written assumption agreement accepted in writing by Lender, LendershaU release Borrower from all obligationa under this Mortgage and the ~ Note_ _ If Lender eaercisea such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. f Snch notice shall provide a period of not less than 30 days from the date the notice ia tr,ailed within which Borrower may pay the aums declared ~ dne_ If Borrower faila to pay auch sums prior to the expiration of such period, Lender may, without furthet notice or demand on Korrower, ; invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediee. E:cept as provided in paragraph 1? hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in t6ia Mortgage. inctuding the oovenants to pay when due any eums eecured by t6is Mortgage, I.ender ~ prior to aoceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action required to cnre auch breach; (3) a date, not leas than 30 daye from the date the notice ie mailed to Borrower. by w6ich sach breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in ~ acceteration of the aums eecured by this Mortgage, foreclosure by judicia! proceeding and eale of the Property. The aotice shall further inform Borrower of the right to reinatate afler acceleration aad t6e right to asaert in t6e forecloeure proceeding the non-e:istence of a default or any other defense of Borrower to acceleration and forecloeure. It the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the aums eecured by this Mortgage to be imroediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be entitled to collect in auch proceeding aU e:penaea of [orecloeure. including. but not limited to, reaaonable attorney's feea, and - ~ costs of documentary evidence, abstracts and title reporte. ~ 19. Borrower's B~ght to Reinstate. Natwithatanding Lender's acceleration of the euma secured by this Mortgage, Borrower shall have the right to have any proceedinge begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage. the Note and notea eecuring Future ; Q Advancea, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenent8 or agreemente of Borrower oontained in - thie Mortgage; (c) Borrower paye all reasonable ezpensea incurred by L.ender in enforcing the oovenants and agreementa of Borrower - ~ aontained in thi6 Mortgage and in enforcing I.ender'e remedies ae provided in psragraph 18 hereof, inclnding, but not limited to, reasonable ' atiorne 'a fees; and (d) Borrower takea auch action ea Lender ma reasonabl y y y require to eaeure that the lien of thie Mortgage, Lender'e interest ~ in the Property and Borrowei a obligation to pay the euma eecured by thia Mortgage ehall rnntinue unimpaired. Upon euch payment and cnre ~ by Borrower, thia Mortgage and the obligatione aecured hereby ahall remain in full force and effect se if no acceleration had occurred. ~ Y Z0. Assignment of Renta; Appointment of Receiven As additional security hereunder, Borrower hereby assigna to I.ender the rente ~ of the Property, provided that Borrower shall, prior to aaceleration under paragraph 18 hereof or abandonment of the Property, have theright to colled and retain auch rente as they become due and payable. ~ Upon acceleration under peragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a { ~ court to enter~pon, take poeeeaaion of and manage the Property and to rnllect the rente of the Property, including thoee past due. All rents ~ eollECted by the receiver ahall be epplied Sret to payment of the oosta of management of the Property and rnllection of rents, including, byt not limited to, ntixiver'a feee, premiame on receiver's bonde and reaaonable attorney's feee, and then to the auma eecured by this Mortgage. The ~ reoeiver ahall be liable to aooount only for those renta actually received. ~ ~ . ~ € k ~ 523 ~r 295 ~~;,~E ~