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HomeMy WebLinkAbout0528 8. tn~pection. Lender may make or cause to be made reawnable entrie~ upoa and'uupection~ of the property, provided that I.ender shall give Borrower notics prior to a~y such inepection ipecifyin~ reesonable cauae therefor nlated to Lender's iatenat ia the Property. 9. Coademnatlon.'11~e proceed~ of any a~ard or claim !os dama~e~, dinct or conrequentiel. ia conneetion with any ooademnatiop or other talunB of the pmPerty, or part thereof. Oi fOi OOI1Yly1lA0E }[l U@Y Of OOIId~Ilat10l1, are hereby assigned and ahall be paid b Lende~. In the event oi a total t.akinQ o! the Property. the pmceeds ehall be applied to the aw~as ~ecured by this Mortgage. with the e~cce~s, if any. paid to Borrower. in the eveat of a partial taking of the Property. ualess Borrower and I.ender otherwise agree in writing. there ehall be applied b the sums secured by this Mortga~a such proportion ot the ps~oceeds aa ia equal to that proportion which the amount of the sums sccured by this Mortgage iznmediately prior to the dat~ of taking beass to the fair martet value of the Property immediaGely prior Lo the date of ta~ing. with the balanc+~ of the proceeds Paid to Borrower. ~ If the Roperty is abandoned by BoTrower. os if, aRet notioa by Lender to Borrower thet the oondannor offers to make an s~vard or settk a claim for damagea, Borrowes fails b respond to Leader a+ithin 30 daye aft,er the date euch notioe ia mailed, Lender is authorised b coA~ct and apply the proceed~. at Lend~ s option. either to restoration or repair of the property or to the sums secund by this Mort~age. Unless i.eader and Borrower otherwise aeree in writin8. anY such application of proceeds to prindpai ahall not e:tend or postpone the due date of the manthly ineiallments referred to ia parsgraphs 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Releaeed. Exteneion of the time for paymant or modification of amortization of the auaoa eecured by this Mortgage granted by I.ender w any eucceeaor in intereat of Borrower ehall not operate to release, in any mannec, the liability of the original Borrower and Borrower s succeseora in intereet. l.ender sha11 not be required to oommence prooeedinge againet each succeasor or refuee b e:tend time for payment or otherwiae modify amortization of the auma secured by thia Mortgage by Teason of any demand made by the original Borrower and Borcov?er s eucceesore in interest. 1~. Forbearanoe by l.ender Not a Waiver. My forbearance by I.ender in e:ercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of oT pteciude the exerciae of any auch right or remedy.'11~e procurement of inaurance or the payment of taxea or other liene or charges by Lender shell not be a_waiver of Lender's right to aooelerate the maturity of the indebtednese secured by this 1ltortgage. 12 Remedies Cumulative. All remedi~ provided in this Mortgage are diatinct and cumulative to say other right or remedy under this Mortgsge or afforded by Iaw or equity, and may be e:ercieed ooncurrently, independent{y or aucceesively. ~ 13. 3uccessors and Assigne Bouad; Joint and Several Liability; Captions. The oovenants and agreements herein ooutained shalt bind, and the right~ hereunder shall inure to, the reepective auc~.~eseors and aaeigne of Lender and Borrower, eubject to the provisione of pacagraph 1T hereof. All covenante snd sgreementa of Borrower ehail be joint and eeveral. The captionsand headinge of the paragrapha of this Mortgage are for rnvenience only and are not to be uaed to iaterpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable taw to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage shall be given by mailing such aotice by certified mail addreaeed to Bormwer at the Property Addrees or at auch other addrees ee Bor~ower may designate by notice to Lender as pmvided herein, and ib) any notice to Lender ehall be given by certified mail, return reoeipt requested, to Lender's address atated herein or to euch other addreae ae Lender may designate by notice to Borroarer ae provided hereia. Any notice pmvided for in this Mortgage at,all be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. ~aiform Mortgage; Governing I.aw; 3everabiljty. This form of mortgage combin~ ~niform oovenants for national uee and non- uniform covenants with limited variationa by juriediction to rnnstitute a uniform security instrument oovering real property. This Mortgage ahall be govemed by the law of the juriadiction in which the Property ia located. In the event that any proviaioa or clauee of this Mortgage or the Note conflicta with applicable law, auch conflict shall not aNect other proviaione of this Mortgage or the Note which can be given e8ect without the oontlicting provision, and W thia end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16_ Borrower's Copy. Borrower shall be furnished a rnnformed oopy of the Note and of this Mortgage at the time of esecution or aftez recordation hereof. 17. 'I`ranefer of the Property; Assumption. If aU or any part of the Property or an intereat therein is eold or traneferred by Borrower - w~thout Lender's prior written conaent, e~ccluding (s) the creation of a lien os encumbrance eubordinate to this Mortgage. (b) We creation of a - purchase money security intereet for houeehold appliences. (c) s tranefer by devise, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or leaa not oontaining an option to purchaee, I.ender may, at Lender's option, - declare all the sume sec~red by tfiia Mortgage to be immediately due and payable. I.ender ahall have waived such option to aocelerate if, priar ~ to the sale or tranafer, I,ender and the pecaon to whom the Peoperiy ia to be sold or transferred reach agreement in writing that the credit of auch ~ person is satisfactory to Lender and that the interest payable on the sums aecured by this Mortgage shall be at anch rate as I.ender ahall ~ ~ request. If Lender hae waived the option to accelerate provided in this paragraph 17, and if Borrower s succe~ssor in intereet has e~ecuted a ~ w~ritten assumption agreement accepted in writing by i.ender, Lender ahall release Borrower from a11 obligadons under this Mortgage and the ~ \ ote. I f Lender e~cerciaea auch option to aooelerate, Lender ahall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not lesa than 30 days from the date the notice ia rLailed within which Borrower may pay the sums declated ~ due. If Borrower faila to pay such sums prior to the exp'vation of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof ~ ' 18. Acceleration: Remediee. ~zcept ae provided in paregrap6 1T hereof. upon Borrower'e breach of aqy oovenant or g agreemen! of Borrower in this Mortgage. including the oovenants to pay w6en dae any Bume eecured by thia Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragrsph 14 hereof specifyiag: (1) the breacb; (2) the action required to cure auch breac6; (3) a date, not leas than 30 daye from the_date the notice is mailed to Borrower, by which snch breach must be cured; aad (4) that failure to cure such breach on or before the date specified in the notice may re8ult in ' scceleration of the eume eecured by thie Mortgage, forecloaure by judicial prooeeding and sale of the Property. T6e notice ahaU further inform Bortower of the right to reinstate efter acceleration and t6e right to eaeert in the forecloeure proceeding the non-exietence of a default or any other defense of Borrower to aoceleration and foreclosure: If the breach is not cured on or ~ before the date apecified in the notice, Lender et Lender's option may declare all of the sums secured by this Mortgage to be i mmedietely due snd payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender shalt be entit{ed to collect in euch proceeding all espenses of foreclosure, including, but not limited to, reaeonable attorney's fees, and ~ coats of documentary evidence, abatracta and title reporis. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender a acceleration of the suma eecured by thie Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enfotcing 5 this Mortgage if: (a) Borrower pays I.ender all auma which would be then due under this Mortgage, the Note and notea eecuring Fbtare ~ Advances. if any, had no acceleration oocurred; (b) Borrowercvres all breachesof any other rnvenanta or agreemente of Borrower eontained'us this Mortgage; (c) Borrower paye all reasonable.e:penses incurred by Lender in enforcing the oovenants and agreemenLs of Borrower~ ~ contained in this Mortgage and in enforcing L.ender's remedies as provided in paragraph 18 hereof, including, bat not limited to, reaeonablr attorney's feea: and (d) Borrowe~r tak~ anch action aa Lender may reasonabiy require to assure that the lien of thie Mortgage, Lender'e intereat . ~ in the Property and Borrowe~s obligation to pay the aums aecured by this Mottgage shall contunue unimpaired. Upon auch payment snd core ' by Borrower, thie Mortgage and the obligations eecvred hereby ahall mmain in full force and effect es if no acceleration had ocrurred. 20. Assignment of Rente; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby assigna to Lender the renta ~ ; o f the Property. pmvided that Borrovrer shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right ; to collect and retain auch renta ae they become due and payable. j Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ; court to entrr-upon, take poaeeseion of and manage the Property and to rnllect the rents of,the Property, including those paat due. All rente collected by the receiver ehatl be applied ficet to payment of the coata of management of the Property and oollection oirente, including, but not limited to, receiver's fees, premiums on receiver's bonda and reasonable attorney'e feee, and then to the suma eecured by th'ss Mortgage. The receiver ehall be liable to acoount only for thoHe rents actually received. ' s~~« 29~ ~ 5~'T -~~W_~ ._z ~~4.~ . - - _ - _ - . , - y~ . .