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HomeMy WebLinkAbout0536 8. Irupection. L.ender mey make or cause to be made reawnable entrie~ upon and in~pectiona oithe property, provided that Leader ~haA Rive Botrower notioe prior to any such inspection spacitying ne~onable cawe therefor related to I.ender's interwt in the Property. 9. Condemnadoa. The prooeeda of sny a~vard or claim for damagea, direct or conse4uential, in connection with any oondemnation or othe~ taking of the property. or part thereot. or !or coaveyance in lieu o[ condemnation. are hereby aesi~nod aad shall be pe~id to Lender. Ia the event of a btal takin~ of the Property, the pmcecde ahal! be applied b the ~ums sec~?red by thy Mortga~s. with the ~cess, if any, paid b Bormwer. In the event of a partial taWng of the Property. unleea Borrower and Lender othenvise egree in writing, then shall be applied to the sums ~ecured by this Mort~age such proportion of the proceeds as ia equal to that proportion which the amoaat of the suau aecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propedy immediatcly prior to the date of : taking. with the balan~ of the pmceeds paid to Borrower. lf the Property u abandoned by Borrovver, or if. after notice by Lender to Borrower that the oondemnor offers to make an award or settle a claim ior dainages. Borrowes feils to nspond to Lende: within 30 days after the date such notioe is mailed. Lender ie authorised to coUect and upply the proceeds. et Lender e optio~. eitha to netoration or repair of the propedy or to the suma eecured by this Mortgage. Unless Lender and Borrower otherwiae a~e in writinB. aay such applicatioa of peoceeds b principsl shall not estend or postpone We due date of the monthly instaltmenta referred to in paregrapha 1 aad 2 hereof or change the amount of auch installmeata. 10. Borrower NoL Released. E:t~neion oi the time for paymant or modification of amortizaEion of the suma eecured by this Mortgage granted by I.ender to any aucceasor in intereet of Borrower ehall not operate to releaee, in any manner, the tiability of the original Borrower and Borrower's succeeaore in interee~ I.ender shall not be required to oommence proceedings againat such successor or refuee to eztead time for payment or otherwise modify amortization of the sums secured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower s eucceseore in intereat. . ' 11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in e:erciaing any right or remedy hereunder. or otherwise afforded by applicable law. ahall not be a waiver of or preclude the ra~erciee of any euch right or remedy. The procurement of inaurence or the payment of taxea or other liena or charges by Lender shall aot be a waiver of Lender'e right to aocelerate the maturity of the indebtedneea secured by this Mort~age. 12 Remedies Gtimulative. All remedies pmvided in thie Mortgage are distinct and cnmulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e~cercieeri rnncurrently, independendy or succeseively. 13. 3ucceseors and Aeeigns Bound; Joint and Several Liability; Captione. The rnvenanta and agreementa herein oontained shall bind, and the righte hereunde~r ehall inure to, the reepective auccessors and assigna of I.ender and Borrower, subject to the proviaions of . paragraph 17 hereof. All covenants and agreements of Borrower ehall be joint and eeveral. The captions and headinge of the paragrapha of this Mortgage are for covenience only and are not to be uaed to interpret or define the pmviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrow~ provided for in thie Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addrese or at auch other addreea ae Borrower may deeignate by notice b Lender ae provided herein, and (b) any notice to Lender ahall be given by certified mail. retura receipt requeated, to Lend~ a addrese atated herein or to auch other addreas as L,ender may designate by notice to Borrower aa provided herein. My notice grovided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage rnmbinea uniform oovenants for national uee and non- uniform covenante with limited variationa by jariadiction to oonatitute a uniforan eecurity inatrument oovering real pmperty. Thie Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clauee of this Mortgage or the Note contlicta with applicable law, such rnnflict ahall not affect other provisions of this Mortgage or the Note which can be given effect without the oonflicting provieion, and to thie end the provieions of the Mortgege and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be fumiahed a rnnformed oopy of the Note and of fhis Mortgage at the time of ezecution or after recordation hereof. 17. Tranefer of We Property; Aseumption. If all or any pad of the Property or an intereet therein is aold or traneferred by Borrower without i.ender e prior written consent, e:cluding (a) the creation of a lien or eacumbrance aubordiaate to thie Mortgage, (b) the creation of a - purchase money eecurity intere8t for honeehold appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or lees not oontaining an option to pnrchaee, Lender may. at Lender'e option, declare all the sums eecnred by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to aacelerate if, prior to the sale or tranefer, Lender and the person to whom the Property is to be eold or transferred reach agreement in writing that the credit of euch peraon is satisfactory to Lender and that the intereat payable on the aums aecured by this Mortgage ahall be at auch rate as Lender ehall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's successor in interest hae e:ecuted a written assumption agreement accepted in writing by Lender, Lender shall releaae Borrower from all obligations under this Mortgage and the Note. ; If Lend~ exercises such option to aoce~erate, Lend~ shall mail Borrower notice of acceleration in acxordance with paragraph 14 hereof. i Such notice shalt provide a period of not leas than 30 days from the date the notice is ir,ailed within whieh Borrower may pay the suma deciared ~ due_ If Borrower fails to pay such eums prior to the expiration of auch period, I.ender may, without further notice or demand on $orrower, k invoke any remedies permitte~ by paragraoh 18 hereof 4 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thia Mortgage. including the covenants to pay when due any suma aecured by thie Mortgage, Lender ~ prior to aoceleration shall mail notice to Borrower ea provided in paragraph 14 6ereof epecifying: (1) the breach; (2) the actioa required to cure auc6 breach; (3) a date, not leae than 30 daye from t6e date the notice is mailed to Borrower, by which euch breach muet be cured; and (4) that failure to cure such breach on or before the date specifed ia the notice may reeult in acceleratioa of the suma secured by thie Mortgage, foreclosure by judicial procecding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinstate aRer acceleration and the right to aseert in the foreclosure proceeding the non•ezietence of s default or any otber defenee of Borc~wer to acceleration and foreclosure. If the breach ie not cured on or ~ before the date epecified in the notice, Lender at Lender's option may declare all of the suma aecured by thie Mortgage to be immediately due and payable without further demand and may forecloee thia Mortgage by judicial proceeding. Lender s6a11 be entitled to oollect in auch proceeding all e:penaes otforecloaure, including, but not limited to, reaeonable attorney'e fees. and coats ot documentary evidence, abetr~cts and title reporte. 19. Borrower'e Rig6t to Reinetate. Notwithatanding Lender s acceleration of the sums eecured by thia Mortgage, Borrower ehall have the. right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya Lender all eume which would be then due under this Mortgage, the Note and noLea eecuring l~ture ~ Advanoes, if any, had no soceleration axurred; (b) Borrower cures all breaches of any other eovenants or agreementa of Borrower contained in - thia Mortgage; (c) Borrower paye all reaeonable e:penses incurred by Lender in enforcing the oovenante and agreemente of Borrower ~ oontained in thia Mortgage and in enforcing Lender a remedie8 as provided in paragraph 18 hereof, including, but not limited to, reaeonable ~ attorney'a feee; and (d) Borrower takes auch action ae t.ender may reasonably reqnire to aeaure that the lien of this Mortgag~ Lender'e interest ~ in the Property and Borrowefe obligation to pay the suma secared by thia Mortgage ehall continue unimpaired. Upon auch payment and cure ; by Borrower, thie Mortgage and the obligations eecured hernby shall remain in full force and effect ae if no acceleration had occurred. - @ 20. Aasignment of ftents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaignd to Lender the renta ~ of the Property, provided that Borrower ehall. prior to acceleration under paragraph 18 hereof or abandonment of the Property; have the right ' to collect and retain such renta ea they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a reoeiver appointed by a ~ court to entervpon, take poaseasion of and manage the Property and to collect the rente of the Property, including thoee paet due. All rente ~ oollected by the receiver shall be applied first to payment of the o~ts of management of the Property and rnllection of renta, including, but not ~ limited to, receive~ a feea, premiuma on receiver a bonds snd reasonable attorney e fees, and then to the aums eecured by thia Mortgage. The receiver shall be liable to aooount only for thoee renta actually received. ~ ~ t~ ~ ~ ~ ~oa« 295 535 - ~ _ ~ _ _ - - - - - - - - _ _ . - ~ ~ ~ 4~ ~ rs~~ -.~s._. .