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HomeMy WebLinkAbout0162 8. ln~pection: Lender may make or cawe to be mede rearonable entrio~ upon and, iaapectiotu of the propa~ty, pmvided thet Lender shall ~ive Eiorrower notice prior to any wch inspectio~ ~pecifyin~ reaaoneble cawe th~efor nlsted to Lende~ i iatere~t in the Property. 9. Coademnatloa.'Rre prooeed~ of any award or claim for dama~ea, direct or oo~~aquential. in rnn~ection with any o~ndaanstioa or other takinQ o[ the property, or psK thereof, or for ooaveyanoe i~ lieu ot oondemnatioA, are hereby ewRned and ~hall be paid b Lender. ln the event of a total takin~ oi the Property, the pn~eeed~ ~hal! be applied b the ~uau ~ecured by thia Mort~ey~e. with the esoeM. jf any. paid to Borrower. In the event oi s partial takin~ ot the Property. unlaw BoROwer and iender olhsrwi~a 8aree in writit?~, there ahell be applied to the ~um~ ~ecured by thu Mort~age such proportion ot the proceed~ a~ u equsl to that proportion which the amount of the suro~ ~ecured by thia Mort~aQe immediately prior to the date of takinQ bean to the tair marlcet value o[the Property iu~anediately prar b the d~te o! 'taking, ~vith the balanoa of the prooeed~ puid to Bon~ower. It the Property is abandoned by Borrower, or if, atter notioe by Lender to Borrowu that the oondemnor otYen to make an sward or ~etlle a claim for damaQe~, Borrower faib fo respond to l.ender within 30 day~ after the dete such aotice is mailed, Lender ia authori~d tocollect and apply the proceed~, at I.ender'~ option, either to redoration or repair of the property or to the ~uma secured by thu Mort~age. Unles~ l.ender and Borrower otherwire a~ree in writing. any ~uch application of ptoceed~ to principal shaU not extend or postpone the due date of the monthly itutellment~ refereed to in paragraphs 1 and 2 hereof or chnnge the aawunt oi such irutsllment~. 10. Borrower Not Released. Exteniion of the time for paymsnt or moditication of amortization of the sum~ ~ecured by this Mort~aQe granted by (.ender to any succeswr in intere~t o! Borrower ahall not operate to release, in any manner, the liability of the original E3oROwer and Borrower's suc~cesaore in iatereat. l.ender shall not be required to oommence proceeding~ egainst such sucreswr or refwe to estend time for payment or utherwise modify amortization of the sums eecured by this Mortgage by reaaon of any demand made by the originsl Borrowe~ and Burrower's auccessors in interes~ 11. Forbearat~ce by Lender Not a R?aiver. My fo~bearance by Lender in e:erci~ing any ri~ht or remedy hereunder, or otherwiae af[orded by applicable law, ~hall not be a waiver of or preclude the e:ercise of any ~uch right or remedy.'l1~e pmcurement of iruurance a~ the payment of tue~ or other lieru or charges by Lender shall not be a waiver of Lender r right to aacelerate the meturity ot the indebbdne~a secured by this Mortgage. 12 Remedie~ Cumulative. All remedies provided in this MortgaQa sre diatinct end cumulatire to any other ri~ht or remedy nnder thi~ Mortgage or aftorded by larv or equity, and may be ~ercued ooncurrentl~, independently or~uccas~ively. 13. Succeewrs and Assl~n~ Bound; Joine and Seve~al Liabilley; Captloiu. The oovenants and agreemente herein contained shall bind, and the righte hereunder shal! inure to. the respective auccessora and as~igns of I.ender aad Borrower, ~ubject to the provieions of paragraph 17 hereof. All rnvenants and agreement~ of Borrower shall be joint and ~everal. The captiona snd heading~ of the paregraph~ of thia Mortgage are for covenience only and are not to be wod to interpn! or define the provision~ hereof. 14. Notice. F:xcept for any notice required unJer applicable law to be given in another manner, (a) any notice to Borrawer provided [or in thie Mortgage ahall be given by mailinq euch notice by certified mail addreaeed to Borrower at the P[operty Addreas or a? such other address es F3orrower may designate by noticr to I.ender as provided herein, and fb) any notice to l.ender shall be given by certified mail, nturn receipt requeated, to l.ender'e eddrese etated herein or to such other addreas ae Lender may deaignate by notice to Borrower ea provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower oz Lender when given in the manner designsted herein. 15. Uniform Mortgage; Governing l.aw; $everability. Thie form of mortgagecombinea uniform oovenante for national use and non- uniform rnvenants with limited variationa by jurisdiction to oonatitute a unitorm security instrunient aovering real property. Thu Mortgage ahaU be governed by the law of the jurisdiction in which the Property ia located. In the event that any pmvieion or clauee of this Mortgage or the Note conflicta with applicable law, euch cc,nflict shall not aftect other pMviaions of this Mortgage pr the Note which can be given efiect without the contlicting provision, and to thia end the provisiona of the Mortgaqe and the Note are declend to be aeverable. 16. Borrower'~ Copy. Borrower ahall be furnished a con[ormed oopy of the Note end oithis Mortgage at the time of e:ecution or after recordation herroL l7. '1`ransfer ot the Property; Awumptlon. lf all or any part of the Property or an inteceet therein is sold or traneferred by Borrower without I.ender's prior written conaent, e:cluding (a) the creation of a lien or encvmbrance aubordinate to this Mortgage, (b) the creation of a purchaee money socurity interest for houaehold appliancea, (c) a transfer by deviee, dc~cent or by operation of law upon the death of a joint ten~nt or (d) the qrent of any leasehold intereat of three yeare or leea not oontaining an option to purchase, Lender may, at Lender's option, declare all the sum~ eecured by thia Mortgege to be iromediately due and peyable. Let~der shall have waived such option to aocelerate if, prior 'i tc, the sale or trensfer, I.ender and the person to whom the Property ia ta be sold or lranaferred reach agreement in writing thet the creditof such person is eatiafactory to I.ender and that the interest payabie on lhe eums secured by thie Mortgage ehall be at nuch rate as I.ender shall ~ request. If t.ender hae waived the option to accelerate provided in thie paragraph 17, end if Borrower's succeeaor in intereat has executed a ~ written asaumption agreement accepled in writing by I.ender, l.ender ehall releaee Borrower trom all obligationa under thia Mortgage and the Note. ~ If Lender e:erciaea auch option to accelerate, [.ender eha11 mail Borrower notice of acceleration in accordance with paraqraph 14 hereof. E Such notice ahall provide e period of not leae than :i0 daye from the date the notice is mailed within which Borrower may pay lhe eume declared E due. If Borrower faila to pay Buch aume prior to the e:piratiun of such period, l.ender may, without further notiee or demand on ESorrower, j mvoke any remedies permitted by paragraoh 18 hereof. ~ ~ 18. Acceleration; Remedles. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any ooveaent or ~ agreement otBorrower in thb Mortgege. including the oovenants to pay when due any sumasecured by thia Mortgage, I.ender ~ priur to acceleratfon sha11 mail notice to Borrower as provided in paragraph 14 hereotspecityin~: (1) tbe breach; (2) the action U requlred to cure ruch breach; (3) a date, not lesa tha» 30 days tFom the date the notice is mailed to Borrower, by w6ich suc6 breach must be cured; and (4) that failure to cure euch breach on or before the date specified in t6e aotice mey reault tn ~ acceleration otthe sums secured by this Mortgage, foreclo.ure by judlciel proceedlag and saleott6e Property.The aoticesheU ~ further inform Borrower ot the rlght to reinstate aA.et acceleration end the rl~bt to asaert In the [oreclosure proceedin~ the ~ non-e:istence ot a default or any other detenee o! Borrower to acceleretioa and foreclosure. It the breach L not cured on or ~ betore t6e date ~pecified in the notice, I.ender at Lender's option may declare all of t6e sums secured by thia Mortgage to be ~ immediately due and payable without further demand and may torecloee tl~s Mortga~e by judicial proceeding. Lender ehall be entitled to oollect in auch proceedinq all expenses of torecloeure, including, but not limited to. reseonable attorney's fees, and costa of documentary evidence, ebetracte and title reporte. • ~ 19. Borrower'~ Rigtit to Reinrtate. Notwithstandinq i.ender'e acceleration of the suma secured by this Mortgage, Borrowerahall have y the right to have any proccedings begun by I.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paye I.ender all sums which would be then due under this Mortgage, the Note and noles securing Future r Advances,ifany,hadnoaccelerationocxurred;(b?E3orrowercurese116reacheeofanyothercovenanteoregreementeofBorrowercontained'en - this Mortgage; (c) Borrower paye all reseoneble expeneea incurre~ by I.ender in enforring the covenanta and agreemente of Borrower ' oontained in this Mortgage and in enforcing I.ender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d) Borrower takes euch acfion ea Lender may reasonably require to asaure that the lien of this Mortgage, Lender a intereat in the Property and f3orrower'e obligation to pay the sume secured by thie Mortgage shaU continue unimpaired. Upon such payment and cure by Horrower, thie Mortgage and the obligations aecured hereby ehall remain in full [orce end effect as if no acceleration had axurred. 20. As~i~r?ment o[ Renta; Appointment ot Receiver. As additional security hereunder, Borrower hereby sesigns to Leader the renta ; of the Property. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ' to colled and retain ~uch renta as they become due and payable. ~ Upon acceleration under peragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a reaiver appointed by a i _ oourt to enter upon, take poeseasion of and menage the Property and to collect the rents of the Property, including thase past due. All rents oollected by the receiver ahall be epplied first to payment of the ooeea of management of the Properiy and oollection o[rents, including, but not - limited to, n~ceiver e feea, premiuma on receiver's bonda end reaaonable attorney's feea, and then to the auma aec~red by thia Mortgage.'IT~e receiver ~hall be liable to acoount only [or those renta actually received. ~ ~ ~ ~ ~i r . ? ~ s ~ ~ _ _ _ k 3 ~ . , . ' . . , l '~`C ~ z . . . . . . . i ~ _~.k.