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HomeMy WebLinkAbout0338 8. Inspection. I.ender may make o~ cauue to be made reaionable enlrtes upon and iaspectiuns oithe property, provided that l.ender shall give Horrower notice prior to any such inspection epecifying reasonable cause therelo~ related to l.ender's interest in the Property. 9. Co~demnatlon. 'I??e proc~eeda of any award or claim for damages, direct or consequential, in connection with any rnndemnation or other taking of the property, or part thercot, or tor conveyance in lieu o[ condemnation, are hernby assigned and shall be paid to I.ende~. In the event ot a total taking oi the Property, the pra.~eeds shaU be applied to the aums eecured by this Mortgage, with the e~ceaa, if any, paid to Borrower. In the event ot a partial taking of the Property, unlesa Borrower and [.ender otherwise agree in writing, thece ahall be applied to the eums eecured by this Mort~age such proportion o[ the proceeds aa ia equal to that proportion which the amount of the eums eecured by thie Mortgage immediaeely prior to the date of taking bears to the fair market vaiue of the Property immediately prior to the dete of taking, w~th the balanca of the proceede psid to Ho~ower. If the Property is abxndoned by Borcower, or if, aRer nodoa by l.ender to Borrower that the condemnor oftere to make an award or settle a claim for damagea, Borrower fails to ~pond to I.ender within 30 daya after the date auch notice ie mailed, Lender ie authorized to collect and apply the proceede, at Lendei e option. eilher to reeLoration or repair of the property or to the suma secured by this Mortgage. Unleae Le~der and Borrower otherwiee agree in writing, any auch application of proceeds to principal ehall not e:tend or postpone the due date of the monthly inatallments referred to in paragraphs 1 end 2 hereof or change the amount of euch inetallmente. 1(1. Eiorrower Not Released. F.xteneion of the time for puymant or modification of amortization of the auma eecured by this Mortgage granted by Lender to any aucc~~ssor in intereat of Eiorrower ahall not operate to release. in any manner, the liability of the original Borrower and E3orrower's auccessore in intereat. [.ender shull not be required to rnmmence proceedings against euch succeaeor or refuee to extend time for pnyment ur otherwise modify amurtization of the suma secured by this Mortguge by reason o[any demand made by the origina! Borrower and E3or[ower'a successora in intereat. 11. Forbearaace by Lender Not a Waiver. My forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of insurance or the payment of taxea or other liens or chargea by L.ender ehall not be a waiver of I.endei a right to accelerate the maturity of the indebtednese aecured by this Mortgage. 12 Remediee Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or aPEarded by law or equity, and may be e:ercised rnncurrently, independently or succeesivrly. 13. Succeesors and Asaigna Bound; Joint and 3everal Liability; Captions. The covenanta and agreementa herein contained ehall bind, and the rights hereunder ahall inure to, the reapective succeaeora and aesigna of Lender and Borrower, eubject t~ the pmviaiona ot • paragraph 17 hereof All covenanta and agreementa of Borrower ahall be )oint and eeveral. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be uaed to interpret or define the provieiona hereof. 14. Notice. F:xcept for any notice required under applicable Iaw to be given in another manner, (a) any notice to I3orrower pmvided for in thia Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addrese or at such other addreee as fiorrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender e addreas stated herein or to such other addreas as l.ender may designate by notice to Borrower aa provided herein. My notice provided for in this Mortgage shaU be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Unitorm Mortgage; Governing Law; Severability. 71?is form of mortgage combines uniform oovenants for national use and non- uniform covenants with limited variations by juriediction to constitute a uniform security instrument covering real property. Thia Mortgage ahall be governed by the law of the jurisdiction in which the Propedy is located. In the event that any provision or clauee of this Mortgage or the Note conflicts with applicable 1aw, auch conilict ahall not affect other provisions of this Mortgage or the Notewhich can be given effect without the contlicting proviaion, and to this end the provisiona of the Mortqage and the Note are declared to be severable. l6_ 13orrower'e Copy. Borrower ahall be furniahed a rnnformed copy of the Note and of thia Mortgage at the lime of execution or after recordation heteof. 17. Tranafer of the Property; Assumption. If all or any part of the Property or an interest therein ia eold or tranBfernd by Borrower withoul I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money security intereat for houaehold appliances, (c) a transfer bX devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of_any leasehold interest of three yeara or leas not rnntaining an option to purchase, L.ender may, at Lender's option, declare ail the suma secured by lhis Mortgage to be immediately due and payable_ Lender ahall have waived auch option to accelerate if, prior to the sale or tranefer, I.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such peraun is satis[actory to I.ender and that the intereat payable on lhe sums secured by this Mortgage ehall be at such rate as [.ender shall request_ If l.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s succesaor in interest has executed a written asaumption agreement accepted in writing by I.ender, Lender shall releasrBorrower from all obligationa underthia Mortgage and the i ~tote. ; If [.ender exercises such option to accelerate, Lender shall mail I3orrower notice of acceleration in acc~rdance with paragraph 14 hereof ~ Such notice shall provide a period of not lesa than 30 daye from thedate the notice is ~r.ailed within which [3orrower may pay theaums declared due. It E3orrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, € mvoke any remediea permitted b ~ y paraqraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or ! agreement of Borrower in this Mortgage. including the covenants to pey when due any aums aecured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower es provided in paragraph 14 hereof apecifying: (1) the breach; (2) t6e action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which sucb ~ breach must be cured; and (4) that tailure to cure such breach on or before the date apecified in the notice may result in ~ acceleration otthe aums aecured by thia biortgage. foreclosure by judicial proceeding and eale of the Property.Tl~e notice ehall ; further inform Borrower of the right to reinstate after acceleration and the right to aseert in the foreclosure proceeding the ~ non-ezistence of a default or any other defenae of Borrower to aoceleration and foreclosure. If the breach ia not cured on or ~ before the date apecified in the notice. Lender at Lender's option may declare all of the eums aecured by this Mortgage to be 1 immediately due and payable without further demand and may fqreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all expenaes of forecloaure. including, but not limited to. reasonable attorney's feea, and costa of documentary evidence. abstracts and tiUe reports. ; 19. Borrower'e Right to Reinetate. Notwithstanding Lender's acceleration of the eums eecured by thie Mortgage. Borrower ahall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgaqe diacontinued at any time prior to entry of a judgment enforcing " thia Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the 1Vote and notee securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all bmachea of any other covenants or agreements of Borrower contained in 4 this Mortgage; (c) Borrower paya all reasonable expenses incurred by Lender in enforcing the covenants and agreemente of Borrower ; rnntained in thia NiortgaRe end in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ti attorney'a fees; and (d) Borrower takes euch action as Ixnder may reasonably require to asaure that the lien of this Mortgage, Lender e interest in the Property and Rorruwer's obligation to pay the sums aerured by thia Mortgage ahall continue unimpaired_ Upon auch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full fome and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigne to Lender the rente , " of the Property, provided that Borrower ahall, prior to acceleration under paregraph 18 hereof or abandonment of the Property. heve the right to collect and retain auch rents as they become due and payable. ~ i _ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver eppointed by a ~ court to enter upon, take poseesaion of and manage the Property and to collect the rents of the Property, induding thoae paet due. All rents ~ ~ collected by the receiver ahall be applied first W payment of the rnsta of management otthe Property and coUection of renta, including, but not ~ limited to, receiver's fees, premiuma on receiver e bonds and ~easonable attorney e teea, and then to the aume aecured by this Mortgege. The ~ receiver shall be liable to account only [or those rents actually received. 9 ~ ~ I ~4 ao~K 297 PM~~ 338 ~ - ~~~-~..3~a._~ r _ ~ e _ _ _ . ~ _~f~