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HomeMy WebLinkAbout0344 8. In~pection. I.ende~ may make or cause to be made rnawneble entries upon and inspectiuna of the p~uperly, juovi t l.ende~ ehall give Borrowet notice prior to any such inapection apecifying reaaonable cauee therefor related !o I.ende~ ~_interest in ~e perty. 9. Condemnatioa. 7T~e prooeeds o( any award or claim for,damages, direct or consequential, in connection with any oondemnation or ulher laking of the property, or part thereof, or for rnnveyance in lieu of condem~ation, ere hereby aeaigned and shall be paid to l.ender. In the event of a total taking of the Property, lhe pmceeda ehaU be applied to the sume secured by this Mortgage, with the escess, i[ any, paid to Borrowe~. In the eve~t ot a partial taking of the Property, unless BoROwer and [.ender otherwise agree in writing, there shall be applied to the aums secured by thie Mortgage auch proportion of the proceeds as is equal b that proportion which the amount of the eums eecurrd byi thee-Mortgage immediately pri~r to the date ot taking bears to the fair market value of the Property immediately prior to the date ot taking; with the balanca of the proceeds paid to Borrower. If the Property is abartdoped by Borrower, or it, eRer notice by I.ender to Borrower that the rnndemnor of[ere to make an eward or setde a claim [or damages, Borrower fails to respond to I.ender within 30 deye aiter the date auch notice ie mailed, Lender ie authorized to collect and apply the proceede, at l.ender's option, either to reetoration or repair of the property or to the sums eecured bjr this I1lortgage. Unleas l.ender end Borrower otherwiee agree in wridng, any euch application of proceede to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 10. Borrower Not Releaeed. E:tension of the time tor paymrnt or modification of amortization of the suma secured by thie Mortgege granted by l.ender to any succeasor in intereat of E3o~ower ahall not operate to releaae, in any manner, the liability ot the original Borrower and E3orrower's succesaora in intereat. I.ender shall not be required to rnmmence procetviinga againat such eucceseor or refuae to extend time for payment or othervviae modify amortization of the sums aecured by thie Mortgage by reason of any demand made by the original Borrower and E;orrower's succeasora in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwise afforded by appticable law. ehall not be a waiver of or preclude the exerciee of any euch right or remedy.'I?~e procurement of ineurance or the payment of tauea or other liene or chargea by I.eader shall not be a waiver o[ [.ender e right to acceterate the maturity of the indebtednesa aecured by thie Mortgage. 12 Remediee Cumulatjve. A11 remediea provided in thie Mortgage are diatinM ared cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciae~l rnncurrently, independently or aucceaaivdy. 13. Succeseora and Aseigna Bound; Joint and Several Liabillty; Captions. The covenanta and agreements herein rnntained ehall bind, and the righta hereunder ehall inure to, the reapective succeseora and sesigna of Lender and Borrov?er, aubject to the provieione of paragraph I7 hereoL All covenanta and agreemente of Borrower ahall be joint and eeveral. The captiona and headinge of the paragrapha of this Mortgage are fo~ covenience only and are not to be used to interpret or define the pmviaiona hereof. l~1. Notice. F.acept for any notice required under applicable law to be ECiven in unother manner, (a) any notice to F3orrower provided for in thia Mortqage ahai~ be given by mailing such notice by certi fied mai I addressed to Borrower at the Property Ad~3 reas or at such other addreee ae ~ Borrower may deaignate by notice to l.ender as provided hernin, ar.d (b) any notice to Lender ahall be given by certified mail, return receipt requested, to [.ender'a addresa atated herein or to such other addresa as Lender may designate by notice to Borrower as provided herein. My notice provided for ip thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 1 S. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uni[orm oovenante [or national uae and non- uniform covenanta with limited variations by juriadiMion to conatitute a uniform security inatrnment covering real property_'l~is Mortgage ahall be governed by the lave of the jurisdiction in which the Property is tocated. In the event that any provision or clause of this Mortgage or the Note conflicta with applicable law, auch conilict ehall not affect other proviaions of this Mortgage or the Note which can be qiven effect ~ without the conilicting provision, and to ihia end the proviaions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be fumiahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereo[. ~ 17. Tranafer ot the Property; Aaeumption. If all or any part of the Property or an interest therein is aold or traneferred by Borrower without Lender'e prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mort{sage, (b) the creation of a purrhase uwney security interest for household app6ances, (c) a tranafer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not rnntaining an option to purcheae, Lender may, at Lender's option, declare all the euma eecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, I~nder and the person to whom the Property ia to be aold or traneferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at auch rate as Lender ahall request. If I.ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower e auccesaor in interest has executed a written assumption agreement accepted in writing by I.ender, Lender ahall release Borrower from all obligations under lhia Mortgage and the ' Note. If Lender exercises auch option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahail provide a period of not leas than 30 days from thedate the notice ia mailed within which Bormwer may pay the sums declared II~ due. If Borrower faila to ay such sums nor to the ex iration of such ~od, Lender ma , without further notice or deroand on Iiorrower ~ P P P P~ Y . ~nvoke any remedies permitted by paragraoh 18 hereof. 4 18. Acceleration- Remedies. E:ce t ae rovided in ara . p p p graph 1? hereof, upon Borrower'e breach of aay oovenant or j agreement of Borrower jn thiB Mortgage, including the oovenants to pay when due any eums eecured by this Mortgage. Lender ( prior to acceleration ehall meil notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the aMion required to cure euch breach; (3) a date, not leea than 30 daye from the date the notice is mailed to Borrower. by which euch ~ breach muat be cured: and (4) that failure to cure auch breach on or before the date~apecited in the notice may result in ~ acceleration of the aums secured b thia Mort a e. foreclosure b ~ y g g yjudicialproceedingandealeoftheProperty.Thenoticeehall S further intorm Borrower of the right to reinstate after acceleration and !he right to aseert in the forecloaure proceeding the f non-e:ietence of a default or any other defenee of Borrower to acceleration and torecloeure. If the breach is not cured on or ~ before the date epecified in the notice. Lender at Lender's option may declare all of the sume aecured by thie Mortgage to be ~ immediately due and payable without further demand and mey forecloae this Mortgage by jndicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all eapenaes otforeclosure. including. but not limited to. reaeonable aLtorney's feea. and ~ coats of documentary evidence, abstracte and title reporta. - 19. Borcower'e Right to Reinstate. Notwithetanding Lender'a acceleration of the sums eecured by this Mortgage, Borrower ahall have ~ the right to have any ptoceedings begun by Lender to enforce this Mortgage discontinued et any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya L.ender all aums which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advances, if any, had no acceleration occuried; (b) Borrower cures al! breaches of any other covenante or agreemente of Borrower contained in this Mortqage; (c} Borrower pays all reasonable expenaes incnrred by Lender in enforcing the covenante and agreementa of Bonower ~ oontained in this Mortgaqe and in enforcing L.ender's Temedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ` attorney's feee; and Id) Borrower takes such action as L.ender may reasonably require to aeaure that the lien of this Mortgage, Lender'a interest in the Property and Bormwer s obligation to pay the aume secured by this Mortgage shall continue unimpaired. Upon such payment and curn ~ by Borrower, this Mortgage and the obligations eecured heteby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rente; Appointment ot Receiver. Ae additional aecurity hernunder, Borrower hereby assigne to Lender the rente of the Property, provided that Borrower shal l, prior tn acceleretion under paragraph I S hereof or abandonment of the Property, have the right ~ to collect and retain euch rente aa they become due and payable_ tJpon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receivet appointed by a ~ court to enter ~pon, take posaesaion ot and manage the Property and to collect the rente of the Property, including those past due. All renta , rnllected by the receiver shali be applied first to payment of the oosts of manugement of the Property and collection of renta, including, but not ~ limited to, receiver's fees, premiums on receiver's bonda and reasonable attorney's feea, and then to the suma eecured by this Mortgage. The - receiver ahall be liable to acoount only for thoae rente actually received. ~ ~ ~ „ ~ U F~ ~ . 8o~K23`7 P~~~ 344 ~ . _ ~-a - - . _ . - _ , - . ~