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HomeMy WebLinkAbout0355 8. Inepectlon. I.ender may make or cauae tu be made reawnableeatrie~ upon and inspections of the property, provided that l.ender ahall give Borrower notice prior to any such iospertion epecifying ~easonable cauee therefor related to Ixnder's intereat in the Property. ' 9. Condemnatloa.'l~e proceede o[ any award o~ ~aim !or damages, direct or co~sequential, in con~xtion with any oondemnation or other teking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aeaigned and shaU be paid to l.ender. In lhe event of a total taking oi the Property, the ptoceeds shall be applied to the eums secured by this Mortgage, with the e:ceaa, if any, paid W Borrower. In the event of e partial taking of the Property, unlees Borrower and Lender otherwiee agree in writing, there shall be applied to the auau secured by this Mortgage euch pcoportion of the proceeda es ia equal to that proportion which the amount of the eums eecured by this Mortgage immediately prior to the date of taking beara tu the fair market value of the Property immediately ptior to the date ot taWng, with the balenca o[ the proceeds paid to Borrower. It the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor oPfera to make an award or eettle a claim for damagea, Borrower fails to respond to Lender within ~ daye after the date such notice is mailed, l.ender is authorized to coUect and appty the proeeeda, at I.ender s option, either to reeWration or repair of the property or to the euma eecured by thia Mortgage. Unleaa I.ender and Borrower otherwiee agree in writing, any such application of ptoceeda to principal ahall not e:tend or poetpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of euch installmente. 10. Borrower Not Releaeed. Extenaion of the time for paym~nt or modification ot amortization of the sums eecured by this Mortgage granted by l.ender to any succeseor i~ intemst of Borrower aha!1 not operate to release. in nny manner, the liability of the original Borrower , and Iiorrower's succeesora in interest. I.ender ahall not be required to commence proceedinqs againat auch euccessor or refuHe to extend time for payment or otherwise modify amortizution of the sums eecured by thia M~rtgage by reason of any demand made by the original Borrower and Borrower'a successora in interest. 1 I. Forbearance by I.ender Not a Waiver. My forbearance by I.ender in exerciaing any right or remedy hereunder, or otherwiee aPforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.l'he procurement of inaurance or the payment of tsxee or other liens or chargee by I.ender ahall not be a waiver of Lender s right to accelerate the maturity of the indebtednese secured by this Mortgage. 1 Z. Remediee Gtimulative. All remedies provided in thie Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity, and may be exercise+l ooncurrently. independently or succeeaively. 13. Successors and Asaigns Bound; Joint and Several Liability; Captione. The covenanta and agreements herein contained shall b~nd, and the righta hereunder shall inure to, the reapective aucceseors and asaigna of I.ender and Borrower, aubject to the provisions of paragraph 17 hereof. All covenants and agreementa of Borrower ahali be joint and several. The captions and headinge of the paregrepha of thia Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 1 a. Notiee. F.xcept for any nutice required under applirnble Inw to be given in another manner, (a1 any notice to Rorrower provided for in this Mortgage shail be given by mailinq such notice by certified mail addreased to Borrower at the Property Addresa or at such other addreae as E3orrower may designate by notice to [.ender as provided hernin, and (b1 any notice to Lender ahall be given by certified mail, return receipt requested, to I.ender'a address stated herein or to such other address as Lender may designate by notice to Borrower aa provided herein. Any notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing I.aw: 3everability. This form of mortgage combines aniform oovenants for national use and non- uniform covenants with limited variations by jurisdiction to rnnstitute a uniform eecurity inatrument rnvering real property.'I~is Mortgage shall be Koverned by the !aw of the jurisdiclion in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, auch contlict ahall not afFect other proviaions of thia Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia end the proviaiona of the Mortgaqe and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be furniahed a conformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof_ ' 17. 'ltiranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or transferred by Borrower without Lender's prior written conaent, 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 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 less not aontaining an option to purehase, Lender may~ at 1..ender'a option, ' declare all the sums secure~f by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch j person is satisfactory to Lender and that the interest payable on the aume secured by this Mortgage ahall be at auch rate as Lender shall i request. If Lender has waived the option to acceierate provided in thia paragtaph 17, and if Bormwer's succeasor in interest has executed a written assumption agreement acceptrd in writing by I.ender, Lender shall release Borrower from allobligations underthis Mortgage and the ~ Note. . ~ If l.ender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is Tr.ailed within which Borrower may pay theaums declared E due. If Borrower fails to pay such sums prior to the e:piration of such period, Lender may, without further notice or demand on ~3orrower, ?nvoke any remedies permitted by paraqraoh 1R hereof ' 18. Acceleration; Remediee. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage. including the oovenanta to pay whe~ due any sums secured by this Mortgage. Lender prior to acceleration aheU mail notice to Borrower as provided in paragraph 14 hereof epecitying: (1) the breach; (2) the action required to cure euch breach; (3) a dete, not less than 30 daya from the date the notice is mailed to Bonower, by which such breach muat be cured; and (4) that failure to cure auch breach on or before the dete epecifed in the notice may result in i acceleration of the sums aecured by this Mortgage. toreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate aRer acceleration and the right to seeert in the foreclosure proceeding the E_ non-ezistence ot a detault or any ot6er defenae of Borrower to aoceleration and foreclosure. It the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the eums secured by this Mortgage to be immediately due and payable without further demand and may toreclose this Mortgege by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to. reasonable attorney's fees, and costa ot documentary evidence, abstracts and title reporta. ~ ~ 19. Borrower'e Right to Reinetate. Nqtwithatanding Lendei s acceleration of the suma secured by this Mortgage. Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce this Mortgage diacontinued at any time prior to eptry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrowercures all breaches of anyother rnvenante or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and agreements of Borrower - contained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, rea8onable - attorney's fees; and (d) Borrower takea such action as Lender may rnasonably require to aesure that the lien of thia Mortgage, Lender'a intereet ~ in the Property and Bortower's obligation to pay the aums aecured by this Mortgage shall continueunimpaired. Upon auch payment and rure V by Borrower, this Mortgage and the obligations secured hereby shaU remain in fall force and effect as if no acceleration had occurred. 20. Aesignment of Rents; Appointment of Receiver. Aa additional eecnrity hereunder, Borrower hereby aseigna to Lender the rente ; of the PYoperty, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or a'~andonment of the Property, have the right ~ to collect and retain euch renta ae they become due and payable. Upon acceleration under paragraph 18 hereof or a~andonment of the Property, I.ender ehall be entitled to have a receiver appointed by a ' - oourt to enter upon, take poasession of and manage the Property and to collect the renta of the Property, including thoae paet due_ All renta collected by the receiver ahal) be applied first to payment of the costa of management of the Property and collection of renta, including, but not limited to, receiver's tees, premiuma on receiver's bonds and reasonable attorney's fees, and then to the eume aecured by thie Mortgage. The ~ receiver shall be liable to acoount only for those rents actually received. ~ ~ ~ a~K297 ~55 ~ 3 ~ ; ~ ~ - ~ -