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HomeMy WebLinkAbout0594 8. I~spection. l.ender may meke ar cause to be made reawnable entries upo~ and inepectione of the pmpeirty, provided that I.ender ehall give E3urrower notice prior to any auch inepection specifying reasonable cause thereior related to Lende~'s intemst ia the Property. 9. Cortdemnatioa. The proceeds of any award or claim for damaKes, dinect or coneequential, in connectiun with any oondemnation or other taki~g of the property, or part thereof, or for co~veyance in lieu of condemnAtion, ere hereby aseigned and ehall be paid to Lender. In the event of a tota! taking of the Property, the pmceeAs shall be applied to the sums secured by this Mortgage, with the e:ceas, if any. paid w Borrower. In the event of a partial taking of the Pmperty, unlese Borrower and I.ender otherwioe agree in vrriting,"there shall be applied to 1he sums secured by thie Moirtgage such pmportion of the proceede as is equal to thet proportion which the amount of the sume eecured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Pmperty immediately prior to the date ot taking, with the balan~ of the proceeda paid to Borrower. If the Property ia abandoned by Borrower, or if, aRer notice by L.ender W Borrower that the eondemnor of[era to make an award or eetde a claim for damagea. Bortowet fai{e to respond W Lender within 30 days after the date nuch notice ie mailed, I.ender is authorized to rnllect and apply the proceeds, at Lendei s option. either to reatoration or repa'sr ot the property or to the sume secured by thie Mortgage. llnleae I.ender and Borrower otherwise agree in writing, any auch applicadon of proceeds to principai ehail not ex4end or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Released. F.xtension of the time for paymant or modification of amortization of the euma secured by this Mortgage granted by l.ender to any succeeisor in intereat of I3orrower ahall not ope~ate to retense, in any manner, the liabifity of the original Borrower ~nd E3orrower'a succesaore in interest. I.ender shall not be required to commence proceedinqs a~ainat euch euccesaor or refuse to extend time Eor payment or otherwise modify umortization of the sums secured by this MortRage by reason of any demand made by theoriginal Borrow~ and Borrower's succeasora in intereat. I 1. Forbearance by l.ender Not a Waiver. My forbearnnce by Lender in exerrising any right or remedy hereunder, or otherwiae afforded by appticeble law, ahall not be a waiver of or preclude the exerciee of any auch right or rnmedy. The procurement of insutance or the payment o[ taies or other liena or chargea by Lender sha{I not be a waiver of I.ender e right to accelerate the maturity ot the indebtedneas secured by thia Morigage. • 12 Remed3es Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or aff~ded by law or equity, and may be exerciseA rnncurrently, independently or succeasively. 13. Succeaeors and Aseigns Bound; Joint and Severa! Liability; Captione.7'he covenante and agreementa herein rnntained shall hind, and the righta hereunder ehall inure to, the reapective succeaeore and asaigns of Lender and Eiorrower, aubject to the proviaione of paragrepfi 17 hereof. All covenante and agreements of 13otrower shall be joint and eeveral. The captione and headinga of the paragraphe of thia Mortgage are for covenience only and are not to be ueed to interpret or define the ptoviaiona hereof. 14. Notice. F,xcept for any notice requirrd under applicahle law to be given in another manner, la) any notice to f3orrower provided for in this Mortgage ahall be qiven by mailing such notiee by certi6ed mail addressed to Borrower at the Property Addreas or at such other addresa as Eiorrower may :~exignate by trotice tn i.ender s~a provided herein, and (b) any notice to l.ender ehal) be given by.certi6ed msil, return receipt requeated, to I.ender's addresa ataled herein or to such other address as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in thia Mortgege ehall be deemed to have been given to Borrower or Lender when given in Rhe manner designated hernin. l5. Uniform Morigage; Governing I.aw; Severability. Thia torm of mortgage combinee unitorm oovenanta for national uee and non- unitorm covenanta with limited variations by juriadiction to conatitute a uniform security instrument covering real property. This Mortgage ~hall be governed by the law of the jurixdiction in which the Property is located. In the event that any pmvision or ciause of this Mortgage or ; the Note conDicts with applicAble law, such conflict shall not affect other provisione of thia Murtgage ot the Note which can be given effect wlthout the conflictinq provision, and to this end the provisiona of the Mortgaqe and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after ; recordation hereof. 17.1`ransfer of the Property; Aseumption. If all or any part of the Property or an interest therein ie sold or tranaferred by Borrower K-ithout I.ender'R prior written consent, excluding (a) the creation of s lien or encumbrance aubordinate to this Mortgage. (b) the creation of a purchase money security intereet for household appliancea, (c) a tranefer by devise, deacent ot by opetation of law upon the death of a joint tenunt or (d) the grant of any leasehold interest of three yesra or leas not oontaining an option to purchase, L,ender may, at Lendei a option, declare all the aums aecurea by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerateif, prior t„ the sale or transfer, I.ender and the peraon to whom the Property ia to be aold or transferred reach agreement in writing that the credit of such E>erson is satiafactory to I.ender and that the interest payable on the suma secared by this Mortgage ahap be at such rate as Lender shall rc~yuest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has eaecuted a ~•ritten asaumption agreement accepted in writing by Lender, I.enderahall release Borrower from all obligatione under thi8 Mortgage and the \ ote. ~ I f Lender exercises such option to accelerate, [.ender shail mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ ~uch notice sha11 provide a periud of not leas than 30 days from the date the not±ce is mailed w•ithin which Borrower may pay the aums declared clue. If I3~.rrower tails ta pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iiorrower, ~ ~nvoke Hny remedies ~ permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower'e breach ot any covenant or ~ agreement of Borrower in tbia Mortgage, including the mvenants to pay when due any sumsaecured by thia Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower es provided in paragraph 14 hereofapecifyiag: (1)the breach;(2?theaction ~ required to cure euch breach: (3) a date, not lesa than 30 daya from the date the notice ie mailed to Borrower, by w6ich euch ~ breach muat be cured: and (4) that tailure to cure auch breach on or beiore the date specified in the notice mny result in ~ aceeleretion of the auma secured by this Mortgage. toreclosure by judicial proceeding and ealeofthe Property.The noticeshall ~ further inform Borrower of the right to reinetate after acceleration and the rig6t to nseert in the foreclosure proceeding the a non-ezietence of a defeult or any other detenae of Borrower to acceleration and forecloeure. It the breach ie not cured on or g hefore the date epecified in the notice. Lender at Lender's option may declare all of the eums aecuretl by thie Mortgage to be ~ immediately due and pavable without furtherdemand and may foreclosethis Mortgage by judicial proceeding. Lender ahall be ; rntitled to collect in auch proceeding nll expensea of forecloaure, inciuding. but not limited to. reasonable attorney's feea. and ' c•osta of documentary evidence, abatracts and title reports. ' £ 19. Borrower's Right to Reinetate. Notwithatanding Lender'a acceleration of the auma secured by this Mortgage, Borrower ahal) have ~ the right to have any proceedinge begun by [.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage i[: (a) E3orrower pays I.ender all auma which woutd be then due under this Mortgage, the Note and notes aecuring Future ~ Advancea, if any, had no acceleration occurred; (bl Borrower curee all breachesof any other covenants a~ agreementa of Bormwer contained in ; this Mortgage; (c) Borrower pays a11 reasonable expenaes incurred by Lender in enforcing the co nanta and agreemente of Borrower ` contained in this Mortgaqe and in enforcing l.ender'e remedies as provided in paragraph 18 hereof, inc~ling, but not limited to, reaaonable i attorney's fees; and ld) Borrower takes such action as Lender may reasonably require to assure that the lien otthie Mortgage, Lender's intereat in the Property and f3orrower's obligation to pay the suma secured by this Mortgage ahall rnntinue unimpaired. Upon auch payment and cure by Sorrower, this Mortqage and the obligations eecured hereby shal) remain in full force and effect as if no acceleration had occucred. 20. Aaeignment ot Renta; Appointment of Receiver. Ae additional security hereunder, Borrower hereby aseigna to I.ender the rente , of the Property, provided that Borrower shall, prior Lo acceleration under paragraph ]Shereof or abandonment of the Property. have theright , to coilect and retain auch rents as they become due and payable. Upon acceleration under paraqraph 18 hereof or abandonment of the Property, I.ender ehall be entitled to have a receiver appointed by a court to enter~upon, take poasession of ar?d manage the Property and to collect the rents of the Property, including those past due. All rente coilected by the receiver shal) be applied first to payment of the coete of manaqementof the Property and rnliection of renta, including, but not iimited to, receiver's fees, premiums on receiver's bonda and reasonable attorney's fees, and then to the eume aecured by this Mortgage. The receives ahall be {iable to account onfy for those rents actually received. ~~ox P~Gf ~92 - .