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HomeMy WebLinkAbout0879 8. laspection. t.ender may make ur cauae to be made rea~onable entrie~ upon snd itupection~ o[the property, provided that l.enaer shall Rive Horrower notice prio~ Lo any such inapection epecifying reasoneble cewe thentor releted w l.eoder's interes? in the Hroperty. 9. Condemt~ation. 71?e proceeds ot any award or claim for dameQes, direct or con~equeptial, in connection with any oondemnatio~ or uther taking of the property, or part thereof, or tor conveyanca in lieu ot oondemnation, are hereby asaigned and shall be paid to I.ender. In the event of a tAtal taking of the Property, the proceed~ shall be applied to the ~um~ secured by thi~ Morigage, with the e:ceas, if any. paid to Borrower. !n the event of a partial taking ot the Property. unless Borrower arid I.ender otherwise agree in writin~, there shall be applied to the suma secured by this Mortgage such propo'on oi the proceeds aa i~ equal to that pmportion which the amount of the euma secured by this Mortgage immediately prior to ehe date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Properiy is abendoned by Borrower, or if, after notioe by l.ender to Borrower that the oondemnor offers to make an award or setde a daim for damages, Borrower faib to reepond to Lender within 30 days after the date such notice is mailed, l.ender is authorized to collect and apply the pra~eeds, at l.ender's option, either b restoration or repair of the pmperty or to the sums secured by this Mortgage. Unleas [.ender and Horrower otherwise agrce in writing, any such application of proceeds to prinripal shaU not e:tend or postpone the due date of the monthly installmenta refern~d to in paragraphs 1 and 2 hereof or change the amciunt of auch instellmenta. 10. Botrower Not Releaecd. E:tension of the time for paymsnt or modification of amortization of the suma secured by this Mortgage ' granted by I.ender to any aucceseor in intereat of Borrower ahall not operate to releaae, in any manner, the liability of the original8orrower and E3orrower'a auccesaore in intereat. Lender shall not be mquired to oommence proceedinge againat euch aucceaeor or refuse to extend time for payment or otherwixe modify amortization of the auma secund by this Mortgage by reason of any demand made by the original f3orrower and Borrowei a auccesaors in intereat. 11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicebie law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of inaurance or the payment of te~c~ or other liene or chargea by l.ender ehall not be a waiver o! Lender's right to accelerate the maturity of the indebtedneea secured by thie Mottgage. 12 Remedies Cumulative. All remediea provided in this Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exerciee~l rnncurrendy, independendy or euoceeeively. 13. Succeaeore and Aesigna Bound; Joint and Several Liability; Captions. The covenants and agreemente herein contained ehall bind, and the righte hereunder ahall inure to, the reepective auccessore and aaeigne of Lender and Borrower, eubject to the provi.aions of paragra~h 17 hereoL All covenanta and agreementa of Borrower shall be joint and eeveral. The captions and hesdinge of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, la) any notice ta Borrower provided for in thie Mortgage shall be given by mailing auch notice by certified mail addreased to F3orrower at the Property Addreas or at euch other addreas ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lendei a addreas atated herein or to such other address as Lender may deaignate by notice to Borrower se provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uni[orm Mortgage; Governing Law; 3everability. Thie torm of mortgage rnmbines uniform oovenanta for national uae and non- uniform covenanta with limited variationa by juriadiction to rnnstitute a uniform security instrun?ent rnvering rnal property.'I~is Mortgage ahall be governed by the 1aw of the juriadiclion in which the Property ia located. In the event that any provision or clause of this Mortgage or the ~Jote conilicta with applicable law, auch conflict shall not affect other proviaions of this Mortgage or the Note which can be given effect without the confliMing proviaion, and to this end the provisiona of the Mortgage and the Note are declared to be eeverable_ 16. Borrower'B Copy. Borrower shall be fumiahed a confortned rnpy of the Note and of thia Mortgage et the time of e:ecution or after recordation hereof. 17.15ransfer ot the Property; Aesumption. If all or any part of the Property or an intereat therein ia eold or transferred by Boaower without I.ender e prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the crestion of a purchase money eecurity intereat for houeehold appliances, (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 internst o! three yeara or lesa not conlaining an op6on to purchase, Lender may, at I.ender'e oplion, ; dectare all the auma securea by thie Mortgage to be immediately due and payable. I.endeT ehall have waived such option to accelerate i~, prior ~ to the sale or tranafer, Lender and the person to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to I.ender and that the intereat payable on the sums aecured by this Mortgage shall be at such rate as Lender ehall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s succesaor in intereat has e:ecuted a written assumption agreement accepted in writinq by Lender, Lender ahall release Borrower ftom all obligationa under thia Mortgage and the . Note. ~ ~ If I,ender euercises auch option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shaU provide a period of not lesa than 30 days from the date the notice is cr,ailed within which Borrower may pay the auma declared ~ due. If Boaower fails to pay such sums prior to the expiratioo of such period, I.ender may, without further notice or demand on Borrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage. including the o~venants to pay when due any eume eecured by t6is Mortgage, Lender prior to acceleration e6a11 meil notice to Borrower ea provided in paragrap614 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not leae than 30 deye from the date the notice is mailed to Borrower. by which euch breach muet be cured; and (4) that failure W cure auch breach on or before t6e date specified in the aotice may result in acceleration of the euma aecured by thie Mortgage, foreclosure by judicial proceeding and sale of t6e Property. The notice ehaU further inform Borrower of the right to reinetate aRer acceleration aad the right to assert imthe forecloeure proceeding the non-e:istence of e default or any other detenae of Borrower to aceeleratioa aad foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the suma eec~red by this Mortgage to be ~ ~ immediately due and payable without further demand and may toreclose thia Mortgege by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all ezpensea otforecloaure. including, but not limited to. reasonable attorney's fees, and ~ costa of documentary evidence, abatracta and title reporta. ~ ~ 19. Borrower'e Right to Reinetate. Notwithatanding Lender's acceleration of theaums eecured by thia Mortgage, Borrower shall have ~ the right to have any proceedinga begnn by L.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: la) Borrower paya Lender atl auma which would be then due under this Mortgage, the Note and notea securing Ftiturn ~ Ad~ ances, if any, had no acceleration occurred; (b) Borrnwer curea all breaches of any other covenanta or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenees incurred by Lender in enforcing the covenants and agreements of Bonower oontained in this Mortgage and in enfoicing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable z attomey's fees; and Id) Borrower takes auch action as Lender may reasonably require to aseure that the lien of this Mortgage, Lender's intereat - in the Property and E3orrower'e obligation to pay the eums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, thia Mortgage and the obligationa secured hereby ahall rnmain in full force and effect se if no acceleration had occurred. 3~ 2Q. Asaignment of Rente; Appointment of Receiver. As additional security hernunder, Borrower hereby assigne to Lender the renta 'i ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the tight to collect and retain auch rents as they become due and payable. J Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a reoeivet appointed by a ~ ooart to enter upon, take posaesaion of and manage the Property and to collect the renis of the Property, including thoee paat due. All rnnta I collected by the receiver ehall be applied first to payment of the ooats of management of the Property and collection of renta, including, but not ~ = limited to, receiver's feea, premiuma on receiqer's bonda and reaeonable attorney's feea, and then to the sums aecured by this Mortgage. The ~ LL~ receiver ehall be liable to acoount only for thoae renta actually received. I ~ ~ ~o~~ 297 P~~E 876 ~ ~ ~ _ . _ ~ ~ _ . _ . . , - _ , ~ ~ ~