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HomeMy WebLinkAbout0884 8. In~pection. I.ender may make or cause to be made reawnable entries upon and inepectiona of the property, provided that l.ende~ ahall give Borrower notice prio~ to any such inepection apecifying reasonable cauae therefor related to l.endei s interesi in the Hroperty. 9. Condemnation. 'R~e p~oc~ceds of any award or claim for demagee, direct or con~equential. in connection with any wndemnation or ~ ~~ther taking of the property, or part theteof, or for conveyanoe in lieu o! oondemnation, are hereby se~igaed and shall be paid to I.ender. In the event ot n total taking oi the Property, the proceeds shall be applied to the sums aecured by this Mortgage, with the e:cess, if any, pxid to Bo~owe~. In the event of e partial taking of the Property, unless Borrower and l.ender otherwise agree in writing, then shall be applied to the sums scrured by thia Mort~age ~uch proportion of the proceeds as is equa! Lo thnt proportion which the amount of the sums c~eecured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of takinQ, with the balancY of the proceeds paid to Borrower. lf the Property is ebandoned by Borrowe~. or if, aRer notice by I.ender to Borrower that the oo~demnor ot~ers to make an award or settle a clsim fo~ damages. Borrower fails to respond to I.ender within 30 days aiter the date such notice ia mailed, Lender is authorir,ed to collect and xpply the proceeds, at I.ender's option. either to nstoration or repair of the property or to the eume eecured by this Mortgage. ilnleas l.ender and Borrower otherwiee agree in writing, any euch application of proceeds to principal shall not e:tend or poetpone the due date of the monthly instaliments referred to in paragraphs 1 and 2 hereot or change the amount of euch instaUmenta. 10. Borrower Not Released. E:tension of the time for paymsnt or modification ot amortization of the euma secured by thie Mortgage , Kranted by I.ender to any aucceaeor in intereat of Borrower ahall not operate to release, in any manner, the liability ot the original Borrower und E3orrowei a eucceasore in intereet. l.ender shall not be required to rnmmence proceedings againat auch eucceasor or refuae to e:tend time. for payment or otherwise modify amortization of the sums secured by this Mortgage by reaeot? of any demand made by the original Bormwer and Borrower s aucceseure in intereat. 11. Forbearance by Leader Not a Waiver. My fotbea~ance by I.ender in e:ercising any right or remedy hereunder. or otherwise afforded by applicable law, ehall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of ineurance or the payment of ta:es or other liens or chargea by Lender ahall not be a waiver of Lender e right to accelerate the maturity of the indebtednese ' secured by this Mortgage. . . 12 Remediee Cumulative. All remediea provided in thie Mortgage are distinct and cumulative to any other right or remedy under thie , ~lortgage or afforded by law or equity, and may be e:erciee~i ooncnrrenUy, independendy or succeasively. 13. 3uocessors and Aesigns Bound; Joiat and 3everal Liability; Captioae. The rnvenante and agreementa herein contained ehall bind, and the righte hereunder ehall inure to, the reapective succeeeore and aa8igns of Lender and Borrower, aubject to the provisione of paragraph 1? hereof. All covenants and a~reementa of Borrower shall be joint and several. The captions and headinge of the paragrapha of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisiona hereof. 1 d. Notice. F.xcept far nny notice required under applicable law to be given in another manner, (a) any notice to $orrower provided for in t his Mortgage ahall be given by mailing auch notice by certified mail addteaeed to Borrower at the Property Addreas or at euch other address as Rorrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requested, to Lender's addreas atated herein or to such other addresa as Lender may designate by notice to Borrower as provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgagecombinea uniform rnvenante for national uae and non- uniform covenante with limited variatione by jurisdiction to conatitute a uniform aecurity instrun~ent oovering real property. Thia Mortgsge ah aD be governed by the law of the juriadiction in which the Property ia located. tn the event that any provu+ion or clauae of thie Mortgage or the Note contlicte with applicable law, auch confliM shall not at~ect other provieiona of thia Morigage or the Note which can be given effect ..•ithout the wnQicting proviaion, and to thia end the pro~~ieions of the Mortgage and the Note are declared to be eeverable. 16_ Borrower'e Copy. Borrower ehall be furniahed a conformed rnpy of the Note and of thie Mortgage at the time of execution or after recordation hereof 17.'I~anefer of the Property; Aaeumption. If all or any part ot the Property or an intereat thernin ia eold or tranaferred by Borrower wlthout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a pumhaee money eecurity intereat for houaehold appliancea, (c) a tranafer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeara or lesa not oontaining an option ta purchaee, Lender may, at Lendei a option, ~ declare all the auma eecurea by this Mortgage to be immedialely due and payable. Lender ahall have waived auch option to acceletate if, prior to the sale or tranafer, I.ender and the person to whom the Property ie to be eold or tranafe~red reach agreetnent in writing that the credit of such ~ prrson is satisfactory to Lender and that the interest payable on the euma aecured by this Mortgage shall be at such rate as Lender ahall i request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Boaower e successor in intereat hae executed a ~ w~rittenassumptionagreementacceptedinwritingbyLender,[.enderahallreleaseBorrowerfromallobligationeunderthisMortgageandthe ; \ ote. ! If Lender exercises such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ uch notice ahall provide a period of not less than 30 daya from the date the notice is mailed within which E3otrower may pay the auma declared ~iue. If Borrower fails to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ ~ncoke any rnmediea permitted by paragranh IS hereof. ~ ~ IS. Acceieration; Remediea. E:cept as provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or [ ~ AAreement of Borrower in this Mortgage, including the oovenante to pay when due any suma secured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ' required to cnre such breach; (3) a dnte, not lesa than 30 daye from the date the notice ie mailed to Borrower. by which ench s breach muat be cured; and (4) that failure to cure euch breach on or before the date apecified in the notice may result in i acceleration of the sua~ secured by this Mortgage, forecloaure by judicial proceediag and sale of t6e Property. The notice ehall j further inform Borrower of the right to reinetate after acceleration and the right to essert in the foreclosure prceeeding t6e € non-e:ietence of a detault or any other defenae of Borrower to acceleretion and foreclosure. If t6e breach ie not cured on or ; F~fore the date epecified in the notice. Lender at Lender's option may declare all of the euma aecured by thie Mortgage to be i mmediately due and payable without [urther demand and may torecloae this Mortgage by judicial proceeding. Lender shall be entitled to collect in such procceding all ezpenses of forecloeure, including. but not limited to, reasonable attorney's feea, and ' costs of documentary evidence, abstracte and title reporta. ~ 19. Borrower's Right to Reinatate. Notwithatanding Lender's acceleration of the sums eecured by thia M4rtgage, Borrower shall have - the right to have any proceedinga begun by Lender to entorce thie Mortgage discontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (e) Borrower pays I.ender all suma which would be then due under this Mortgage, the Note and notes securing Future Advantes, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenante or agreemenUa of Borrower contained in ~ this Mortgage; Ic) Borrower pays all reasonable expenses incurred by L.ender in enforcing the covenante and agreemente of Borroyver contained in thia Mortgaqe and in enforcing Lender's remedies se provided in paragraph 18 hereof, including, but not limited Lo, reasonable attorney's fees; and Id) Borrower takea euch action as Lender may reasonably requirn to assure that the lien of thia Mortgage, Lender e intereet in the Property and Borrowei s obligation to pay the aums eecured by thie Mortgage shali con~nue unimpaired_ Upon auch gayment and cure 5 by Borrower, this Mortgag~ and the obligations secured hereby ahalt remain in fuli force and effect as if no acceleration had occnrred. - 20. Aeeignment ot Rents; Appointment ot Receiver. As additional aecnrity hereunder, Borrower hereby aaaigna to Lender the rents % of the Property, provided that Borrower ahall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right ' ; to coilect and retain such renta as they become due and payable.~ , Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shaU be entitled to have a receiver appointed by a ? court to enter apon, take posee~aion ot and manage the Property and to collect the renta of the Property, including thoee past due. All renta collected by the receiver shall be applied firet to payment of the oosta of management of the Property and rnllection of rente, including, but not ; limited to, receiver's feex, premiume on receiver's bonda and reasonable attorney's fees, and then to the auma secured by thia Moctgage. The " receiver ahall be liable to account only for those rente actually received. ~ BOC!c ~A; f ` 2~7 881 - s=,:; ~s~ - .s1~` ~ . _ KS,:... ~ . e _ . . . • T ~ x _ ~ ~ ~ '~r.