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HomeMy WebLinkAbout0892 8. Inspection. l.ender may make or cauae to be made reawnable entriea upon and inspectione of the property, provided that I.ender shall give Eiorrowe~ notice prior w any auch inapection specifying reasona6le cause thenfor related to I.ender's interest in Ehe P~operty. 9. Condemnation.'11~e proceede of a~y award or claim for damages, direct o~ conbequential, in connection with any oondemnation or other taking of the property, or pact thereof, or for conveyance in lieu of rnndemnation, are hereby aseigned and shnll be paid to I.ender. ln the event of a total taking of the Property. the procced~ ahall be applied to theAums secured b~r this Mortgage, with the esceea. if any, paid w Borrower. In the event of a partial taking u[ the Property. unles~ Borrovwr and l.ender otherwiee agree in writing, there shall be applied to the aums eecured by this Mortgage such propoirtion of the pmceeds as is equal to that proportion which the amount of the suans secured by lhis Mortgage immediately Rrior to the date of taking beare to the fair market value of the Properiy immedietely prior W the date of taking, with the balanca o[ the proceeds paid to Bonuwer. If the Property is abandoned by Borrower, or if, after notice by l,ender to Borrower that the rnndemnor offera to make an award or settle a claim for damages. Bormwer iails eo respond to Lender within 30 days after the date such notice is mailed, Lender ia authorised to collect and apply the pr~oceeds, at l.ender's option, either to metoration or rnpair of the pmperty or to lhe su~us secured by this Mortgage. Unleee I.ender and Bo:rower otherwise agree in writing, any auch application of proceeds to principal shaU not e:tend or postpone the due date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. ~ 10. Borrower Not Released. Extension of the time for paym:nt or modification of amorti:ation of lhe euma eec~ued by this Mortgage granted by l.ender to any succeasor in interest of Iiorrower ahall not operate to release, in any manner, the liability of the original Borrower and f3orrower's auccesaore in intereat. l.ender ahall not be required to commence proceedings againat such aucceasor or refuee to extend time for payment or otherwise modify amortization otthe sums aecured by thie Mortgage by reaeon of any demand made by theoriginal Borrower and Rorrower'a successore in intere~t. ' 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or othetwise s afforded by applicable 1aw, shall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of ineurance or the payment of t~es o~ othe~ liens or charges by I.ender ahall not be a waiver of t.ender s right to accelerate the maturity of the indebtedness aecured by thie Mortgage. 12 Remedies Cumulative. All remediee pmvided in this Mortgage are distinct and cnmuladve b any oth~ right or remedy under thia Mortgage or afforded by law or equity, and may be e:erciee~l concurrently. independendy. or succesaively. l3. Succeaaore and Asaigns Bound; Joint and 3everal Liebiltty; Captiona. The covenants and agreementa herein rnntained ahall bind, and the righta hereunder ahall inure to, the reapective aucceaaors and asaigna of Lender and Borrower, subject to the pmvieiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ahall be joint and eeveral. The captione and headinge of the paragraphs of this Mortgage are for covenience only and are not to be used W interpret or define the pmviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided for in lhia Mortgage ahall be given by mailing auch notice by certified mait addreased to Borrower at the Property Addresa or at auch other addrese as f3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to l.ender'a address atated herein or to such other address ae Lender may designate by notice to Borrower ae provided herein. Any nutice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Unitorm MoFtgege; Governing Law; Severability. Thia form of mortgage combinee uniform oovenants for national use and non- uniform covenants with limited variationa by jurisdiction to rnnstitute a uniform security instrument oovering real property. This Mortgage shaU be governed by the law of the juriadiction in which the Property ia located. ln the event that any proviaion or clause of thie Mortgage or the Note conflicts with applicable law, auch conflict ahall not affect other proviaione of this Mortgage or the Note which can be given effeM withuut the conflicting proviaion, and to this end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'ltiranefer of the Property; Aseumption. If all or any part of the Property or an intereet therein ia sold or tranaferred by Borrower without Lendei s prior written conaent, eacluding (a) the creation oi a lien or encumbrance subordinate to thia Mortgage~ (b) the creation of a pumhase money aecurity intereat for houaehold appliancee, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not oontaining an option to purchase, Lender may, at Lender's option, dectam all the suma aecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the sale or tranafer, Lender and the peraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the intereat payable on the sums aecured by this Mortgage shall be at such rate as Lender ahall request. If [,ender has waived the option to accelerate provided in thia paragraph 1?, and if Borrower s eucceasor in intereat hae executed a written assumption a~eement accepted in writing by I.ender, l.ender shall release Borrower from all obligationa under this Mortgage and the ~ tiote. ~ If Lender exercises such option to accelerate, I.ender ahall 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 ia ir,ailed Mrithin which Borrower may pay the sums declared t due. If Borrower fails to pay such sums prior to the expiration ot such period, Lender may, without further notice or demand on Borrower, ; invoke any remediea permitted by paragra~h 18 hereof. a ; 18. Acceleration; Remediee. E:cept as provided in paragrap6 17 hereof, upon Borrower's breach of any oovenant or 4 agreement of Borrower in thie Mortgage. includiag the covenante to pay w6en due any sume ee~.vred by thie Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifying. (1) the breach; (2) the action required to cure such breach; (3) a date, not leae than 30 daye from the date the autice ia mailed to Borrower, by which euch ~ breach muet be cured: and (4) that failure to cure euch breach on or before the date epeci6ed in the notice may result in w acceleration of the sums aecured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice "shall ~ further inform Borrower of the right to reinetate aRer acceleration and the right to seaert ia the [oreclosure proceeding the non-ezietence of a default or any other defenee ot Borrower to soceleretion and foreclosure. I[ the breac6 ia not cured on or ~ before the date specified in the notice, Lender at Lender'8 option may declare all of the eums sec~red by this Mortgage to be ~ immedietely due and payable without further demand and mey toreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in auch proceeding all expensea of forecloaure. including, but not lim[ted to, reasonable attorney's fees, and costs of documentary evidence. abatracts and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender'e acceleration of the aume aecured by thia Mortgage, Borrower ehall have ~ the right to have any proceedinga begnn by Lender to enforce this Mortgage diacontinued at any time prior to zntry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notea securing Future Advancea, if any, had no acceleration occurred; (b/ Borrower curea all brnachea of any other covenanta or agreementa of Bonower rnntained in thia Mortgage; Ic) Borrower pays afl reasonable expenses incurred by Lender in enforcing the covenanta and agreements of Borrower contained in this Mortgage and in enforcing Lendei s remedies as provided in paragraph 18 hereof, including, bnt not limited to, reaaonable ~ attorney's feea; and (d1 Borrower tal~es such action as Lender may reasonably require to sesure that the lien of thia Mortgage, Lendei e interest z;$ in the Property and Borrower a obligation to pay the suma secured by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligationa secured hereby shali remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rents; Appointment of Receiver. As additional eecnrity hereunder, Borrower hereby aseigna to I,ender the rente = of the Property, provided that Borrower ahall. prior to acceleration under paragraph 18 hereof or abandonment of the Propetty, have the right ~ to collect and retain euch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a 'I - ooutt to enter~upon, take poaseasion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta - oollected by the receiver shall be applied first to payment of the coste of management of the Property and collection of renta, including, but not limited to, receiver's fees, premiuma on receiver's bonds and reseonable attorney's fees, and then to the auma secured by this Mortgage. The receiver shall be liable to acoount only for those rente actually received. ~ - I ' ~ ° ~ 297 889 ~ aooK ~acf n~ t.. ?Y ~ - . ~ - ~1}~ -3~r~A s'~n~-Y^,.~` - .r~- +~i2^T?P'i">r~ ~y'y ~ e3' Y~ f + ~?r ~ ~T . . ~~_°'~.is.`~s ~?~c"~_. ~K x F . : s~v.r--S~s _ ..s