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HomeMy WebLinkAbout0933 8. In~pectlon. l~ader may make or cause ta> be ~nede reawnable entrie~ upon end in~pectiona otthe property, pmvided ihat l.ender shall give Eiorrower notice prior tp any auch inspection specifying reasonable cauee thereto~ related to l.endei ~ intereat in the Pmperty. ' 9. Condemn~tion.'t~e proceal~ of any eward or claim for dama~e~, direct or conaequential, i~ connection with any oo~demnation or othet taking of the pmperty, ot part thereof, or for rnnveyance in lieu of rnndemnation, ere hereby aasigned and ehaU be paid to I.ender. In the avent oi s total taking ot the P~ope~ty, the proeeed~ ahall be applied to the sums ~ecuted by thi~ Mortgage, ~vith the e:oesa. if any, paid to Bo~ower. In the event of a partial taking of the Pcoperty. unles~ Horrower a~d I.ender otherwi~e agree in writina, there shall be applied to the sums aecured by thu MortQaQe such pcoportio~ of the procee~d~ ea u equat to thet proportion which the amount ot the sum~ secured by this Morigage immedietely prior to the date of taking bears to the fair market value otthe Prope~ty immediately prior to the date of taking, with the balaaoa of the pmceeda paid b Borrower. If the Property u abandoned by Sorrower, or if, eRer notioe by Ixnder W Borrower that the oondemnor oPlen to make an award or settle a claun [or damage~, BoTrower [ails to reapo~d to I.ender within 30 deye aft.er the date such notice is mailed, Lender is authoriied to collect and apply the proceeds. at Lender's option, eithet to reatoration or repair of lhe property or to the ~ums secured by this Mottgage. Unleas Lender and Bormwer otherwise agree in writing, any such appGcation o[proceeds b principal shall not e:tend or poetpone the due date of the monthly inslaliments referred to in paregraphs 1 and 2 hereot or change the amount of such installme~ts. 10. Borrower Not Released. Extenaion of the time for paym~nt or modi6cation of amortization ot the sums aecured by thia Mortgage Kranted by I.ender to any aucceaeor in interest of Borrower ehnp not operate io release, in any manner, the liability ot the original Bormwer und Borrower'e eucceaeore in inter~t. I.ender ahall not be required to commence proceedinga egainet auch succeeeor or refuse to extend time k~r payment or otherwiae modity amortization of the sums eecured by this Mortgage by reaaon otany demand made by theoriginal iiorrower and Eiorrowei a aucceeaore in interest. 1 I. Forbearaaoe by l.eader Not s~ R?Alver. My forbearance by I.ender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of or preclude the e:ercise of any such right or remedy. The procurement of insurance or the payment ot tues or other liena or charges by I.ender ehall not be a waiver of Lender's right to accelerate the maturity of the indebtedneas aecured by this Mottgage. 12. Remedies Cumulatlve. All remedies provided in this Morlgage are distinM and cumulative to any other right or remedy under thie , Mortgage or afforded by law or equity, and may be eaerciee~l ooncurrenUy. independendy or euc~esaively. , 13. 3ucceesors and Aseigns Bound; Joint and Several Ltability; Captions. The oovenanta and agreemente lierein rnntained shall bind, and the riqhte hemunder ehall inure to, the rnepective eucceaeors and aseigns of Lender and Borrower, eubject to the proviaions of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and eeveral. The captione and headings of the paragraphs of thie Mortgage are tor covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for nny notice required under applica6le layv to be given in another manner, (a) any notice to f3orruwer provided forin thie MortRage ahall be given by mailing auch notice by certified mail addreeaed to Borrowe~ at the Property Addresa or at euch other addreea ae tiorrower may deaignnte by notice to Lender as provided herein, and (b) any notice to Ixnder ehall bae given by certi6ed mail, retum receipt requeated, to I.ender'a addresa stated hemin or to auch other addresa as I.ender may deaignate by notice to Borrower as provided herein. Any notice provided for in thia Mortgaqe ahall be deemed to have been given to Eiorrower or I.ender when given in the manner deaigneted herein. 15. Uniform Mortgage; Governing l.aw; 3everability.l'hia form of mortgage cornbinex uniform oovenante for national ueeand non- uniform rnvenanta vrith limited variationa by jurisdiction to oonatitute a uniform security inetrunient rnvering rea) property. This Mortgage ahall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clauee of this Mortgege ot ' the Note contlicta with applicable law, such conAict ahall not af~ect other provisiona of thie Morigage or the Note which can be given ePfect without the contlicting provieion, and to this end the provieione ot the Mortgage and the Note are declared to be severable. - 16. Borrower's Copy. [3orrower shall be furniehed e con[ormed oopy of the Note and of thie Mortgage at the dme ote:ecution or after recordation hereof. ~ 17. 7tiranster uf the Property; Aseumption. If all or any part o: the Property or an inteteat therein ie soid or trane[erred by E3orrower without l.endei a prior written canaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation ota purchase money security internst for houaehold appliances, (c) a trsnefer by deviee, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not oontaining an option to pnrchase, Lender may, at Lendei a option, declare all the auma eecured by this INortgaKe to be immediatrly due and payable. Lender ahall have waived such option to aocelerate if, prior ' t~~ the sale vr tranefer, I.ender and the person to whom the Property is to be aold or tranaferred reach aqreement in writing that the credit of auch ~ pen+an is satisfactory to [.ender and that the interest payable on the aume aecured by this Mortgage shall be at such rate as I.ender ahall I reyuest. If I.ender has waived the option to accelerate provided in thie paragraph 1?, and if Borrower'a auceesaor in intereat has e:ecuted a ' K•ritten asaumption agreement accepted in writing by Lender, Lender ahaU release Borrower from ali obligationa under this Mortgage and the ~ ! tiote. If l,ender exercises such option to accelerate. [.ender ahall mail Eiorrower notice of acceleration in accordance with paragraph 14 hereof. i tiuch notice ai~al! ~rovide a period of not less than :~0 days from the date the notice is inailed within which Borrower may paY theaums declared ; due_ If Borrower fails to pay auch sums prior to the e:piration of such period, I.ender may, without further notice or demand on Korrower, t invoke any remedies permitted by paragrnoh 18 hereof. ~ IS. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereaf, upon Borrower's breach ot any oovenant or E agreement ot Borrower in this Mortgage, includingthe oovenante to pay when due eny suma secured by thie Mortgage. I.eader ; prior to ecceleretion shall mail notice to Borwwer ae provided in paragraph 14 hereotepecjfying: ( I) the breacb: (2) the action ' required to cure such breach; (3) a date, not lese than 30 daye from the date the notlce ie mailed to Borrower, by w6ic6 such ; breach muet be cured; and (4) that failure to cure such breach on or before the date epecified ~n the aotice mey result in t acceleration of the auma aecured by this Mortgage, toreclosure by judicial proceeding and sale of the Property.The noticeehall ~ further inform Borrower of the right to reinstete after acceleretion and the right to assert in the forecloeure proceeding the non-e:istence ot a default or any other defense of Borrower to acceleration and foreclosure. lf the breach is not cured on or ~ hetore the date apecified 'en the notice. Lender at Lender'e option may deelare all ot the suma secured by thie Mortgage to be ~ i mmediately due and payable without furf her demand and may foreclose this Mortgage by judicial proceeding. Lender shell be ; entitled to collect in auch proceeding all expensee of foreclosure. including, but not limited to, reaaonable attorney's teee. and ~ eoate ot documentary evidence, ebstracte and titie reports. ~ I9. Borrower's Right to Reinetate. Notwithatanding I.ender's acceleradon of the aums aecured by this Mortgege, Iiorrower shall have ~ the right to have any proceedinga bequn by Lender to enforce thia Mortgage diecontinued at any time prior to entty of a judgmentenforcing - this Mortgage if: (a) Boreower pasa Lender all eume which would be then due under this Mortgage, the Note and notee eecuring Future Advances, if any, had no acceteration occurred; (b? I3orrower cures a11 breaches of any other covenante or agreemente of Borrower contained in this Mortgage; Ic) f3orrower pays all reasonable expeneea incutred by Lender in enforcing the oovenanta and agreementa of Borrower r contained in this Mortgaqe and in enforcing I.ender s remedies as provided in paragraph 18 heteof, including, but not limited to, reasonable - attorney'e feea; and Id) Borrower takea auch action as Lender may reasonably require to aesure that the lien of thia Mortgage, Lender's interest in the Property and Borrower'a obligation to pay the auma eecured by thie Mortgage ahall continue unimpaired. Upon such payment and cure F~ E3orrower, this Mortgage and the obligatione secured hereby shall remain in full force and effert ae if no acceleration had occurred. Z0. Assignment ot Rente; Appointment ot Receiver. Aa additional eecurity hereunder, Borrower hereby aseigni to Lender the renta of the Property, provided that fiorrower eha11, prior to acceleration under paragraph 18hereotor abandonment of the Property, have the right to collect and retain auch renta as they become due and payabte. Upon acceleration under paragraph 18 hereof or abandonment o[the Property, Lender shali be entitled to have a receiver eppointed by a ` court to enter upon, take poseeeeion ot and manage the Property and to collect the rents of the Yroperty, including thoee paat due. All rente - collected by the receiver shal) be applied first to payment of the coate of management of the Property and collectioe of rents, including, but not limited to, receiver'e feea, premiuma on receiver 8 bonda and reasonable attomey e feee, and then to the eums eecured by thie Mortgage. The ~ receiver shall be liable to acoount only for thoee renta actually received. ~ . : ~ ~ ~ ~ ~ BOC~ 29~ PAGE 930 v i ~ _ : - , s . _ - , „