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HomeMy WebLinkAbout0008 . . t R. Inepection. l.ender may makr ur cauee to be made reaaonable entriea upon end inepectione uf the properiy, provided that l.ender ehall Kive f~rrowe~ notice prior to any auch inepection apecifying reasonable cauee therefor related to l.rnder's intereet in the Piroperty. 9. Condemnation. 7'he pro~recle of any award or claim for damagee, direct or conseque~tial, in connection with any candemnation or uther taking of the property, or part thereof, o~ for conveyance in lieu ot condemnation, are hereby aaei~wwed and elwll be paid to l.ender. In the event of a total taking of the Property, the pra~eeda ahall be applied to the suma aecured by thie Mortgage, with the exceea, if any, paid to Borrowe~. In the event of a partial taking of the Property, unleea Borrower and l.ender otherwiae agree in writing, there ahall be applied to the sume secured by this Mortgage auch proportion of the proceede ae ia equal to that proportion which the amount of the aume secured by thie Mortgpge immediately prior to the date of taking beare to the [air market value of the Yrope~ty immediately prior to lhedate of takinR, with the balanca of the proceede paid to Aorrower. [ f the Property ie abandoned by E3orrower, or i[, after notice by I.ender w Borrowe~ that the condemnor ofYera to make an award or eettle a claim for damagea. Borrower fails to reepond to Lender within 30 days after the date auch notice is mailed, I.ender is authorized to collect and apply the proeeeda, at Lender'e option, either to reetoration or rnpair of the property or to Uie eums aecured by this Mortgage. Unteae 1.ender and E3orrower otherwiae a~eein wnting, any euch application o~proceeda to principal snali not extend or poBtpone thedue ~ date of the monthly inatallmente reterred to in para~aphe 1 and 2 hereo[ or change the amount o[ euch inatallmente. 10. Borrower Not Released. Extension ot the time for paymant or modification of amoRization of the auma secured b~ this Mortgage grxnted by I.ender ta any succexsor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower ~nd Eiorruwer's succesaors in intereat. Ixnder ahalt not be mquired to oommence proceedings againat auch succeasor or refuae to eztend time fur puyment or otherwise mudify umortizatii~n of the sums secured by this Mort~~ge 6y reason of any demand made by the original Borrower and t3orrower'a successurs in interrst. I 1. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiae afforded by applicable law, ahaU not be a waiver otor preciude the exercise of any e~tch right or remedy. The procurement of insurance or the payment of taxea or other liens or chargee by Lender ahall not be a waiver ot Lender'a right to accelerate the maturity of the indebtedneaa secured by thia Mottgnge. 12. Remediee Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this MortKage or aftorded by law or equity, and may be exercieeri rnncurrently, independently or auccessively. l:i. Succeasors end Aaeigne ~3ound; Joint and Several Liability; Captions. The rnvenanta and agreementa herein contained ehall bind, and the riKhts hereunder ahall inure to, the ~eapective sutt~eesora and aseigns of Lender and Borrower, aubject to the provisione of paragraph 1? hereof. All covenan[a and agreements of Horrower ahall be joint and eeveral.'R~e captiona and headinga of the paragraphe of this Mortgage are [or covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. M:xoept for nny ne~tice reyuired under .~pplic<ible law to t?e Riven in another manner,~ii any ~otice to Borruwer provided for in this Mort~age ahtill be given by mailing auch notice by certified mail addmssed to Eiorrower at the Property Addreas or at such other addrees ae liorn~wer may dessignate by notice to Lender as provided herein, and Ib) any nutice to I.ender ahall be given by certified muil, return receipt requested, to l.ender's addresa stated herein or to such other address as I.ender may designate by notice to Borrower ax provided herein. Any notice pro~~ded [or in this hlortgage shall be deemed to have been given to Borrowe~ or l.ender when given in the manner deaignated herein. l:i. Uniform Mortgage: Governing Lav? : Severability. This form of mortgage combinea uniform covenants [or national use and non- uniform covenants with limited variations by jurisdiction to eonstitute a uniform security instrument covering real pmoerty.'[~ia Mortgage shall br govemed by the law of the juriadiction in which the f'roperty is located. In the event that any provision or cla~.•se of this Mortgage or the :Vote conflicts with applicable law, such contlict ahall not affect other provisions of this Morigage or the Note which can be given effect w•ithuut the conflictinK provision, and to this end the pm~~sions of the MortKaKe and the iVote are declared to be severable. 16. Eiorrower's Copy. Borruwer shall be fumiahed a conformed copy of the Note and of this Alortgage at the time of execution or after recordation hereof. 17. Tranafer of the Property; Asaumption. If all or any part of the Property or an intereat therein is sold or tranaterred by E3orrower without I.ender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate tu this Mortgage, (b) the creation of a • purcnase muney security inieresi ior nousenoid s~ppiiances, ici a iranaier by oevise, d~sceni ur by operaiiun oi iaw u{wn ine deain oi a join's tenant or (d) the grant of any leasehold interest of threr years or less not containing an option to purchase, [xnder may, at L.ender's option, declare all the sums secured by tiiis Mortgage to be immediately due and payable. [.ender shall have waived auch option to accelerate if, prior to the sale or transfer. [.ender and the person to whom the Property is to be sold or transferred rnach aQreement in writing that thecredit of such person is saUsfack~ry k? I.ender and that the interest payable on the sums secured by this MortKaKe shal) be at such rate ax I.ender shall reyuest. If I.ender has waived the option to accelerate pruvided in this paraFtraph 17, and if Borrowei a successor in interest has executed a - written .Ltisumption aKreement accrpted in writinK by I.ender, I.endershall release $orrow~er from all obligations under this Mortgage and the ti ote. ' . ; If I.ender exercisea such option to accelerate, I.ender shall mail Rormwer notice of acceleration in accordance with paragraph 19 hereof. ~ 5uch notice shall provide a peri~ of not less than :ill davK from the date the nutice is mailed within which Borrower may pa~• the sums declared due_ If Borrower fails to pay such sums prior to the expiration of such periud, Ixnder may, without further notice or demand on Korrower, E ~nvoke anv remedirs permitted by paraKraoh 1 K hereof. ' ' 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in thia Mortgage, including the covenanta to pay when due any aums aecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower us provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure such breach; (3) e date. not leas than 30 daya from the date the notice ia mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure auch breach on or betore the date specified in the notice may reault in ~ acceleration of the sums aecured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehell ~ further inform F3orrower of the right to reinatate aRer acceleration and the right to essert in the forecloeure proceeding the ~ non-e:istence of a default or any other defense of Borrower to acceleration and forecloaure. 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 sums aecured by thie Mortgage to be ~ immediately due and payable without further demand and mac foreclosethis Mortgage by judicial proceeding. Lender ahall be c~ntitled to collect in such proceeding all expenaes of toreclosure. including, but not limited to. reasonable attorney's fees. and ~•oste of documentery evidence. abatracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithstanding I.ender's acceleration of theaumasecured by this Mortgage, Borrower shall have the right to have any proceedinge begun by I.ender to enforce this MortKaRe discontinued at any time prior to entry of a judRment enforcinR ~ thia MortKaKe if: lal F3orn~wer pays lxnder all sums which would be then due under this Mortgaqe, the Note and notes securing ~uture ~ Advances, if any, had no acceleration occurred; {b? Rorrower cures all breachea of any other covenanta or agreements of E3orrowercontained in thia MortRage; Ic? Borrower pays all reasonable eapenses incurred by I.ender in enforcing the covenanta and agreements of Bonower contained in this Mortgage and in enforcing Lender's remedies a.s provided in paragraph 18 hereof, including, but not limited to, reasonabl~ attorney's fees; and Idl Borrower takes such action as [.ender may masonably require to assure that the lien of thia Mortgage. I.ender'a intereet in the Property and Rormwer'a obliRation to pay the aums aecared by this',1~iortgage shall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect ae if no acceleration had occurred. ~ 'l0. Aeeignment of Renta: Appointment of Receiver. As additional security hereunder. Borrower hereby asaiqna to Lenderthe renta ~ of the Property, provided lhat Borrower shall, prior to acceleration under paragraph 18 hereqf 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, l.ender ahall be entitled to have a receiver appointed by a ' ? cuurt to enter upon, take posaeasion of and manage the Property and to collect the renta of the Property, induding those paet due. All renta ~ collected by the receiver shall be applied first to payment of the rnsts of management of the Property and collection of rente, including, but not limited to, receiver's fees, premiume on receiver's bonds and reasonable attorney'a fees, and then to the sums aecured by thie Mortgage. The ' receiver ahall be liable Eo account only for those rents actually received. a ;i ~s ~ . ~ ~(]Q p ~ ~ 60'~~7 ~ ~D ~ K r' ' _ ~ ' _ M r:'y r.,_.5. ~',~"n~ k"r'~:,a~ s. 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