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HomeMy WebLinkAbout0023 8. lnapectio~. l.ender may make ur cauee to be made reaeonable ent~ea upon and inspeclionu of the property, provided that I.ender shall give F;orrower notice prior to any such inepection apecifying reseonable cause therefor related to l.ende~ e intereat in the Property. 9. Condemnetion. The prucee<ls of any award or claim for damagee, direct or coneequential, in connection with any oondemnation or othe~ taki~g of the prope~ty, or part thereof, or for conveyance in lieu of condemnation, are hel~eb~ aesig~ed and ehall be paid to l.ender. In the event of a btal taking of the Pcopevty, the proceeda ehaU be applied to the sume eecu~ lry lhia Morlgage, with the excees, if any, paid to 13orrower. In the eveot of a partial taking of the Property, unleas Borrower and Lender otherwiee agree in writing, there ehall be applied to the sume secured by lhis Mortgage such proportion of the proceede as ie equal to that proportion which the amount of the sume ~ecured by thie Morigage immediately prior to the date of taking beara to the feir market value of the Properiy immediately prior to the date of taking, with the balanc~ of the proceeda paid to ~3orrower. I[ the Property ia abandoned by Borrower, or if, aRer notice by l.ender to Bormwer thst the candemnor ofiere to make an award or BetUe a claim for damagee, Borrowe~ faile to reapond to I.e~der within 30 daye aRer the date euch notice is mailed, Lender is authorized tocollect and apply the pra.~eeda. at l.ender'e option. either to reetoration or repair of the property or to the euma eecured by this Mortgage. Unlesa Lender and Borrower otherwiae agree in writing, any auch application of proceede W principal ahall not extend or postpone the due date of the monthly instatlments referred to in paragraphs 1 and 2 hereof or change the amount of auch inetallmenta. 10. Eiorwwer Not Releseed. Fxteneion of the time for paymant or modi6cation of amortization of the sums aecured by this Mortgage granted by l.ender to aay aucceasor in i~tereat of Borrower shall not operate to release~ in any manner, the liability of the original Borrower and I3nrrowei s e~uccesaora in interest. l.ender ahall not be required to commence proceedings againat auch succeaeor or rnEuee to e:tend time for payment or otherwise modify umortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and E3orrower's successora in intereat. i l. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of ineurance or the payment of ta:ee or other liens or charges by Lender shall not be e waiver of l.ender a right to accelerate the maturity of the indebtednese aecured by thie Mortgage. 12. Remediee Cumulative. All rnmediee provided in thie Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee~i cohcurrently, independendy or aucceaaively. 13. Succeseors and Aseigne Bouad; Joint snd Several Liebillty: Captione. The covenants and agreements herein contained shall bind, and the righte hereunder shall inure to, the reapective succeasora and asaigna of Lender and Borrower. subject to the provieione of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and several. The captiona and headinga of the paragraphe of thia Mortgage are [or covenience only and are not to be uaed to interpret or define the proviaiona hereof. 14. Notice. F:xcept for any notice required under applicable law to be given in another manner, (al any notice to t3orrower pro~ ided for in this 1Nortgage shall be given by mailing such notice by certified mail addressed to Eiorrower at the Property Addreae or at auch other addrees as E3orrower may designate by notice to l.ender xe provided herein, and (b) any notice W I.ender ehall be given by certified mail, retum receipt requeated, to [.ender's addresa stated hemin or to auch other address as I.ender may deaignate by notice to Borrower as provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or l.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law: Severability. Thia form of mortgage combines uniform covenante for national uae and non- uniform covenanGa with limited variations by juriadiction to rnnatitute a uniform security instrument rnvering real property. This Mortgage shall be governed by the law of the jurisdictiun in which the Property is located. In the event that any proviaion or clauee of this Mortgage or the Note conflicts with applicable law, such conflict shall not nffect other provisions of thia Murtqage or the Note which can be given effect without the conflicting provision, and to this end tfie provisiuns of the MortgaKe and the Note are declared to be severable. 16. Borrower's Copy. F3orrower ahall be fumiehed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. I7. Transfer of the Property; Aseumption. It ali or any part of the Property or an interest therein ia eold or tranaferred by Borrower without l.ender's prior written conaent, exduding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaeie inunep aet~rity intereat for h~usehold appliances, tc) a tranafer by deviae, descent or by operation of law upon the death of a joint tenant or ld1 the grant of any leasehold interest of three yeara or less not containing an option to purchase, Lender may, at Lender's option, declare all the aums secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to thr sale or transfer, I.ender and the person to whom the Yroperty is to be aold or tranaferred reach agreement in writing that the credit of such , person is satisfactory to [.ender and that the interest paynble on the suma secured by this Mortgage shall be at such rate as Lender shall request. If Ixnder has waived the option to accelerate provided in this paragraph 17, and if Eiorrower's successor in interest has executed a written assumption agreement accepted in wtiting by I.ender, [.ender shall release Borrower from all obligations under thia Mortgage and the Note. If I.ender exercises such option to acrelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a periud of not less than 30 days from the date the notice is rr.ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Ixnder may, without further notice or demand on Iiorrower, j mvoke anp remedies permitted by paragraoh IR hereof. ' ' ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph I? hereof. upon Borrower's breach ot any covenant or - ~ agreement of Borrower in thia Mortgage. including the covenanta to pay when due any eume eecured by thie Mortgage, Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lesa than 30 days from the date the notice is mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in ~ acceteration of the sume secured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ° further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosure proceeding the ~ non-e:iatence of a default or any other defense of Borrower to acceleretion and forecloeure. If the breach ia not cured on or ~ before the date epecified in the notice, Lender at Lender's option may declare all of the suma aecured by thie Mortgage to be + immediately due and payable withoul further demand and may forecloae this Mortgege by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all e:pensea ot forecloaure, including. but not limited tu. reasonable attorney's feea. and ~ coats of documentary evidence. abatracta and tiUe reporta. 19. Borrower's Right to Reinetate. Notwithstanding I.ender's acceleration of the eams secured by thie Mortgage, Borrower ahall have ~ the right to have any proceedings begun by [.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Bormwer pays l.ender all auma which would be then due under this Mortgage, the Note and notes securin~ Future ~ Advances, if any, had no acceleration occurred:lb) Borrowercures all breaches of any othercovenants or agreements of Iiorrowercontained in ~ thie Mortgage; (c) Borrower pays all reasonable expenses incurred by I.ender in enforeing the covenant8 and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph lA hereof, including, but not limited to, reasonable attorney's fees: and ld) Borrower takea auch action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender's interest - in the Pmperty and Borrower's obligation to pay the aums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortqage and the obligations aecured hemby ehall remain in full force and effect as if no acceleration had occurred. ~ 'l0. Aaeignment ot Rente; Appointment ot Receiver. Ae additional security hereunder, Bonower hereby asaigns to I.ender the rente ~ of the Property, provided that Borrower ehall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right ~ to collect and retain auch rents aa they become due and payable. ? Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitted to have a receiver appointed by a rnurt to enter upon, take possesaion of and manage the.Property and to collect the rents of the Property, including those past due. All rents collected by the receiver ahall be applied first to payment of the coats of management of the Pmperty and rnllection of renta, including, but not ~ limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorney's fees, and then to the suma secured by thie Mortgage. The ~ receiver ahall be liable to account only for those rentx actually received. ~ ~ ` E~~r ~7~ i7i~ r" i ~ a s, S ~ • ~ ; . . . ~ - ~ - .ti:_; _''Y . ~ k~,"~~ .,.~'~-.,~~,a-~"~^~" r , I 9 ~ 1 ~b