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HomeMy WebLinkAbout0011 8. Ia~pectioa. Lender may make or cause to be made reewnable entries upon and 'uupectioru oithe pmperty, pmvided th~t Lender shall ~ give Borrower notice prior to any such in~pection sperifying reasonable cause thenfor related to Iwnder'~ interest in the Proper4y 9. Coadenanatlon. The pmceeds of any award or claim for damage~. direM or consaquential. in coaaection with any ooademaation or oth~ taking of the pmperty. or part thereof, or for conveyance ia Ueu of oondemnatiua. an hereby asai~ned and ahal! be paid to Lender. In the event ot a total teking of the Property. the proceeda ahall be ePPlied to the sums secured by this Mortgage. with the ezoeea. if any. paid to Borrower. ln the event oi a partial taldng o[ the Property. unleas Burrower and Lend~ otherwi~e agree ia writing. there ehall be applied to the wms secund by this Mortgage euch pmportion of the proceeds as is equal to that proportion which the amount of the suma eecured by this Mortgage immediately prior to the date of taking bears b the fais market value of the Property immediately prior b the date of taking, with the balancv of the proceeds paid to Borrower. ; If the Prop~ty ia abandoAed by Borrower. or if. after notice by Lender to Borrower that the oondemnor oBers to make an award or settle a claim for dameges, BorroweT faila to nspond to Lender within 30 daYa after the date auch aotice is mailed. Lender is authorized to coUect and apply the ptoa.~eds, at Lender'e option, either io restoration or repair of the pmperty or to the sums sceured by this Mortgage. Unleae Lender and Borrower otherwiee agree in writin6. anY such application of proceeda to principal ehall not ~tend or poetpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amonnt of such insfallmenb. 10. Borrower Not Releaeed. E:tenaion of the time for payananL or modification of amortization of the eums aecured by this Mortgage granted by Lender to any succesaor in intereat oi Borrower shall not operate to release, in any manner,lhe liability of the original Borrower and Borrower's successora in intereet. Lender shall not be required to commence proceedings againet such succeesor or refase to extend time for payment or otherwiae modify amortization of the aums secund by this Mortgage by reaeon of any demand made by the original Bonowa and Borrowe~r s aucceaeors in interest: 11. Forbearanoe by Lender Not a VNaiver. Any forbearance by Lender in exercising any riBht or nmedy hereunder. or otherwise af~orded by applicable law, shall not be a waiver of or preclude the ezerciee of any such tight or remedy. The pmcurement of ineurance or the payment of ta~cea or othes liena or charges by I.ender shaU not be a waiver of Lender'e right to acoelerate the maturity of the indebtednees eecured by this Mortgage. ' 12 Remediea Cumulative. All remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by Iaw or equity, and may be e~cercise~l ooncurrendy. independently or auoceeeively: 13. 3ucceseors and Asaigne Bound; Joint and 3everal Liability; Captione. The covenants and agreements herein oontained ahall bind, and the righta hereunder shall inure to, the reepective euceeseore and assigna of Lender and Borrower. subject to the provisions of paragraph 1T hereof. All coveaants and agreementa of Borrower ahall be joint and eeveral. The capdons and headings of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the pmviaione hereof. 14. Notice. Except for any notic~e required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing euch notice by certified mail addree~ed to Bon'ower at the Property Addresa or at euch other addrees as Borrower may designate by notice to Lender as pmvided Lerein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender a address stated herein or to such other addreee as Lender may deaignate by notice to Borrower ee provided herein. My notice pmvided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~ 15_ Uniform Mortgage; Governing Law; 3everability.'l~ia form of mortgage cambinea uaiform oovenante for national uee and non- uniform covenanta with limited variations by juriediction to conatitute a uniform security inetnuuent covering real property.'I~ie Mortgage ahall be govemed by the law of the j~uisdirtion in which the Property ia located. In the event that any proviaion or clauae of thie Mortgege or 3 the Note rnnflicte with applicable law, such rnnflict ahall not af~ect other provisions of this Mortgage or the Note which can be given effect without the oonflicting provision, and to thia end the proviaions of ~the Mortgage and the Note are declared to be eevereble. 16. Borrower's Copy. Borrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of ~ecution or after recordation hereof. 17. Transfer of tbe Property; Aeaumption. If all or any part of the Property or an intereat therein ie eol~ or traneferred by Borrower without Lendei e prior written coneent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ; purchaae money secarity intereat for houeehold appliancee. (c) a tranefer 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 yeara or less not oontaining an option to purchaee, Lender may, at Lender's option, ; declare all the sums secured by thia Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior ` to the sale or transfer, Lender and the person to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of such ~ person ia satiafactory to Lender and that the interest payable on the suma secured by thia Mortgage shall be at such rate as I.ender ahall request. If LendeT has waived the option to accelerate provided in this paragraph 17, snd if Borrower'e succesaor in intereat has ea~ecuted a written assumption agreement accegtrd in writing by Lender, I.ender shall releaee Borrower from all obligationa under thie Mortgage and the ' Note. - ! If L.ender exercises euch option to aocelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not less than 30 days from the date the notice is r~ailed within which Borrower may pay the eums declared ; due. If Borrower fails to pay such snms prior to the expiration of such period, L.ender may, without further notice or demand on ~3orrower, ; invoke any remedies permitted by paragranh 18 hereof. a ~ 18. Acceleration; Reraedies. E:cept as provided in psragraph 1'7 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenants to pay when due any sume aecured by this Mortgage, Lender prior to aoc~leration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breac6; (3) a date, not lese than 30 daya from the date the notice ie mailed to Borrower, by which such breach muat be cured; and (4) that failure to cure suc6 breach on or before the date apecified in the notice may result in ~ acceleration of the eums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ furtber inform Borrower of the right to reinstete aRer acceleration and the right to aesert in the foreclosure proceeding the non-ezietence of e default or any other defense of Borrower to acceleration and forecloaure. If the breach is not cured on or ~ before the date apecified in the notice, Lender at Lender's option may declare all of the aume secured by thia Mortgage to be ~ immediately due and payable without further demand and may forectose this Mortgage by judicial proceeding. Lender shell be ~ entitled to collect in auch proceeding all ezpenses of forecloaure, including. but not limited to. reasonable attorney's feee, and ~ coete of documentary evidence, abstracts and title reporte. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender a acceleration of the aums secured by thia Mortgage, Borrower ahall have the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued ~t any time prior Lo entry of a judgment enforcing ~ thia Mortgage if (a) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and ~otee eecuring ~ture Advances, if sny, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreemente of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable. expenaes incurred by Lender in enforcing the covenanta and agreemente of Borrower ~ contained in this Mortgage and in enforcing I.ender's remediea as provided in ParaBraph I8 hereof, including, but not litnited to. resaonable attomey e feee; and (d) Borrower takea such action se Lender may reasonably require to aasure that the lien of thia MortRage. Lender'e interest = in the Property and Borrower's obligation to pay the aume secared.by this Mortgage ahall continue unimpaired. Upon euch payment and cure ` by Boaower, thie Mortgage and the obligatione aecured heteby ahali remain in full force and effect as if no acceleration had ocr~irred. ~~3 20. Aaeignment of Rente; Appointment of Receiver. As additional security hemunder, Bonower hereby asaigna to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright ~ to collect and retain such rents as they become due and payable. `°3 Upon acceleration under paragraph 18 hereof or sbandonment of the Property, Lender shall be entitled to have a receiver appointed by a court w enter-upon, take possesaion of and manage the Property and to rnllect the rents of the Property, including thoee past due. All rents collected by the receiver shall be applied first to payment of the ooeta of mana.gement of the Property and collection of rents, including, bnt not ~ limited to, receiver a fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the eums eecured by thie Mortgage. The ti`- receiver ehall be liable to acoount only for those renta actually received. ut }~i rYt eh~ `:.2 U R 3U~ ~E BCf,K PA~ ~ `e ~ _ £~'c . - . ' . ' ' F ~ ~ _.°n~ ~ ~S`'"~ `Vi-~.u A LN~ ~ ~ . ~.'~y~ : ~p~ . r . _ ~ , ~ . ~ . . m . . . _ : . ; ~ . . _ - ~ _..~s,~~'.- . : o.:Y,~ . ~ . . - _ ~ .