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HomeMy WebLinkAbout0024 8. Ia~pectloa. Lender may make o~ cause to be made ~eawnable entrie~ upon and inspections otthe proper;y. provided thet I.eader ahall , give Borrower notioe prior to any such inspcction specifyin~ ceasonable caues therefor related to Lender's interest ip u?e Property. 9. Coademnadoa.'I1~e proceeds of any award or claim for damages, direct or rnnaeque~tial. i~ oonnection with any o~ndemnation or • other taking of the prnperty, or part thereol, or for conveyance in lieu of condemnation, are hereby assigned and ahall be paid to Lender. In the event of a total taking of the Propcrty, the pmceeda shell be aPPlied lo the sums secured by this Mort~age, with the e~coaes. if any. paid to Borrower. In the event of a partial takinB of the Prope~ty. ualees Bunowar end Lender otherwiae agree in writinQ. the=e shall be applied to the auma secured by thie Morl~ags such proportion of the proceeds as u equal to that proportion which the amount of tha eums eecured by this Mortgage imzuediately prior to the date of taking bears to the fair marke! value of the Property immedietely prior to the date of talcing, with the balanc~ oi the proceeds paid to Borrower. If the Property is ebandoned by Borrower, or if. aRer aotice by Lender to Borrower that the oondemnor oPfers to make an award or settle a claim for damages. Borrower fails to reepoad to I.ender within 30 days afisr the date euch notioe is mailed. Lender ia authorir~ed to coUect and apply !he proceeds. at Lender s option, eith~ b restoration or repair of the propecty or to the suma secured by this Mort~age. Unlees Lender and Borrowez otherwiee agree in w~ritine. anY euch application of proceeds Lo principal shall not e~ttend or postpone the due date of the monthly installmente referred.to in paragraphs 1 and 2 hereof or change the aawunt of such instsUments. ' 10. Bormwer Not Released. Factension of the time for paym~nt or modificatiot? of amortization of the auma eeciued by thia Mortgage granted by l.ender b any aucceaeor in interest of Borrower shsll not operate to ~eleaee, in any manner, the liabiGty of the original Borrower ~ and Borrower'e euccessors in interesl. I.ender ahall not be required to ootnwence proceedings againat euch auc~ceesor or refuee to e:tend time for payment or otherwiae modify amortization of the suma eecured by thie Mortgage by reaeon of any demand made by the origiaal Borrower and Borrower s eucccesors in interest. 11. Forbearance by Lender Not a Waiver. My forbearsace by Lendes in ezercieing`~ay ri8ht or remedy hereunder. or otherwise • affotded by applicable law. ahall aot be a waiver of or preclude the euerciee of any euch right or remedy.'t~e procnreme~t of inauranoe or the . payment of iaxes or other liens or charges by Lender shall not be a waiver of Lender's right b aocelerate the maturity of the indebtedneas secured by ehis Mortgage. 12 Remedies Cumulative. All remedi~ provided in this Mortgage are distinct and cvmulative to any other right or remedy under thia Mortgage or s~orded by law or equity. and may be e:ercieewl ooncurrendy. independendy or encceesively. ~ 13. 3ucceseors and Aseigns Bound; Joint and 3everal Liability; Captione. The oovenante and agrcementa herein contained ahall bind, and the righta hereunder ahall inure to, the respective auoceeaore and assigne of Lender and Borrower. subject to the proviaions of paragraph 1T hereof. All covenante and agreementa of Borrower shall be joint and eeveral.'14~e captione and headings of the paragraphs of this Mortgage arE for rnvenience only and are not to be ueed to interpret ds define the proviaions hereof. 14. Notice. Except for any notice required under applicabie law W be given in another maaner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing auch notice by certified mail addresaed to Borrower at the Propetty Ad~dreee or at such other addresa es Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipR requeated, to Lender s addreea stated herein or to such other addrese ae Lender may designate by no4ce to Borrower aa provided herein. Any notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Goveraing Law; 3everability. Thie form of mortgage rnmbines uniform oovenants for national uee and non- - uniform covenants with limited variationa by juriadiction to oonetitute a unifotcn eecurity inatnuuent oovering real property. Thie Mortgege shall be governed by the law of the jnrisdiction in which the Property ia located. In the event that any provision or ctiauae of thia Mortgage or the Note contlicte with applicable law, auch contlict ahall not affect other proviaions of this Mortgage or the Note which can be given effect without the oonilicting provision, and to this end the provisiona of the Mortgage and the Note are dedared to be eeverable_ 16. Borrower'e Copy. Bor~rower shall be furniehed a rnnformed copy of the Note and of this Mortgage at the time of execution or aftRS - recordation hereof. ~ 17.'Itiranafer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia eold or traaeferred by Borrower without Lender'e prior written conaen~ e~ccluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the creation of a c purchase money security intareat for houeehold appliancee. (c) a tranafer by devise. dcc~oent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or leaa not rnntaining an option to purchaee. Lender may, at Lender e option, ~ declare all the auma secured by this Mortgage to be immediately due and payable. I.ender ahall have waived auch option to accelerate if, prior ' to the eale or tranafer. I.ender and the person to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of euch person is satisfactory to I.ender and that the intereat payable on the sums s..cured by this Mortgage ahall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a succeasor in intereat has executed a w-ritten assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under this Mortgage and the Note. If I.end~ exerciaea auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL i Such notice ahall pmvide a period of not less than 30 days from the date the notice is ir.ailed within which Borrower may pay the auma declared ~ due. If Borrower faila to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on borrower, ! invoke any remedies pennitted by paragraoh 18 hereof. ; 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenaat or t agreement of Borrower in this Mortgege, including the oovenante to pay when due any sume secured by thia Mortgage, Leader ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 daye from the date the notice ie mailed to Borrower, by which auch ~ breech must be cared; and (4) that failure to.cure such breach on or before the date epecified in the notice may result in ~ acceleration of the eums secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. T6e notice ehall ~ further inform Borrower of the right to reinstate after acceleration and the right to aseert in the foreclosure proceeding the non-exietence of a default or any ot6er defense of Borrower to acceleration and forecloawe. If the breach is not cared on or ~ before the date specified in~the notice, Lender at Lender's optioa may declare all of the sums aecared by thie Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in auch proceeding all ezpenses of foreclosure. including, but aot limited to. reasonable attorney's fees, and ~ costs of documentary evidence, abstracts and title reporta. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the sums eecured by thia Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing - ~ this Mortgage if: (a) Borrower paya Lender ali sume which would be then due under thie Mortgage, the Note and notes eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenanta or agreements of Borrower contained in ti this Mortgage; (c) Borrower pays all reaeonable e:penses incurred by Lender in enforcing the covenante and agreements of Boaower ~ oontained in thia Mortgage and in enforcing Lender's remedies aa provided in paragraph 18 hereof, including, but not limited to, reasonable ti attorney e feea; and (d) Borrower takes such action as Lender may reasonably require to aseure that the lien of this Mortgage, Lender's intereat ~ in the Property and Borrower's obligation to pay the sums aecured by this Mortgage shall rnntinue unimpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage and the obligations secured hereby ahall remain in full foroe and effect se if no acceleration had occurred. - 20. Aeaignment of Rente; Appointment of Receiver. As additional security hereunder. Borrower hereby aesigna to Lender the renta ~ of the Property, provided that Borrower ahall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have the right ' to collect and retain auch renta ae they become due and payable_ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitied to have a receiver appointed by a ~ - oourt to enter.upon, take poeseasion of and manage the Property and to collect the rents of the Property, including thoee peat due. All rente collected by the reoeiver ahall be applied firat to payment of the ooete of managemen t of the Property and collection of rente, including, but not ~ limited to, receiver's fcee, premiuma on receiver's bonds and reseonable attorney's feea, and then to the auma serured by this Mortgage. T4ze ~ receiver shall be liable to acoount only for thoee renta actually received. ~ ~ ~ I ~ G R e~~ gc~LK ~1 ~acE ( ~ ~ , - - - _ ~ ~ : ~wyu ,~wF~ ~