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HomeMy WebLinkAbout0166 8. laspectloa. I.ender may make or cause to be made reawnable entries u{,on at?d inspectioaa of the property, provided that Lendu ahall give Hortower notice prior to aqy such inapection epecifying reaaonable cause therefor related to l.ende~'s interest in the Property. 9. Condetanatioa. The pmceeds oi any award or claim for damages, direct or coneequential, in connection with any oondemaetion or other teking of the property, or purt thereof, or for rnnveyance in lieu of oondemnation, are he~eby aasigned and shall be paid Lo Lender. In the event of a total taking o[ the Property. tha proceeda ahall be applied to the sums eecured by this Mortgage, with the e:cees. if any. ~ paid to llorrower. I~ the event of a partial taking o! the Property. unless Borrower and I.ender otherwiae agree in writing, thero shall be applied to the sums eecured by this Mortgage euch pmportion of the proceeds as ia equal to thet proportion which the amount of the sums secured by this Mortgage immediately prior to the date of takiag bears to the fair market value of the Property immediately prior to the date of taking. wifh the balanca of the p~oceeda paid to Borrower. . I[ the Property is abandoned by Borrower, or if, after notice by L.e~der to Borrower that the condemnor offera to make an award or setde e claim for damages. Borrower faile to nepond to Lender within 30 days aRer the date such notice is mailed, Lender ie authorized to rnllect and apply the proceeds, at Lender s option, either to restoratioa or repair of the property or to the suma secured by thia Mortgage. • E Unlese Lender and Borrower otherwiee agree in writing, any euch application of procceds to principal ehall not extend or poetpone Lhe due date of the monthly inatallmente referred tn in paragraphs 1 and 2 hereof or change the emount of such inetallments. 10. Borrower Not Releaeed. E:tension of the time for paymant ur modification of amortization of the auma secured by thie Mortgage granted by Lender to any succesaor in intereat of Borrower ehall not operate to release, in any manner. the liability of the origi~al Borrower and Borrower'e encceaeors in intereat. Lender ahail not be required to oommence proceedinga againet auch eucceaeor or retwe to extend time for payment or otherwise modify amortization of the aums aecured by lhia Mortgage by rraeon of any demand made by the original Borrower. and Borrower s succesaors in interest. 11. Forbearaace by I.eader Not a Waiver. My forbearance by Lender in exercieing any right or remedy hereunder, or othetwise afforded by applicable law, ehall not be a waiver of or Preclude the exerciee of any auch right or remedy. The procurement of ineurance or the payment of ta:ea or other liena or chargea by Lender ahall not be a waiver of Lender a right b aocelerate the maturity of the indebtedness aecured by thie Mortgage. 12 Remedies Cumulative. All remediea provided in thia Mortgage are dietinct and cnmulative b any other right or remedy under lhis Mortgage or afforded by law or equity, and may be ezercieed ooncurrendy, independendy or aucoeesively. t3. Succeseore and Aseigne Bound; Joint and 3everai Liability; Captions.'l~e oovenanta and agreements herein oontained ahell bind, and the rights hereunder ahall inure to, the reapeMive eucceeaore and aasigas of Lender and Borrower, eubject to the provisions of paragraph 17 hereof. All covenante and agreementa of Borrower aha116e joint and eeveral. The captions and headinga of the paragraphe of this Mortgage are for covenience only and are not to be uBed to interpret or de5ne the pmvieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in thia Mortgage ehall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreea or at aucl~ other addresa ae ~ Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requested, to Lender's addresa atated herein or to such other addrese as Lender may designate by notice to Borrower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner desigaated herein. 15. Uniform Mortgage; Govetning Law; 3everability. Thia form of mortgage rnmbines uniform aovenante for national uae and non- uniform covenanta with limifed variations by juriadiction to oonatitute a uniform security instrument oovering real property. Thia Mortgage ahall be governed by the law of the jwisdiction in which the Property is located. In the event that any pmviaion or clauae of thie Mortgage or _ the Note conilicts with applicable law, such conflict shall not af'fect other proviaions of this Mortgage or the Note which can be givea effect without the rnnflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be eeverable. - 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17_ Tranefer of the Property; Aesumptioa. If all or any part of the Property or an intereat therein ia sold ar transferred by Borrower ~ without Lender a prior written conaent, excluding (a) the creation of s lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for ho~aehold appliancea, (c) a transfer by devise, deecent or by operadon of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not containing an option to purchaee, Lender may, at Lender's option, declare all the suma securea by this Mortgage to be immediately due and payable. L.ender shall have waived such opdon to accelerate if, prior to the sale or transfer, Lender and the peraon to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the interest payable on the suma secured by thia Mortgage shall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Bonower s auccessor in interest has executed a written assumption agreement accepted in writing by L.ender, I.ender shall release Borrower fiom all obligationa under this Mortgage and the Note. I If Lender exercisea such option to accElerate, Lender shall 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 ia ~r,siled within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further rtotice or demand on ~3orrower, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remediea. E:cept se provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any eums eecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying; (1) the breach; (2) the action required to cure euch breach; (3) a date, not leas than 30 daye from the date the notice ia mailed to Borrower, by which such - breach muet be cwed; and (4) that failure to cure euch breach on or before the date apecified in the notice may result in acceleration of the aums secured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinatate aBer acceleration and the right to aseert in the forecloeure proceeding the non-e:iatence of a default or any other defenae of Borrower to acceleration and foreclosure. If t6e breach is not cured on or before the date apecified in the notice, Lender at Lender's option may declare all of the eume eecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in auch proceeding all e:pensea of foreclosure, including. but not limited to, reaeonable attorney'e fees, snd ~ coeta of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinatate. Notwithatanding I.ender's acceleration of the suma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thia Moftgage discontinued at any time prior to entry of a judgn~ent enforcing this Mortgage if: (a) Borrower pays I.ender a11 aums which would be then due under this Mortgage. the Note and notes eecuring Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea ail breaches of any other covenanta or agreements of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonabie expenses incurred by I.ender in enforcing the covenante and agreemente of Bortov`er ~ oontained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney's fces; and (d) Borrower takea such action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender'a interest ~ in the Property and Borrower's obligation to pay the suma eecured by this Mortgage ahall continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations aecured hereby shall remain in full force r.nd effect se if no acceleration hed ocrurred. ~ 20. Aesignment of Rents; Appointment of Receiver. Ae additional secnrity hereunder, Borrower hereby asaigns to Lender the rente ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a rec~eiver appointed by a ~ oourt w enter-~pon, take posseasion of and manage the Property and to collect the renta of the Property, including thoee past due. All rents ~ ooilected by the reoeiver ahall be applied first to payment of the oosts of management of the Property and collection of renta, including. but not limited to, receiver's fees, premiuma on receiver's bonda and reasonable attorney'e feee, and then to the eums aecured by this Mortgage. The receiver ahall be liable to account only for those rents actually received. ' ~ ~ e ~ ~ ~ s~cK ~U~ ?~,ct ' ~ 16~ ~ ~ - - - - _ : n~ ~.~~~-~~tFp - ~~~b:~"~s' :a~t `y~"^r~ ~~+c ~ srt~ r ~ ' a. .t.. a_ _ ~ ~ F_ r