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HomeMy WebLinkAbout0184 8. InepectioA. l.ender msy make or cauee to be made reasonable entriea upon and 'uupections of the property, provided that Lender ehall give Borrower notice prior to any euch inepection epecifying reasonable csuse therefor related to I.endee i inte~est in the Property. 9. Coademnation. The pra.~eede of aay award or claim for damage~, direct or consequential, in connection with eny wndemnation or other taking of the property, or part thereof. or for conveyanca in lieu of oondemnation, are hereby aeaigned and shal! ba paid b Leader. In the event of a total taking of the Prope~ty, the proceede ahall be applied to the auaas aecured by this Mortgage. with the euceea, if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and I.ender otherwise agree in writing, then shall be applied to the auma eecured by this Mortgage auch proportion of the ~oceeds ea ie equal to that pmportion which the amount of the aums t aecund by this Mortgage ianmediately prior to the date of taking bears b the feir market value of the Property im~nediately prior to the date of taking, with the balanca of the proceeda paid to Borrower. i If the Property ie abandoned by Bormwer, or if, aRer notice by Lender to Borrower that the oondemnor o~ers to make an award or settle a ' claim for damages, Borrower fails to respoad to I.ender within 30 daya eRer the date auch notice ie mailed, Lender is authorized to collect and ~ apply the proceeds. at Lendei a option. either to reetoration or repair oi the pmperty or to the euma eecured by this Mortgage: ~ Unleea Lender and Borrower otherwiae agree w writing, aay such application of pmceeds Lo priacipel shall not ~tend or postpone the due date oi the monthly inatallments referred to in paragraphs 1 and 2 hereof or chaage the amount of auch inatallments. 10. Borrower Not Released. E:teneion of the time for paymant or modification of amortization of the sums aecured by this Mortgage granted by Lender to any aucceseor in interest of Botrower ahall not operate to release, in any manner, the liability of the original Borrower and Bor~ower's succeaeore in intereat. I.ender ahall not be required to oommence proceedings against euch succeasor or refuee to eztend time ` for payme~t or otherwiae modify amoriization of the auma secured by thie Mortgage by reaeon of any demand made by the original Borrower and E3orrowei a succeseore in interest. 11. Forbearanoe by I.ender Not a Nialver. Aay forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwise afforded by applicable law, shalt not be a waiver of or preclude the ezercise of any auch right or remedy.'I~e procurement of insurance or the paymeat of ta:ea or olher liens or chargee by Lender ehall not be a waiver of Lender s right to accelerate the maturity of the inde~ tedneae - secured by this Mortgage. 12 Remediee Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to nny other right or remedy undu this Mortgage or afforded by law or equity, and may be ezerrieed oonc~rrentty. independeaUy or eucceseively. 13. 3ucceeaors and AsaIgne Bound; Joint and Several Liability; Captioae. The rnvenante and agrcements herein oontained shall bind, and the rights hereunder ahall inure to, the teepective aucceseore and aeaigne of Lender and Botrower, eubject to the proviaiona of paragraph 17 hereof. All covenants and agreements of Borrower ehaU be joint and eeveral.'l~e csptione and headinge of the paragraphe af thie Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another menner, (a) any potice to Borrower provided for in thie Mortgage ahall be given by mailing such notice by certified mail addreesed to Borrower at the Property Addreas or at auch olher addrees as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, retwn receipt requeated, to Lender's address stated herein or to euch other addreas ea Lender may deaignate by notice to Borrower aa pmvided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner desigaated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage rnmbines uniform oovenants for national uee and non- uniform covenants with limited variationa by jurisdiction to oonstitute a uniform aecurity inatnuuent oovering real property. Thie Mortgage shall be govemed by the law of the jurisdiction in which the Property is located_ In the event that any provieion or clsuse of thie Mortgage or the Note conilicts with applicable law, auch conflict shall 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 pmviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fumiahed a conformed copy of the Note and of thia Mortgage at the time of executioa or after ret.rordation hereof. 17. 'I~anafer of the Property; Asaumpdon. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower without L.ender's prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money aecurity interest for houaehold appliancea, (c) a tranafer by devise, de.acent or by operation of law upon the death qf a joint ~ tenant or (d) the grant of any leasehold intereet of three years or less not oontaining an option to purchaae, Lender may, at Lender's option. ' declare ap the suma secared by this Mortgage to be immediately due and payable. Lender ahall have waived euch 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 rredit of such ' person ia satiafactory to Lender and that the intereat payable on the auma eecnred by this Mbrtgage ahall be at auch rate aa Lendert ahall _ ; request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei a euccessor in interest hae e:ecated a written assumption agreement accepted in writing by I.ender, Lender ahall release Borrower ~om all obligations under thia Mortgage and the i Note_ . j If Lender eaercises auch option to accelerate, L.ender shall mail Borrovrer notice of acceleration in accordance with paragraph 14 hereoL s Such notice shall provide a period of not less than 30 days from the date the notice is ~r,ailed 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, withont further notice or demand on ~iorrower, invoke any remedies permitted by paragraoh 18 hereof. z 18. Acceleration; Remediea. Except as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thia Mortgage, including the oovenante to pay when due any sume aecured by this Mortgege, Lender prior to accelerat ion shall mail notice to Borrower ae prnvided in paragraph 14 hereof epecifying: (1) the breach; (2) the action reguired to c~re such breach; (3) a date, not leae t6an 30 daye from the date the notice is mailed to Borrower. by which euch ~ breach must be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in ~ acceleration of the sume eecured by this Mortgege, foreclosure by judicial proceeding and eale of the Property. T6e notice shall ~ further inform Borrower of the right to reinetate aRer acceleration and the right to a8sert in the foreclosure proceeding the ~ non-e:istence of a default or any other defense of Borrower to aceeleratioa and foreclosure. If the breach ia not ctued on or ~ before the date epecif ed in the notiee, Lender at Lender's option may declare all of the sume secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch prceeeding all ezpenaes of toreclosure, including, but not limited to, reasonable attorney's feea, and ~ costs of documentary evidence, abatrac and title reporta. ~ 19. Borrower's Right to Reinatate. twithstanding I.ender's acceleration of the auma eecured by this Mortgage, Borrower ahall have ~ the right to have any proceedinga begun b nder to enforce thia Mortgage diecontinued at any time prior to entry of a jud gment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all aums which would be then due under this Mortgage, the Note and notes eecuring ~ture Advances, if any, had no acceleration occurted; (b) Borrower cntes all brnachea of any other covenants or agteement8 of Borrower rnntained in ~ thie Mortgage; (c) Borrower paya all reaeonable eapenses incurred by Lender in enforcing the covenante and agreementa of Bonower contained in thie Mortgage and in enforcing L.ender'a remedies as provided in paragraph 18 hereof, including. but not limited to, reasonable ~ attorney a fees; and (d) Borrower takes such action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender'a interest - in the Property and Boirower's obligation to pay the sums aecured by this Mortgage ahall rnntinue ununpaired. Upon euch payment and cure ' by Borrowet, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occnrred. ~ 2fl. Aeaignment of ftenta; Appointment of Receiver. As addition~ eecurity hereunder, Borrower hereby aseigne to Lender the rente of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property. have the right s to collect and retain auch 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 receiver appointed by a - oourt to enter.upon, take posaesaion of and manage the Property and to collect the renta of the Property, including thoee paet due. All rents oollected by the receiver ahall be applied first to ~payment of the ooets of management of the Property and coUection of renta, including, bnt not ~ limited to, receiver's fe~, premiume on receiver's bonds and reasonable attorney's feea, and then to the auma secured by thia Mortgage. The ~ receiver shall be liable to acoount only for thoae rents actually received. ' ~ G Q ~ ~ g~~~ ~3U1,~~E ~~4 . s . _ _ - x " 3~~ ~ w . _ . .r%t' ; ` r ' ~ , y s~.L~ysr ~ *~"s"`- ~'~'~y.~` " - ~ r~ ~ . . . ~~"~/~c ~ ~ _ % .5 u- . _ u. ~.4 ..a.` _ .C.n. .'2- _ ~ ~ .r. d, d M_ .