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HomeMy WebLinkAbout0536 8. Iaepectioa. I.ender may meke or cauae to be made reasonable entries upon and i~spections o[the p~operty, provided that I.ender shall give Borrower notice prior to any auch i~apection epecifying ceaaonable cause therefor relatcd to I.end~'~ i~teieat in th~ Property. 9. Condemastion. The proceeda of any award or claim for damagea, direct or co~eequential, in cw?nection with any ooademnation o~ other taking of the property, or part thereof, or for conveyance in lieu of oondemnation, ere hereby aseigned and ahall be paid to Lender. In the event of a total taking af the Property, the proceeds shall be applied to the eume secured by this Mortgage, with the e:cese, ii any, paid to Borrower. In the event of a partial taking of the PropeKy, unless Borrower and I.ende~ othe~wise agree ir? writing, there shall be applied to the aume eecured by this Mortgage auch proportion of the proceeds aa ia equal to thet proportion which the amount of the sums secured by thia Mortgage immediately prior to the date o[ taking bears to the fair market value ef the Property immediately prior to the date of taking, with the balanc~ of the proceede paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by I.ender to Borrower that the oondemnor oPfere to make an award or setde a claim for damages, Borrower fails b reapond to Lender within 30 days after the date auch notice is mailed, l.ender is authorized to collect and apply the procecds. et I.ender'e option. either to restoration or repair of the pmperty or to the aume eecured by thie Mortgage. Unleae Lender and Bormwer otherwiee ugree in writing, any euch applicabion of proccede to principal ehaA not e:tend or poetpone the due date of 1he monthly-itiatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of euch inatallmenta. 10. Borrower Not Released. ExCeneion of the time for paym~nt or modification of amortization of 1he auma eecured by this Mortgage granted by Ixnder to a~y succeseor in intereat of Borrower ahalt not operate to releaae, in any man~er, the liability of the original Borrower and Borrower's succeaeore in intereat. I.ender ahall not be required to oommence proceedinge againet euch eucceeaor or refuse to e:tend time for payment or otherwiae modify amortization of the suma serured by this Mortgage by reasan of any demand made by the original Borrower and E3orrowei a auccessors in intereat. ~ 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwise afforded by applicable law. ehall not be a waiver of or preclude the e:erciee of any auch right or ~emedy. The procurement of inaurance or the payment of taxea or other liene or chargee by Lender ahall not be a waiver of I.ender'e right to accelerate the maturity of the indebtednesa secured by this Mortgage. 12. Remedies Cumulative. All remediea pmvided in thie Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercieevi ooncurrently. independendy or eucceesively. 13. Sucoessors and Aaeigne Bound; Joint and 3everel Liability; Capt~one. The rnvenante and agreements herein c~ontained eha11 bind, and the righte hereunder ahall inure to, the respective aucceeeore and aasigns of Lender and BorroweT, eubject to the provieions of paragraph 17 hereof. All rnvenante and egreemente of Borrower ahall be joint and aeveral. The captions and headinge of the peragraphe of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. 14. Notice. Except for any notice required under appiicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage aha11 be given by mailing auch notice by certified mail addressed to Borrower at the Property Address or at auch other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return recei~ requested, to Lender'a address atated herein or ta auch other address as Gender may deeignate 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 deaignated herein. 15. Unitorm Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform rnvenant8 for national uee and non- uniform covenanta with limited variations by juriadiMion to rnnatitute a uniform secutity instrutt~ent covering real property. Thia Mortgage yhall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clauee of thie Mortgage or the Note cont]icts with applicable law, auch cenflict shall not affeet other provisione of thia Mortgage or the Note which can be given effect w~thout the contlicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Eiorrower ahall be fumished a conformed copy of the Note and of thia Mortgage at the time of execution oi after recordation hereot. . 17. 'Itiranafer of the Property; Asaumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower without I.ender s prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mdrtgage, (b) the creation of a purchase money eecurity intereat for houaehold appliances, (c) a tranefer by deviae, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leas~hold interest of three years or less not oontaining an option to pnrchaee, Lender may, at Lendei s option, dectarn all the aums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or tranefer, Lender and the peraon to whom the Property ia to be aold or transferred reach agreement in writing that the credit of auch person is satisfactory to [.ender and that the interest payable on the eums secured by this Mortgage ahall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in intereat has executed a w~ritten assumption agreement accepted in writing by Lender, Lender ahall release Borrower irom all obligations under thia Mortgage and the ti ote. _ [f Lender exercisea auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ' Such notice shall provide a period of not leas than 30 days from thedate the notice ia rr.ailed within which Borrower may pay thesums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lcnder may, without further notice or demand on ~3orrower, invoke any remedies permitted by paragranh 18 hereof. 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thia Mortgage. including the covenanta to pay when due any eume eecured by this Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) t6e breach; (2) the action ~ required to cure auch breach; (3) a date, not leae than 30 days fi-om the date the notice ie mailed to Borrower. by which suc6 ~ breach muet be cured; and (4) that failure to cure such breach on or. before the date epecified in the notice may result in r acceleration of the suma secured by thie Mortgage, forgcloaure by judicial proceeding and eale of the Property. The notice shall ~ further inform Borrower of the right to reinetate after acceleration and the rig~ht to eeBert in the forecloeure proceeding the ' non•ezigtence of a default or any other defenae of Borrower to aceeleration and foreclosure. If the breach ia not cured on or ~ before the date epecified in the notice, Lender at Lender's option may declare all otthe aums secured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgsge by judicial proceeding. Lender shall be ~ c•ntitled to collect in auch proceeding all ezpensea of foreclosure. including, but not limited to. reasonable attorney's fees, and ~ costs ot documentary evidence, abstracte and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender'a acceleration of the aums secured by this Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays I~nder all sums which would be then due under this Mortgage, the Note and notes secnring Futurn ; Advancea, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenante or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Leuder in enforcing the covenanta and agreements of Borrower ~ contained in this Morfgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not timited to, reasonable 5 attorney's fees; and (d) Borrower takea auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lendei a intereat in the Property and Borrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage arrd the obligationa secured hereby shall remain in full force and effect as if no acceleration had occutred. _ 20. Aeeignment of Itents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaiEtna to Lender the renta _ 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 rntain such rents aa they become due and payable. Upon acceleration undet paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a - oourt to enter upon, take posaesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All rents ~ collected by the receiver shall be applied firat to payment of the oosts of management of the Property and rnllection of rente, including, but not limited to, receiver's fees, premiums on receiver's bonda and reasonable attorney's feea, and then tq the aums aecured by this Mortgage. The :3 receiver ahall be liable to account only for those rente actually received. ~ ~ ~ ~ ~ x ~k~~ . , B;~fM ~ ~:1~F 5~6 6 1 y ~ - . ' " _ ' ~ ~ ~ ~ ~z~ ~ ~ - - ~ ~ ~ ~ ; ~ _ - _ _