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HomeMy WebLinkAbout0631 8. Iaspection. Lender may make or cause to be made reawnable entrie~ upon and inspections o[ Q?e property, provided that Lender ehaU give Borrower notice prio~ tu any such inspectio~ specifying reasonable cause therefor related b L.eader'o iatereet in the Property. 9. COAd81f1tl~~OD.'ltie pmceeds of any award or claim for damages, direct or rnnsequeatial, in rnnnection with any oondemnatioa or other tairing of the prop~ty, or pad thereof. or f~ conveyance in liea of condemnation, are henby assigned and shall be paid to Leader. In the eveat of a total taking of the Propedy. the ptoceeds ehall be applied to the sums secured by thu Mortgage. with the e:cess, if any. paid to Borrower. In the event oi s partial taking of the Property. unless Borrower and Le~d~ otherwise agree ia writin~. there ~haU be applied b the sums aecured by this Mort~aga such propostion of the proceeds as u equal to that pmportion which the amount of the aume eecured by this Mortgage immediately prior b the daLe of laking bears b the fair market value of the Pmperty ima~ediately prior to the date of taking. writh the balaACV of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or if, aRer notioe by I.eAder to Bormwer that the oondeannor oifera to make an award or settle a claun for damages, Borrower fails to reepond to Leader within 30 days aft~er the dats auch notioe is meiled. Lender ia authorised to coUect and apply the prooeeda. at Lend~'e option. either b restoration or repair of the pmperty or to the aums secured by this Mort~ags. Untesa Lender and Borrower othawise agree in writing, aay auch app~icatioa of pmceeda to principal ehall not ra~tend or postpone the due date of the monthly installmente referred to in paragrapha 1 and 2 her~eof or change the amount of such installmente. 10. Borrower Not Releaeed. E:tension of the time for paymant or modification of amortizatio~ of the sume eecured by this Mortga~e granted by Lender W any aucceaeor in intereat of Borrower shall not opetate to release, in any man~er, the liability of the original Borrower and Borrower'e aucceeaors in interest I.ender ehall not be required to oommence proceedings against euch succeaeor or refuee to e:tend time for payment or otherwiae modify amortization of the suma secured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower s auccesaora in interest. 11. Forbearanoe by Leader Not a R?alver. Any forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwise afforded by epplicable law, ehall not be a waiver of or preclude the e:ercise of any auch right or remedy. T6e procusement of inaurance or the payment of ta~cee ar other liena or chargea by I.ender shall not be a waiver of Lender s right to aocelerate ths maturity of the indebtedness secured by this Mortgage. ~ 12. Remedies Cumuladve. All remediee pmvided ia this Mortgage are diatinct and cumulgtive to any other right or remedy under this Mortgage or afforded by law or equity. and may be ezezcieev! ooncurready, independendy or auoceasively. 13 3uccessors and Assigne Botuid; Joint aad 3everal Liability; Captions. The ooveasnte and agreements herein oontained shall bind, and the righta hereunder shell inure to, the reapective succeseore and aasigns of Lender and Bosrower, aubject to the proviaions of paragraph 1? hereof. All covenent8 and agreementa of Borrower shall be joint and eeveral. The captions and headinga of the paregrapha of thia Mortgage are for cavenience only and are not to be uBed to interpret or define the pmvieiona hereof. I~. Notice. Except for any notice 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 aotice by certified mail addreeeed to Borrower at the Property Addreas or at euch other addreee as Borrower may deaignat~ by notice to L,ender as pmvided herein, and (b) any notice to L.ender shall be given by certified mail, return receipt mquested, to Lender's addrees atated herein or to euch other addrese as Lender may designate by notice to Borrower ae pmvided herein. Any notice pmvided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaigaated herein. 15. Unifortn Mortgage; Goveraing Law; 3everability. Thia form of mortgagecombines uniform oovenants for national uee and non- uniform co~ enants wih~ limited variations by juriadiction to oonatitute a uniform eecurity insttument oovering ieal property. Thie Mortgage shall be governed by the law of the juriadiction in which the Propedy is located. In the event that any provieion or clauee of thie Mortgage or the Note conflicta with applicable law, such conilict shall not affect~other proviaions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the provieiona of the Mortgage and the Note are dec.lared to be aeverable. 16. Borrower'e Copy. Borrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17.15ranafer of t6e Property; Aeeumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower without Lender's prioT written coneen~ e:cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security intereet for houaehold appliancea, (c) a transfer by deviee, dc~cent or by operation of law upon the death of a joint cenant or (d) the grant of any leaeehold interest of three years or lees not wntaining an option to parchase. Lender may, at Lender's option, declare all the sums securee by this Mortgage to be immedistely due and payable. Lender ahall have waived such option to aocelerate if, prior to the sale or tranafer, I.ender and the pereon to whom the Property is to be aold or transferred reach agreement in writing that the credit of ench person is satisfactory to I.ender and that the interest payable on the aums aecured by thie Mortgage shall be at auch rate as L.ender shal! Tequea~ If I.ender has waived the option to accelerate provided in thia paragraph 1?, and if Borrower s succeeaor in interest hea eaecuted a written asaumption agreement accepted in writing by Lender, L.ender shall releaae Borrower from all obligationa under thia Mortgage and the Note. If Lender ezerciaea 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 lesa than 30 days from the date the notice ia dailed 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 notice or demand on I3orrower, invoke any remedies permitted by paragraoh IS hereof. . i ; 18. Acceleration; Remedies. Ezcept ae pmvided in paragraph 17 hereof, upon Borrower'8 breach of any covenant or ~ agreemeat of Borrower in this Mortgage, including t6e oovenanta to pay when due any sums aecured by thie ~iortgage, Lender ~ prior to aoceleration ehall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ; required to cnre such breach; (3) s date, not less than 30 days from the date the notice ia mailed to Borrower, by whic6 such ~ breech muet be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reault in ; acceleration of the auma secured by this Mortgage, foreclosure by judicial prooeeding and sale of t6e Property. The notice ehall ~ further inform Borrower of the rig6t to reinstate after aoceleration and the right to asaert in the foreclosure proceeding the t non-eziatence of a default or any other defense of Borrower to aoceleration and foreclosure. If the breach ie not cvted on or ~ before the date apecified in the notice, Lender at Lender's option may declare all of the suma secured by thia Mortgage to be ~ immediately dne and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all e:penses of foreclosure, including, buf not lImited to, reseonable attorney's fees. and ~ costs of documentary evidence, abatracts and titM reporte. - ~ ~ 19. Borrower'e Right to Reinetate. Notwithatanding Lender's acceleration of the eums eecured by thia Mortgage, Borrower ahall have ~ the right to have any prooeedinga begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays L.ender all auma which would be then due under this Mortgage, the Note and notea securing Future 4 Advancea. if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenente or agreements of Borrower contained in ~ thie Mortgage; (c) Borrower paya all reasonable e:penee~s incurred by Lender in enforcing the covenante and agreements of Borrower € contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e feea; and (d) Borrower takes auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest ? in the Property and Borrower s obligation to pay the aums secured by this Mortgage shall rnntinue unimpaired. Upon such payment and c~re by Borrower, this Mortgage and the obligations eecured hereby shall remain in full force and effect aa if no aoceleration had occurred. ~ Z0. Aseignment of Rente; Appointment of Receiver. As additional eecurity hereunder. Borrower hereby assigns to Lender the ra?te of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right ; to collect and retain auch rents as they become due and payable. Upon sooeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter.upon. take posseseion of and mansge the Property and to rnllect the renta of the Property, including thoee past due. All rents 3 oollected by the receiver ahall be applied first to payment of the ooets of management of the Property and rnllection of rents, including. but not ~ limited to, receiver's fees, premiums on receiver's bonds and reaeonable attorney's fees, and then to the sums eecured by this Mortgage. The receiver ehall be liable to accoant only for those rents actually received. • ~ ~ ~ - K ~ Y 6QOK tR1~ PAGE ~~y ~ ~ ~ ~ Y ~ ~ . - ~ St _ _ +a.e y . - ~ _ . . - 'c_.. . _ ..1 . _ - ~