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HomeMy WebLinkAbout0684 8. Iaepectloa. Lender may make or cawe to be made reawnable eatries upon and inapectioru of the pmperty, provided that l.ender shall . give Borrower notioe prior to any such inspe<,~tion specifying reaaonable cauee thetefor related to Lendei s interest in the Property. 9. Condemnatlon.'l1~e proceeds of any award or claim for ciamagea, direct or conaeque~tial. in connectioa with any oundemnation or other takin~ of the pmperty, or part thereof, or for rnnveyance in lieu of oondemnation, an hereby assigned and ehaU be paid to Lender. ; Irt the event of a total taking of the PropeKy. the pmceeds ehall be appiied to the eums secured by this Mortgage. with the esoess, ii any, paid W Bormwer. Ia the event of a partial taking of the Praperty. unlees Borrower and Lender othetwise agree in writic?~, there shall be applied to the sume eec~red by this Mort~a~e auch proportion of the proceeds as is equal, to that pcoportion which the amount of the sums eecured by this Mortgage immediately prior to the date of taking beare to the fair market value o[the Propedy immediately prior to the date of ' taking, with the balanoa of the proceeds paid to Borrower. i If the Property ie abandoned by Borrower. or if. aRer notioe by Lender to Borrower that the oondemnor ofters to analce an award or settle a r claim for damages. Borrower fails to respond to I.ender within 30 d~ys eRer the date auch notioe ia mailed. L,ender is authorised to coAect and apply the prooeeds. at Lender'e option, eithes to restoration or repair of the pmperty or to the sums secured by this Moctgsge. Unleas Lender and Borrower otherwiee agree in writinB. any auch application oi pioceeds to principal ehall not e~ctend ~ postpone the due date of the monthly instalimenta referred to in paragraphe 1 and 2 hereof or change the amount of such instsllments. 10. Borrower Not Releaeed. Extension of the time for paym~nt or modification of amortization of the aums eecured by this Mortgege granted by Lender to any aucceeeor in interest ot Borrower ehaU not uperate to releaee, in any manner, the liability of the original Borrower ~ and Borrower's auccessors in interes~ Lender ehall not be required to oommence proceedings againat euch succeeeor or refuee to e:tend bime for payment or otherwise modify amortization of the suma aecured by thia Mortgage by reason of any demand made by the original Borrower and Eiorrower a aucceaeora in intereet. 11. Forbearance by Lender Not a Riaiver. My forbearance by I.ender in e:erciaing any right or remedy hereunder. or otherwiae aPforded by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or remedy. The procuremeat of insurance or the payment of tazee or other liena or chargee by I.ender ehall not be a waiver of I.endei a right to aocelerate the maturity of the indebtedness aecured by this Mortgage. 12 Rem~diee G~malaNve. All remediea provided in this Mortgage are dietinct and camulative to any other right or nmedy under this Mortgage or afforded by law or equity. end may be eaerciee~l concurrently, independently or aucceeeively. , 13. Succeseors and Aaeigna Bound; Joint and 3everal Liabillty; Ceptiona. The oovenants and agreemente herein oontained ehall ~ bind. and the righte hereunder ahall inure to, the reapective aucceesore and aaeigns of Lender and Botrower, aubject b the provieions of i paragraph 17 heteof. All covenante and agreementa of Borrower shall be joint and several.'R~e captions and headings of the paragraphs of ' this Mortgage are for rnveaience only and are not to be ueed to interpret or define the provieions 6ereof. 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 shall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreas or at auch other addresa as Borrower may designate by notice to Lender es provided herein, and (b) any notice to Lender shall be given by certified mail. return reoeipt requeated, to Lender's addreea ataled herein or to such other addresa ae Lender may deaignate by notice to Borrower ae provided herein. My notice provided for in thia Mortgage ahall be deemed to tiave been given to Borrower or Lender when given in the manner desigaated 6erein. 15. Uniform Mortgage; Governing I.aw; Severability. Thie form of mortgagecombines uniform oovenanfa for national uee and non- uniform covenants with limited variatione by juriadiction to constitute a uniform security inatrument oovering real property.'I~is Mortgage ahall be govemed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauae of this Mortgage or the Note conflicta with applicable law, such rnaflict shall not at~ect other pmvisiona of this Mortgage or the Note which can be given effect - without the rnnfliMing provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furnished a rnnformed copy of the Note and of thia Mortgage at the time of ezecution or aRer recordation hercK?f. 17. 'l~ansfer of W e Property; Aeaumption. If all or any part of the Property or an intereat therein ie sold or Eransferred by Borrower without Lender's prior written rnnaent, ~cluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchaee money security intereat for houaehold appliances, (c) a transfer by deviae, descent or by operation of law upon the death of a joint ter. ant or (d) the gcant of any leaeehoid interest of three years or lese not oontaining an option to purchaee, Lender may. at I.ender's option, derlare al2 ti~e sums securied by thia Mortgage to be immediately due and payable. I.ender shall have wai~ ed such option to acoelerate if, prior ta tt~e aale or tranefer, I,ender and the person to whom the Property is to be sold or tranaferred reach agreernent in writing that the credit of euch person is satiefact~ry to Lender and that the interest payable on the suma secured by this Mo;tgage shall be at such rate as Lender shall 's request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowrr a succeasor in interest has e:ecuted a written asaumption agreement accepted in writing by Lender, i.ender shall release Borrower from all obligationa under this Mortgage and the j Note. ' If Lender exercisea such option to accelerate, I.ender ahall mail Botrower notice of acceleration in accordance with paragraph 14 hereoL { 5uch notice shall provide a period of not less than 30 days from thedate the notice is ir.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, without further notice or demand on E3orrower, i ~ invoke any rnmedies permitted by paragraoh 18 hereof. - 18. Acceleratiqn; Remedies. E:cept as provided in paragraph 17 hereof. upon Borcower'e breach of any oovenant or : agreement of Borrower in fhie Mortgage, including the oovenants to pay when due any sums seeured by this Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not leae than 30 daye from t6e date the notice ie mailed to Borrower, by which such ~ bresch muet be cured; and (4) that failure to cure such breach on or before the date specified in t6e notice may reault in ~ acceleration of the aums aecured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinetate aRer acceleration and the right to aseert in the forecloaure proceediag t6e ~ non-ezistence of a default or any other defenee of Borrower to acceleration 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 of the aume aecured by thie Mortgage to be ` ~ immediately due and payeble without furtherdemand and may forecloae thie Mortgage by judicial proceeding. Lender ehall be ' ~ entitled to collect in such proceeding all e:penaes of foreclosure, including, but not limited to. reaeonabie attorney's fees. end ~ coats of documentary evidence, abstracts and title reports. - ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sume secured by thie Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrawer pays Lender all auma which would be then due under thia Mortgage, the Note and notes eecuring Future = Advances, if any, had no acceleration occarred; (b) Borrower cures all brnachea of any other covenante or agreementa of Borrower contained in ~ thie Mortgage; (c) Borrower paya all reasonable expensee incurred by Lender in enforcing the covenanta and agreementa of Borrower ~ contained in this Mortgage and in enforcing Lender's remediee as provided in paragraph 18 hereof, inclnding, but not limited to, reasonable ~ attorney a feea; and (d) Borrower takea such action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's interest in the Property and Bornower's obligation to pay the sums secured by thia Mortgage shall continue unimpaired. Upon auch paymeat and cure by Borrower, thie Mortgage and the obligations aecured hereby ahall remain in fu11 force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rente; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby aeaigna to Lender the rente - of the Property, provided that Borrower ahall, prior to acceteration under paragraph IS hereof or abandonment of the Property, have the right t to collect and rntain such rente as they become due and payable. ~ ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, I.~nder ehaU be entided to have a receiver appointed by a ; court to enter~pon, take posaeseion of and manage the Property and to collecGthe renta of the Property, including thoee past due. All renta - coAected by the reoeiver ahall be applied firat to payment of the ooate of management of the Property and collection of rente, including, but not ~ limited•to, receiver's fees, premiums on receiver's bonds and reseonable attorney's fees, and then to the aums secnred by thie Mortgage. The ~ receiver ahall be liable to acoount only for thoae rents actually rPCeived. "w ~ . 'P.4 4 { . BooK 301 PN~f ~84 ~ ~ x ~ ti , ~ ~ - , ` Y -.s ~ ' ~ _ ~ ~~r.~~~'~ ~ `x . _ ~ _ _ ,z. . . ~