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HomeMy WebLinkAbout0693 8. ln~pection. l.nnder may make or cause to be made reawnable entrie~ upon e?nd irupectiocu of the propetty, provided that Lender ahall give Borrower notice priot to any auch inspection specifying reasonaDle cauee therefor related to Lende~'s interest in tl~e Property. 9. CO[Id@d1AIIUOp. The proceeds of any award or claim for damages, direM or rnnsequential, in connection with any oot~demnatioa or other taking of the property, or part thenof, or for rnnveyance in lieu of condemnation. are heseby aasigned and ahall be paid b I.eadet. In the event of a total taking of the Prope~rty. the pmceeds shall be applied to the suaas eecured by thia Mort~age. with the e:oes~, if any. paid to Borrower. ln the event of a partial taking of the Property, unlees Borrowar and Lender otherwise agree in ~vritiag. then ahall be applied b the sume eecured by this Mortgage auch proportioa of the proceeds as is equal to that proportion which the amount of the suma eecured by this Mortgage immediatsly prior to the data of taking bears to the fair market value of the Proper/y immediatdy prior to the date of taking. with the balana~ of the proceeds paid to Borrower. If the Property ia abandoned by Borrower. or if. after notioe by Lender to Borrower that the oondemnor oPfen b make aa s~vard or settle a claim for damages. Borrower faila to reepond to Leader within 30 days aRer the date auch notioe is mailed, Lender is authorised b ooUect aad apply the proceeds. at Lender's option, either b reatoradon or repair of the pmperty or to the sume secured by thia Mort~~age. Unless Lender and Borrower othervvise agree in writine, any auch application of proceeds to principal shall aot e=tcnd ~ postpone We due date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or changa the amount of such iastallments. 10. Borrower Not Released. E:tension of the time for paymsnt or modification of amortization of the sums secured by this Mortgagc granted by Lender to aay aucceseor in intereat of Borrower ehall not operate to release, in a~y manner, the liability of the original Borrower and Borrower e aucceeaors in interea~ Lender ahall not be required to oommence proceedinge againet such aucc~eeeor or refuse to e:tcad time for payment or otherwiae modify arnortuation of the sume secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower s aucceesors in inte~et. 11. Forbesranoe bp Lender Not o R?aiver. My fotbearence by i.ender in e:erciaing any right or remedy hereunder. or oWerwi~e afforded by applicable law. shaA not be a waiver of or preclude the ~erciee of any euch right or remedy. The proc~rement of inanranoe or the payment of ta:ee nr other liene or chargea by Lender a~ll not be a waiver of I.ender'a right to accelerate the maturity of the iadebt~edneas secured by this Mortgage. ; 12 Remediee Cumulative. AU remedies pmvided in thia Mortgage are distinct and cumulative to any other right or remedy under tbis Mortgage or afforded by law or equity, aad may be eserciee~i ooncurrendy, independeady or euooeaeively. ; 13. 3uocesaors and Aseigne Bonnd; Joiat and 3everal Liability; Captioas. The rnvenante and agreemente herein oontained ahall bind, and the righLe hereundez shall inure to, the respective sucoeeaors end sesigns of I.ender and Borrower, aubject to the proviaions of paragraph 17 hee~eof. All covenants and agreemenla of Borrower ahall be joint and eeveral.'l~e captions and headinga of the paragraphs of thia Morfgage are for covenience only and are not to be uaed to interpret or de5ne the provieione hereof. 14. 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 auch notice by certi6ed mail addreseed to Borrower at the Property Addreae or at ench other addreea as Borrower may designate by notice to Lender as provided herein, and (b) any notioe to I.euder shall be given bycertified mail. retnrn reoeipt ~ requested. to Lender's address stated herein or to such other addrees ae Lender may desigaate by notice to Borrawer ae 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 deeignated he~ein. 15. Uniform Mortgage; Governiag Law; 3everability. Thia form of mortgage combinea uniform oovenanta for national use aad non- - uniform covenante with limited variatione by juriediction to oonstitute a uniform eecurity inatrument oovering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of thie Mortgage or the Note conllicts with applicable law. such conflict shall not afTect other proviaions of this Mortgage or Lhe Note which can be given effect _ without the oonilicting proviaion, and to thia end the provisions of the Mortgage and the Note are decla:ed to be eeverable. 16. Borrower's Copy. Borrower ahaU be furnished a conformed oopy of the Note and of this Mortgage at the iime of e~ecntion or after recordation hereof. 17_ Tranafer of the Property; Aeeumption. If all or any part of the Property or an intereat therein ie eold or tranaferred by Borrower without Lender's prior written coneent, excluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a purchase money eecurity intereat for houeehold appliancea, (c) a tranafer by deviee. deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less nM oontaining an option to purchase, Lender may, at Lendei e option. declare all the suma secured by thia Mortgage to be immediately due and payable. Lender shall have waived auch option to aocelerate if. prior to the sale or transfer, I.ender and the person to whom the Property is to be sold or transferred i~each agreement in writing that the credit of auch person is satiafactory to Lender and that the interest payable on the aums secnred by this Mortgage ahall be at such rate ae Lender ahall . requeat. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s succeasor in interest hae e:ecuted a - written assumption agreement accepted in writing by I.ender. I.ender shall release Borrower from all obligations underthis Mortgage and the V ote. i If Lender exercisea such option to accelerate, Lender ahall mail Borrower notice of soceleration in accordance with paragraph 14 hereoL Such notice ahall provide a period of not lesa than 30 days from the date the noticeis mailed within which Borrower may pay the aums declared ~ due. If Borrower faila to pay such aums prior to the expiration of such periad, Lender may, without furth~ notice or demand on Borrower, ; invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept ae provided in paragraph 1? hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in this Mortgege, including the ooveaante to pay when due any same secured by this Mortgage, Lender prior to acceleration s6all~mail notice to Borrower ea provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ; required to cure such breach; (3) a date, not leas than 30 daye from the date the notice ie mailed to Borrower, by whic6 such c breach muet be cured: and (4) that failure to cure auch breach on or before the date specified in the notice may result in acceleration of the auma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. T6e aotice ehall ~ further inform Borrower of the right to reinstate after aoceleration and the right to aasert in the foreclosure proceeding the non-ezistence of a default or eny other defenee of Borrower to acceleration and. foreclosure. If the breac6 is not cured on or R before the date specified in the notice, Lender at Lender's option may declare all of the eume secured by this Mortgage to be : immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled W collect in such proceeding all e:pensee of foreclosure, including, but not limited to. reasonable attorney's fees, and ~ coata ot documentary evidence, abstracte and title reporte. ~ 19. Borrower's Right to Reinatate. Notwithstanding Lender s acceleration of the auma secured by this Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Bor~ower pays I.ender all suma which would be then due under this Mortgage, the Note and notea secaring Future ~ Advancee, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or agreements of Bormwer oontained in this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the oovenants and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lender's remedies as provided in paragTaph 18 hereof, including, but not limited to, reaaonable ~ attorney's feee; and (d) Borrower takea such action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon euch payment and cure by Borrower, thia Mortgage and the obligatione secured hereby ahall remain in full force and effect as if no aa:eleration had occvrred. ~ 20. Aaeignment of Rente; Appointmeat of fteceiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the rents ~ 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 auch rent$ as they become due and payable. ' Upon acoeleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitied to haye a receiver appointed by a j - court to enter~pon, take posseseion of and manage the Property and to collect the renfs of the Property, including thoee past due. All rents ~ collected by the reoeiver ehall be applied first to payment of the oosts of management of the Property and collection of rents, iaclading, but'not limited to, receiver'e fces, premiums on receiver e bonds and reasonable attorney'a fees, and then to the auma secured by thia Mortgage. The ~ receiver aha11 be liable to account only for those rents actually received. ~ ~ ~ ~ i BUCK 3O1 P„r,f 6~ ~ 3 y e~. _ r~ ~ - .:Y.~~:f ~ ~ °v.~ , ~ ^C ~~a ~ . J4d ' ~5 _ .~n ~5 ~ . _ ~ ~a.~ _ s_,.v_ . .