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HomeMy WebLinkAbout0915 8. Iarpection. [.ende~ mey make or cause to be mede reawnabk enhie~ upon a~d in~pections of the property, provided that l.ender shall give BorTOwer notice prio~ to any such inspection specifying rearonable cauee then+for related W l.ender's interest in the Property. 9. Coadeaanwtioa. The proceeds of any award or claim for damages, direct or con~equential, in rn~nection with any oondemnation or other taking oi the property, or part thereot. or for conveyance in lieu of oondemnation, are hereby aaaigned and shall be paid to l.ender. In the event of a total takitig of the Property, tha proceeds shall be applied to the ~ums secured by thu Mortgage, with the excess. if any. paid to Borrower. In the event of a pattiel taking of the Property, unleea Barrowet a~d Lender othetwise ag~ee in wridn~, there shall be . applied W the suau secured by this Mortgage auch proportion of the proceeds as ia equal to that ptoportion which the smounL of the sums eecured by this Mortgage immediately prior to the date of iaking bears to the fair market value of ihe Property immediately prior to the dete of taking, with the balanca of the prooe~eds paid to Borrower. lf the Property is abandoned by Borrower. os if, aRer notice by Lender to Borrower that the condemnor offers b make an award or settle a claim for damagea, Borcower [ails to reapond to Lender within 30 daye aE1er the date such notic~ ia mailed, Lender is authorized b collect and apply the proceeds. at Lender's option. either to restoratioa or repair of the property or to the sums securad by this Morfgage. Unlees Lender and Borrower otherwise agree in writing, any auch application of proceede to principal shall note:tend or postpone the due ~ date of the monthly inatallmente refen~ed to ia paragrapha 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Releaaed. Extension of the time for paym~nt or modification of amoirtization ot the sume secwed by this Mortgage granted by Lender to any auccesaor in intereet of Borrower ahall not operate to releaee, in any manner, the liebility of the original Borrower and Borrower a succeseore in interest. I.ender shall not be required to oommence proceedings a~cainet auch aucceseot or refuse to extend time for payment or otherwiae modify amortizetion ot the sume aecured by this Mortgage by reaaon of any demand made by the original Bormwet _ and I3orrower s. succeseors in interest. ~ • 11. Forbearanoe by I.ender Not a Waiver. My forbearance by Lender in exercising any right or ~emedy hereunder. or otherwise afforded by appGcable law, ahall not be a waiver of or preclude the ezerciee of any euch right or remedy. The procurement of insurance or the payment of taxee or other liena or chargee by [.ender ehall not be a waiver of Lender e right to accelerate the maturity of the indebeedneaa secured by thie Mortgage. 12 Remedies Cumulatlve. All remediea provided in this Mortgage are diatind and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciee~i ooncurrently, independently or eucceeeively. 13_ Succesaora and Aseigna Boupd; Joint and 3everal Liability; Captions. The covenants and agreemente herein oontained shall bind. and the righte hereunder ahall inure to, the respective succeesore and eaeigae of Lender and Borrower, eubject to the pmvisioas of paragraph 1 T hereof. All covenante and agreementa of Borrower ehall be joint and several. The captions and headings of the paragraphs of thia Mortgage are for rnvenience only and are not to be used Lo interpret or define the provisione hereof. l4. I~iotice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreea or at euch other addreee aa E3orrower may deeignate by notice to L.ender ae pmvided herein, and (b) any notice to l.ender shaU be given by certified mail, return receipt requested, to Lender's addrese stated herein or to euch other addreee ae Lendar may deaignate by notice to Borrower as provided herein. My notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Seversbility. This form of mortgage rnmbinee uniform oovenante for national uae and non- uniform covenanta with limited variationa by jurisdiction to oonatitute a uniform security inatrun?ent covering real property.'l~ia Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clauee of this Mortgage or the Note contlicta with applicable law, auch conflict ahall not a~'ect other provisions of thia Mortgage or the Note which can be givea effect without the ooniliMing provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of e~cecution or after recordation hereof. 17_ 'ISranafer of the Property; Assumption. If all or any part of the Property or an intereet therein ia sold or tranaferred by Borrower w~thout Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aecurity intereat for houeehold appliancea, (c) a tranafer by deviae, dc;eoent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest ot three yeara or leas not containing an option to purchaee, Lender mey, at Lender's option. declare all the aums secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or tranafer, Lender and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch peraon ia satiafactory to L.ender and that the interest payable on the auma secured by this Mortgage ahall be at such rate ae Lender ahall request_ If Lender has waived the option to accelerate provided in thia paragraph 1T, and if Borrower'a succesaor in interest has executed a written assumption agreement accepted in writing by Lender, l.endershall release Eiorrower from all obiigations underthia Mortgage and the ~tote_ , I f[.ender exerciaes such option to accelerate, Lender ahall mail i3orrower notice of acceleration in accordance with paragraph 14 hereof. 5uch 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 suma declared due_ [f Boaower fails to pay such suma prior to the expiration of auch period, I.ender may, without further notice or demand on E3orrower, ~nvoke any remedies permitted by pnragraoh 18 hereof 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereol, upon Borrower'e breach of aay oovenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any aums eecured by this Mortgege, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragrapb 14 hereof specifying: (1) the breac6; (2) the action ; required to cure such breach; (3) a date, not leas than 30 days from the date the notice iH mailed to Borrower. by which euch ~ breach muet be cured; and (4) that failure to cure auch breach on or before t6e dete specified in the notice may result in . ~ acceleretion of the auma secured by this Mortgage, foreclosure by judicial procecding and sale of the Property. The notice ahaU ~ furt6er inform Borrower of the right to reinatate after acceleration and the rig6t to assert in the foreclosu,re proceeding the ~ non-e:ietence of a default or any otber defense of Borrower to acceleration aad foreclosure. If the breach ~e not cured on or ~ before the date epecified in t6e notice. Lender at Lender'e option may declare al! of the sume accared by this Mortgege to be immediately due and payable without furtherdemand and may forecloae thie Mortgage by judicial proceeding. Lender shall be ~ entiUed to collect in such proceeding all e:penees of [orecloeure. including, but not limited to, reasonable attorney'e feea. and coata of documentary evidence. abatracfs and title reporte. ~ 19. Borrower's Right to Reinstate. Notwilhetanding L.ender's acceleration o[the aums eecured by thia Mortgage, Borrower shall have ~ the right to have any proceedinga begun by L.ender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under thia Mortgage, the Nate and notes securing Future ~ Advancea, if any, had no acceleration occtirred; (b) Borrowercures all breacheaofanyothercovenante or agreemente of Borrowercontained in ; thie Mortgage; (c) Borrower pays all reasonable e:penses incurred by Lender in enforcing the covenante and agreements of Borrower g rnntained in this Mortgage and in enforcing Lender's mmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable £ attorney's feea; and (d) Borrower takes auch action as I.ender may reasonably require to aesure that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrower'a obligation to pay the sums aecured by this Mortgage ehall continue unimpaired. Upan such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. - 20. Aaeignment of Rents; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the renta - of the Property, provided that Borrower ahall, prior to acceleration under paragraph IS hereotor abandonment of the Property, have the right - to collect and retain euch rents as they become due and payable. , ; Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver eppointed by a ' a oourt to enterapon, take posaeasion of and manage the Property and to collect the rente of the Property, including thoee paet due. All rents rnllected by the receiver ahall be applied first to payment of the ooeta of management of the Property and collection of rente, including, but not limited to, receivei s feea, premiuma on receiver's bonda and reasonabie attomey'a fees, and then to the snms secured by thie Mortgage. The ~ receiver shall be liable to acoount only for those rente actually received. ~ ~ ~ ~ ~ • R ~1 y; acux f'~(`E ~ ~Jr ~ _ . ~ ~ ~ ~.t ~ ~ w - ~ ~ ~ ` ~ , " ~ ~rf ~ , ; ~ ~ - . _ ~ ~