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HomeMy WebLinkAbout0919 : 8. Inepectlon. [,ender may make o~ cawe to be made ~ea~onable e~trier upon snd inspectione otthe property, pmvided tliat Lender ahall give Borrower notice prior fu any auch inspection specifying reaeonable caure therefor related to l.ender's interest in the Pmperty. 9. Condemnatioa.'l~e proceeda of any award or claim tor damages. direct or rnnsequential. in connection with any ooademnation or other taki~g of the pmperty, or part thereof, or for conveyance in lieu of condemnadoa, are hereby essigned end ahaU be paid to Lender. ln the event o[ a total taki~g of the Property, the proceed~ shall be applied to the aume secured by this Mortgage, with the e:oeas, if any, paid to Borrower. !n the event oi a pa?tial taking of the Property, unless Borrower and I.ender otherwise agree in writing. there ahall be applied W the sums secured by this Mort~age such propottioa of the ptoceeds as ia equal to that proportio~ which the amount of the aums eecured by this Mortgage immediately prior tn the date of taking bears to the fair market value oithe P~operty immediately prior to the date of taking, with the balanea of the proceeds paid to Borrower. If the Property ie abandoned by Borrower. or if, aRer notice by Lender to Borrower that the oondemnor offere to make an award or ~eLtle a claim for damages, Borrower fails to respond to Lender within 30 days aiter the date such notice ia mailed. Lender ia suthorized to colloct and apply the proceeds. at Lender's option, either to resWration or repair of the property or to the su~ns secured by this Mortgage. Unleae I.ender and Boirower otherwise agree in writing, any euch applicatioa of proceeda to principal shall not ra~tend or poetpone the due date of the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount of such inetaWnents. 10. Borrower Not Released. E:teneion of the time for paymant or modification of amortization o[the euma secured by thia Mortgage granted by I.ende~ to any aucceseor in inter~t of Borrower shall not operate to release, in eny manner. the liability of the original Borrower and Borrowe~ a suc~.~esaors in interea~ I.ender shall not be required to oommence proceedi~gs agaiwat such succeaeor or refuee to e:tend tune for payment or otherwise modify amorlization of the eums aecured by this Mortgage by reason of any demand mede by the original Borrower und Borrower s aucc~eseora in intereat. ~ 11. Forbearance by Leader Not a R?aiver. Any forbearance by Lender in e:ercising any right or remedy hereunder. or otherwise affordcd by applicable law. ehaA not be a waiver of o~ preclude the e:erciee of any auch right or remedy. The procurement of ineurance or the peyment of ta:es or other liens or chargea by Lender shaU not be a waiver of l.ender'e rig!~t to accelerate the maturity of the indebtednesa eecured by this Mortgage. 12 Bemedies Cumulative. Ail remediee provided in thie Mortgage are dietinct and cvmalative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:erciee~i concurrendy, independently oT euoceseively. 13. Succeesore aad Assigne Bound; Joint aad 3everal Liability; Captions. The oovenante and agreemente herein contained ehall bind, and the righte hereunder ahall inun to, the respective euccesaors aad assigns of Lender and Borrower, eubject to the provisiona of paragraph 17 hereof. All rnvenants and agreementa of Borrower ehall be joint and eeveral. The captions and headinga of the paragrapha of this Mortgege are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. E:cept tor any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in thie Mortgage shaU be given by mailing such notice by certified mail addreaeed to Borrower at the Property Addreea or at auch other addreea ae Borrower may designate by notice to I.ender as provided herein. and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender a addreas atated herein or to auch other addreas as I.ender may designate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15_ Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniform oovenante for netiona! uee and noa- uniform covenants with limited variations by jurisdiction to oonatitute a uniform security instn~ment covering real property.'11iia Mortgage shall be governed by the law ot the juriadiction in which the Property ia located. In the event that any pmviaion or clause of this Mortgage or the Note contlicts with applicable law, such conflict ahall not affect other provisione of this Mortgage or the Note which can be given effect without the rnnfliMing provision, and to this end the provisions of the Mortgage and the Note are declared to be aeverable. - 16. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of ihie Mortgage at the time of ezecution or after recordation hereof 17. 7~ransfer of the Property; Aeaumption. If all or any part of the Property or an intereat therein ie sold or transferred by Borrower without Lender'e ptior written coneent, excluding (a~ the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a pumhase money aecurity intereet for houeehold appliances, (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold interest of three yeara or lesa not rnntaining an option to purchaee, Lender may, at Lendei e option, declarn all the aums eecured by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior to the sale or tranefer, Lender and the peraon to whom the Property is to be eold or transterred reach agreement in writing that the credit of euch person is satiafactory to Lender and that the interest payable on the aums secured by this Mortgage ahall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower'e sucreasor in intereat has executed a ; written assumption agreement accepted in writing by Lender, Lender shaU rnlease Borrower from all obligations under this Mortgage and the f Note. - ~ If I.ender exercises such option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 heteof. ` ~uch notice shall provide a period of not lesa than 30 days from the date the notice ia rc.siled within which Borrower may pay the auma declared ~ due. If Borrower fails W pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ; invoke any remediee permitted by paragraoh 18 hereof. ' ~ 18. Acceleration; Remedies. Ezcept ae prnvided in paragraph 17 hereof, upon Borrower'e breach of any covenant or ~ agreement of Borrower in thie Mortgage, including the oovenants to pay when due any eums secured by thie Mortgage. Lender ~ prior to acceleration ehaU mail notice to Borrower as provided in paragraph 14 hereofepecifying: (l ) the brea~h; 2) the action required to rure euch breach; (3) a date, not leas than 30 daya from the date the notice ia mailed to Borrower, b~which such ~ breach must be cured; and (4) that failure to cure euch breach on or before the date epecified in the aotice may reault in ~ acceleration of the euma aecured by thia Mortgage, forecioeure by judicial proceeding and eale of the Property. T6e notice ahall ~ further inform Borrower ot the right to reinatate aRer aceeleration and the right to asaert in the foreclosure proceeding the ~ non-e:iatence of a default or any other defense of Borrower to acceleration and foreclosure. If t6e breach ie not cured on or ~ before the date specified in the notice. Lender at Lender's option may declsre all of the suma Becured by thie Mortgage to be immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be ~ entitied to collect in such proceeding all expenaes of forecloeure, including, but not limited to, reaeonable attorney's fees. and coeta of documentaty evidence. abatracte and title reporta. ~ 19. Borrower'e Right to Reinetate. Notwithatanding I.ender'a acceleration of the sums aecured by this Mortgage, Borrower ahall have ' the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage ff: (a) Borrower paya Lender all auma which would be then due under this Mortgage, the Note and notes aecuring ~turn ~ Advances, itany, had no acceleration occurred; (b) Borrowercurea all breacheaof anyothercovenants or agreemente of Borrowercontained in ~3 this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenante and agreemente of Borrower ~ contained in thie Mortgage and in enforcing Lender's mmedies as provided in paragraph 18 hereof, induding, but not limited to, reasonable ~ attorney e fees; and (d) Borrower takea auch action as I.ender may reasonably require to aeaure that the lien of thia Mortgage, Lender's interest in the Property and Borrower'a obligation to pay the aums aecared by thie Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby ahall remain in full fonce and eftect ae if no acceleradon had occurred. " 20. Asaignment of Rente; Appointment of Receiver. Ae additional security hereonder, Borrower hereby aasigns to L.ender the mnta of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right I °r~ to collect and retain auch rente as they become due and payable. + ; Upoa acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a rec.eiver appointed by a ~ - oourt to enter-upon, take poasesaion of and manage the Property and to collect the rents of the Property, including thoee peat due_ AII rente ~ collected by the receiver ehal! be applied firet to payment of the rnste otmanagement of the Property and collection of rents, including, but not ~ ~ limited to, receiver's feee, premiume on receiver a bonds and reasonable attomey's fees, and then to the aums eecared by this Mortgage. The , receiver ahaU be liable to account oniy for those rnnta actually received. 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