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HomeMy WebLinkAbout0691 • i 8. Inspection. I.e~der may make or cauee to be made reasonable entries upon and iuspections of the property. provided that Lender shaA give Borrower notice prior to any such inepection epecifying reasonable cauee therefor related to Lender's intereat in the Pmperty. ~ 9. CondemnaUoa. The proceede of any award or claim for damages, direct or consequential, in connection with any oondem~ation or oth~ taking of the pmperty, or part thereof, or for conveyaace in lieu of condemnatiun. an hereby aeaigaed and shaU be paid w Lender. ~ In the event of a total taking oi the Property. the pra,bed~ shall be applied to the auaas eecured by thia Mort~age. with the ezcesa, if any. paid to Borrower. l~ the event of a paKial tal~ing of the Property. unless Borrower and I.ender otherwise agree in writing, then ~hall be applied to the sums eecured by this Mortgage such pmportion o! the pmoeeds ae is equal to that pmportion which the amount of the sums secured hy thia Morlgege immediately prior to the date of taking bean b the fair aaarkel value of the Property immediatety prior to the date of taking. with the balanoa of the ptoceeds paid to Borrower. If the Property is abanduned by Borrower. or if. aRer notice by Lender to Borrower that the oondemnoroffere to make an award or ~ettle a claim for damages. Borrower fails to respond to Lender within 30 deya after the date such notioe is mailed, Lender is authorised b oollect and apply the procee~de, at l.ender's option, either to reatoration or repair of the property or to the ewas secured by thia MortgaQe. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to princapal ehall not eutend or postpone the due date of the monthly inatallmenta referred to in paragtaphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extenaion of the time for paymsnt or modification of amortization of the eums secured by this Mortgage granted by I.ender to any aucceaeor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower'a auccessore in intereat~ I.ender ehall not be required to commence procec~linga against euch aucceasor or refuse to e:tead time for payment or otherwise modify amortization o[the aums eecund by this Mortgage by reaeon cf any demand made by the original Bormwar and Borcower s succ~sore in interest. ~ 11. Forbearanoe by Leader Not a Waiver. My forbearance by Lender in eacerciaing any right or remedy hereuader.. or otherwise afforded by applicable law, ehall ~ot be a waiv~ of or preclude the exerciee of any euch right or remedy. The procurement of ineurance or the payment of taxes or other liena or chargea by Lender shall not be a waiver of Lender'e right to socelerate the maturity of the indebtednees secured by tl~ie Mortgage. ~ 12 Remediee G~mulative. All remediea provided in thie Mortgage are distinct aad cumulative to aay other right or remedy under this Mortgage or aftorded by law or equity, and may be euerciee+l ooncurrendy, independently or suoceasively. 13. Succeesors and Aseigas Bound; Joiat and 3everal Liability; Ceptions. The ooveaante and agreements herein oontained shall bind, and the righta, hereunder ahall inure to; the reapective aucceseors and assigne of Lender and Bonower, eubject to the proviaions of ~ paragraph 17 hereof. All covenante and agreemente of Borrower ehall be joint and several. The captiona and headings of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the provisione hereof. - 14. Notice. ~xcept for any notice required under applicable law to be given in anothermanner. (a) any notice to Borrower provided for in thia MQrtgage shall be given by mailing such notice by certified mail addreaeed to Borrow~er at the ~roperty Addrees or at such other address ae Borrower may deaignate by notice to Lender ae pmvided herein, and (b) any natice to Lender ahall be given by certified mail, return receipt requeated, to Lender e addrese atated herein or to such other addrese as Lender may designate by notice to Borrower ae pmvided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mort~age; Governing Law; 3everability.'l~ia form of mortgage combines uniform oovenants for national uee and non- uniform covenanta witfi limited ~rariatione by juriadiction to constitute a uniform security instnuuent oovering real property.'1liis Mortgage shall be govemed by the law of the jurisdiction in which the Property ie located. In the event that any provieion or clauee of this Mortgage or the Note rnnfticts with appticable law, such contiiM ehall not affect other provisiona of this Mortgage or the Note which can be given effect without the rnnflicting proweion, and to this end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower'8 Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 1?. 7~anafer of the Property; Aseumption. If all or any part of the Property or an intereet therein ie aold or tranaferred by Borrower without Lendei a prior written consent, ezcluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money eecnrity intereat for household appliancea, (c) a transfer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeare or lesa not oontaining an option to purchase, Lender may, at Lender a option. declare all the suma secured by this Mortgage to be unmediately due and payable. Lender ahall have waived auch option to socelerate if, prior to the sale or transfer, Lender and the pereon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch p~son ia setiefactory to Lender and that the interest payable on the suma secured by thia Mortgage shall be at auch rate as Lec?der ehall request. If I.ender has waived the option to accelerate provided in this paragraph 17. and if Borrower a succeasor in interest has e:ecuted a w~ritten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligationa under thia Mortgage and the Note. If Lender ezercisea such option to acce]erate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL . Such notice ahall provide a period of not less than 30 days from the date the notice ia ir.ailed within which Boirower may pay the sums declared due_ If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on $orrower, ~ invoke any rnmedies permitted by paragraoh 18 hereof. 'j 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ; agreement of Borrower in this Mortgage. including the oovenanta to pay w6en due any sums eecured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breech; (3) a date, not lese than 30 days from the date the notice ie mailed to Borrower, by which such breech muet be cured; and (4) that failure to cure such breach on or before the, date epecified in t6e notice may reault in ~ acceleration of the aume eecured by this Mortgege, foreclosure by judicial proceeding and sale of the Property. T6e notice shall ~ further inform Borrower of the right to reinstate atter aoceleration and the rig6t to aesert in the foreclosure proceeding t6e ~ non-eziatence of e default or any other defense of Borrower to acceleration and foreelosure. If the breach ia not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the suma aecured by t6ie Mortgage to be immediately due and payable without further demand and may forecloae t6is Mortgage by judicial proceeding. Lender s6a11 be entitled to collect in such proceeding all ezpenaea of foreclosure, including. but not limited to. reasonable attorney'e [ees, and costs of documentary evidence, abstracts and title reporta. 19. Borrower's Right to Reinatate. Notwithstanding Lendei s acceleration of the aume eecured by thia Mortgage, Borrower shall have ~ the right to have any pra.~eedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other rnvenante or agreementa of Borrower rnntained in ~ thie Mortgage; (c) Borrower paya all reseonable eapensea incurred by Lender in enforcing the covenante and agreemente of Borrower ~ contained in thia Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's feea; and Id) Borrower takes euch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's intereet ~ in the Property and Borrower's obligation to pay the a~uns secured by this Mortgage shall continue unimpaired. Upon such payment and care - by Borrower, this Mortgage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseignB b Lender the rente ~ ; of the Property, provided that Borrower ahall, prior to aa:eleration under paragraph 18 hereof or abandonment of the Property, have the right ° ~ to collect and retain auch rente ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a receiver appointed by a k ooart to enter~upon, take poaeeasion of and manage the Property and to collect the renta of the Property, including those past due. All rente ~ ~ oollected by the reoeiver ahall be applied firet to payment of the ooste of management of the Property and collection of renta, including, but not ~ limited to, reoeiver's feea, premiuma on receiver's bonds and reaaonable attorney e feea, and then to the sums secured by this Mortgage. The ~ receiver ahall be liable to account only for those renta aMually received. ~ . ~ ~ ~ ~ . r ~ . BQOK 3U3 ~a~~ 69p ~ - - - , - ~ ~ ~ >a u ~ ~ , ~ _ N--:;;