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HomeMy WebLinkAbout0723 8. laapectioa. l.ender may malce or cawe b be made reawnable entries upon and inspections of the property. provided that LeAder ahall give Horsower notioe prior W any such inspection apecifying reaso~able cawe therefor related W Lender'~ interest in the Property. 9. CondemaaUon.11?e proceed~ of any award or claim foT damage0. direct or con~equential, in cotu?ection with aqy aoodemnatioa or other taking of the pmperty, os part thereof, or for conveyanoe in lieu of oondemnation, an hereby assiened and shall bs paid W Lender. In the event of a total taking of the Peoperty. the pmceed~ ~haU be applied to the sums secured by this Most~aQe. with the esces~, if u?Y. paid b Borrower. In the event of s partial tairin8 of the Properky. unlee~ Borrower and Lender oWerwise a8ree in writin6. there ahell be applied to the sums sccured by this Mortgage such proportion of the proceeds es is equal to that pmportion which the amount oi the sums secured by thie Mortgage immediately prior to the date of taking bears tp the fair market value of the Property immediately prior to the date of taking. with the balanca of the proceeda paid to Bormwer. If the Property is abandoned by Borrower. or if, atter notice by Leader to Borrower that the condemnor offen to make an award ot aettle a claim [or damages, Borrower fails to respoad to Lender within 30 days after the date euch riotioe is anailed. Lender is authorised to collect aad apply the proceeds, at I.end~s option, either to natoration or npair of the prope~rty or to the sums secured by this Mort~ege. Unlees Lendu and Borrower otherwise agree in a?ritine. ~Y ~y~ aPP~~tion of proceeds to ptinciPa~ st?aU not eztend or portpone the due date of the monthly iastaUments referred to in paragraphs 1 and 2 hereof orchaage the amount of such inatallments. 10. Borrower Not Released. Extenaion of the time for paymsnt or modificatioa of amortisatiou of the eume eecured by this Mortgage granted by i,ender to any aucceasor in intereat of $ormwer ehall not operate to nlease, in any manner, the liability of the original Borrower and Borrower's aucceeaors in intereat Lender ahell not be required to o~mmence proceedinga againat auch succesaor or refi~se to e:tend time for payment or otherwise modify amottization of the aums aec~red by thia Mortgage by reason of any demand made by the original Borrow~ and Borrower s aucce8eors in intereat. 11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in e~ercising any ri8ht or remedy hereundu, or olherwise afforded by applicable law, shall not be e waiver of or preclude the s:ercise of ariy euch right or remedy. The procuremeat of insaranoe or the paymeat of tases or other liene or chargea b~ Lender shall not be a waiver of Lender s right to aocelerate the maturity of the indebtedneaa eecared by chie Mortgage. 12 Remedies Cumulattve. All remediee provided in thia Mortgage are diatinct and cumulative to any other right os remedy undez this Mortgage or afforded by law or equity. and may be e:erciseKi ooncurrently. independendy or suoceseively. ~ 13. 3acceasors and Assigne Bound: Joint and 3everal I3ability; Captions. The covenants and agreennenta herein contained shall bind, and the righte hereunder shell inure to, the respective succeesors and aaaigns of Lender and Borrowet, aubject to the provisione of paragraph 17 hereof. All covenants and agreements of Borrower ehell be joint and several. The captiona and hesdings of the paragraphs of . thia Mortgage are for oovenience only and are not to be ueed to iaterpret or define the proviaions h~eof. - 1 A. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrowrr provided for in this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Address or at auch other address as Borrower may designate by notice to Lender as pmvided herein. and (b) any notice to Lender ahall be givea by certified mail. return receipt requested, to Lender's addrese atated herein or to such other addrese ae I.ender may designate by notice to Bormwer ae pmvided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or I.ender when given in the menner deeignated h~ein. 15_ Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage rnmbinee uniform oovenante for national uee and non- uniform covenante with limited variations by juriediction to oonatitute a uniform security instrument oovering real pmperty.'I~is Mortgage ahaU be governed by the law of the jurisdiction in which the Propedy ia located. In the event thet any pmvieion or clauae of thie Mortgage or the Note conilicte with applicable law. euch contlict ahall not af1'ect other pmvisions of this Mortgage or the Note which can be Biven effect vrithout the rnnflicting provision, and to thia end the provisiona of the Mortgage and the Note sze declared to be eeverable. 16. Borrower'e Copy. Borrower ehall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ~ecution or after recordation hereoL . 17. 'I~anefer of the Property; Aseumpdon. If all or any part of the Property or an interest therein is eold or tranaferred by Borrower without Lender's prior written coneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage. (b) !he creation of a purchase money eecurity intereat for houeehold appliancea, (c) a tranefer by deviae, descent or by operation of Iaw upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or leea not oontaining an opdon to purchaee, Lender may, at Lender'e option, declare all the aume secured by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, Lender and the peraon to whom the Property is to be eold or traneferred rnach agreement in writing that the credit of auch person is satiefactory to Lender and that the interest payabte on the aums secured by this Mortgage shall be at auch rate ae Lender shall request- If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succesaor in interest hea executed a- written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligationg under thia Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereot ~ Such notice shall provide a period of not less than 30 daya from the date the notice is ~r.siled within which Borrower may pay the suma declared i due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, vvithont further notice or demand on E3orrower, i invoke any remedies permitted by paragrauh 18 hereof ~ 18. Aoceleration; Remedies. E:cept as provided in paragraph 17 hereof, upoa Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage, including the oovenanta to pay when due any sums secured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower ae prnvided in paragreph 14 hereof apecifying: (1) the breac6; (2) the action ~ required to cure auch breach; (3) a date, not leee than 30 daya from the date the notice is mailed to Borrower, by which euch ~ breac6 must be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in . ecceleration of the eums eecured by this Mortgage. foreclosure by judicial proceeding and eale of t6e Property. The notice ahall further inform Borrower of the right W reinatate aRer acceleration and the rig6t to aseert in t6e foreclosure proceeding the non-e:iatence of a default or any other defense of Borrower to acceleration and forecloanre. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sume secured by t6is Mortgage to be immedietely due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in euch proceeding all ezpenaes of forecloeure, including, but not limited to. reseonable etWrney's fees. and coate of documentary evidence, abetracte and title reporta. ~ 19. Borrower's Right to Reinetate. Notwithetanding Lender a acceleration of the aums aecured by this Mortgage, Borrower ahall have the right to have any proceedinge began by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all euma which would be then due under this Mortgage, the Note and notea eecuring Future Advancea, if any, had no acceleration occurred: (b) Borrower curea all breachea of any other covenanta or agreements of Borrower contained in a thia Mortgage• (c) Borrower pays all reasunable e:penses incurred by I.ender in enforcing the covenante and agreementa of Bonower ~ oonlained in this Mortgage and in enforcing Lender'a remedies aa provided in ParaBraph 18 hereof, including, but not lunited to, reaeonable attorney'e fcea; and (d) Borrower takea such action as Lender mey reseonably require to aseure that the lien of thia Mortgage, Lender'a interest in the Property and Borrowe~'s obligation to pay the euma eecured by this Mortgage shall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations eecured hereby shalt remain in tull force and eftect as if no acceleration had axnrred. ~ Z0. Aasignment of Rents; Appointment of Receiver. Ae additional eecarity hereunder, Borrower hereby asaigne to Lender the renta ? of the Property, provided that Borrower ehall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, heve 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 shall be entided to have a recxiver appointed by a ~ oourt to enterupon, take poseession of and manage the Property and to collect the rents of the Property, including thoee past due. All rente oollected by the receiver ahall be applied first to payment of the ooste of managementof the Propertyand rnllection of rents, including, but not ~ limited to, receiver'a feea, preu»ama on receiver e bonde and reaeonable attorney's fees, end then to the sums aecur+ed by this Mortgage. The receiver aha11 be liabie to acoount only for thoee renta actually received. ~ ~ f ~ 3~oK 303 ~aGE 7~ ~ ~ . ~ ~ - - - i - , ~ ~q"~,~ = ~ . s' . ° ~