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HomeMy WebLinkAbout0747 8. Ia.pectioa. L,e~der may make or cause to be made reawnable entries upon and inspections oithe property, provided that Lender ahall i give Bortower notice prior to any such inspection specitying reaeonable cause therefor related to Lendei s intereot in the Propesty. 9. Condemnatioa.'1?~e prooeeda of any award or claim fot dama~es, direct or rnn~equential~ tn eonnection with any oondeau?ation or other taking of the property, or part thereof, or for rnaveyance in lieu of coademnation, are hereby a~aigned snd shaU be paid to l,ender. ? In Ihe eve~t of a total taking of the Property, the proceeds ahall be applied to the eums secured by thie Mortgage. with the esceaa, if any. paid to Borrower. In the event of a partial talring of the Property. unleaa Borrow~ and Lender otherwise agree i~ writing. there ahall be applied to the suans eecured by thie Mortgage such pmportion of the proceeds ae is equal to that proportion which the amount of We sums eecured by thie Mortgage immediately prior to the date of taking bean to the fair market value of the Propedy immediately pdor to the date of - taking, with the balenca of the proceeds paid to Borrower. _ If the Property is abandone~ by Borrower. or if, aEter notioe by Lender b Borro~ver that the oondemrior oKers to make an award or settle a claim for damages. Bore~ower fails to napo~d to l.ender wnLhin 30 days after the date such notice is mailed, Lender ie suthorized to collect and apply the pmceeds. at Lender's option, eithu to reatoration or repair of the pmperty or to the eums secured by this Mortgage. Unlees I.endes and Borrow~ otherwise age~ee in writing, aay auch application of peoceeda b principal ahall aot e:tend or pwtpone the due date of the monthly installments teferred ~o in paragrapha 1 and 2 hereof or change the amount of wch installments. 10. Borrower Not Releaeed. E:tenaion of the time for paym~nt or modification of amortization of the eume eecur~ed by thia Mortgage granted by i.ender to any aucceasor in intereat of Borrower ahall not operate to releaee, in any manner, the lisbility of the original Bormwer and Borrower's eucceaeore in interea~ Lender ehall not be required to commence proceedings againat auch aucceeeor or refuee to extend time for payment o~ otherwise modify amortization of the sums aecurr,d by thie Mortgage by reseon of any demand made by the original Borrowe~ s?nd Borrower s auc~.~essore in intereat 11. Forbearance by Lender Not a R?alver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwisa ~ afforded by applicable law, ehaU not be a waiver of or preclude the e~cerciee of any auch right or remedy. The procurement of ineuranoe or the payment of ta~ces or other liena or chargea by Lender ahall not be a weiver of I.ender'e right to aocelerate the maturity of the indebtedaess eecun~d by thie Mortgage. 12 Rea~edies Gtimulative. All remediea provided in thie Mortgage are diatinct and cumulative to any other riRht or remedy under thie Mortgage or afforded by law or equity. and may be ezerciee~i oo~currently, independendy or sucoeasively. 13. 3uccessore and Aseigns Bound; Joipt and 3everal I.iability; Captions. The oovenant8 and agreemente herein oontained ahall bind, and the righta hereunder shaU inure to, the tespertive eucceaeore and aeeigns of I.ender and Borrower, eubject to the proviaions of paragraph 17 hereof. All covenanta and agreements of Borrower ehall be joiat and eeveral. The captions and headinge of the paragraphs of thia Mortgage are for rnvenience only and are not to be used to interpret or define the proviaions hereof. f 4. Notice. Except for any notice required under applicable law to be Etiven in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing euch notice by certified mail addre8aed to Borrower at t~e Property Addreas or at auch other addreae ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehell be given by certified mail, return receipt requested. to Lender's addreae atsted h~ein or to such other addreae ae Lender may designate by notice to Borrower aa pmvided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Bormwer or Lender when givea in the manner deaignated herein. 15. Uniform Mortgage; Governiag Law; Severability. Thia form of mortgage combinea uniform oovenanta for national uee and non- uniform covenants with limited varietiona by jurisdiction to oonatitute a uniform security instrument oovering real property. This Mortgage shall be governed by the law of the juriadiction in which ihe Property ia locaied. In the event that any provision or clause of this Mortgage or the Note eonflicte with applicabte law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting proviaion. and to this end the provisiona of the Mortgage and the Note are declared to be s~verable. 16. Borrower's Copy. Borrower ahall be fumiahed a rnnformed oopy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. ~ 17.1'ransfer ot the Property; Aseumption. If all or any part of the Property or an interest therein is eold or traneferred by Borrower without Lender'e prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage. (b) the creation of a- purchase money security interest for household appliances, (c) a tranefer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold iaterest of three yeara or lese not oontaining an op~on to purchase. I.ender may, at Lender'e option. declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or transfer. Lender and the person to.whom the Property ia to be sold or traneferred reach agreement in writing that the credit of euch person is satiafactory to Lender and that the interest payable on the auma secvred by this Mortgage ahall be at auch rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower e succeasor in intereat hae executed a written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligatione under thia Mortgage and the Note. - j If I.ender e~tercises such option to accelerate, L.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoi i Such notice shall pmvide a period of not less than 30 days from the date the notice ia rr~siled within which Borrower may pay the suma declare~d ~ due. If E3orrower fails to pay such suma prior to the expiration of such period, Lender may,-without further notice or demand on tiorrower, j ~nvoke any rnmediea permitted by pazapjraoh-18 hereof. ~ ~ 18. Acceleration; Remediee. Ezcept ae provided in paragraph 17 6ereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay when due any euma secured by thie Mortgage. Leader prior to aoceleration ahall mail notice to Borrower se provided in paragraph 14 6ereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a dete, not lese than 30 days from the date the notice ia mailed to Borrower, by which such breach muat be cured; snd (4) that failure to cure auch breach on or before the date epecified in t6e notice may result in acceleration of the aums secured by thie Mortgage. forecloeure by judicial proc.eeding and eale of the Property. The notice 86all further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the forecloeure proceeding the non-ezistence ot a detault.or any other detense of Borrower to acceleration and forecloeure. If the breach is not cured on or ~ before the date Bpecified in the notice, Lender-at Lender's option may declare all of t6e eums eecured by thia Mortgage to be immediately due and payable without further demand and may torectoae this Mortgage by judicial proceeding. Lender ehall be ~ entitled to colleM in such proceeding all e:penses of forecloaure, including, but not limited to, reaeonable attorney's feee. and coste of documentary evidence. ebetracte and title reports. 19. Borrower's Right to Reinatate. Notwithatanding Lender's acceleration of the aums secured by this Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcin~ r this Mortgage it: (a) Borrower paye Lender all auma which would be then due under thie Mortgage, the Note and notee aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower cures ail breaches of any other covenante or agreemente of Borrower rnntained in thia Mortgage; (c) Borrower pays all reseoriable expenses incurred by Lender in enforcing the covenants and agreementa of Borrower oontained in this Mortgage and in enforcing Lender e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable - attorney e fees; and (d) Bonower takes auch action as Lender may reasonably require to asaure that the lien of thie Mortgage, Lender'e interest in the Property and Borrower's obligation to pay the aums eecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligationa eecnred hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rents; Appointment of Receiver. Aa additional ~rity hereunder, Borrower hereby assigna to Lenderthe rente ~ ~ 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 such rent8 aa they become due and payable. ; ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, L.ender shall be entided to have a receiver sppointed by a ~ oourt to enterypon, teke posaesaion of and manage the Property and to collect the rente of the Property, including thoHe past due. All renta oollected by the receiver shall be applied first to payment of the aoete of management of the Property and wllection o[renta, including. but not ~ limited to, receiver's fees, premiums on receiver's bonda and reasonabie attomey a feee, and then to the suma eecnred by this Mortgage. The ' receiver ehall be liable to acoount only for those rente actually received. ~ a R ~3 ~acF ~ 9C~Cx 7~ * ~ ~ ~ x~. . - " - - - - - - ~ . ~ s'`~";~.<r , . ~r