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HomeMy WebLinkAbout0751 8. la~pectlon. I.e~der may make o~ cawe b be made ~eawnable eatrie~ upon snd in~pections oithe property, p~ovided that I.ender ahaU give Borrow~ notice prior to any such inapection specitying reuwnable cause thesefor nlated to Lendei s intere~t in the Property. 9. Condemnpdoa. '11~e prooeeds of any award or claim for dama~es, direct or con~equential, ia connection with any oond~nnation or other taking oi the property. or part t!?ereoi. or for conveyanoe in lieu of oondemnation. are hareby assi~ned and shsll bs paid to l.ender. In the event o! a totsl taking of the Propeity, the pmceed~ shaU be applied to the sums secured by this Mortga~e. with the sscew, if any. paid to Borrower. In the eve~t of a partial takin~ of the Propeety. unless ~orrowez and Leader otherwiee agree in writing. there aha11 be appGed to the Rums secured by thia Mott~age such proportion of the proceeds as u equal eo that proportion which the amouat oi the eum~ secured by this Mortgage inunediately prior to the date af teking bears b Lhe fair market value of the Property immediately prior to the date of taking. with the balanoa of the prooeeds paid to Borrower. If the Property i~ abandoned by Borrower. or if. after notice by I,ender to Borrower that the oondemnor offen to make an award or settle a claim for damages. Bormwer fails to ~eapond to Leades within 30 days atter the date such aotiae ie mailed~ Lender is authorued to coUect and apply the proceed~, at Lendes's option. either to restoration or repair of the proper4y or to the aums socured by this Mortgage. ; Unleas Lepdes aad Borrower otherwise agree in writin6. any euch application of prooeeds to priacipal ahe11 ~ot esteAd or pwtpoae the due date of the monthly installments referred to in paraSraPhs 1 aad 2 hereof or change the sinount of such installmenta. ; 10. Borrower Not Released. Eatension of the time for paymant os modification of amortizetion of the sume secured by this Mo:tgage granted by Ixnder b any succeasor in iatereet of Borrower shall not operate tu c~lease. in anY manner. the liability of the original Borrower f and Borrowei a suceessors in intesest~ Lender shall not be required to caminenoe proc~.~edinge against euch sucseasor or refuse to e:tend time for payment o~ otherwise modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Bortower ; and Borrower e eucceseora in interest. I1. Forbeeranoe by Lender Not a R?aiver. My forbearanoe by Lender in racenising any right or remedy hereuader. or otherwise affoided by applicable law. ehall not be a waivez of or preclude the e~cerciee of any such right or remedy. The procuremen! of insuranoe or the payment of t~es or other liens or charges by I.ender shall not be a waiver of Lender's right to aooelerate the maturity of the indebtedness . ~ secured by this Mortgage. 12 Remediee Gtimulative. All nmediee pmvided in this Mortgage are diatiad and cwnulative to any other right or remedy uadez this Mortgage or afforded by law or equity. and may be e:erriserl ooncurrenUy. independently or sua~esively. : 13. Succeasors and Aseigns Bound; Joiat and 3everal Liability; Captiona.'I7~e oovenant8 and agreements herein oontained shaU ~ bind, and the rights hereunder shall innre to. the respective succeesors and assigns oi Lender and Borrower. subject to the provisions of ; patagraph 17 hereof. All covenents and agreements of Bo~ower ahall be joint and aeveral.'!be captioas and headings of the paragraphs of i thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisiona hereof. l4_ Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrowe~ provided for in thia Mortgage ehall be given by mailing euch notice by certified mail addreased to Borroaror aithe PropKtY Addreea or at such other addc~ess as ~ Borrowes may designate by notice to I.ender as provided herein, and (b) any notice to Leader ehall be given by certified mail, return receipt ~ requested, to Lender's addrees atated herein or to euch other addresa ae Lender may designate by notice b Borrower as provided hezein. Any ; notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the ruanner deaignated herein. 15. Uniforn~ Mortgage; Goveraing I.aw; 3everability. Thie form of moitgage oombinea uniform oovenants for national uee and aon- uniform oovenante with limited variatione by jurisdiction to ooastitute a uniform eecurity instnuuent oovering real property. Thie Mortgage ahall be govemed by the law of the juriadiction in which the Property is located. In the event that any pmvieion or clause of this Mortgage or the Note confiicts with applicable law. auch conilict ahall not affect other proviaions of this Mortgage or the Note which can be given ef'fect without the conflicting provieion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furnished a conforaned oopy of the Note and of thia Mortgage at the time of ~ecution or after recordation hereof. • 1?.15ranBter of the Property; Assumption. If all or any part of the Property or an intereet therein ia eold or transferred by Borrower without I.ender s priotr written rnnaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchase money eecurity intereat for houeehold appliancee. (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeara or lees not o~ntaining an option to purchase, Lender may, at Lender s option, declare all the sums aecured by thie Mortgage to be immediately due and payable_ I.ender ehall have waived auch option to accelerate if. prior to the sale or tranefer. Lender and the person to whom the Property ia to be eold or transferred reach agreement in writing that the credit of auch person ie eatiafaclory to Lender and that the intereat payable on the suma eecured by thia Mortgege ahall be at such rate as Lender shall requeet. If I.ender has waived the option to accelerate provided in thie paragraph 17, and if Borrower a succeseor in interest has ezecuted a written aeaumption agreement accepted in writing by Lender, I.ender shall releaee Borrower from all obligationa under this Mortgage and the ~I :V ote. . ~ If Lender eaerrisea auch option to accelerate, Lender ahall mail Borrower notice of acceleration in acoordance with paragraph 14 hereof. f Such notice shall provide a period of not less than 30 daya from the date the notice is mailed within which Borrower may pay the sume declared ~ due. If Borrower fails to pay such sums prior to the e:piration of auch period, Lendermay, without further notice or demand on E3orrower, ~ ?nvoke any remedies permitted by paragraoh'18 hereof. - ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 heieof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenaats to pay when due any sume eecured by thia Mortgage, Lender pcior to acceleration s6a11 mail notice to Borrower ae provided in paragraph 14 hereof epecitying: (1) the breach; (2) t6e action ~ required to cure such breach; (3) a date, not lese thaa 30 deys from the date the notice ie mailed to Borrower, by which euch ~ breach muat be cured; aad (4) that failure to cure euch breach on or before the date specified in the notice may result in ~ acceleration of the sume aei.~ured by t6is Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall ~ further inform Borrower of the right to reinetate after aoceleration aad the right to assert in the forecloaure proceeding the non-ezietence of a default or any other defense of Borrower to soceleration and forecloaure. If the breach is not cured on or before the date epecified in the notice, Lender at Lender's option may declare all of the suma secured by thie Mortgage to be immediately due and payable without further demend and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in auch proceeding aU ezpenses of forecloeure, including, but not liauted to. reasonable attorney's fees. and coste of documentary evidence, abstracts and title reporte.. 19. Borrower.'s Bight to Reinetete: Notwithstanding Lender's acceleration of the suma eecured by this Mortgage, Boreower shall have the right to have any proceedings begun by Lender to enforce thia Mortgage disoontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya Lender ali aume which would be then due under thie Mortgege. the Note and notes eecuring Future Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other covenants or egreementa of Borrower oontained in this Mortgage; (c) Borrower paye all reaeonable e:pensee incurred by Lender in enforcing the covenants and agreements of Borrower oontained in thie Mortgage and in enforcing Lender e remediee se provided in paragraph 18 hereof, including, but not limited to, reasonable attorney'e fees; and (d) Borrower takee such action aa Lender mag reaaonably require to seaure that the lien of thia Mortgage, Lender's interest in the Property and Borrower's obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon such payment aad cnre L by Borrower. thia Mortgage and the obiigationa secured hereby ahall remain in full force and effect se if no acceleration had occurred. ~ 20. Aseignment of Rents; Appointment of Receiver. As additional sec~rity hereunder, Borrower hereby aseigns to I.ender the renta , ~ of the Property. provided that Borrower ahall, prior to soceleration under paragreph 18hereof or abandonment of the Property, have theright ~ ~ to coUect and retain auch rent8 as they become due and payable. q Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ oourt to enter.apon, take poeeesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta ~ ooUected by the receiver ehall be applied firet to peynnent of the ooeta of managementof the Property and rnllection of rente, including, but not ~ limited-to, receiver'a fees, premiume on receiver's bonds and reseonable attorney'e feee, and then to the aums aecured by this Mortgage. The receiver ehall be liable to acoount only for those rente actually received. ~ ~ gocK ~U3 ~ac . E 7~ ~ . ~ ~ ` . . ~ ~ , - - . _ _ ~ - . r,.~ . r . - ~ . _ . _ ~ r~.-~ . . _ _ .