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HomeMy WebLinkAbout0769 8. laspectloa. Lender may make or cause b be made rea~onable entries upon and 'uupections of the pmperty, provided thaZ Leader shalt give Bomawer aotice Qrior to any such inipection specifying naaoaable cawe therefor related b[.endei ~ iatenat in ths Property. 9. CoAdemnadon. 71~e pmceed~ of any award or claim for damagea. direct o~ consequential, in oonnection with any oo~demnation or other takir~ oi the pmperty. or part thereot. os conveyancs in liea of oondemaation. are henby assigned and shall be paid to I.ender. Ia the event of a total takin~ of 1he Propetty, the proceed~ shall be applied to the suma secured by thi~ Mo~age, with ehe e~cces~, if auy, paid to Borrower. In the event of a partial taking of the Property. U11IP~8 BOr[OWB[ HIII~ LEI1dEi O~}IQirY18Q AQ!'8@ Ip NR1~lilg, lhere ehall be appUed b the sums s~cured by this Mortgage such proportiou of the pmeeedi as is equal b that pmportion which the amount of the sums eecured by this Mortga~e immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanea of the proceed~ paid to Borrower. . lf the Property is abaadoned by Borrower. os if. aRer notioe by I.end~ to Borrower that the o~ndemnor otYere to make an award or settle a claim for dameges. Borrower fails to nspond to Lender within 30 days aft~er the date such aotioe is maited. Lender u authorised to coUect and apply the proceeds, at Lender'~ option. ~ther b rEatoratioa or repair of the pmperty or to the suma secured by this Mortgage. Unless Lender and Bormwer otherwise agree in writing. any euch application of proceeds to principal ehap not eatend or postpone the due dete of the month~y installments referred to in paregraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tenaion of the time for paym~at or modification of amottization of tlie sume secured by this Mortgage granted by Lender to any auoceaeor in intereat of Borrower shap not operate to release, in any manner, the liebility of the original Borrower and Borrower'a aucceasora in interesl. I.ender ahall not be required to oommence proceedings agaiAat such auoceaeor or refuse !o extend time for payment or otherwise modify amortization of the auma eecured by this Mortgage by reaeon of any demand made by the original Botrow~ and Borrower e auaYSSOrs in interest 11. Forbearanoe by Lender Not s Riaiver. My forbearance by I.ender in ~erciaing any right or remedy hereunder. or oW~wise ePforded by applicable law. shall not be a waiver of or preclude the euercise of any such right or nmedy. The procuremeat of insurance or the payment of taiee or other liens or chargee by Lender ehall aot be a waiver of I.ender's right fo aocelerate the maturity of the indebtedness secured by this Mortgage. , 12 Remedie~ Cnmulative. All remedies pmvided in thia Mortgage an distinci and cumalative to any other right or remedy nnder this Mortgage or ai~orded by lawr or eqnity. and may be e~cerciserl ooncurrendy. independendy or eucceeaively. 13. 3uccessors and Aeei~ns Bound; Joiat aad 3everal Lisbility; Captioas.l7~e oovenante and agreemente herein aontained shall bind, and the rights htreunder ahaU inure to, the r~pective auooeesors and asaigns of Lender aad Bormwer, aubject to the provisiona of paragraph 17 hereof. AA wvenants and agreementa of Borrower shall be joint and sev~al. The captione and headings of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or define the provieione hereof. 14. Notice. Bxcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing euch notice by certified mai! addreaeed to Borrower at the Property Addreea or at such other.address ea - E3orrower may deaignate by notice to Lender as provided herein. and (b) any notice to Lender ehall be given by certified mail. return receipt requested, to I.endei a uddreas atated h~ein or to such other addrees ae I.ender may deeignate by aotioe to Borrower aa provided herein. My n otice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated henin. 15. Unitorm MottgP~e; Governing Law; 3everebillty.l~is form of mortgage combinee uniform oovenants for national uee and aoa- uniform covenanta with limited variationa by juriediction to oonstitute a uniform security inatrun~ent oovering reai property. Thie Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clauee of thie Mortgage or the Note conflicts with applicable lsw, auch contliM shall not afiect other pmvieiona of thie Mortgage or the Note which can be given effect without the oonflicting proviaion, and to thie end the proviaione of the Mortgage and the-NoLe are declared to be eeverable. 16. Borro~s er's Copy. Borrower ahall be furniehed a rnnformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof 1 T. 75ransfer of the Property; Aseumption. If all or any part of the Property or an iaterest therein is aold or tranaferred by Bo~ower without I.ender a prior written rnnsent, eucluding (a) the creation of a lien or encnmbrance aubordinate to this Mortgage, (b) the creation of a purchase money security interest for houeeaold applianoes. (c) a tranefer by devise, desoent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or lese naR containing an option to purchase. L.ender may, at Lender's option. declare all the aums aecured by thie Mortgage to be immediately due and payable. Lender shall have waived auch option to aocelerate if, prior to the aale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of snch peraon is satisfactory to Lender and that the intereet payabte on the aume secured by thia Mortgage shali be et auch rate as Lender ahall request: If Lender has waived the option to accelerate provided in thia paragraph l7, and if Borrowei a sun.~essor in intere8t has ezecuted a i written asaumption agreement accepted in writing by [.ender, Lender shatl release Borrower from all obligations under thia Mortgage and the Note. ~ I If Lender eaetcisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ` Such notice shall provide a period of not lesa than 30 daya from the date the notice ia mailed within which Borrower may p~S: thesu~ declered due. If Borrower faila to pay such auma priorto the e:p'vation of euch period, Lender may. without further notice or demand on F3orrower, envoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediee. Ezcept as provided in psragraph 17 6ereof, upoa Borrower'e breach of any ooveaant or agreement of Borrower in this Mortgage, including the oovenants to pay when due aay eams aecured by thie Mortgage, Lender ~ prior Eo aoceleration e6all mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) t6e breach; (2) the action ~ required to cure sucb breach; (3) a dete. aot leas thsn 30 days from the date the notice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in ~ acceieratioa of the eums aecured by thie Mortgage, foreclosure by judicial prooeeding end eale of the Property. The notice ahall furt6er inforru Borrower of the rig6t to reinetate after acceleration and t6e right to aseert in tbe foreclosure proceeding the non•e:iatence ot a defautt or any other detense ot Borrower to aoceleretion and forecloaure. If the breach ie not cwed on or " before the date specified in the notice. Lender at I.ender'e aption may declare all of the sums eecured by this Mortgage to be . immediately due and payable witbout furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled to collect in euch procecding al! expensea of foreclosure. including. but not limited to. reaeonable attorney'e feee, and ~ costa of documentary evidence. ebetracte and title reporte. 19. Borrower'e Right to Reinstate. Notwithstanding Lender e acceleration of the sume eecured by thia Mortgage, Borrower ehall have ~ the right to have any proceedinge begun by [.ender to enforce thia Mortgage diacontinued. at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and not~ea eecuring Future A~vances, if any, had no aoceleration occurred; (b) Borrower cures all brnachea of any otheroovenante or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays ell reasonable expensea incurred by Lender in enforcing the oovenante and agreemente of Borrower . contained in thia Mortgage and in eniorcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reaBOnable = attorney e feea; and (d) Borrower takes euch action as Lender may reasonably require to ae8ure that the lien of thia Mortgage. I.ender e interest ~ i n the Property and Borrower's obligation to pay the sume secured by fhis Mortgage ahall continue unimpaired. Upon euch payment and care by Borrower. thie Mortgage and the obligatione secured hereby shall remain in full force and effect as if no acceleration had axurred. ~ 20. Assignment of Rents; Appointment ot Receiver. As additional secnrity hereunder, Borrower hereby aseigna to I.ender the rente ' of the Property. provided that Borrower aha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right : to collect and retain euch rents ae they become due and payable. - ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, I.ender ehaU be entitled to have a receiver appointed by a court to enter.upon, take poeaeasion of and manage the Property and to rnllect the rente of the Property, including thoee past due. All rents cvllected by the receiver ahall be appiied firat to payment of the o~te of management of the Property and collection of renta, including, but not ~ limited to, receiver e tees, premiuma on receiver's bonds and reaeonable attorney's fees, and then to the sums eecured by thie Mortgage. The ~ receiver eha11 be liable to acooun! only for thoee rente actually reoeived. ~ s ~ seoK ~x1~ vaCE . ~ 7~ ~ ~ ~a ~ ~ _ - - _ _ - ; ~ ~ _ ~ .v _ _ _