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HomeMy WebLinkAbout1014 8. Ia~pection. Lender may mal~e or esuse b be made reswn~ble ~ntri~ upop atid ia~p~Ctione of the property. provided that Lender ahall give Borrower notioe prior b any such inepection specifying reasoaeble cause therefor related to Lender's interest u? the Property. 8. COAdBRIRawOD.'Ibe prooeeds of euy award :.r claim for damages. direct or consequential, i~ connection with any oondemnation or othe~ taldn~ of the prbperty. or part theseof. or for conveyance in lieu of oondemnation. are hereby asaigned and ah~ll be paid to Lender. In the event oi a total taking of the Property, the proceeds shall.be applied b ths sums secured by this Mort~aQe, with tbe escen, if any, paid to Borrower. In the event of a pertial taldng of We Property. unless BorruN?er end Leader otherwiss agree ia writin~. there ~halt be applied to the sums secured by this Mortgage ~uch proportioa of the proceedi u is equal to that proportioA which the amount ot tbe sums eecured by this Morl~age immediately prior b the dab of talcing beare to the fair market value of th8 Proparty immediately prior to the date of taking. with the balanoa of the prooeeds paid b Borrower. If the Propaty is ebandoned by BorroMrer, or if. atks notioe by I.ender to Borro~r~ thet We oondemaor ogere to make an award or ~ettb a claim for damages. Borrower fails to raepoad to I.ender within 30 days aRez the date euch notice is mailed. Lend~ is authorised to oollect and apply the p~ooeeds. et Lender's option. either ~o restore?tion ot tepair of the properf~y or to the sums secured by thia Mortgage. Unlees Lender and Borrower otherwise agree in ~vriting. any ancb applicatioa of pmcecds to principal shall not ~tend or postpone We due date of the monthly installments refrrred to in psra~raphs 1 and 2 h~reof or change the aanoant of such instaUmeats. 10. Borrower Not Released. E:tension of the time for paymant or modi5cation of amortisation of the sume secured by thia Mortgage granted by I.ender to any eucceaeor in intereet of Borrower shall not operate to release. in any manner; the liability of the original Borrower and Borrower's buccessora in interes~ Lender ehall aot be required to oommenoe pmceedinBs a8ainet auct~ aucceseor or refuse to estend time for paymeat or othesv~riee modify amortization of the eume secured by thia Mortgage by reason of any demaad made by the original Borrower and Borrower'a aucceeeors in interes~. 11. Forbearanoe by I.ender Not a Waiver. Any forbearanoe by L~?de~ in e:ercising any right or remedy hereunder. or otlsenvise agorded by applicable law, shall not be n waive: of or preclude the ezercise of any euch right or remedy. The procurem~t of insurance or the payment of teues or other lieaa or c6arges by Lender shall not be a waiver of Lendei s right to socelerate the maturity of the iadebtedaesa aecuted by this Mortgage. - I2 Aemediee ~mulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy nndez this Mortgage or afforded by law or equity. and mayr be eacezciserl ooncurrent~y. indepeadendy or aneceeaively. 13. 3ucceaeore and Assigns Bound; Jotnt and Several Liability; Caption~. The ooveaants and agreement8 herein oontained shall bind. and tt~e rights hereunder shall inure to. the respective snoceeeore and aesigas of I.ender and Borrower. aubject to the provisiona of paragrnph 1? hereof. All covenants and agreementa of Borrower shaU be joint and several. T6e captions and headinga of ihe paragraphs of thie Mortgage are for covenience otily and an not b be ueed to interpret or define the provisions h~eof. 14. Notice. E:cept for sny notice required under applicable law to be given in anoth~ manner. (a) any notice to Borrowrr provided for in this Mortgage ahell be given by mailing such notice by certi5ed mail addreaaed to Borrower at We Property Addreas or at such other addrees aa Bonower may designate by notice to Lender as provided herein, and (b) any aotioe to,I{t~ler ahall be given by certi5ed mail, return reoeipt requeated, to Lei?der's addresa atated herein or to auch other addreas aa Lender may deai~tiate bq notioe to Borrower as provided he~rein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated her~in. 15. Llniform ~dortgage; Goveraing Law; 3everability. Thia form of mortgage combines uaiform oovenants for national use and non- uniform oovenante with limited variationa by jnrisdiction to oonatitute a uniform security inatniment ooveripg real pmperty. This Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any pmviaion or clauee of this Mortgage or the Note contticta with applicable law. sach contlict shall not affect other provieiona of this Mortgage or the Note which can be givea effect _ withont the oontlicting proviaion. and to thia end the proviaione of the Mortgage and the Note are declared to be eeverabte. 16. Borrower's Copy. Botrower shall be fnrnished a conformed oopy of the Note and of thia Mortgage at the time of ~ecution or aRer recordation hereof. 17. 'Itiranefer of the Property; Aeeumption. ff all or any part of the Property or aa interest therein ia sold or transferred by Borrower without I.ender's prior written coneent, ~cluding (a) the creation of a lien or encumbrance subordinate to this Morlgsge, (b) the creation of a purchase money secnrity intereat for houeehold appliancea, (c) a tranafer by deviae. deaoent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or less noi containing an option to purchaee. Lender. may, at Lender's option. declare all the auma eecur¢d by this'Mortgage to be unmediately due and payable. Lender shall have waived such option to socelerate if. prior to the eale or transfer, L.ender and the person to whom the Property ia to be eold or traneferred rnach agreement in writing that the credit of anch person ia satiafactory to L,ender and that the interest payabte on the suma secured by this Mortgage ahall be at such rate ae I.ender ahall requeat. If Lender has waived the option to aocelerate provided in thia paragraph 17, and if Borrower's succeaeor ia interest haa ezecuted a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under thie Mortgage and the Note. ; If Lender exerciaea such option to accelerate, Lender ahall mail Borrower notice of aoceleration in sooordance with peragraph 14 hereo~ ' Such notice ahall provide a period of not less than 30 daya from the date the notice is ~r,ailed within which Borrower may pay the sums declared f due. If Borrower fails to pay euch anma prior to the e:piration of auch period, Lender may, without fnrther notiee or demand on F3orrower, ~ invoke any remediea permitted by paragraoh 18 hereof. f ! 18. Ac~eleration; Remediee. Ezcept as provided in paragraph I7 6ereof, upon Borrower's breac6 of any oovenaat or agreemeat of Borrower in thia Mortgage, including the oovenanta to pay when due any sums secured by this 11[ortgage, Lender prior to acceleration ahall mail notice to Borrower as provided in paragrap614 hereof specifying: (1) the breach; (2) the adion required to cnre such breach; (3) a date, not lese than 30 daya from the date the notice is mailed to Borrower, by which snch breach must be cured; and (4) that lailure to cure euch breach on or before the date epecified in the notice may result in ~ acceleration of the sums eecured by this Mortgage. forecloaure by judicial proceeding and sale of the Property. The notice e6aD ~ further inform Borrower of the rig6t to reinatate after acceleration and the right to aseert in the foreclosure proceeding the non-e:istence of a deisult or any other defense of Borrower to acceleration and forecloaure. If the breach ie not cured on or before the date epecified in the notice, Lender at Lender's optioa may declare aU of the sume eecvred by thie Mortgage to be immediately dae and psyable without further demand and may foreclose this Mortgage by judicial proceediag. Lender ahall be entitled to collect in such proceeding all e:pensea.of foreclosure, including, but not limited to, reseonable attorney'8 feee, and coate of documeatary evidence, abatracts and title reporte. 19. Borrower's Right to Reinstate. Notwithatanding Lender's aoceleration of the auma seciued by thia Mortgage. Borrower shall have the right to have any pmceedinga begun by Lender to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mottgage if: (a) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notee eecuring ~ture Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other aovenante or agreemente of Borrower contained in ~ thiB Mortgage; (c) Borrov`er paya all reseonable e:penees incurred by Lender in enforcing the oovenante and agrcementa of Borrower oontained in thia Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to. reasonable attomey's feee; and (d) Borrower takes auch action as Lender may reaeonably require to aeaure that the lien of thia Mortgsge, Lender's interest ~ in the Property and Borrower a obligation to pay the eums eecured by thia Mortgage shall oontinue unimpaired. Upon euch payment and cure ~ by Borrower, this Mortgage and the obligations eecured hereby ehall remain in full force and effect aa if no aoceleration had occurred. _ Z0. Aesignment of Rente; Appointment of Receiver. M additional eecurity hereundert Borrower hereby aseigne to Lender the rente ~ of the Property, provided that Borrower shall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents aa they become dae and payable. ~ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender.ehall be entided to have a receiver appointed by a ~ oourt to enter.npon, take poseeasion of and manage the Property and to oollect the renle of the Property, including those past due. A11 renta oollected by the receiv~r ahall be applied firat to payment of the oosta of management of the Property and collection of renta, including, but not ~ limited to, receiver'a fees, premiwns oa receiver's bonds and reasonable attorney'e feea, and then to the euma secured by thia Mortgage. The receiver aha11 be liable to aco~unt only for thoee renta actually e~eceived. ~ i ~ I ~ 0R . ~ ~~oK3~3 ~Acf1013 ~ - fi . - - - - ~ _ . ~~~`~~°~~'~~t~ . . . _ , ~ ~