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HomeMy WebLinkAbout1026 8. laspection. lxnder may make or cause to be made reawnable entries upon at~d inapections oithe proqa~y, ptovide~ tlut Iender ahall ' ?cive Borrower ~otice prior w uny such inspection specifying reasonable cauea therefor related to I.ender's iutereet in the Property. 9. Condemnatioe. The pmceede of any award or claim for damages, direct or coneequential, in conaection with any oondamnatioa or uther talcing of the property, or part thenof, or for cb~veyanoe in lieu of condtmnation, are hereby aeaigned and shaU be paid to L,ender. In the event of a total taking of the Property. the proceede shall be applied to the auma eecured by this Mortgage. with ihe e:cese. if any. paid to Botrower. In the event of a partial talcing of the Property. unlees Borrower and [.ender otherwise agree in writing, then shall be npplied to the suma aecured by this Mortgage auch proportion of the proceeds as ia equal to that pmportion which the amount of the sums :tiecured by this Mortgage immediately prior ta the date of Laking beare to the fair market value of the Property immediately prior W the date of taking, with the balanc~ of the proceeds paid to Borrower. If the Property ie abandoned by Borrower, or iE, after notice by Lender to Borrower that the condemnorof~'ers to make an award or settle a . claim for damages. Borrower faile Eo reapond to Lender within 30 daye aft~es the date euch notice ie mailed, Lendet ie authorised to collect and . npply the proceeds. at I.ender's option. either to restoration or repair of the property or to the aums eecured by thia Mortgega • ; U nleea I.ender and Borrower othe~riee agree in writi~g. any euch application of proceeds to principal ehall not extend or postpone the due date of the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount of euch installmente. 10. Borrower Not Releaeed. Extension of the time for paymant or modification of amortization of the suma eecured by thie Mortgage ~,~ranted by I.ender to any eucceseor in intereat of Borrower ahaU not operate to release, in any manner, the liability of the original Borrower . and Borrower's successora in intereat_ I~ender shall not be required to oommence proceedinge againat such succeasor or refnse to e:tend time fur p~yment or otherwise modify amortization of the sums aecured by this Mortgage by reaeon of any demand made by the original Borrowe: ~ .~nd Borrower's aeccessora in i~terest. . 11. Forbearanoe by Lender Not s Waiver. Any forbearanoe by Lender in exerciaing any right or remedy hereunder, or otherwise afforded by appiicable law, ahall not be a waiver of or preclude the exertiee of any auch right or remedy. The procurement of insurance or the payment of tues or other liene or chargea by Lender ahall not be a waiver of I.endei e right to accelerate the maturity of the indebtednesa ` secured by this Mortgage. _ 12 Remedies Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this ~torigage or afforded by law or equity, and may be ezercise~l o~ncurrent~y, independeatly or suoceeeively. t. 13. 3ucceeeors and Aseigns Bound; Joint and Several Liability; Captione.'l~e o6venanta and agreements herein contalned ahall bind, and the righta hereund~ shall inure to, the respective aucceesora and aseigna of L:ender and Borrower, eubject to the pmviaiona of paragraph 17 fiereof. All covenants and agreementa of Borrower ehall be joint and eeveral. The captione and headings of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the pmvieiona hereof. 1 d. Notice. Except for any notice required under applicable Iaw to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage aha11 be given by mailing such notice by certified mail addreased to Borrower at the Property Addresa or at such other addresa as ` t3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall ~e vea by certified mail, retura treceipt requested, to Lender's addrese stated herein or to auch other address aa Lender may deeignate by noti~tb Bu~tmwer as provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or l.ender when given in the manner deaignated herein. 1 Uniform Mortgage; Governing~ Law; 3everability.'11iis form of mortgage combinea uniform aovenanta for national use and non- unifortn covenanta with limited variatione by juriedirtion to oonatitute a uniform secnrity inatrument oovering real property. Thia Mortgage shali be governed by the law of the jurisdiction in which the Property ia located. In the event that any pmviaion or clanee of fhis Mortgage or _ the Note conflicta with applicable law, such conflict shall not af~ect other provieions of this Mortgage or the Note which can be given eHect . without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable_ 16. Borrower'a Copy. Borrower sha11 be furniahed a conformed copy of the Note and of thia Mortgage at the time of eaecution or after ' recordation hereof. I7. 'l~ansfer of the Property; Assumptioa. If all or any part of the Property or an intereat therein ia sold or traneferred by Borrower without Lendei a prior written conaent, excluding (a) the creation ot a lien or encumb~ance eubordinate to thia Mortgage, (b) the creation of a purchase money security intereet for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint cenant or (d) the grant of any leasehold interest of three yeara or lees not oontaining an option to purchase, Lender may, at Lender'e option, declare all the sums Secureu by this 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 person to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of such person 'vs satisfactory to Lender and that the interest payable on the aums sectired by thie Mortgage shall be at such rate as Lender ahall reque$t. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Botrower a aucceaeor in intereet has e:ecuted a w~ritten assumption agreement accepted in wriling by Lender, Lender shall rnlease Borrower fromall obligation~ under thia Mortgage and the ~ \rote. . ~ If I.ender exercises such option to accelerate. [.ender shall mait ~3orrower notice of acceleration in accordance with paragraph 14 hereoL ~ ~uch notice ahall provide a period of not less than 3Q days from the date the notice is mailed within which Borrower may pay the aums declared due. If Borrowtr faila to pay such suma prior to the expiration of such period, I.ender may, withoat further notice or demand on F3orrower, ' ~ invoke any remediea permitted by paragrauh IS hereof. ~ ~ 18. Acceleration; Remediee. Ezcept aa provided in paragtaph I? hereof, upoa Borrower's breach of any oovenant or ~ flgreement of Bortower in thie Mortgage, includiag t6e oovenants to pay when due any snms secured by this Mortgage, Lender ~ prior to acceleration e6aU mail aotice to Borrower as provided in paragraph 14 hereofepecifying: (1) the breach; (2}the action ~ required to cure suc6 breach; (3) a date, not leae than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before t6e date epecified in the notice may. reault in ~cceleration of the sums secured by thie Mortgage, forecloaure by judicial proc~eeding and eale of the Property. The notice shall ~ further inform Borrower of the right to reinatate after acceleration and t6e right to assert in the forecloaure proceediag the • - non-eziatence of a default or any other defenee of Borrower to acceleration and forecloaure. If the breach ie not cured on or ~ before t6e date specified in the notice, Lender at Lender's optian may declare all of the suma s¢cured by t6ie Mortgage to be immediately due and payable without furtherdemand andmay torecloaethie blortgageby judicial proceeding. Lender ehall be ~ t~ntitled to coliect in such proceeding all expenses otforecioaure. including. but not limited to. reasonable attorney's feee. and ~ ~•~>sts of documentary evidence, abstracts and title reporta. 19. Borrower's Right to Reinstate. Notwiihstanding Lender's acceleration of the suma eecured by thia Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lende~t to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums v~hich would be then due nnder this Mortgage, the Note and notes securing Future ~ Advancee, if any, had no acceleration occurred; (b) Borrower cures all breaches of any othercovenante or agreementa of Borrower contained in this Mortgage; (c) Borrower paye ail reasonable eapenses incurred by Lender in enforcing the covenante and agteementa of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies es pmvided in ~+aragraph 18 hereof, including, but not lunited to, reaaonable attorney's feea; and (d? Borrower takea auch action as Lender may reasonably require to asaure that the.lien of thia Mortgage, Lendei s interest " in the Property and Borrower's obligation to pay the suma eecured by this Mortgage ahall continue ununpaired. Upon euch payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby. shall remain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rents; Appointment o~ Receiver. As additional security hereunder, Borrower hereby asaigna to I.ender the renta of the Property, provided that Borrower ahall, pr4or to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents as they become due and payable. . ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a receiver appointed by a ~ court to enter.upon, take poseession of and manage the Property and to collect the rente of the Property, including thoee past due. All renta ~ collected by the receiver shall be applied firet to payment of the coate of management of the Property and oollection of rente, including, but not ~ limited to, reoeiver'a fees, premiums on receiver's bonda and reasonable attorney a fees, and then to the sums eecured by this Mortgage. The receiver ahall be liable Lo acoount only for those rnnte actually received. ~ ~ - ~ooK 303 PACE 1025 ~ ~ . : ~ ~ . - - - - _ ~ . ~..s ~f , _ ~ _ _ ~