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HomeMy WebLinkAbout0078 8. Inspection. I.ender mey make or cauee to be made reawnabte e~t~es upon and inspectiona olthe property, provided that I.ender ehall give Borrower notice prior to any such inapection specifying reaaoneble cauee therefor related to l.ender'e interest in the Property. 9. Condemnation. The proceede of any award or claim for damages, direct or rnnaequential, in connection with any oondemnation or other taking ot the property, or part thereof, or for conveyance ia lieu of oondemnation, are hereby aeaigned and ahall be paid to l.ender. In the event of a total txking of the Property, the procceds ehell be applied to the aums aecured by thie Mortgage, with the e:ceea, if any, paid to Borrower. In the event of a partial taking of the Peoperty, unleea Rorrower and L.ender otherwiee agree in writing, there ehall be applied to the aums eecured by thie Mortgage euch proportion of the proceeds ax ie equal to that propo'on which the amount of the auma aecured by thie Mortgaqe immediately prior to the date of takinQ beare to the tair market value of lhe Property immediately prior to the date of taking, with the balanca of the proceeds paid to E3orrower. If the Property ie abandoned by Borrower, or if, after notice by Lende~ to Borrower that the condemnor oP[ers to make an award or eettle a claim for dameges, Borrower faits to respond to Lender withi~ 30 daye aiter the date such notice ia mailed, Lender ie authorized to coUect and apply the proc~de, et Lender'e option, either to restoration or repair of the property or ta the eume secured by this Mortgage. Unlesa Lender and Borrower otherwiae agree in writing, any auch application of proceeda to principal ehall not extend or poetpone the due date of the monthly inetallmente referred b in paragrapha 1 and 2 hereof or change the amount of such instaltmente. 10. Borrower Not Released. Extenaion ot the time for paym~nt or modification of amortiaation ot the sume aecured by thie Mortgage granted by I.ender to any aucceasar in interest of Borrower ahall not operate to mleaee, in any manner, the liability of the original I3orrower and Borrower'a aucceasors in interest. I.ender ahall not be required to commence proccedinga againat such euccesaor or refuse to extend time for payment o~ otherwiae modify amortization of the sums aecured by this Mortgage by reason of any demand mude by the original Borrower und Borrowe~ s succeasors in intereat. 11. For,bearance by Lender Not a R/aiver. My forbearance by l.ender in e:ercising any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be e waiver of or preclude the exercise of any auch right or remedy. The procurement of inawance or the payment of taxea or other liens or charges by Lender ehall not be a waiver of Lender e right to aecelerate the maturity ot the indebtedneea aecured by this Mortgage. 12. Remediee Cutnulative. All remediee provided in this Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be ezercise~i concurrently. independently or aucceaeively. 13. Succeasore and AaBigns Bound; Joint and Several Liability; Captions. The covenants and agreemente herein contained ahall bind, and the rights hemunder shall inure to, the reepective succeesors and assigne of Lender and Borrower, aubject to the proviaiona of paragraph 1? hereof. All covenanta and agreemente of Botrower shall be joint and aeveral. The captions and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaions hereo[ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to t3orrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addresa or at auch other addree8 as E3orrower may deaignate by notice to Lender as provided herein, and ~b) any notice to I.endar ahall be given by certified mail, return receipt requested, to I.ender'a address etated herein or to such other address as I.ender may desi~?ate by notice to Barrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bor~ower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thia form of mortgage combinea uniform oovenante for national use and non- ??niform covenanta with limited variations by jurisdiction to conatitute a uniform aecurity instrument rnvering real property. Thia Mortgege shall be governed by the law of the jurisdiction in which the Property is located. In the event that any pmvision or clause of this Mortgage or the Note conflicts with applicable law, auch conflict ehall not affect other pmvisiona of this Mortgage or the Note which can be given ef'lect without the conflicting provision, and to this end the provisiona of the Morlgage and the Note are declared ta be severable. 16. Borrow•er's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. , 1?. 'l~ansfer of the Property; Aeaumption. If all or any part of the Property or an interest therein is sold or traneferred by Borrower w~thout l.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for houaehold appliancea, (c) a tranafer by devise, deacent or by operation of law upon the death of a joint tenant ur (d) the grant of any leasehold intereat of three years or leas not containing an option to purchase, Lender may, at Lender'a option, declare all t;~e suma securea by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior to the sale or transfer, I.ender and the person to whom the Property is to be aold or tranaferred reach aqreement in writing that the credit of euch j person is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage ahall be at auch rate as Lender ahall i request. [f l.ender has waived the option to accelerate provided in thia paragraph 17, and if E3orrower's auccessor in intereat has executed a ~ written assumption agreement accepted in writinR by I.end~r, I.ender ahall release Borrower from all obligatior?s underthis Mortgage and the ~ Note. ! If Lender exercises auch uption to accelerate, l.ender ahall rr~ail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared j due. if Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower, ~ invoke any remedies permitted by pa: agraoh 18 hereof. ~ 18. Acceleration; Etemedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenanta to pay when due any eume eecured by thie Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower As provided in paragraph 14 6ereof epecitying: (1) the breac6; (2) the action required to cure auch breach; (3) a date, not leee than 30 daye from the date the notice ie mailed to Borrower. by which euch ~ breach muat be cured: and (4) that Cailure to cure such breach on or before the date apeciCed in the notice may reeult in Q acceleration of the suma secured by this Mortgage, foreclosure by judicial proceeding aad sale of the Property. The notice ehall s further inform ~3orrower of the right to reinstate after acceleration and the right to asaert in the foreclosure proceeding the ~ non-ezistence of a default or any other detenae of Borrower to acceleration and forecloaure. If the breach ia not cured on or before the date apecified in the notice, Lender at Lender's option may declare all of the sume aecured by this Mortgege to be ~ immediately due and payable without furtherdemand and may forecloae this Mortgage by judicial proceeding. Lender shali be ~ entitied to collect in such proceedinq all expenses of foreclosure. including. but not limited to. reasonable attorney'a fees. and ~ costs of documentary evidence. abptracts and titlp reports. x ~ 19. Borrower's Right to Reinstate. Notwithstanding l.ender's acceleration of the aume secured by thie Mortgage, Borrower shall have ~ the right to have any proceedinga begun by I.ender to enforce thie Mortqage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if; (a1 Borrower paya Lender all auma which would be then due under this Mortgage, the Note and notea securing Future Advancea, if any, had no acceleration occurred; (b) f3orrower cures all breachex of any othercovenanta or agreeinents of Borrower contained in `r thie Mo a e; (c) E3orrower z. rtq g pays all reasonable expensea incurred by Lender in enforcing the covenanta and agreementa of Borrower contained in this MortgaQe and in enforcing Lender'a remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonablP attorney's feee; and I d) Borrower takea auch action as Lender may reasonably require to asanre that the lien of this Mortgage, Lender'a intereet in the Property and E3orrower'a obligation to pay the aums secured by this 1~tortgage shall continue unimpaired. Upon auch payment and cure ~ ~ by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occarred. - 20. Aseignment of Rente; Appointment of Receiver. As additional eecurity hemunder, Borrower hereby assigns to Lender the rente _ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rente as they become due and payable. . Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a - court to enter upon, take posaeaxion of and manage the Property and to collect the renta of the Property, including those paet due. All renta ' collected by the receiver ahall be applied first to payment of the rnsts of managemeni of the Property and collection of tente, including, but not ; limited to, receiver'a fees, premiums on receiver's bonda and reasonable attorney's feea, and then to the suma secured by this Mortgage. The receiver ahall be liable to account only for those rents actually received. y3 i~ ~ ~ ~^c~l: 4 •~rc r= ~ ~ ` ~3U ~ ?8 ~ ~ ~ ~ .V . - _ - : ~ , ~ ~ ~ ~ ~ . r~~.~~»~-- ~