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HomeMy WebLinkAbout0082 8. Inepection. l.e~der may make or cause to be made reasonable eMries upon a~d inepections of the pn~periy, provided that l.ender ehall give Horrowe~ ~otice prior to any auch inspection epecifying reaaooable cauee therefor related to l.ender'e i~tereat in the Property. 9. Condemnatloa. The procceds of any award or claim fo~ damageu, direct or consequential, i~ connection with any oondemnation or other taking of the property, or part thereof, or ior conveyance i~ tieu of rnndemnation, arc hereby assigned and shall be paid to l.ender. In the event ot a total taking of the Pcopecty, the prooeeds ahall be applied W the sume secured by this Mortgage, with the esceas, if any, paid to Borrower. ]n the event of a partial taking of the Property, unlees Borrower and Lender othe~wiee agree in writing, there shall be applied to the sume eecured by this Mortgage euch proportion ot the proceede as ia equal to that proportion which the amount of the aums aecured by this Mortgage immediately prior to the date of taking beare to the fair markei value of the Property immediately prior to the datc of taking, with the balance of the proceeda paid to Borrower. If the Property is abandoned by Bo~ower, or if, after notice by I.ender to Borrower that the rnndemnor oPfera to make an award or setde a claim for damagea, Borrower faila to reepond to Lende~ within 30 daye after the date euch notice ie mailed, Lender ie authorized to collect and apply the proceeds, et Lender'a option. either W restoration or repair of the pmperty or to the aums aecured by this Mortgage. Unlese i.ender and Borrower otherwise agree in writing, any euch application of proceede to principal ahall not extend or postpone the due date of the monthly inataltmente referred fp in paragraphe 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Released. Extenaion of the time for payr?i~nt or modification of amortization of the aums eecured by this Mortgage ~ranted by l.ender to any auccesaor in intereet of Borrower ahaU not operate to release, in any manner, the liability of the original Borrower and E3orrower'a succeasore in interest~ l.ender ahaU not be required to commence procecdinge againet auch succeasor or refuee to e:tend tune for payme~t or otherwise modify amortization of the suma aecured by this Mortgage by reason of any demand made by the origi~al I3orrower and E3orrower's auccesaors in interest. 11. Rorbearance by Lender Not a Waiver. My forbearance by Lender in exerriaing any right or remedy hereunder. or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of inaurance or the payment of taxea or other liena or chargea by I.ender ehall not be a waiver of Lender a right to aocelerate the maturity of the indebtednesa secured by thia Mortgage. 12. Remedies G~tmulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:erciee~l ooncurrently, independendy or auccessively. 13. Successors and Aseigne Bouad; Joint and 3everel Liability; Captioae. The rnvenunia and agreementa herein rnntained Phall bind, and the righta hereunder shall inure to, the reapective succeaeors and aeaigna of l.ender and Borrower, aubject to the provisione of paragraph 17 hereof. All covenanta and agreements of Borrower shall be joint and aeveral. The captiona and headinga of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner.la) any notice to E3orrower provided for in thia Mortgage shail be given by mailing such notice by certified mail addreseed to Borrower at the Property Addresa or at auch other addreae ae fiorrower may designate by notice to [.ender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt . req uested, to I.ender'e addresa atated herein or to auch other address as Lender may designate by notice to Borrpwer ae provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombinea uniform oovenants for national uee and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inatrument covering real property.'t1~is Mortgage shall be governed by the law olthe jurisdiMion in which the Property is located_ In the e~•ent that any proviaion or clauae of this Mortgage or the Note conflicts with applicable law, auch conflict shall not aflect other proviaiona of this Murtgage or the Note which can be given effect without the contlicting provision, and to this end the provieions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hetrof. 17. 'ISransfer of the Property; Aaeumption. If all or any part of the Property or an intemst therein ia sold or transferred by Borrower without L.ender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money aecurity internet foT houeehold appliancea, (c) a transfer by devise, descent or by operation of law upon the death of a joint t~:iant or (d) the grant of any leasehold interest of three years or lesa not rnntaining an option to purchase, Lender may, at Lender's option, d!~clare alI the euma secured by this Mortgage to be immediately due and payable. Lender ahaU have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person to wham the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch peraon is satiafactory to I.ender and that the interest payable on the auma secured by this Mortgage ahall be at auch rate as Lender ahall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has eaecuted a - i written assumption agreement accepted in writinR by Lender, I.ender shall release Borrower from all obligations under thia Mortgage and the ~ Note. ~ If Lender exercisea such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance vvith paragraph 14 hereof. ~ Such notice shail provide a period of not less than 30 days from thedate the notice is mailed within which Borrower may pay thesums declared ~ due. If B~rrnwar fai1R tn ~,ay xu~h xuma prior to the expiration of surh period, [.ender may, without further notice or demand on tiorrower, ~ ~nvoke any remedies permitted by paraECra~h 18 hereof. . f I8. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the oovenanta to pay when due any aume eecured by thie Mortgage. Lender ~ prior to aoceleration ahall mail notice to Borrower as provided in peragraph 14 hereof apecifying. (1) the breach; (2) t6e action required to cure such breach; (3) a date, not leas than 30 days from the date the notice ie mailed to Borrower. by which euch ~ breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the aums secured by this Mortgage, forecloaure by judicial proceeding and sale of the Property.The notice shall ~ further inform Borrower of the right to reinstate after acceleration and the rig6t to esaert in the foreclosure proceeding the ~ non-e:istence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare sll of the euma secured by thie Mortgage to be ~ ~ immediately due and payable without further demand and may toreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all e:pensei+ ottorecloaure. inciuding. but not limited to. reasonable attorney's feea, and ~ costa of documentary evidence, abstracta and title reports. ' 19. Bocrower's Right to Reinatate. Notwithatanding I.ender's acceleration of the aums aecured by this Mortgage, Borrower ahall have ~ the right to have any proceedinqs begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage it: (a) Borrower pays I.ender all aums which would be then due under this Mortgage, the Note and notes securing Future ? Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreementa of Borrower contained in s thie Mortgaqe; Ic) Iiorrower pays a11 reasonable expensea incurred by Lender in enforcing the covenante and agreemente of Borrower y contained in thia Mortgage and in enforcing I.ender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable " attorney's fees; and f d) Borrower takes such action as I.ender may reasonably require to assure that the lien of this Mortgage, Lender's intereet in the Property and Borrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aeeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such rente as they become due and payable. ~s U n aceeleration under paragraph 18 hereof or abandonmAnt of the Property, Lender ahall be entided to have a receiver appointed by a , p° ~ court W enter.upon, take posaeeeion of and manage the Property and to collect the renta of the Property, including thoee past due. All rnnta ~ collected by the receiver ahall be applied firet to payment of the coats of managementof the Property and collection of rents, including, but not limited to, receivei s[eea, premiuma on receiver's bonds and reaaonabte attorney'e [ees, and then to the sums aecured by thie Mortgage. The - receiver shall be liable to aceount oniy !or those renta actually received. ~ 53 ~ ~ ~ ~ ~A ~ ~ gOGX Y ?'4G~ z ~ ~ ~F ~ - - - - - - - - ~ y z,~. £_n~ - , f