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HomeMy WebLinkAbout0086 N. [nspection. l.ender may make or cauee to be made reaeonable entriee upon and inepections ot the property, provided that Lender ehaU give Borrower notice prior w any auch inspection apecifying reaso~able cauee the~efor rrlated to I.rnder's intereet in the Ptoperty. 9. Condemnation. The pracecde of any award or claim fur damnges, direct or coneequential, in connection with any oo~demnation o~ other taking of the property, or purt thereof, or [or conveyance in lieu of rnndemnation, are hereby aaeigned and ehall be paid to I.ender. Ia the event of a total taking of the Property, the proceeds shall be applied to the euma eecured by thie Mortgage, with the e:ceaa, if any, paid W Borrower. I~ the event of a pariial taking o[ the Pmperty. unleee Borrower and I.ender otherwiee agree in writing, there shaA be applied to the sume eecured by thie Mortgage such proportion ot the proceede as ie equal to that proportion which the amount of the aums eecured by this Mortgage immedintely p~ior to the date of taking beara to the fair market value of the Piroperty immediately'prior to the date of taking, with the balanca of the proceeds paid to Borrower. lf the Property ia abandoned by Borrower, or if, after notice by l.ender to Borrower that the oondemnor ofters to make an award or eetde a claim for dameges, Borrower fails to reapond to Lender within 30 days atter the date euch notice ie mailed, Lender ie authorized to collect and apply the proceeds, at I.endei a option, either to restoration or repair of the property or to the sums eecured by this Mortgage. Unleae Lender and Borrower otherwiee agree in writing, any euch application of proceeda to principal ehall not e:tend or postpone the due date of the monthly instellmente referred to in paragraphs 1 end 2 hereof or change the amount of such inatallments. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortization otthe aums aecured by thie Mortgage granted by I.ender to any aucceasor in inlerest of Borrower shap not operate to release, in any manner, the liabi:ity of the original Borrower and I3om?wer'a succeeaora in intereat. l.ender ehall not be required to commence proceedinga againat aurh su~~ceesor or rnfuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by lhe original Aotrower And E3orrower e auccesxora in interest. i l. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwise afforded by applicable law, ehall not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of insurance or the payment of taxes or other liens or chargea by Lender ahall not be a waiver of I.endei e right to accelerate the maturity of the indebtedneas secured by thie Mortgage. 12. Remediee Cumulative. All mmediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or aftorded by law or equity, and may be exerciseA rnncurrently, independently or succeeeively. 13. 3ucceeeore and Assigne Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained ahall bind, and the righ4a hereunder shall inure to, the reapective aucceaeors and aseigne of Lender and B~rrower. subject to the provisione of paraKraph 17 hereof. All covenants and agreementa of Borrower shall be joint and several. The captione and headinge of the paragraphs of this Mortgage arn for covenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. Except for any notice required under xpplicuble law to be given in another manner, la) any notice to E3orrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addreae or at euch other addreas ae Eiorrower may designate by notice to l.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender'a addresa atated hernin or to such other address as Lender may desiE[nate by notice to Borrower as provided herein. My notice provided for in this Mortgage ahali be deemed to have been given w Borrouer or Lender when given in the manner deeignated herein. 15. Unitorm Mortgage; Governing Lew; Severability. This [orm of mortgagecombines uniform covenante for national uae and non- umform covenAnts with limited variations by jurisdiction to rnnatitute a uniform security instrument covering rnal property. Thia Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other pmviaions of this Murtgage or the Note which can be given effect without the contlicting provision, and to this end the provisione of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fumiahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aeaumption. If all or any part of the Property or an intereat therein ia sold or traneterred by Borrower without I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money secnrity internat for houaehold appliances, (c) a transfer by deviae, d~scent or by operation of law upon the death of a joint tenant or ~d) the grant of any leasehold interest of three yeara or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums esecured by this Mortgaqe to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, l.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to i.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Bonowei s successor in interest has executed a written assumption agreement accepted in writing by i.ender, [.ender ahall release Borrower from all obligationa under thia Mortgage and the ~ Note. ' ! If I.ender exercises such option to accelerate, I.ender shall mail Borrower noticeof acceleration in accordance with paragraph 14 hereof. ; ~uch notice shall pro~•ide a period of not less than :i0 days from the date the notice is mailed within which Bonower may paY the auma declared ~ due. lf Borrower fails to pay such suma prior to the expiration of such period, Ixnder may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragraoh 1R hereof. 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or ~ agreement of Borrower in thie Mortgage. including the covenants to pay when due any suma secured by this Mortgage. Lender G prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not leae than 30 daya from the date the notice ie mailed to Borrower, by which such ° breach muat be cured; end (4) that failure to cure such breach on or before the date speci£ed in the notice may reault in x acceleration of the sume secured by this Morigage, foreclosure by judicial proceeding end saleof the Property.The notice ehall ~ further inform Borrower of the right to reinatate aRer 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 forecloeure. If the breach ia not cured on or before the date speciPed in the notice. Lender at Lender's option may declare all of the aums secured by thie Mortgage W be ~ immediately due and payable without further demand and may foreclose this Mortgege by judicial proceeding. Lender ahail be ` entitled to coliect in such proceeding all expenaes of forecloaure. including. but not limited to. reasonable attorney's fees. and } costs of documentary evidence. abstracta and title reports. ~ 19. Borrower's Right to Reinetate. Notwithstanding I.ender's acceleration of the suma secured by thie Mortgage, Borrower ahall have the riKht to have any proceedinga be~cun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Eiorrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) f3orrower cures all breaches of any other covenants or agreementa of Borrower contained in ~ thie Mortgage; (c) ~~wer pays all reasonable expenses incurred by Lender in enforcing the covenante and agreemente of Borrower ~ contained in this Mortgage and in enforcing Lender'a remedies as provided in paraqraph 1 A hereof, including, but not limited to, reaaonable attorney's fees; and (d? Borrower takee such action ar, Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the aums eecured by this Mortgage shall continue unimpaired. Upon euch payment and care by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect se if no acceleration had occurred. ~ 20. Aeaignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby aasigna to Lender the rente ~ of the Property, provided that Bonower ahall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right to collect and retain euch rents as they become due and,payable. Upon acceleration under paragraph 18 hereof or abandonment of the Yroperty, Lender eha11 be entitled to have a receiver appointed by a ~ court to enter-upon, take posseaxion of and manage the Property and to collect the renta of the Property, including thoee past due. All rents collected by the receiver shall be applied first to payment of the rnsts of management of the Pmperty and collection of renta, including, but not I:mited to, receiver'a fees, premiums on receivei s bonds and reasonable attorney'a feea, and then to the sama secured by this Mortgage. The ~ receiver ahall be liable to acoount only tor thoae renta actually received. ' ~ ~ K SUL!! ~U4 r~~E ~ ~ ~ ~ ~ ' ~ ~°"~.e~-~~~'~'~..~. _ ~ . ~