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HomeMy WebLinkAbout0098 8. Inspectlon. l.ender may malce or cauee to bc made reasonable entriee upon and inspections of the properly, provided that l.ender ehall give Horrower notice prior to any such inspectiun epecifyi~g masonable cauee therelo~ related to I.ender'a interest in the Property. 9. Condemn@tion. The pra~eede of any award or claim for damagee, direct or consequential, in connection with any rnndemnetion or uther taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aseigned end ehall be paid to l.ender. In the event oi a total takiog of the Property, the proceeda ahaU be applied to the eums eecwred by this Mortgage, with the e:ceas, if any, paid to l3orrower. In 1he event of a partial taking of the Property, unleas Bor~ower and I.ender otherwise agree in writing, there ehall be applied to the sums necured by this Mortgage euch proportion of the proceede aa ie equal to thet proportion which the amount of the sums eecured by this Morigagr immediately prior to the date o( taking beara to the fair market value of the Property immediately prior to the date of taking, with the balanci of the proceeds paid to Borrower. If the Property ia abandoned by Borrower, or if, afler notice by l.ender to Eiorrower that the rnndemnor offere to make an eward or eettle a claim for damages, Borrower taile to reapond to [.ender within 30 daye atter the date auch notice ia mailed. Lender ie authorized to collect and apply the proc~eeds, at l.ende~ s option, either to restoration or repair of the property or to the eume secured by thie Mortgage. Unlese Lender and l3orrower otherwiee agree in writing, any such application of proceede to principal shall not e:tend or poetpone the due date of the monthly inetallments referred to in paragrapha 1 and 2 hereof or change the amount of auch inetallmente. 10. E3orrower Not Released. Extenaion of the time for paym~nt or modification of amortization of the eums aecured by thie Mortgage granted by I.ender to any suceeseor in intereat uf E3orrower shall not operate to mleaae, in any manner, the liability of the original Borrower and Korrower's au~~.~rxaun? in intereat. l.ender shal? not be requirod W commence proceedings against such successor or refuse to estend time for payment or otherwiae modify amurtization of the sums secured by this MorlKage by reason ot any demund made by the originai E3orrower and E3orrower'a auc~.~eseora in inlerest. 11. Forbearance by Lender Not e Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, ehall not be a waiver of or preclude the exerciee qf any such right or remedy. The procurement of inaurance or the payment of taxee or other liene or charges by Lender shall not be a waiver of Lender's right to accelerate lhe maturity of lhe indebtedneae secured by thie Mortgage. 12 Remediee Cumulative. All remediee provided in thia Mortgage are distinct and cumulative to any other right or remedy under thia Nortgage or afforded by law or equity, and may be e:ercise~i concurrently, independently or succeeeively. 13. Succeeaore and Aesigne Bound; Joint and Several Liebility; Captione. The covenante and agreementa herein contained ehall bind, and the righte hernunder ahall inure to, the reapective succeasors and eaeigna of Lender and Borrower, eubject to the provisions of paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and eeveral. The captione and headings of the patagrapha of this Mortgage are for covenience only and are not to be uaed 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 this Mortqage shalt be given by mailing such notice by certified mail addressed to Borrowrer at the Property Addrese or at auch other addreae ae Borrower may deeignate by notice to I.ender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender'a address atated herein or to auch other addreas as I.ender may designate by notice to Borrower as provided herein. My notice pro~~ded for in this Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. 15. l.'niform Mortgage; Governing Law; Severabitity. This form otmortgage combinea uniform rnvenants for national uee and non- uniform covenants with limited variationa by jurisdiction to conatitute a uniform security inatrument covering real property. This Mortgage shail be governed by the law of the jurisdidion in which the Pruperty is located. In the event that any proviPion or clauae of this Mortgage or the Note conllicts with applicable law, such cunflict shall r.ot af'fect other provisiona of this Mortgage or the Note which can be given efiect without the co~flicting pruvision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed s conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Tranafer of the Property; Aasumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower without Lender's prior written consent, excluding ~a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b1 the creation of a purchase money security interest for household appliances, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three yeara or leas not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgaqe to be immediately due and payable. Lender shall have waived auch 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 auch person is eatisfactory to I.ender and that the intereat payable on the suma secured by this Mortgage shall be at auch rate as [.ender ahall ; request. If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a successor in interest has executed a I written asaumption agreement accepted in writing by [.ender, I.ender ahall releaae Borrower from all obligations under this Mortgage and the i Note. . G [f l.ender exercises such option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof S 5uch notice shall pro~ ide a period of not less than 30 days from the date the notice is rr.ailed within which Borrower may pay the sums declared ~ due. I f Borrower fails to pay such sums prior to the expiratiun o[ such period, t.ender may, without further notice or demand on Borrower, ~ invokeany remedies permitted by pnra~Craoh 1£i hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower'8 breach of any covenant or a agreement of Borrower in this Mortgage, including the covenants to pay when due any sums aecured by this Mortgage. Lender ~ prior to acceleretion ehall mail notice to Borrower as provided in paragreph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daya trom the date the notice ie mailed to Borrower, by which eueh ~ breach muet be cured; and (4) that failure to cure auch breach on or before the dafe epecified in the notice may result in ~ acceleration otthe aums secured by thia Mortgage. foreclosure by judicial proceeding and eale of the Property. The noticeahall ~ further inform Borrower of the right to reinatate aPter acceleration and the right to esaert in the foreclosure proceediag the ~ non-e:istence of a default or any other defense ot Borrower to acceleration and foreclosure. If the breach is not cured on or ~ beforP the date specified in the notice, Lender at Lender's option may declare all of the sums secured by thie Mortgage to be _ ~ ~ immediately due and payable without further demand and may toreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in such proceeding all ezpenaes otforeclosure. including, but not limited to, reasonable attorney's fees. and coats of documentary evidence. abstracts and title reports. ,7 19. Bonower's Right to Reinstate. Notwithstanding l.ender's acceleration of the sums secured by this Mortgage, Borrower shall have ~ the right to have any proceedinga bequn by I.ender to enforce this Mortqage discontinued at any time prior to entry of a judgment enforcing a this Mortgage if: (a) Borrower pays I.ender all suma which would be then due under this Mort{;age, the Note and notes securing Future ~ Advancea, if any, had no acceleration occurred; lb1 I3orrower cures all breaches of any other covenante or agreementa of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonable expenaes incurred by I.ender in enforcing the covenante and agreementa of Borrower ; contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable 3 attorney's [eea; and 1 d) Borrower takes such action as I.ender may reasonably require to aseure that the lien of thia Mortgage, L.ender's intereet = in the Property and Borrower's obligation to pay the sums aecured by this Mortgage shall continue unimpaired. Upon auch payment and cure = by Borrower, this Mortgage and the obligationa z+ecured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aaeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender therenta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. ;3` Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a = oourt to enter~pon, take possession of and manage the Property and to collect the renta of the Property, including those past due. All rents rnilected by the receiver shall be applied firat to payment of the eoats of management of the Pmperty and collection of rents, including, but not limited to, receiver'a fees, premiuma on receiver's bonds and reasonable attorney'a feea, and then to the suma secured by thia Ntortgage. The receiver shall be liable to account only for those rents actually received. :'i ~ ~ ~ f c n~x . .l.~ , y y W p ~ ~ Y - - - - - ~ ~ ~ ~ ~"~'s ~ y ~ ~ ~ _ a,._s~...~. * _ _