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HomeMy WebLinkAbout0487 8. Ia~pectloa. l.ender msy make or cauaa to be made reawnable entries upon and 'u?spection~ of ~1?e ptop~rty. provided Mat l.ender ohaU a give Borrower notioe prior to any such i~upection specifying reasonable cause therefw related to I.ender's interest in the Property. 9. Condemnatioa. The proceeds of any award or claim for damaQes, direct or consequential, in connectioa with any oondea?nation or ; other taking of the property, or part thereof, or !or conveyance ia lieu of coademnation. are hereby assigned and ahall be paid to Lender. ~ !rt the event of a Lotal taking of the Property, the proceeds shall De spplied to the sums secured by this MortgaQe, with the e~ccew. if any. paid w Borrower. In the event of a partial taking ot fhe Property, unless Borrower and Lender otherwise agree in writing, there ahall be ; applied to the euma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the atnount of the sums ~ secured by this Mortgage immediaLely prior to the date oi taking bcars to the fair market value of the Property immediately prior to the date of taking, with the halanca of the pe+oceeds paid to Borrower. lf the Property is abandoned by Borrower, or if, after aotice by I.ender to Borrower that the oondemnor ofien to make an award or setde a claim for damegea, Borrower fails to rcepond to I,ender within 30 days after ihe date such notice is mailed, Lender ia authorized to oollect and apply the proceeds, at I.ender's option, either to restoration or repair of the pmperty or W the sums secured by this Mortgage. Unleea L.ender and Borrowa otherwise agree in w+riting, any auch application of proceeds to principal shaU not extend or pwtpone thedue date of the monthly inetallment~ referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the suma secured by thia l?tortgage granted by Lender to any eucceaeor in interest of Borrower ahall not operete to release, in any manner. the liability of the origina) Borrower and E3orrower'e succeaeors in intereat. I.ender shall not be required to commence procc~edinge againat auch eucceeaor or refuae to e:tend time ' for payment or otherwise modify amortization of the sume eecured by thia Mortgage by reason of any demand made by the original Borrovirei and Borrower'e aucce8aoro in intereat. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise aPforded by applicable law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of ineuranee or the payment of tsxes or other liene or chargee by Lender ahall not be a waiver of I.ender e right to aocelerate the meturity of the indebtedness secured by this Mortgage. 12 Semediea Cumulative. All remedies provided in this Mortgage are dietinct and cumulative to any other right Qr remedy under this Mortgage or aPforded by law or equity, and may be exercieerl ooncurrendy, independendy or euoceasively. 13. 3ucceseore and Aseigne Bound; Joint and 3everal Liability; Captions. The oovenanta and agreementa herein contained shall bind, and the righte hereunder ahall irture to, the respective aucceesors and saaigna of I.cnder and Borrower, aubject to the pmvisions of paragraph 17 hereof. All rnvenants and agreemente of Borrower shall be joint and eeveral. The captiona and headin6s of the paragrapha of thie Mortgage are for covenience only and are not fo be ueed to interpret or define the proviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addrese or at auch other addreea as E3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return reoeipt requested, to l.ender'a addresa stated herein or to auch other addreea ae I.ender may deaignate by notice to Borrowet ae ptovided herein. Any notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated henin. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform aovenanta for national use and non- uniform covenants with limited variationa by juriadiction to rnnatitute a uniform security insLrument oovering real pmperty.'(liie Mortgage ahail be governed by the law of the juriadiction in which the Property is Iceated. In the event that any proviBion or clause of thi8 Morfgage or the Note conflicts with applicable law, such conilict ahall not affect other proviaions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thie Mortgage at the time of ~ecution or after recordation hereof. 1?.15ranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia sold or transferred by Borrower without I.ender s prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creadon of a purchase money aecurity intereat for houeehold appliancea, (c) a tranafer by devis~, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold internat of lhree years or leas not wntaining an option to purchase, I.ender may, at Lender e option, declare all the sums secured by thie Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if. prior i to the sale or tranefer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such ` person is satisfactory to I.ender and that the interest payable on the suma secured by this Mortgage shall be at auch rate aa Lender ehall ~ request. lf Lender has waived the option to accelerate provided in this paragraph 1'7, and if Borrower's aucceasor in intereat haa ezecuted a ! written assumption agreement accepted in writing by Lender, Lender ahali release Borrower from ali obligations underthia Mortgage and the ~ Note. ~ If Lender exerciaea auch option to accelerate, l.ender ahall mai) Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahal l provide a period of not leas than :i0 days from the date the notice is ~r.ailed within which Borrower may pay the sums declared ` due. If Borrower fails to pay such sums prior to the ezpiration of auch period, Lender may, withont further notice or demand on E3orrower, 3 ?nvoke any remedies permitted by paragraoh 1R hereof. i ` I8. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach ot any oovenant or ~ agreement of Borrower in this Mortgage. including the covenants to pay when due any sums aecured by this Mortgage, Lender ~ prior to acceleration e6all mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breac6; (2) the action , ~ required to cure euch breac6: (3) a date. not less than 30 daye from t6e date tLe aotice is mailed to Borrower, by which such ~ breach muat be cured; and (4) that failure to cure euch breach on or before the date epecified i~ the notice may result in ~ acceleration of the auma secured by thie Mortgage, forecloaure by judiciel proceeding and eale of the Property. The notice ahell ~ further inform Borrower of the right to reinetate atter acceleration and t6e right to eaeert in the foreclosure proceeding the - ~ non-.ezietence of a default or any ot6er defense of Borrower to acceleration aad forecloeure. If the breach ie not cured on or before the date specified in the notice. Lender at Lender'e option may declare all of the aums secured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial prceeeding. Lender ahall be ~ entitled to collect in auch proceeding all ezpensea of foreclosure. including. but not limited to. reasonable attorney's feea, and costs of documentary evidence. abstracte and title reporte. ~ 19. Borrower'e Right to Reinetate. Notwithstanding I.ender a acceleration of the aums aecured by this Mortgage, Borrower ahall have 1 the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) E3orrower paye Lender a1: aums which would be then due under this Mortgage, the Note and notee aecuring Future Advances, if any, had no acceleration occurred; (b) Borrowerrarea all breachea of any other covenanta or agreementa of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable expensea incurred by tender in enforcing the covenants and agreements of Borrower ~ oontained in thie Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ' attorney'e feea; and (d) Borrower takea euch artion as Lender may reseonably require to assure that the lien of this Mortgage; Lender's intereat in the Property and Borrower a obligation W pay the sums aecured by this Mortgage ahall rnntinue unimpaired_ Upon auch paymentand cute ; by Borrower, thie Mortgage and the obligatione aecured hernby ahall remain.in full force and effect as if no acceleration had occurred. 20. Asaignment of Rente; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby asaigna to Lender the reata of the Property, provided that Borrower ahall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right j to collect and retain auch rnnts es 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 oo~ut to enter ~pon, take poasesaion ot and manage the Property and to collect the renta of the Property, including thoee past due. All rente collected by the receiver aha11 be applied first to payment of the ooste of management of the Property and rnllection of renta, including, but not limited to, receiver'e fees, premiums on receiver's bonda and reasonable attorney's fees, and then to the suma eecured by this Mortgage. The receiver shall be liable to acoount only for those rente actually received. ~ ~ ~ st ~ ~OCK J114 ~AGE 487 ~ ; ~r. _ = ~ _ _ _ < : ~ . ~ _ _ . _