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HomeMy WebLinkAbout0284 8. la~pection. Lender may make or cause to be made reaso~able entries upon and inspections of the pmper~jl, provided that Lsadlr shnll give Borrower notice prior to any auch inspection specifying reasonable ceuae therefor related to [.ender s inte~eN in the Praperiy. 9. Coademnatlon. The prooeeds of any sward or claim for damages, direct or conaequential, in connection with any aondemnetion or uther taking of the pmperty, or part thereof, or for conveyance in lieu of condemaation, ere hereby eaeigned and ehall be paid to Lender. I~ the event of a total taking of the Property, the proceeds shall be applied to the euma secured by this Mortgege, with the escees. if any, paid to Borrower. In the event of a pertisl taking of the Property. unleas Borrower and Lender otherwiee agree in writing. there ehall be applied to the suma eecured by this Mortgage euch proportion of the pmceede ae is equal to that proportion which the amount of the eums aecured by thie Mortgage iaamediately prior to the date o[ taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Sorrower. If the Property is abandoned by Borrower, or if, aRer notice by Leader to Bormwer that the condemnor offere to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date euch nodce is mailed, I.ender is authorized to collect and apply the proceeds, at Lendei s option, either to restoradon or repair of the pmperty or to the sume eecured by this Mortgage. Unleae Lender and Bor~ower otherwise agree in writing, any such application of proceeda to principal ahall aot e:tend or poetpone the due date of the monthly instaliments referred to in paragraphs 1 and 2 hereof or change the amount of such instalLnente. 10. Borrower Not Released. E:teneion of the time for paym~nt or modification of amortization of the suma aecured by thie Mortgage granted by Lender to any aueceaeor in interest of Eiorrower ehall not operete to release, in any manner, the liability of the original Borrower and Borrower'e succeasora in intereat. I.ender ahal) not be required to oommence proceedinga againet such succeasor or refuee to e:tend time for payment or otherwise modify amortization of the auma aecured by this Mortgage by reason of any demand made by the original Borrower nnd Borrower s aucceesors in intereat. 11. Forbearaace by Lender Not a R?aiver. My forbearance by I.ender in exercieing any right or remedy hereunder, or otherwise efforded by applicable law, shaA not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of ineurance or the payment of ta:ee or other liena or chargee by Lender ehall not be e waiver of Lender e right to accelerate the maturity of the indebtedneae secured by this Mortgage. 12 Remedies Cumulative. All remediee provided in thia Mortgage are dietinM and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity. and may be exerciee.i concurrently, independently or eucceasively. 13. Succesaore and Aeaigne Bound; Joint and Several Liability; Ceptione. The covenants and agreements hernin oontained ehall bind, and the rights hereunder shal) inure to, the reapective succeaeors and aeeigna of Lender and Borrower, eubject to the proviaioas of paragraph 17 hereof. All covenants and agreements of Botrower shall be joint and several. The captions and headinge of the paragraphs of thia Mortgage are for rnvenience only and are not to be uaed to interpret or define the provisions hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing auch notice by certified mail addreeaed to Borrower at the Property Addresa or at auch other addreee as Korrov~er may deeignate by notice to I.ender aa provided hernin, and (b) any notice Lo Lender ahall be given by certified mail. return receipt requeated, to Lender'a address atated hernin or to euch other addrees as I.ender r~tay deaignate by notice to Borrower aa provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform wvenanta for national uae and non- uniform covenanta with limited variationa by juriediction to conatitute a uniform eecurity inatru~uent oovedng real 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 confli¢ts with applicable law, such rnnflict ahall not affect other proviaions of this Mortgage or the Note which can be given effect without the contlicting proviaion, and to this end the provisione of the Mortgage and the Note are declared to be severable_ 16. Borrower'B Copy. Borrower ehall be furniahed a conformed rnpy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. Tranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or traneferred by Borrower w~thout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security intereat for household appliancea, fc) a transfer by devise, d~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold internst of three yeara or less not containing an option to purchase, Lender may, at Lender'a option, declare all the sums secared by this Mortgage to be immediately due snd payable. Lender ahall have waived such option to accelerate if, prior to the sale or trarisfer, Lender and the person to whom the Property is to be aold or transferred reach agreement in writing that the credit of auch ! person is satiafactory to Lender and that the interest payable on the sums aecured by thia Mortgage shall be at such rate ae Lender ahall ` request. If Lender has waived the option to accelerate pro~ided in this paragraph 17, and if Borrower a successor in interest has executed a f written assumption agreement accepted in writing by I.er.der, Lender shall release Borrower from all obligations under this Mortqage and the ~ ti ote. ~ If Lender eaerciaes such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. . ~uch notice shall provide a period of not lesa than 30 days from thedate the notice is ~r.ailed within which Borrower may pav the suma declared ~ due_ If Borrower fails to pay such sums prior to the expiration of such period, Ixnder may, without further notice or demand on E3orruwer, ~ invoke any remedies permitted by paragraoh 18 hereof ~ ! 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower'e breach of any cavenant or . : agreement of Borrower in thie Mortgage. including the oovenanta to pay when due any eume secured by thie Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 daya from the dale the notice is mailed to Borrower, by which euch ~ breach must be cured; and (4) thet failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the sume eecured by thie Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate after acceleration and the right to asaert in the forecloaure prceeeding the ~ non-e:ietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breaeh ia not cured on or ~ before the date epecified in the notice, Lender at Lender's option may declare all of the aums secured by thie Mortgage to be ~ i mmediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceedinq all e:penses of foreclosure. including. but not limited to, reasonable attorney's feea. and ~ costa of documentary evidence, abatracts and title reporta. ~ 19. Bonower's Right to Reinetate. Nota~thatanding Lender's acceleration of the suma secured by thia Mortgage. ~3orrower ahall have the right to have any proceedinga begnn by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays I.ender all suma which would be then due under ihis Mortgage, the Note and notea seruring Future ~ Advancee, if any, had no acceleration occurred; lb) Borrower cures all breachea of any other covenanta or agreements of Borrower contained in this hlortgage; (c) Borrower pays all reasonable expensea incnrred by I.ender in enforcing the covenante and agreemente of Borrower - contained in this Mortgage and in enforcing I.ender's remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney a fees; and (d) Borrower takea such action as I.ender may reasonably requirn to assure that the lien of this Mortgage, Lender'e intereet ~ in the Property and Borrower's obligation to pay the auma secured by this Nortgage shall continue unimpaired. Upon auch payment and curn ti by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the renta ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to rnllect and retain auch rnnts as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ` co~ut to enter-upon, take poaeeasion of and manage the Property and to collect the rents of the Property, including thoae past due. All rents ~a; collected by the receiver ahall be applied 5rst to paymeni of the costa of management of the Property and collection of rente, including, but not limited to, receiver'a feea, premiuma on receiver'a bonde and reasonable attorney a fees, and then to the aums secured by this Mortgage. 7'he I ~ receiver ahall be liable to aceount only for those rnnta actually received. ~ ~ ~ ~ g~~~ 3U5 ~~~F _ 283 ~ ~