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HomeMy WebLinkAbout0302 , 8. Inapectioa. Lender may make or cauee to be made rea~onable entries upon and inspections of the property. provided thal Lendar shell give Borrower notice prior to any auch inspection specifying reasonable cauae therefor related to Lender'~ intereat in the Property. 9. Coademnation. The proceeds of any award or claim for damagea, direct or conaequential, in connection with any oondemnation or other taking of the p~operty, or part thereof. or for conveyance in lieu of oondemnadon, are heroby assigned and ehall be paid to l.ender. I~ the event of a totsl taking of the Property, the pra.~eeds shall be applied to the sums ~ecured by this Mortgage, with the ezoeea, if any, paid to Borrower. In the event of a partial taking of the Property, unlesa Borrower and Lender otherwiee agree in writing, there shaU be applied to the sume ~ecured by this Mortgage such proportion o[ the proceeds as is equal to thet proportion which the amounL of the suma secured by this Mortgage immediately prior to the date of taking beare b the fair mnrket value of the Propecty immediately prior to the date of taking, with the balanca of the prooeeds paid to Borrower. If the Property is abandoned by Bormwer, o~ if, aRer notice by Lender to Borrower that the oondemnor offera to make an award or setde a claim for damages, Borrower fails b reepond to l.ender within 30 days after the date such notice ia mailed, I.ender ia authorised to collect and apply the proceeds. at Lender a option, either to ~toration or rnpair o[ the property or to the aume eecured by thia Mortgage. Unlees Lender and Borrower otherwiee agree in writing, any such application of proceeds to principal shall not e:tend or poatpone the due date of the monthly instalimenta referred to in paragraphs 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Released. Extension of the time tor paym~nt or modification of amortization of the auma secured by this Mortgage granted by Lender to any succeeaor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrower'e succeasora in intereat l.ender ehall not be required to commence proceedings againat auch euccesaor or refuee to e:tend time for payment or otherwise modify amortization of the au~ns aecured by this Mortgage by reason of any demand made by the original Borrower and Borrower e auccessore in interest. 1 t. Forbearanoe by Lender Nat a Waiver. My forbearence by Lender in e:erciaing any right or remedy hereunder, or otherwiae _ afforded by applicable law, ahall not be a waiver of or preclude the e:ercise of any euch right or remedy_ The procurement of ineurance or the - payment of t~ee or other liens or chargea by Lender ahall aot be a waiver of I.ender e right to accelerate the maturity of the indebtednesa aecured by thie Mortgage. ` 12 Remediee Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:erciae~l ooncurrently, independendy or succeaeively. 13. 3acceseors and Asei~na Bound; Joint and 3everal Liabiiity; Captione. The covenante and agreements herein contained shall bind, and the righta hereunder shaU inure to, the reepective succeesors and aeaigna of Lender and Borrower, subject to the provieioas of paragraph 17 hereof. All covenants and agreements of Borrower ehall be joint and eeveral. The csptions and headinga of the paragrapha of this Mortgage are for covenience only and are not to be ueed to interpret or defu~e the provisiona hereof. 14. Notice. Fxcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreas or at euch other addresa ea Borrower may designate by notice to I.ender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt requeated, to I.ender'a addresa atated herein or to such other addreas as Lender may deeignate by notice to Borrower as provided herein. My notice provided for in this Nortgage shall be deemed to have been given to Borrower or I.ender when given in the manner d~ignated herein. 15. Uniform Mortgage; Governing I.sw; 3everability.l`his form of mortgage rnmbinea uniform oovenante for national use and non- uniform covenants with limited variationa by juriadiction to constitute a uniform security instrument oovering real property.'ll?is Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provit+ion or clauae of this Mottgage or the Note conflicts with applicable law, such conflict ahall not affect other provieions of thie Mortgage or the Note which can be given ef'fect without the rnntlicting provieion, and to thie end the provisiona of the Mortgage and the Note are declared W be aeverable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof 17. 'IYanefer of the Property; Aaeumption. If all or any part of the Property or an intereat therein ia eoid or tranaferred by Borrower without Lender e prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchaee mone~• security intereat for houeehold appliancee, (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 years or leas not containing an option to purchaee, Lender may, at Lender's option, declare all the snma secured by thia Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the sale or tranafer, L.ender and the person to whom the Property is to be aold or traneferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the intereat payable on the suma eerured by this Mortgage shall be at euch rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a succeasor in interest has e:ecuted a 'i written assumption agreement accepted in writing by Lender, Lendershall release Borrower trom all obligations under thia Mortgage and the ; V ote. - - ~ If Lender exerciaes such option to accelerate. [.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not leas t}~an 30 days from thedate the notice is rr.ailed within which Borrower may pay the suma declared t due. If Borrower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on $orrower, ~ ~nvoke any remedies permitted by paragraoh lA hereof. ~ 18. Acceleration; Remediee. E:cept ae provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or ~ agreemeat of Borrower in thie Mortgage, including the oovenanta to pay w6en due any sums secured by thie Mortgage, Lender ~ prior to acceleration ahell mail notice to Borrower ae provided in paragrap614 hereof epecifying. (l ) the breacb; (2) the action ~ required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such ~ breach muat be cvred; and (4) that failure to cure auch breach on or before the dete apecified in the notice may resuit in acceleration otthe aums aecured by this Mortgage, forecloeure by judicial proceeding and eale of the Property. The notice shall ~ further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosare procecding the ~ non-e:istence ota detault or any other defense of Borrower to aceeleration and forecloeure. If the breach ie not cured on or ~ before the date epecified in the notice, Lender at Lender'e option may declare all otthe auma sec~red by thie Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all e:pensea of forecloeure. including. but not limited to. reaaonable attorney's tees, and ~ coste of documentary evidence, abstracte and title reports. ~ 19. Borrower's Right to Reinetete. Notwithatandinq Lender's acceleration of the aums eecured by this Mortgage, Borrower ehall have ~ the right to have any proceedings begun by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender ali suma which would be then due under thie Mortgage, the Note and notea securing Future Advances, if any, had no acceleration occurred; (b) Borrower curea a11 breaches of any other rnvenante or agreemente of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenante and agreementa of Borrower rnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable? ~ attorney's feee- and (d) Borrower takes such action as Lender may reasonably require to asaure that the lien of thie Mortgage, Lender'e intereat ~ in the Property and Borrower'a obligation to pay the aums secured by this Mort{tage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage end the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. - Z0. Asaignment ot Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigns to Lender the renta of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 heteof or abandonment of the Ptoperty, have the right to coUect and retain auch rents es they become due and payable. - - Upon acceleration under paragraph 18 hereof or abandonment of the Property, l.ender ahall be entitled to have a receiver appointed by a ~ oourt to enter-upon, take poasession of and manage the Property and to coUect the rente of the Property, including those paat due. All rents collected by the receiver ehall be applied first to payment of the coeta of management of the Property and collection of renta, including, but not : limited to, receivei s feee, premiuma on receiver e bonda and reasonable attorney e feea, and then to the suma eecured by this Mortgage. The ~ receiver ehall be liable to accrount only for those rnnts actually received. ~ ~ } 3~k. : 30 _ ~ ~ : ~