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HomeMy WebLinkAbout0673 8. ln~pection. I.ende~ may make o~ cause to be made reasonable entries upon and iaspections of the property, provided that Lender shall ' give Borrower notice prior to any such inspection specifying rensonable cause therefor related to Lender's intereat in the Property. ` 9. Conde~aaat~on. The proceeds of any award or claim for damages, direct or coneoquential, in connection with any oondemnation or ; other taking of the pmperty, or part thereof, or for rnnveyanoe in lieu of oondemnation. an hereby asaigned and shall be paid to I.endes. ~ In the event of a total taking of the Property, the proceeds shall be epplied to the sums secured by this Mortgage, with the escess, if any, ~ paid to Borrower. In the event of a partial taking of the Property, unlees Borrower and I.ender otherwiee agree in wridng. there sl~all be ~ applied to the aums eecured by thie Mortgage such pmportion oi the penceeds ae ie equal fo that pruportion which the amount of the suau t secured by thia Mortgege immediately prior to the date of taking bears co the fair market value of the Property ianmediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. ~ It the Property is abandoned by Borrowet. or if, aRer notice by Lender to Borrower that the oondemnor ofrere b make an award or eettle a ! claim for damages, Borrower faiL to reapo~d to Lender within 30 days after the date such notice is mailed, Lender is authorized to collec! end apply the proceede, at I.ender s option, either to nstoration or repair of Lhe property or to the sums secured by this Mortgege. Untese Lender and Borrower otherwiee agree in writiag, any such appUcation of proceedi to prinapal ahuli not extend or poetpone the due date of the monthly iaetallments referred to ia paragraphs 1 and 2 hereof or change the amount ot such inetallmenta. 10. Borrower Not Releaeed. E:tenaion of the time for paym~nt or modification of amortization of the aums eecured by thie Mortgage granted by Lender to any euccesaor in interest of Borrowes shali not operate to release, in any manner, the liebility of the original Borrower ; and Borrowei s auccedaora in interee~ Lender ahall not be required to commence proceedinga egainet auch aucceesor or refuee to e:tend time for payment or otherwiae modify amoriization of the aums aecured by thie Mortgage by reason of any demand made by the original Borrower and Borrower e aucceasore in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in e~cercising any right or remedy hereunder. or otherwiae afforded by applicable law, ehall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of inaurance or the payment of tazee or other liena or chargea by I.ender ehall not be a waiver of Lender'e right to accelerate the maturity of the indebtedneas secured by this Mortgage. 12 Remediee Gtimulative. All remediea provided in this Mortgage are distinM and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercise~l ooncurrently, independently or aucceasively. 13. Succeseore and Aseigns Bound; Joint and Several Liability; Captions. The oovenante and agreemente herein contained ahall bind, and the rights hereunder shall inure to. the respective aucceseors and seeigns of Lender and Borrower. eubject to the provisiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ahall be joint and eeveral. The captiona and headings of the paragraphs of this Mortgage are for covenience only and are not to be need to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Soaower provided forin thia Mortgage ahall be given by mailing euch notice by certified mail addreased to Borrower at the Property Addresa or at euch other addreee as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mai1, retum receipt requested, to l.endei a addreas atated herein or to such other addreas as Lender may designate by notice to Borrower ae provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combinea uniforan oovenanta for national uee and non- uniform covenante with limited variations by juriediction to oonetitute a uniform security inatrument covering real property.l7~is Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clauee of this Mortgage or the Note conflicts with•applicable law, such con}lict ehall not af~ect other provisiona of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be fumiahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof 17. 't5raaeter ot the Property; Aeaumption. If all or any part of the Property or an intereat thernin is sold or tranaferred by Borrower without Lender'a prior written coneent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security intereat for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any leasehold intereat of three years or leas not containing an option to purchase, Lender may, at Lender'e option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to acoelerate if, prior ; to the sale or tranefer, Lender and the person to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of auch ~'i person ia satisfactory to Lender and that the interest payable on the auma eecured by this Mortgsge ahall be at such rate as L.ender ahall j request. If I.ender has waived the option to accelerate provided in this paragraph 1?, and if Borrower's auccessor in interest haB e:ecuted a ~ K~ritten assumption agreement accepted in writing by Ixnder, Lender shall release Borrower from all obligations under thia Mortgage and the ; tiute. ~ If Lender e~cercisea such option to accelerate, Lender ahall maii Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not less than 30 days from thedate the notice ia mailed within which Borrower may pay theauma declared due. If Borrower fails to pay such snms prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, k ~ snvoke any remedies permitted by pazagraoh 1R hereof. f & 1 S. Acceleration; Remedies. E:cept se provided in paragraph 17 hereof, upon Borrower'B breach of any covenant or ~ agreement of Borrower in this Mortgage. including the oovenante to pay when due any sume secured by thie Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) t6e action ~ required to cure auch breach; (3) a date, not leas than 30 days from the date the notice ie mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in acceleration of the suma secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall ~ further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the " non-e:iatence of a default or any other defenee of Borrower to aoceleration and foreclosure. If the breach ia not cured on or ~ before the date epecified in the notice. Lender at Lender's option may declare all of the eume aecured by this Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all expensea of foreclosure. including. but aot limited to, reasonable atiorney's fees, and ~ costs of documentary evidence. abstracts and title reports. ~ 19. Borcower'B Right to Reinetate. Notwithstanding Lender's accelerationo€the suma secured by this Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future ~ y, y agreemente of Botrower contained in ~ Advanoea, if an had no acceleration occurred; (b) $orrower curea a11 breaches of an other covenante or - thie Mortgage; (c) Borrower pays all reaaonable expensee incurred by Lender in enforring the covenante and agreemente of Borrower contained in this Mortgage and in enforcing i.ender's remedies as provided in paragraph IS hereof, including, but not limited to, reaaonable attorney g(ees; and (d) Borrower takea euch action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender a interest ~ in the Property and Borrower's obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon such payment and cure ~ by Borrower, thie Mortgage and the obligations aecured hereby ahall rnmain in full force and effect as if no acceleration had occurred. ~ 20. Assignment of Rente; Appointment of Receiver. Ae additional sec~urity hernunder, Borrower hereby sesigna to Lender the renta of the Property, provided that Borrower shall, prior to acceleration under paragraph I S hereof or abandonment of the Property, have the right I to collect and retain auch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entided to have a receiver appointed by a ~ 1 oourt to enter~pon, take possession of and manage the Property and to collect the renta of the Property, induding thoee past due. All rents }4 collected by the receiver ehall be applied first to payment of the coste of management of the Property and coliertion of renta, including, but not ~ " limited to, receiver'a feea, premiums on receiver'e bonds and reasonable attorney e feee, and then to the aums eecured by this Mortgage. The ~ receiver ehall be liable to acoount only for those rents actually received. ~ ~2 ~ ~ ~ ;~~.~3U5 672 ~ ~