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HomeMy WebLinkAbout0928 . ~ 8. lnapectioA. l.ender may make or cauae to be made reaionable entries upon and inspection~ of ths property, provided that Lender ahall give Bor~ower notice prio~ to any such inepection specifying ~eaeonable cause therefos related to Geadei s interest in t~e Pwperty. 9. Coademnatioa.'I1~e proceede of any award or ciaim for damages, direct or consequential. in co~nection with any oondemnatio~ or other taking of 1he pmperty, or part thereof, or for conveyance in lieu ot condemnation, are hereby eesigned and shall be paid to l.ender. In the event of a total taking of the Property, the proceeds ahall be applied to the eums secured by thia Mortgage, with the excess, if any, paid to Bormwer. In the event of a partiel taking ot the Property, unleas Aor~ower and Lender otherwiee aRree in writing, there ehall be applied to the sums secured by thie Mortgage euch proportion of the proceeda as is equal to that propottio~ which the amount of the eums eecured by this Mortgage immediately p~ior to the date of taking bears to the fair market value of the Property immediately prior to the dete ot taking. with the balanc~ of the pioceeda paid to Borrowrr. If the Property is abandoned by Borrower. or if. aRer notice by I.ender w Borrowe~ that the oondemnor offers to make an award or settle a claim for damage~. Borrower faila b reapond to Lender within 30 days after the date such notice is mailed, Lender ie authorised to collect and . apply the proceede, at Lender's option, eithet to restoration or repair of the property or to the aume eecured by this Mortgage. Unleea Lender and Borrower otheTwise agree in writing, any such application of proceeds to principal shall not e~ctend or postpone the due date of ?he monthly inetallments referred to in paragrapha 1 and 2 hereof or change the amount of euch installmente. ~ 10. Borrower Not Releaeed. E:tenaion of the time for paymant or modification of amortization ot the aume aecured by thia Mortgage grented by I.e~der to any succesaor in intereat of Borrower shall not operate to release, in any manner, the liability of the original Borrower ' a~d Borrower's succesaore in intereat. I.ende~ shall not be required to oommence proc~dinge againat auch eucceaeor or refuae to eztend time for payment or otherwise modify amortization of the sums aecured by this Mortgage by reaeon of any demand made by the original Borrower ; and Borrowei s aucceasora in intereat. ' 11_ Forbearaace by I.eader Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, os otherwiee ~ afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of inaurance or the payment of ta:ee or other liene or chargea by Lender shall not be a waiver of Lender e right to accelerate the maturity of the indebtedneae secured by thie Mottgage. 12 Remed~es Cumulative. All remediea pmvided in thia Mortgage are diatinM and cumulative to any other right or remedy nnder thie Mortgage or afforded by law or equity, and may be ezercieed concurrendy, independently or eucceaeively. 13. Succeesore and Assigne Bound; Joint and 3everai Liability; Captione. The covenante and agreemente herein oontained ahall bind, and the righte hereunder shall inure to, the reapective succeesors and aaaigns of Lender and Borrower, aubject to the provieione of paragraph 17 hereof. All covenante and agreemente of Borrower ehall be joint and eeveral. The captions snd headinge of the paragrapha of thia Mortgagr are for covenience only and are not to be uaed to interpret or define the provieione 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 this Mortgage shall be given by mailing auch notice by certi6ed mail addreased to Bonower at the Property Addn~sa or at auch other addrees ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt requested, to Lender'e addresa atated herein or to such other addreae as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15_ Uniform Mortgage; Governing I.aw; 3everability. Thia form of morigage combinea unitorm oovenants for national uee and non- uniform covenante with limited variations by jurisdiction to oonstitute a uniform security inatrument oovering real property. Thie Mortgege shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviBion or clause of thie Mortgage or the Note rnnflicts w~th ApRlicable law, such contlict shall not affect other proviaione of this Mortgage or the Note which can be given effect without the oonflicting proviaion, and to this.end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furniehed a conformed rnpy of the Note and of thie Mortgage at the time of eaecution or after recordation hereof. ~ 17. 'ltiransfer of the Property; Asaumption. If all or any part of the Property or an interest therein ia sold or traneferred by Borrower without I.ender'e prior written conaent, e:cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation ot a purch»se money aecvrity interest for household appliances, (c) a tranefer 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 lese not containing an option to purchase, Lender may, at Lendei e option, declare sll t}:e eams secured by this Mortgage to be immediately due and payable. Lender ehall have waived euch option to accelerate if, prior ~ to the sale or transfer, Lender and the person to whom the Property is to be aold or transferred reach agreement in writing that the credit of such k peraon is satiafactory to Lender and that the interest payable on the aums secured by this Mortgage shall be at such rate as C,ender ahall f request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's auccessor in intereat hae executed a f written assumption agreement accepted in writing by L.ender, L.ender shall release Borrower from all obligations under this Mortgage and the ti ote_ If Lender eacercisea such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. 3 Such notice ahall provide a period of not less than 30 days from the date the notice ia rr.ailed within which Borrower may pay the sums declared E due. If Borrower fails to pay such sums prior to the expiration of such periud, I.ender may, without further notire or demand on Horrower, ; invoke any remedies permitted by paragraoh 18 hereof i ~ 18. Acceleration; Remediee. Ezcept as provided in paragraph 1? 6ereot, upon Borrower'e breach of any covenant or ; agreement of Borrower in thie Mortgage, including the oovenanta to pay when due any sume eecured by this Mortgage, Lender ° prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not leae than 30 daye from the date the notice ie mailed to Borrower, by which euc6 ~ breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notiee may resuit in ~ acceleration of the suma aecured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall ~ further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosure proceeding the non-e:ietence of a default or any other de[enee of Borrower to acceleration and forecloeure. If the breach ie not cured on or ~ before the date apecified in the notice, Lender at Lender's option may declare all otthe sume aecured by thie Mortgage to be ~ immedietely due and payable without further demand and may toreclose this Mortgage by judicial proceeding..Lender shall be entitled to coliect in auch proceeding aU expenses of foreclosure, including, but not limited to. reasonable attorney'a fees. and ~ costa of documentary evidence, abstracta and title reporta. 19. Borrower's Right to Reinatate. Notwithatanding Lendei a acceleration of the sums eecured by this Mortgage, Borrower ahall have ~ the riqht to have ar.y proceedings begun by Lender to enforce thia Mortgage discontinued at any time ptior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all suma which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or agreements of Borrower contained in - this Mortgage; (c) I3orrower pays all reasonabie expenees incurred by I.ender in enforcing the rnvenante and agreemente of Borrower oontained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attomey e feea; and (d) Bcrrower takes auch action ae Lender may reasonably tequire to aseure that the lien of this Mortgage, Lender's intereet - in the Property and Botrower'a obligation to pay the suma eecured by thie Mortgage ehall continue unimpaired_ Upon such payment and cure ' by Borrower, this Mortgage and the obligations aecured hereby ahall remain in fuU force and effect aa if no acceleration had occurred. ~ 20. Assignment of Rents; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby asaigna to Lender the rente k of the Property, provided that Borrower aha11, prior to acceteration under paragraph 18 hereof or abandonment of the Property, have the right $ to collect and retain auch rente ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, C.ender shall be entitled to have a receiver appointed by a court to enter upon, take poaeeaeion of and manage the Property and to collect the rents of the Property, including thoee past due. All rente ~ collected by the receiver shall be applied firat to payment of the ooeta of management of the Property and rnllection of rente, inclading, but not limited to, receiver's fees, premiuma on receiver's bonda and reasonable attorney a feea, and then to the sums aecured by thie Mortgage. The =t receiver ahall be liable to acoount only for thoae renta actually received. ~ ~ ~ e 3 g~~~x 305 ~.A~~ 92? ~ ~ , ~