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HomeMy WebLinkAbout0504 8. inspectfon. Leader m~y make or cauee b be made reawnable eatries upon and iaspectiona of the properRy. pmvided Wat Lender shall ; give Borrow~ aotice prior to aay such inspection apacifyin~ rsasoaable cause theref~ related to Lender'e interest in the Proper4y. 9. Coade~anation. The proceeds of any award or cleim for dama~es. direct or coneaqueatiai. in rnnAxaon with any oondea,naaon or other talrin~ of the property. or part thereof. or fo: ooaveyaace in lieu of oondemnatioa. are he:eby a~ai~ned and shall be ps~a tn Lender. . In the eveAt oi a total taking oi the Property. the prooeeds shall bs applied b the iums sxured by this MortgeQe. with We esoea. if any, paid to Borrower. In the event of e partial taking of We Prope~ly. unless Borrower aad Leuder otherwise agree in writing. Were shall be applied to the suma eecured by this Mostgags such proportion of the proceed~ aa u equal to tDat proportioa which the amount of the suma eecured by this Mortgage immediately prior to We date of tsking bears ~o the fair market value of the Property immediate~jr prior to We date of taking, with the balanoa of the proceeds paid to BormMrer. If the ProperUr is abandoned by Borrower. or if. aRet notioe by Lender to Borrower thet the oondemnor offers to make u? award or settla a daim for damages, Borrower faiL to respond to I.ender ariWia 30 d~ys aRer the daLe such notioe is mailed, Leader is authorised tocollect and apply the proceeds, at Lend~'s option. eith~ to restoration orrepair of the propert,y or to the sum~ secured by this Mortgage. Ualess LeAdu and Borrower otherwise agree in writing, any such application of prooee~is io princapal shall not ~tend or poetpone the due date of the month~jr installments referred Lo in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortisatioa of the aums eecuted by this Mortgage granted by I.ender to any succeaaor in intereat of ~3orrower shall aot operate to releaae. in any manner, the Gability of the original Borrower ~ and Borrower'e ancceeeors in inieresi Lender shall not be required to commence prooeedinge against auch euoceaaor or refuse to e~end time for payment or otherwiee modify amortization oithe suma eecured by this Mortgage by reason of any demand made by the original Bormwer ' and Bo:rower s auccesaors in interest. 11. Fotbearanoe by Lender Not a Waiver. Any forbearance by Leader in aercising any right or remedy henunder. or otherwise . afforded by applicable law. shall not be a waiv~ of or preclude the ~ezcise of any euch tight or nmedy.'l~e procurement of insaranoe or the payment of ta:es or other Uene or charges by I.ender ahall aot be a waiver of L.ender's right to aocelerate the maturity ot the indebtedness • aecured by chia Mortgage. 12 Remedies G~mulative. All remedies pmvided in this Mortgage are diatind and cumulative to any other right or remedy nnder this ; Mortgage or afforded by law or equity, and may be ~erciee~t ooncurrendy. indepaidently or suoceasively. ~ 13_ 3uc~ceeeors end Assigns Bound; Joint and 3everal I.iability; Captions. Tha oovenanta and agreementa herein oontained ahaD bind, and the righta hereunder ahall inun to. the respective euocessore and aseigns of I.ender and Borrower. aubject to the proviaions of paragraph 17 hereof. All covenants and agreements of Borrowez ahall be joint and eeveral.'lbe captions and headinge of the paragraphs of thia Mortgage are for oovenience only and are not to be aeed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable laa to be given in another manner. (a) aqy notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addreeeed to Borrower at the Property Addrese or at such other addresa ae Borrower may deaignate by notice to Lender aa provided henin. and (b) any notice to Lender shall be given by certified mail, retarn reoeqpt requesled, to Lender'e addreas atated herein or to such other addrese ae Lender may deeignate by notice to Botrower aa provided herein. Any notice pmvided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated henin. 15. Uniform Mortgage; Governing Law; 3everability.'Riis form of mortgage oombinea uniform covenanta for national uee and non- uniform covenante with limited variationa by juriadiction to aonstitute a uniform eec~uity instrument oovering real property. This Mortgage shall be govemed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conllicte with applicable law. such conilict ehail not af~ect other proviaiona of this Mortgage or the Note which can be given effect without the oontlicting proviaion. and to this end the pmvisiona of the Mortgage and the Note are declared to be eev~able. 16. Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or efter recordation hereof. 17. 'l~anefer of the Property; Aeeumption. U sll or any part of the Property or an interest therein ia eold or traneferred by Borrower withcwt Lende~'s prior written rnneent, excluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) the creation of a purchaee money security intereat for houeehold appliancea. (c) a tranefer by deviee, deecent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any leasehold interest of three yeara or leee not oontaining an option to purchaee, Lender may, at Lendei e option, declare all the aume aec~red by this Mortgege to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the pereon to whom the Property is to be eold or transferred reach sgreement in writing that the credit of anch person ia satiefactory to Lender and that the interest payable on the eums secured by this Morigage shall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower'e succeasor in interest has ezecated a written asaumption agreement accepted in writing by Lender, Lender shall release Borrower from all obiigationa under thia Mortgage and the Note. - I~ If Lender e:erciaea auch option to accelerate, Lender shall mail Borrower notice of acoeleration in aooordance vrith paragraph 14 hereot 'i Such notice shall pmvide a period of not lesa than 30daya from the date the notice ie mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such suma prior to the e~piration of such period, Lender may, without further notice or demend on E3orrower, i ~ mvoke anY remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remediea Ezcept es provided in paragraph I7 hereof, upon Borrower's breach ot aqy oovenant or ~ agreement of Borrower ia this Mortgege, including the covenants to pay w6en due any sume eecared by thie Mortgage, Lender ~ prior to aoceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) t6e breach; (2) the action I required to cure ench breach; (3) a date, not lese thaa 30 days from the date the notice is mailed to Borrower, by which sach ~ breach must be cnred; and (4) that failnre to cure euch breach on or before the date specified in the notice may result in acceleration of the sume eecured by thie Mortgage, forecloeure by judicial proceeding end aale of the Property. T6e notice ehall ~ further inform Borrower of the right to reinstate after aooeleration aad the right to assert in the foreclosure proceeding the ~ non-eziatence of a default or any other defense of Borrower to acceleration and forecloeure. If the breach ie not cured on or a before the date apecified in the notice, Lender at Lender'a option may declare all of the sume aecured by this Mortgage to be ~ immediately due and payable without further demand and may forecloee tWs blortgege by judicial proceeding. Lender ehall be entitled to coUect in auch proceeding all ezpensea of foreclosure, including, but not limited to. rea.eonable attorney's fees. and ~ coate of documentary evidence, abstracts and title reporte. ~ 19. Borrower's Right to Reinetate. Notwithatanding I.ender's acceleration of the eums eecured by this Mortgage, Borrower shaU have the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all auma which would be then due under this Mortgage, the Note and notea eecuring ~ture ~ Advances, if any, had no acceleration occurred; (b) Borrower cvres a11 breachee of any other oovenante or agreemente of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses inrurred by Lender in enforcing the oovenanta and agreementa of Borrower contained in thie Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reesonable attorney's fees; and (d) Borrower takee auch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lendez'e intereet r in the Property and Borrower'e obligation to pay the aums eecured by thia Mortgage ahall rnntinue unimpaired. Upon anch payment and cnre ~ ; by Borrower, thia Mortgage and the obligetions aecvred hereby ahall remain in fall force and effect ae if no aooeleration had occurred. £ 20. Aesignment of R~nta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the rente ~ of the Property, provided that Borrower ahall, prior Lo acceleration under peragraph 18 hereof or abandonment of the Property, have the right ` to rnllect and retain such renta as they become due and peyable. s Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entiUed to have e reoeiver appointed by a • oourt to enter~upon, take poaeeaeion of and manage t~e Property and to collect the rents of the Property, including thoee past due. All rente ? ooiieciai by the receiver anali oe appiied firet to payment of the o~ta of management of the Property and coliection of rents, including, but not ~ limited to, receiver'e fees, premiume on receiver's bonde and reasonable attorney e fees, and then to the suma eecured by thie Mortgage. The ~ receiver ehall be liable to acoount only for thoae rente aMually received. - ~ ~ ~ ~ ~ ~ a 3 ~ g Rk 306 ~ . 5Q4 y . . y ~ 1 . :