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HomeMy WebLinkAbout0631 8. [nspection. Lender mey ma'-ae or cauee to be made rea~onable entries upon aad inspections of the property, pravided tbat Lendu sha11 i give Borrower aotioe prior to any such inspection specifying reasoaeble cause therefor related to Lender'~ interest in tbe properb., ' 9. C011d@mAH~OD.1~e proceeds of any award or claim for damages, direct or rnnsequentisl. in oonaectiou with any aoAdannatioA or 3 other taking of the property. or pad thereof. or for conveyanoe w ueu of oondemnatioa. ara hereby aasigned aad ahall be paid to Leader. ~ In the event of a total taking of the Property, the proceeda shall be applied to the sume secured by this Mortgege~ with the e:oas~ if any~ paid to Borrower. In the event of a partial talring of the Property, iu?less Borrow~ and Lender otherwi~se agree in writu~~ there ~hntl be ; epplied to the suma secured by this Mortgage such proportion of the proceeds as ie equal to that propostion which the amonnt of tbe ~um~ ; secured by thia Mortgage immediately prior to the date of tsking besn to the fair market value of the Property immediately prior to the date u{ ' taking, with the balan~ of the proceeds paid to Borrower. ~ If the Property is abandoned by Borrower, or if. aRer notice by L~ender to Borrower that the condemnor o~en ta make an award or ~ettk a ~ claim for damagea. Borrower fails to reepond b I.ender within 30 days aRer the date such notioe is meiled, Lender is autlwrized to coUect and ~ apply the pmoeeds, at Lender's option, either to restoration or repair of the propezty os to We sums secured by this Matgsge, Unlesa Lender and Bormwer otherwise agree in writing, any wch application of proceeds to princzpal shaA not pactend ar pwtpone tho dye ' date of the monthly installments referred to in perupc~phs 1 and 2 hereof or change the amount of such inataUments. 4 10. Borrower Not Releaeed. E:tension of the time for paymant or modification of amortization of the suma secured by this Mortgage granted by Lender to any auoceaeor in intereat of Borrower ah:.:'. ^ ~t operate to releaee, in any menner, the liability of the original Borrow,e~r and Borrower's aucceeeore in interest Lender ahall not be required to oommence proceedinga against auch auaxaeor or refuse to e:tend time for payment or otherwiee modify amortization of the auma secvred by thia Mortgage by reason of any demand made by theoriginal Borrowe and Borrower s aucceesors in interest. 11. Forbearsnoe by Lender Not a Waiver. My forbearanoe by Lender in ~erciaing eny right or nmedy hereunder. ~ otherwise afforded by applicable law, shaU not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of insarance or the payment of taues or other liens or charges by I.ender ehall not be a waiver of I.ender'e right to 8ocelerate the maturity of the indebtednese eecured by thie Mortgage. , 12 Remediea Gtimulative. All remediea provided in thie Mortgage are diatinct and cumulative to any other right or remedy unde~ this Mortgage or afforded by law or equity, and may be e:erciee~i ooncurrendy, independendy or suooesaively. 13. 3ucceseors and Assigne Bound; Joint and Several LiabilIty; Captioae. The c~ovenant8 and agreemente herein contained ahall bind, and the rights hereunder ehall inure to. the rEepective succeeuore and aasigne of L.ender and Borrower, aubject to the proviaions of parngraph 17 hereof. All covenants and agreements of Borrower shall be joint and aeveral. The captions and headinge of the paragraphs of this Mortgage are for covenience only and are not to be aeed to interpret or define t6e proviaione hez+eof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahaU be given by mailing euch notice by certi6ed mail addressed to Borrower at the Property Addreas or at anch other address aa Borrower may deeignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail. retum receipt requeated, to Leader'a addresa atated herein or to euch ofher addreas ea Lender may deeignate by notice to Bonowe~ ea provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated h~rdn, 15. Uniform Mortgage; Governing Law; 3everability. Thie forno of mortgage rnmbinea uniform eovenants for national nse aad aon- uniform covenanta w+ith lunited variationa by juriadiction to oonetitute a uniform security inatruwent oovering real pmperty_ This Mortgage shall be governed by the law of the juriadiction in which the Peoperty ia located. In the event that any provieion or clause of thie Mortgage or the Note conflicta with applicable law, euch conflict shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to this ead the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be furniahed a rnnformed oopy of the Note and of thia Mortgage at We time of ezecution or aRer recordation hereof. 17. 'I~anefer of the Property; Aesumption. If all or any part of the Property or an interest therein ie eold or traneferr~ed by Borrower without Lendefa prior written coneen~ r~cluding (s) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) tt~e creation of a pumhase money eecurity intereat for household appliancea, (c) a tranafer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaslhold interest of three years or leaa aot containing an option to purchaee. Lender may, at I.ender s optioq declare all the suma secured by thia Mortgage to be immediately due and payable. L.ender ehall have waived auch option to aooelerate if. prior to the sale or transfer, Lender and the person to whom the Property ia to be eold or traneferred reach agreement in writing that the credit of a~ch person ia satiafactory to Lender and that the intereat payable on the s~una secvred by this Mortgage shall be at auch rate as Lender shall request If L.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower a euc~.~essor in interest has e:ecLted a w~-itten asaumption agreement accepted in writing by Lender, Lenderahall release Borrower from all obligations under thiB Mortgage and the Note. . ~ If Lender exercisea such option to accelerate, Lender shaU mail Borrower notice of arceleration in aooordance with paragraph 14 hereoi j Such notice shall provide a period of not less than 30 days from the date the notice is ff.ailed within which Borrower may pay thesuma declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remediee. E:cept as provided in paragraph 17 hereof. upoa Borrower'e breach of any oovenant or ! agreement of Borrower in thie Mortgage, inciuding the oovenante to pay w6ea due any sums aeatred by thia Mortgage, I.euder E prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof epecifping: (1) the breach; (2) the action ` required to cure auch breach; (3) a dete, not leae than 30 daye from the date the notice ie mailed to Borrower, by which suc6 ~ breach muat be cured; and -(4) t6at failure to cure such breach on or before the date epecified in the notice may resalt in ~ acceleration of the sume secured by this Mortgage, foreclosure by judicial prooeeding and sale of t6e Propert}?. The notice ahail further inform Borrower of the right to reinatate aRer aooeleration and the right to aesert in t6e foreclosnre proceeding t6e non-e:iatence of a detault or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ before the date apecified in the notice, Lender at Lender•a option may declare all of the suma eecured by this Mortgage to be ~ immediately due and payable without furtherdemand end may foreclose this Mortgage by judicial proceeding. Lender e6ell be ~ entitled to oollect in auch proceeding all ezpenaes of foreclosure, including, but not timited to. reasonable attorney's fees. and ~ c~sis of documentary evidence, abatracts and title reporte. ~ 19. Borrower's Rigdt to Reinatate. Notwithetanding Lender'e acceleretion of the auma secured by thia Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortg~ge diacontinued at any time prior to entry ota judgment enforcing thie Mortgage if: (a) Botrower pays Lender all suma which would be then due under this Mortgage, the Note and notee eecaring Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreemenf8 of Borrowerrnntained in _ thie Mortgege; (c) Borrower pays all reaaonable e:pensea incurred by Lender in enforcing the oovenante and agreemente of Borrower - contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not liffnited to, reasonable attomey a fees; and (d) Borrower takes euch action ae Lender may resaonably require to aseure that the lien of this Mortgage; L.ender's interest ` in the Property and Borrower a obligation to pay the auma secured by thie Mortgage shall continue unimpaired. Upon such payment and cnre ? by Borrower, thia Mortgage and the obligations aeruted hereby shall remain in full force and effect ae if no accelezation had occurred. _ 20. Aaeignment of Rente; Appointment of Receiver. AB additional aecurity hereunder, Borrower hereby assigna 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 collect and retain eueh renta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Prop~ty, Lender ahall be entided to have a receiver appointed by e • s court to enter~pn, take poaeesaion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta ~ collected by the receiver ahall be applied firet to payment of the ooste of management of the Pruperty and colleetion of reate, including, bnt not limited to, receiver's fcea, premiuma on receiver's bonda and reasonabie attorney a fees, and then to the suma eecured by this Mortgage.'ILe _ receiver ehall be liable to aooount only for thoee renta actually reoeived. ~ n O ~ ~ a~kF ~3U6 . 63 f ' ~ ~...r._... _ : _