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HomeMy WebLinkAbout0685 8. Iaspectlon. L.ender may make or cawe to be made reesoneble entries upoa aad ia~pectiona otthe property, pcovided that Lender shaU give Borrower aotioe prior to any such inspection specifying reASOnable cause therefa~ related to I.ender's interest in the Proper4y. 9. Coademnatiot~. 7~?e proceeds of any award or claim for dama~es. direct or consequential. ia connecdo~ rvith aqy oondea~nation or other teking of the pmperty. or part thereof, or for rnnveyanoe in lieu of ooademnation, are hezeby a~signed and shall be paid to Lender. In the event of a btal taking of the Propecty. We pmceeds shall be app~ied to the aums aecured by thia MortgaQe. wiW We escess. if en,y. paid to Borrower. Ia the event of a paitial taking of the Proper~y. unlees Borrower and Leader otheiwise agree in writing~ Were shap bs applied to the aums secured by this Mort~aQe euch proportion of the proceeds as is equal to that proportion which the amouat of the suans eecured by this Mortgage immediately prior to We date of taking bears to the fair market value of the Propedy immediately prior b the date of takinB. with the balanoa oi the prooeeds paid to Borrower. i If the Property is abandoned by Borrowes, os if. aRer ootioe by Lender to Borrower that the oondemnoj offers to make an aaard or settle a ~ ciaim for damages. Borrower fails to respond to LeAder ~vithin 30 dqys afl,er the date such notioe is mailed. Lender is suthorised to coAect aad j apply the proa~eds. at Lender's option. eitAer to restoratioa or repair of the property or to We snms aecured by this Mortgage. Unleea Lender and Borrow~ otherwise agree in writing, any such application of pmceeds Lo principal shall not e:tend or postpone the due date of the monthly iastallments referred to in paragraphs 1 and 2 heseof or change the amount of such installauenta. 10. Borrower Not Released. E:tenaion of the time for p~ymant or modification of amortisation of the sume eec~u~ed by this Mortgage + granted by I.endet to any succeseor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower's succeesora in intereet L,ender ahall not be required to aommence pmceedinge againet auc6 successor or nfuse to e:tend time ~ for payment or otherwise modify amortization of the aums secured by thie Mortgage by reason of any demand made by the original Borrower and Borrower'a aucceeaors in intereet. 11. Forbearanoe by I.ender Not a VPaiver. My forbearance by I.ender in ~ercieing aay right or remedy hereunder, or otherwise afforded by applicable law. ahall not be a waiver of or preclude the ezercise of eny auch right or remedy. The procurement of inauranoe or the payment of tases or other liens or chargea by Lender shaU not be a waiver of Lendei s right to aocelerate the matnrity of the iudebtedneea aerured by this Mortgege. 12 Remediea Cumulative. All remediea provided in this Mottgage are diatinM and cvmulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee.i ooncurrently. independently or suocessively. 13. 3ucceeaors and Aeaigns Bound; Joint and Several Liability; Captions. Tha oovenants snd agreemente herein eontained ehall bind, and the righLs hereunder ehall inure to, the respective euocessors and aeeigns of Lender and Borrower, subject to the provieions of paragraph 17 hereof. All covenants and agreementa of Borrower ahaU be joint and several. The captions and headings of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing euch notice by certified mail addressed to Borrower at the Property Addrese or at such other addrese ae Borrow~ may designate by notice to Lender as pmvided herein, and (b) any notice to Lender ahall be given by certi5ed mail, return reoeipt requeated, to Lender e addreea stated herein or to auch other addrese ae Lender may designate by notice to Bomow~ ae provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage rnmbinea uniform oovenants for national uee and non- uniform covenants with lunited variationa by juriediction to oonatitute a uniform eecurity instruwent oovering real property.lhis Mortgage shall be govemed by the law of fhe jurisdiction in which the Property ia located. In the event that any provieion or clause of thie Mortgage or the Note contlicts with applicable law, such conflict ahall aot affect other pmvisions of this Mortgage or the Note which can be given effect without the oontlicting provision, and to thia end the provisione of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 1 T. 'I~anefer ot the Property; Aeaumption. If all or any part of the Property or an interest therein ie eold or tranaferred by Borrower without Lendei s prior written oonsent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchase money security interest for household applianeee. (c) a transfer by devise. deeoent or by operation of law npon the death of a joint ~tenant or (d) the grant of any leasehold intereat of three years or less not oontaining an option to purchaee, Lender may, at Lender'e option, declare all the suma securee by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if. prior to the sale or transfer, I.ender and the person to whom the Property is to be sold or transferred reach agn~ement in writing that the credit of auch peraon ie satiafactory to Lender and that the interest payable on the aums aecured by this Mortgage shall be at auch rate ee Lender shall request. If Lender hae waived the option to accelerate provided in thie paragraph 17, end if Borrowez's sueoessor in interest haa ezecuted a written asaumption agreement accepted in writing by Lender, Lender shall release Borrower fram a1Z obligations under this Martgage and the + Note. If L.ender eaerciaes such option to accelerate, I.ender ahall mail Borrower notice of aoceleration in sooordance ~vith paragraph 1~ hereoL Such notice ahall provide a period of not less than 30 daya from the date the notice is mailed within which Borrower may pay the auma declared ' due. If Botrower faila to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ' mvoke any remediea pe~rmitted by paragraoh 18 hereof. ~ 18. Acceleration; Aemedies. Ezcept ae ptovided in paragrap6 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in thie Mortgage. includiag the oovenante to pay when due any suma secured by this Mortgage, Lender t prior to aoceleration shali mail notice to Borrower as provided in paragtaph 14 hereof epecifying: (1) the breac6; (2) the action s required to cure suc6 breach; (3) a date, not leae than 30 daye from the date tbe notice ie mailed to Borrower, by which such - f breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reeult in ' acceleration of t6e sums secured by this Mortgage, forecloeure by judicial proc~eding and sale of the Property. The notice ehall further inform Borrower of the right to reinstete aRer acceleration and the right to assert in the foreclosure proceeding the non-ezietence of a default or any other defense of Borrower to soceleration and foreclosure. If the breach is not cured on or before the date epecified in t6e notice. Lender at Leuder'8 option may declare all of the sume secured 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 auch proceeding all e:penses of foreclosure, including, but not limited to, reasonable attorney's fees, aad coets of documentary evidence, abetracte and title reporta. € 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the auma eecured by this Mortgage, Borrower shall have ~ the right to have any proceedings beAun by Lender to enforce thia Mortgage diacontinued at any time grinr fn entry nf a~ j«~lgmPnt enf~*sing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under thia Mortgege, the Note and notea securing F~ture ; Advancee, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreemente of Borrower oontained in ; thie Mortgage; (c) Borrower pays all reaeonable e:penaea incnrred by Lender in enforcing the oovenants and agreements of Borrower contained in this Mortgage and in enforcing Lender'e remediea ae provided in paragraph 18 hereof. including, but not limited to, reasonable 3 attorney's feea; and (d) Borrower takea auch action as I.ender may reaeonably require to aesure that the lien of thia Mortgage. Lender'a interest ~ ~ in the Property and Borrower's obligation to pay the suma eecured by thia Mortgage ahall rnntinue unimpaired. Upon such payment and cure ; by Borrower, this Mortgage and the obligadons eecured hereby ehall remain in fuli foree and effect ae if no aooeleration had occurred. ' Z0. Assignment of Rente; Appointmeat of Receiver. Ae additional security hereunder, Borrower hereby aeeigna to [,ender the rente of the Property, pmvided fhat Borrower ahall. prior to sooeleration under paragraph 18 hereof or abandonment of the Property, have the right to rnllect and retain auch rente as they become due and payable. i Upon aooeleration under peragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ; co:ut to enter~pon, take poaeesaion of and manage the Property and to collect t6e rents of the Property, including thoee paet due. All renta ~ ~ collerted by the receiver sh all be applied first to payment of the ooata of management of the Property and rnllection of rente, including, but not limited to, receivei e fees, premiuma on receiver's bonde and reseonable attorney's feea, and then to the suma eecvred by this Mortgage. The ~ receiver ahall be liable to aooount only for those rents actually received. ~ ~ ? ~ t ~ ~ ~ ` = 301'r j~ ` , ~U6 ~ 6 4 v ~ _ - _ . ~