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HomeMy WebLinkAbout0827 8. Iaspectlop. I.ender may make or cawe to be made reewnable entrie~ upoa and inspectioru of the property, p~t~ovided thatLender shaU give Borrower notioe prior b any such inspection specifyin~ reasoaable cauee therefor nlated to I.endei s iaterest in the P[opsrty. 9. Coademaatloa.'I~e prooee~ds of any awurd or claim for damagea. direct os consequential, in connection with any oondemnation or oth~ taking of the pmperty, or part thereof, or f~ oonveyance in lieu of oondemnation. are hereby awigned and shaA be paid b Lender. In the eveat of a total taking of the Property. the pro~xeds shall be applied to the suma aecnred by this Mortgage. witl~ the exoe~s, if a~y. paid b Borrower. In the eve~t of s partial ta4ing of the Property. unlres Borrower and Leader otherwise a~ree ia writing, there shall be apptied Lo the suma secured by this Mortgags such proportioA of the proceeds a~ iu equal to that proportion which the amouat of the sums eecured by this Mortgage immediataly prior to the date of taking been to the fair market value of the Propedy immediately prior to the date of taking. with the balanca of the psooeeds paid b Borrower. If the Property is abandoned by Borrower, or it. aRer notioe by Lender to Borrower that the ooademnor ofters to make an award or settle a claim fos darasgee. Borrower faile b respoad to Leader within 30 days aRar the date suc6 potice is mailed, Lender is au Wori:ed to coUect and apply the proaeds. at l.enda's option. eith~ to resbratioa or repair of the propert,~r or to the sums secured by this Mortgage. Ualeea l.ender and Borrower otherwise agree in writing, any such application of praeeda to principal shall not estend or po~tpone tl~e due date of the monthly inatallments refezred to in paragraphs 1 and 2 hezeof or change the amount of such inat$llments. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the auma secured by this Mortgage granted by l.ender to aay successor in intenet of Borrower shall not operate to release, in any manaer. the liability of the original Borrower and Borrower's aucceseora in interest Lender shall not be required to oommenoe proceedinge againat euch succeseor or refuee to e:tend time for payment or otherwise modify amortization of the sums eecnred by thie Mortgage by rnaaon of any demand made by the original Botrower and Borrowrr s auccesaoTe in interest. 11. Forbearenoe by~Lender Not a R?iiver. My forbearance by I.ender in e:enising aay right or remedy hereuader. or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any auch right or remedy. The procurement of ine~vance or the payment of tanes or other liene or chatgea by Lender ahall not be a waiver of I.ender's right to aocelerate the maturity of the indebtedneas secured by thia Mmtgaga . 12 Remedies G~mulative. All temediea provided in this Mortgage are distinct and cumulative to any other right ar remedy under this Mortgage or afforded by lew or equity~ and may be exercieed o~ncurrently. independendy or euooeeaively. 13. 3uccessors and Aesigne Bound; Joint and Several Liability; Captions.'l~e oovenants and agreements herein oontained ehall bind, and the rights hereunder shall inure to, the reapective auoceseore and aeeigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenanta and agreements of Borrower shall be joint and several. The captions and headinga of the paragraphs of thie Mortgage are for covenience only and are not to be ueed to interpret or define We provisione hereof. 14. Notioe. E:cept for any notice required under applicable law to be given in$nother manner, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing euch notice by certi5ed mail addresaed to Borrower at W e Property A~reae or at auch other addrees as Borrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender ehail be givan by certified mail. return receipt requeated, to I.ender's addreee etated herein or to auch other addrees as Lender may deeignate by notice to Borrower ea pmvided herein. Any notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Leader when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thia form of mortgage oombinea uaiform oovenante for national use and non- uniform covenants with limited variadone by juriediction to oonetitute a uniform eecurity instrument oovering real pmperty. This Mortgage shall be govemed by the law of the jurisdiction in which the. Property ia located. In the event that any proviBion or clause of thia Mortgage or the Note conflicta with applicable law, such conflict ahall not affect other proviaions of thie Mortgage or the Note which can be given effect without the conilicting proviaion, and to thia end the provisione of the Mortgage and the Note are decland to be severable. 16. Borrower's Copy. Borrower ahall be fwniahed a conformed oopy of the Note and of thia Mortgage at the time of ~ecution or after recordation hereof. - 17. Tranefer of the Property; Aseumption. If al! or any part of the Property or an interest therein ie aold or traneferred by Borrower without Lender e prlor written consent, eucluding (a) the cteation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money eecurity interest for houaehold appliances, (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold interest of three years or leee not oontaining an option to purchase. Lender may, at Lender'a option, declare all the aums secured by this Mortgage to be immediately due and payable. Lender shall have waived auch option to soeelerate if. prior to the eale or tranefer. Lender and the peraon to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of auch peraon is satiafactory to I.endei and that the intereat payable on the sums aecured by this Mortgage shall be at auch rate as Lender ahall request. If Lender has waived the option to acceletate provided in thia paragraph 17, and if Borrower a auccessor in interest has executed a written asaumption agteement accepted in writing by Lender, Lender ehall release Borrower from all obligations under thia Mortgage and the Note. If Lendez exercisea auch option to accelerate, Lender ahall mail I3orrower notioe of acceleration in accordance with paragraph 14 hereof. i Such notice ehall provide a period of not leas than 30 days from the date the notice is ~r,ailed within which Borrower may pay the aums declared i due_ If Borrower fails to pay such sums prior to the e:piration of auch period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by pazagraoh 18 hereof. ' 18. Aoceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any aovenant or ~ agreement olBorrower in thie Mortgage, including the oovenants to pay when due any sums eecured by this Mortgage.I.ender ~ prior to acceleration shall mail notice to Borrower ae provided in paragrap614 hereof epecifying: (1) the breach; (2) the action s required to cure such breach; (3) a date, not less than 30 daye from the date the aotice is mailed to Borrower, by whic6 euch ~ breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reault in c acceleration of the aums eecured by this ~ortgage, foreclosure by judicial prooeeding and eale of the Property. The notice shall ~ further inform Borrower o! the rig6t to reinatate aRer soo~leration and the right to aaeert in the forecloeure proceeding the ' non-eziatence of a default or any other defense of Borrower to soceleration and foreclosure. If t6e breach ie not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all of t6e eume secured by thia Mortgage to be ~ immediately due and payable without further demand and may foreclosethie Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding ail e:penses of foreclosure, including, but not limited to, reesonable attorney's teea. and ~ coete of documeatary evidence, abstracts and title reporte. ~ 19_ Borrower'e Right to Reinstate. Nutwithetanding Lender s acceleration of the auma eecured by thia Mortgage, Borrower ahall have ' the right to have any proceedinga begun by Lender to enforoe this Mortgage diecontinued at any time prior to entry of a judgment enforring this Mortgage if: (a) Borrower pays Lender all sums which would be then due under thie Mortgage, the Note and notee securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or egreemente of Borrower contained in s thie Mortgage; (c) Borrower pays all reasonable e:pensee incurred by Lender in enforcing the covenants and agreemente of Borrower i wntained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof. including, but not limited to. reaeonable attorneyb fees; and (d) Borrower takea auch action se I.ender may reasonably require to seaure that the Gen of thia Mortgage, Lender'e intereet - in the Property and Borrower's obligation to pay the aume aecured by this Mortgage ahail continue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obligatione eecured hereby ahall remain in full force and effect ae if ~o acceleration had occnrred. ' 20. Aasignment ot Rente; Appointment of Receiver. AB additional eecurity hereander, Borrower hereby aesigns to Lender the rent8 ` of the Property, provided that Bo:rower ehall, prior to aooeleration under paragreph 18 hereof or abandonment of the Property, have the right to collect and retain such rente as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, i.ender ehall be entitled to have a reoeiver appointed by a 3 oourt to enterLpon, take poeseagion of and manage the Property and to rnllect the renta of the Property, including thoee past due. All renta ~ ooilected by the receiver ahall be applied first to payment of the ooete of management of the Property and rnllection of renta, including, but not ` limited to, receiverb feea, premiuma on receiver'a bonds and reseoneble attorney'e feea, and then to the auma eecured by this Mortgage. The ~ receiver ahall be liable to acoount only for thoee renLe actually received. ~ ' ~ a e BOOK JU~ oAGE 8~7 ~ ` ~ e t = c - . ro.~ ~ TM~*~s«.~~-~• . w_..a.~ tt`~ .