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HomeMy WebLinkAbout0045 8. In~pectiop. I.ender mqy make or cauee to be made reaeonable entries upon and inspectioai of lhe psoperty, provided that Lender ehall give Borrower notioe priot to any such inapection specifying reasonable cause therefor related to Lender's interest in the PtOperty. 9. CondemnatloA. Ttie proceeda of a~y award or claim for damages. direct or conaequential. in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of oondemnation, an hereby aseigned and shall be paid to Lender. In the eveat of a total taking of the Propedy. the proceeds shall be epplied to the sums secured by thie Moctgage, with the eueaa. if any, paid to Borrower. In ehe event of a partial taking of the Property, unlees Borrower and Lendes otherwiee agree in virriting. there shaU be applied to the aume secw~ed by this Mortgage snch proportion of the proceeds as is equsl to thet proportion which the amount of the eums eecured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanc~ o[ the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the oondemnor offere to make an award or setde a claim for damages, Borrowet faila to respond to I.ender within 30 days afl,er the date euch notice is mailed, [.ender ie authorised b collect and apply the procceds, at I.ender's optioa, either to reetorntion or repair of the property or to the eums aecured 6y this Mortgage. Unleea I.ender and Borrower otherwiee agree in writing, any such appUcation of proceeds to principal shall not extend or poetpone the due date of the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the amount of auch insta11a4ents. 10. 8orrower Not Released. Eztenaion of the time for pay~nant or modification of amortization of the auma eecured by thia Mortgage granted by l.ender to any eucceHeor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original8orrower and Borrower's succeseore in interest~ I.ender ehall not be required b oommence proceedinga againet auch eucceaeor or refuee to e:tend time for payment or otherwise modify amortization of the auma eecured by thia Mortgage by reason of any demand made by the original BorrowQ and Borrower's aucceHeors in inter~t_ 11. Forbearanoe by Lender Not a Waiver. Aay forbearance by I.ender in eaercising any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or prPClude the exerciee of any euch right or remedy. The procnrement of ineurence or the payment of t~ea or other liene or charg.s by Lender shall not be a waiver of I.eader e right to acoelerate the maturity of the indebtedneea secured by this Mortgage. 12 Remediee Gtimulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be eaerciee~i concurrendy. independently or eucoe8aively. 13. Succesaors and.Asaigns Bound; Joint aad 3everai Liability; Captione. The covenanta and agreementa herein contained ehall bind, and the righte hereunder shall inure to, the respective aucceaeore and sesigns of Lender and Borrower. aubject to the provieions of paragraph 17 hereof. All covenante and agreements of Borrower shall be joint and eeveral. The ceptions and headings of the paragraphe of thia Mortgage are for rnvenience only and are not to be used to interpret or define the proviaiona 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 thie Mortgage shall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addreas or at auch other addreas ea Borrower may deaignate by notice to I.ender as provided herein, and (b) any notice w Lender ahall be given by certified mail. return receipt requested, to Lender e addrees atated herein or to auch other addreas as Lender may designate by notice to Borrower ae provided herein. My notice provided for in this Mortgage ahali be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Morigage; Governing Law; Severability. Thia form of mortgage combines uniform oovenants for national uee and non- uniform covenanta with limited variationa by juriadiction to rnnetitute a uniform security inatrument oovering real property.'I~ia Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the e~ ent that any provieion or clauae of this Mortgage or the Note confiicts with applicable law, auch conflict ahall not af~ect other provisiona of this Mortgage or the Note which can be given ef~ect without the conflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower ahaU be furniahed a conformed copy of the Note and of this Martgage at the time of execution or after recordation hereof l7. 'l~anafer of the Property; Asaump'on. If all or any part of the Property or an interest therein is aold or traneferred by Borrower without Lender s prior written consent, excluding (a) the creation of a lien or encumbranoe subordinate to thie Mortgage, (b) the creation of a purchase money security intereat for household appliances, (c) a tranafer by devise, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intetest of three years or lese not containing an option to purchase, Lender may, at Lender's option, declare aU the sums secured by this Mortgage to be immediaLely due and payable. I.ender ahall have waived such option to accelerate if. prior to the sale or tranafer, Lender and the person to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of auch person ia satiafactory to I.ender and that the intereat payable on the sums secured by this Mortgage ahall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's auccessor in interest has eaecuted a i written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the Note. ' If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoE i Such notice shall pmvide a period of not less than 30 days from the date the notice is rr~ailed within which Borrower may pay the sums declared ' due. If Borrower fails to pay such sums prior to the e:piration of such period, Lender may, without further notice or demand on ~3orrower, i ~nvoke any rnmedies permitted by paragraoh 18 hereof. ~ ; 18. Aoceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or ' agreement of Borrower in thie Mortgage, including the oovenants to pay when due any eums secured by this Mortgage, I.ender ~ prior to acceleration ehall msit notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the actioa ~ required to cure such breach; (3) a date. not leee than 30 days from the date the notice ie mailed to Borrower. by which such : breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reault in i acceleration of the eums aecared by thix Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinstate aRer scceleration and t6e right Eo assert in the foreclosure proceeding the ~ non-e:ietence of a default or any other defenae of Borrower to acceleration and forecloaure. If the breach ie not cured on or g ~ before the date epecifed in the notice. Lender at Lender's option may declare sIl of the sume aecured by this Mortgage to be ? immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in auch proceeding ail e:penaes of toreclosure, including, but not limited to. reasonable attorney's feea, and coate of documentary evidence, abstracte and title reports. 19. Borrower's Right to Reinatate. Notwithetanding Lender's acceleration of the aums aec~red by thie Mortgage, Borrower ahall have ' the right to have any pmceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notea securing Future 3 Advancea, if any, had no acceleratlon occurred; (b) Borrower curea all breaches otany other covenante or agreementa of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforring the covenante and agreementa of Borrower contained in this Mortgage and in enforcing I.ender's rnmedies ea provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d) Borrower takee euch action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender'e interest in the Property and Borrowei a obligation to pay the sums aecured by this Mortgage shall continue unimpaired. Upon such payment and cure ` by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occusred. R Zd. Aeeignment of Rente; Appointment of Receiver. As additional eecarity hemunder, Borrower hereby aeaigna to Lender the rents ~ 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 auch rents as they become due and payable. = Upon ecoeleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed Dy a ; oourt to enter~pon, take posaeseion of and manage the Property and to collect the rente of the Property, induding thoee pasi due. All rents oolleMed by the receiver ehall be applied first to payment of the ooets of management of the Property and coUection of renta, including, but not ~ limited to, receiver e feea, premiume on receiver's bonda and reasonable attorney'e feee, and then to the auma secured by thie Mort~age. The Q receiver ahall be liable to acoount only for those rente actually received. a ~ ' ~ i goer ~U$ Pacc , ~45 r. ~ r~