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HomeMy WebLinkAbout0339 8. Iarpection. l.ender may make or causc to bc made re.swnable entries upon and inspectiona of the proper:y, provided Wat L.ender shall give Borrower ~otice prior to any auch inapection epecifying ~eaao~able cause therefor related to I.enda's inteceat in the Prvperty. 9. Coademnation. Tfie proceeds of any award or claim for damages. direct or rnnsequeatial. in connection with any condemnation or other taking of the property, Qr part thereof, or for conveyance in lieu of oondemnation, are hereby aseigned and ahal! be paid w l.ender. In the event of s total taking o! the Propedy, the proc~eeds shaq be applied to the suma eecured by this Mortgage, with the exceaa, it any, paid to Borrower. ln the event of a partial taking of the Property. unleae Borrower and Lendet otherwise egree in writing, there shall be applied to the eums secured by this Mortgage euch proportion of the proceede aa is equal to that proportion which the amount of the sums secured by this Moctgage immediately prior to the date of taking bearn to the fair market value of the Property immediately prior to the date of taking, w~th the balanea of the proccede paid to Borrower. If the Property is abandoned by Borrower, or if, aRe~ notice by l.ender to Borrower that the oondemnor offere to make an award or setde a claim for damagee, Borrower fails to reepond to Lender within 30 days aRer the date euch notice is mailed, Lender ia authorized to collect and apply the proceede, at Lendei s option, either to reetoration or repair of the pmperty or to the eums eecured by this Mortgege. Unleae Lender and Borrower otherwiee agree in writing, any auch application of proceeds to principal ahall not estend or poetpone the due date of the monthly inetallmente referred to in paragraphs 1 and 2 hereof or change the amount of auch inataUments. 10. Borrower Not Released. Extenaion of the time for paym:nt or modification of amortization of the euma secured by thie Mortgage granted by I.ender to any succeeeor in intereat of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's auccessore in intereat. Lender shall not be required to commence procceding8 againat auch succeaeor or refnee to extend titne for pnyment or otherwise modify amortization oC the sums secured by this Mortguge by reason of any demand made by the original Borrower • and Borrower's successors in intereat. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in exercieing any right or remedy hereunder. or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of inaurance or the payment of ta:es or other liens or chargee by Lender ahall not be a waiver of Lender a right to accelerate the maturity of the indebtedneae secured by thie Mortgage. ' _ 12 Remedies Cumulative. All remedies pTOVided in thie Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and mny be exercise~i concurrently, independendy or aucceeeively. 13. Succeasore and Aesigne Bound; Joint and Several I.iability; Captiona. The covenants and agreements herein contained ahall bind, and the righte hereunder ahall inure to, the respective succeseors and seaigne of Lender and Borrower, subject to the pmvieione of paragraph 1? hereof. All covenanta and agreements of Borrower ahall be joint and eeveral. The captione and headinga of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the p~viaions hereof. 14_ Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addreae or at auch other addreee as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's addresa stated herein or to auch other address as L.ender may deaignate by notice to Borrower as 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 designated herein. 15. Uaiform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenante for national uae and non• uniform covenants with limited variations by jurisdiction to rnnetitute a uniform security instrument rnvering real pmperty. Thie Mortgage shall be governed 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 conflicta with applicable law, such conflict shall not af~'ect other provisiona of this Mortgage or fhe Note'which can be given effect without the rnnflicting proviaion, and to this end the pmvisions of the Mortgage and the Note are declared to be aeverable. 16_ Borrower's Copy. Borrower ahall be fumiahed a conformed copy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17_ 'l~anafer of the Property; Aaeumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower without Lender a prior written rnnsent, excluding (a) the creation of a lien or encumbrance subordinate'to thia Mortgage, (b) the creation of a purchase money security intereat for houaehold appliancea, (c) a transfer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or leas not oontaining an option to purchase, Lender may, at Lendei s option, declare all the sums aecured by this Mortgage to be immediatety due and payable. E.ender ahall have waived such option to aocelerate if, prior ( to the sale or tranafer, Lender and the person to whom the Property ia to be aold or traneferred reach agreement in writing that the rredit of such ~ peraon is satiafactory to Lender and that the interest payable on the suma sec3red by this Mortgage shall be at auch rate as Lender ahall ~ request. If Lender has waived the option to accel~ate provided in this paragraph 17, and if Borrower's auccesaor in interest has executed a written asaumpti~n agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under this Mortgage and the k Note. ~ j If Lender exercises euch option to accelerate, Lender shall mai) Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not le~s than 30 days from the date the notice is mailed within which Borrower may pay the aums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iiotrower, mvoke any remedies permitted by paragraoh 18 hereof. ' 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage. including the oovenanta to pay vrrhen due any sume eecured by thie Mortgage. Lender ~ prior to acceleration ehall mail notice to Borrower ea provided in paragraph 14 hereof apecifying: (1) the breach; (2) the acfion ~ required to cure auch breach; (3) a date, not leae 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 specified in the notice may result in acceleration of the sums aecured by t6ia Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to easert i» the foreclosure proceeding the ~ non-e:iatence of a default or any other defense of Borrower to a~eleration and forecloaure. If the breach ie not cured on or ~ before the date specified in the notice. Lender at I.ender's option may declare sil of the sume secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be ~ entitled to coliect in such prceeeding all e:pensea of foreclosure. including, but not limited to. reasonable attorney's feee. and ~ costs of documentary evidence, abstracte and title reports. 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the suma secured by thia Mortgage, Borrower ahall have ~ the ri ht to have an roceedin a un b I.ender to enforce thia Mortgage diacontinued at an time rior to en of a~ud ent enforrin B Y P B~8 Y Y P ~3' 7 6~ B ~ thia Mortgage if: (a) Borrower paye L.ender all sums which would be then due under this Mortgage, the Note and notes eecuring Future ~ Advancea, if any, had no acceleration occarred; (b) Borrower cures all breaches of any other rnvenants or agreements of Borrower rnntained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforring the covenants and agreements of Borrower ' oontained in this Mortgage and in enforcing Lender e remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable - attorney's fees; and (d) Borrower takes such action as Lender may reasonably requirn to sssure that Ehe lien of this Mortgage, Lender's intereat in the Property and Borrower'a obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure _ by Borrower, this Mortgage and the obligationa eecured hereby shall remain in full force and effect as if no~acceleration had occurred. = 20. Aasignment ot Renta; Appointment of Receiver. As additional ~rity hereunder, Borrower hereby seaigns to Lender the rents ~ of ti~e 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 renta as they become due and payable. g • Upon acoeleration under paragraph IS hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a s y court to enter~upon, take possesaion of and manage ~e Property and to collect the renta of the Property, including those paet due. All renta ~ ool{ected by the receiver-ahall be applied first to payment of the rneta of management of the Property and rnllection of rente, including, but not limited to, receiver'a feea, premiuma on receiver's bonds and reasonable attorney e fees, and then to the auma eecured by this Mortgage. The ~ receiver shall be liable to acoount only for those rents actually received. ~ ~ . a ~ ~ ~U8 ? BOO~i °1Gf 3~ ~ ~ ~ - - - ~,~._w. . ~ ~ _ . , ~ ~ .