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HomeMy WebLinkAbout0352 8. Inepection. L.ender may make or cause to be made reasonable entriee upon and inapectiona of the property, provided that I.e~de~ ehall give E3orrower notice prior to any euch inepection specifying reaeonable cauee therefo~ related to Ix~der'e intereat in the Property. 9. Condemnatio~. 77ie proceeda of a~y award or claim for damages, direct or coneequential, in connection with any ooademnation or other taking of the property, or part thereaf, or for conveyance in lieu of oondemnation, ace hereby aseigned a~d ehall be paid to Lender. . ln the event ot a total taking of the Prope~ty, the proceeda ehall ba applied to the aum,~ secured by thie Mortgage, with the e:ceas, if any, paid to Borruwer. In the event of a partial taking ot the Pmperty, unlese Borrower and l.ender otherwiee agree in writing, there ehall be applied to the sums eecured by this Mortgage auch pmpartion of the proceeds as ie equal to that proportion which the amount of the eums aecured 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 balanca of the proceede paid to Bo~ower. I[the Property ie abandoned by Borrower, or if, aRer notice by Lender to Borrower that the oondemnor oPfere to make an award or eettle a claim for damagea, Borrower faile to reapond to Lender within 30 days aRer the date euch notice is mailed, L,ender is authorized to collect and apply lhe procecds, at Lender's option, either to reaLoration or repair of the property or to the euma secured by thie Mortgage. Unless Lender and Borrower otherwiee agree in writing, any auch application of proceede to principal shall not e:tend or poetpone the due daie of the monthly instalimente referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallmenta. 10. Borrower Not Releaeed. E:tension of the time for paymant or modification of amortization of the eums aecured by this Mortgage granted by I.ender to any succesaor in intereat of Borrower ehall not operate to releaee, in any manner. the liability of the original Borrower and Borrower'a successors in interest. Lender ehall not be required to mmmence pra.~eedings againat such eu~resaor or refuse to extend time for paymenE or otherwise modify amortization of the auma secured by this Mortgage by reaeon of any demand made by theoriginal Borrowes cind Borrower's aucces.9ors in interest. 11. Forbearance by I.ender Not a R?aiver. My forbearance by I.ender in e:ercieing any right or remedy hereunder. or otherwiee af~orded by applicable law, ahall not be a waiver of or preclude the e:ercise of any such right or remedy. The procurement of inaurance or the payment of ta:es or other liena or chargea by Lender ahall not be a waiver of Lender e right to aocelerate the maturity of the indebtedneas secured by thia Mortgage. . 12 Remedies Cwnuletive. All remediea provided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or eqnity, and may be exerciee+i rnncurrently, independently or succeesively. • 13. Succeasore and Aseigna Bound; Joint and Several Liability; Captione. The covenante and agreementa herein contained ahall bind, and the rights hereunder ahall inure to, the reapective successors and aseigna of Lender and Borrower, aubject to the provieione of paragraph 17 hereof. AN covenanta and agreements of Borrower shall be joint and eeveral. The captiona and headings of the paragraphe of thie Mortgage are !or covenience only and are not to be used to interpret or define the provisions hereof. 1~1. Notice. ~xcept for s?ny notice required under ttpplicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage ahaU be given by mailing such notice by certified maii addreased to Borrower at the Ptoperty Addresa or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt requested, to I.ender's addreas atated herein or to such other address as Lender may deaignate by notice to Borrower aa provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombines uniform rnvenants for national useand non- uniform rnvenants with limited variationa by juriediction to constitute a uniform security inatrument rnvering real property.l'his Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conilicts with applicable law, auch conflict shali not affect other psovisions of thie Mortgage or the Note which can be given eNect w~ithout the contlicting pro~~sion, and to this end the pmvisions of the Mortgage and the Note are declared to be severable. 16_ Borrower's Copy. Borrower ahall be furniahed a rnnformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. . I T. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower w~thout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Murtgage, (b) the creation of a purehase money secvrity interest for household appliances, (c) a transfef by devise, d~xcent or by operation of law upon the death of a joint ~enan: or (d) the grant of any leasehold interest of three yeara or leae not containing an option to purchase, Lender may, at Lender a option, ciec.are all the aums secured by this 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 ia to be aold or tranaferred reach agreement in writing that the creditof euch ~ person is satisfacto:y to L.ender and that the interest payable on the sums secnred by this Mortgage ahall be at sech rate as L.ender shall ; reyuest_ if I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ~ w~ritten asxumption agrc~ement accepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the \ ote. C If Lender exereises such option to accelerate, [xnder shall mail Borrower notice of acceleration in acrordance with pazagraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from thedate the notice is mailed wethin which Bormwer may pa.y the aums declared ; due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on Korrower, t ?nvoke any remedies permitted by para~raoh 18 hereof. F 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breacti of any oovenant or g aqreement of Borrower in this Mortgage, including the covenanta to pay when due any sume secured by this Mortgage, Lender ¢ prior to acceleration ahall mail notice to Borrower as provid~d in paragraph 14 hereof epecifying: (1) the breach; (2) the action € required to cure such breach; (3) a date, not lesa than 30 daye from the date the notice ie mailed to Borrower, by which such ~ breach muat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reault in ~ Hcceleration of the sums secured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinstate aR.er acceleration and the right to aesert in the foreclosure proceeding the ~ non-eziatence of a default or any other defenee of Borrower to aoceleration and forecloaure. If the breach is not cured on or ~ before the date specified in the notice. Lender at Lender's option may declare all of the Bums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. I.ender shall be ~ entitled to collect in such proceeding all expensea of foreclosure, including, but not limited to. reasonable attorney's fees. and ~ c•osts of documentary evidence. abstracts and title reports. - ~ 19. Bortower's Right to Reinstate. lYotwithatanding Lender's acceleration of theaums aecured by this Mortgage, Borrowershall have ; the right to have any proceedings begun by Lender to enfome this Mortqage disconiinued at any time prior to entry of a judgment enforcing r this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future p Advances, if any, had no acceleration occurred; (b) Borrowercures all breaches of an~~ othercovenants or agreementa of Borrowercontained in ~ this Mortgaqe; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender's rnmedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable ? attorney's fees; and (d) Borrower takea such aMion as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and curn by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aseignment of Rents; Appointment of Receiver. As additional security hernunder, Borrower hereby asaigna to Lender the rents of the Property, provided that Borrower sha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch renfs as they become due and payable. _ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitlcd to have a receiver appointed by a conrt to enter upon, take possession of and manage the Property and to collect the rents of the Property, including thoae past due. All rents ? collected by the receiver ahali be applied first to payment of the costa of management of the Property and rnliection of rente, including, but not : limited to, receiver's feea, premiuma on receiver's bonds and reasonable attomey's feea, and then to the sums secured by this Mortgage. The receiver ahall be liable to acoount only for those rents actually received. ' ~ e ' • - a a ~ 3~ ~e~, 3U8 aa~~ 352 ~ , ~ ~ : ~ ~ f : ~ :~t ~ . ~a~~;~ ~ s~~ ~ - _