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HomeMy WebLinkAbout0186 8. Inapectiop. Lender may make or cause to be made reasonable entriee upon and inspectione of the property, provided that Lender ehall give Borrower potice prior to any such inapection epecifying reasonable cause therefor related to Lendei s interest in the Property. 9. Coademnatioa. The proceede of any award or claim for damages, direcL or consequential, in connection with any oondemnation or oth~ taking of the pmperty, or part thereof, or for conveyance in lieu of oonde~anatioA, are he~eby aesigned and ehall be paid b Lender. Ia the event of a total taking of the Property. the proceeds shall be epplied to the auma secured by this Mortgage, with the e:oess. if any, paid to Borrower. In the event of a partial talring of the Property. unleea Borrower and Lender otherwise agree in writing. there shall be applied to the anms aecured by this Mortgage auch proportion of the pmceeds ae is equal to that proportion which the amount of the suaas eecured by thie Mortgage immediately prior to the date of taku?g bears to the fair market value of the Property immediately prior to the date of taking. with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lcnder to Borrower that 1he oondemnor off'ess to make an award or setde a cfaim for damagea. Borrower faile to reepond to Lender within 30 days aRer the dete such notiee ie maited, I.eade! ie authorised to coUect and ap~ly the proceeda. at I.ender s option, eith~ to reatoration or repair o! the ptoperty or to the sums eecured by this Morfgage. Unleea Lender and Borrower otherwiee agree in writing, any euch application of pmceeds to principal shall not extead or postpoAe the due date ~f the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of auch inatellments. L~). Borrower Not Releaeed. Extenaion of the time for paym~nt or modification of amortization of the aums aecured by thie Mortgage granted by I.ender to any succeasor in intereat of Botrower ahall not operate to release. in any manner, the liability of the original Borrower and Borrower's saccessora in intereat, Lender ahall not be required to oommence proceedings againat euch aucceaeor or refuee to extend time for payment or otherwiae modify amortization of the sume secured by this Mortgage by reaeon of any demand made by lhe original Borrower and Borrow~'a aucceasors in intereat. 11. Forbearance by I.ender Not a R?aiver. My forbearance by I.ender in e:ercieing any tight or remedy hereunder, or otherwise ai~orded by applicable law, ehall not be a waiver of or preclude the eacercise of any s~ch right or remedy. The procurement of inaurance or the payment of tazes or other liena or chargea by Lender ehall not be a waiver of L.ender'a right to aocelerate the maturity of the iadebtednesa secured by this Mortgage. 12 Remediee Camulative. All remediee provided in this Mortgage are distinM and cvmulative to any other right or temedy undet this Mortgage or af~orded by law or equity, and may be exentieed ooncurrently, independendy or aucceeaively. 13. 3ucceaeors and Aeaigne Bound; Joint and 3everal Liability; Captions. The wvenante and agreementa herein rnntained ahall bind, and the righte hereunder ahall inure to. the respective aucceeaors and asaigne of L,ender and Borrower, eubject to the pmvisions of paragraph 17 hereof. All rnvenanta and agreementa of Borrowez ahell be joint and eeveral. The captione and headings of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the pmvieions hereof. 14_ Notice. Except for any notice required under applicable Iaw 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 addresaed to Borrower at the Property Addreae or at euch other addreea aa l3orrower may deaig~ate 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 addrese ststed herein or to auch other addreee aa Lender mey designate by notice to Borrower as provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner desigaated herein. 15. Uniform Mortgage; Goveraing Lew; 3everability. Thia form of mortgage rnmbinea uniform oovenante for national use and non- uniform covenants with limited variationa by jurisdiction to rnnstitute a uniform security instrument oovering real property. This Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clause of this Mortgage or the Note contlicta with applicable law, such contlict shall not affect other provieiona of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this end theprovisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof 17. 'i~anefe~ oi the Property; Aseumption. If all or any part of the Property or an intereat therein ia sold or traneferred by Borrower without Lender's _prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage. (b) the creation of a purchase money secarity interest for household appliancea, (c) a tranafer by deviae, dcc~ccent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or lesa not oontaining an option to purchase, Lender may, at Lender s option, declare all the sums aecured by thia Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the pereon to whom the Property is to be sold or traneferred reach agreement in vrriting that the credit of auch peraon ia eatiafactory to Lender and that the intereat payable on the suma secured by this Mortgage ahall be set such rate ae I.ender ahall requeat. If C.ender hes waived the option to accelerate provided in this paragraph 17, and if Borrower s succesaor in interest has e:ecuted a written asaumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender ea~ercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereot ' Such notice ahall provide a period of not less than 30 days from the date the notice is rr.siled within which Borrower may pay the sums declared i due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Fiorrower, I invoke any remedies permitted by paragraoh lA hereof. = 18. Acceleration; Remediea. Eacept se provided ia paragraph 17 hereof. upon Bortower'e breach of anq oovenant or ~ agreement of Borrower in thie Mortgage. including the oovenante to pay when due any auma secured by thie Mortgage, Lender ' prior to acceleration ehall mail notice to Borrower ea provided in peragraph 14 hereof specifying: (1) the breuch; (2) the action ~ required to cvre euch breach; (3) a date. not leae than 30 days from the date the notice ie mailed to Borrower, by which euch 3 breach muat be cured; and (4) that failure to cure auch breach on or before the date apecified in t6e notice may reeult in • acceleration of the suaie aecured by thie Mortgage, forecloaure by judicial proceeding and sale of the Property. T6e notice ahall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloeure proceeding the non-e:ietence of a default or any other defenee of Borrower to aceeleration and forecloeure. If the breach is aot cured on or before the date specified in the notice, Lender at Lender's option may declare ell of the sums secured by t6is Mortgage to be immediately due and payeble without further demand and may forecloee this Mortgage by judicial proceeding. Lender ahali be ~ entitled to collect in such proceeding all e:penses of forecloeure, including. but not limited to. reasonable attorney's fees, and ~ costs of documentary evidence, abstracts and title reports. , 19_ Borrower's ftight to Reinetate. Notwithatanding Lender s acceleration of the auma secured by this Mortgaqe. Borrower ehall have ~ the right to have any proc,~eedings begun by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all auma which would be then due under thia Mortgage. the Note and notes aecuring Future Advancea, if any, had no acceleration occurred; (b) Borrower cures a11 brnaches of any other rnvenants or agreemente of Borrower rnntained in ~ this Mortgage; (c) Borrower pays all rnasonable e:penses incurred by Lender in enforcing the covenants and agreemente of $orrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 heceof, including, but not limited to, reasonable £ attorney's feea; and (d) Borrower takes auch action as Lender may reasonably require to seaure that the lien of thia Mortgage, Lender's intereet in the Propetty and Borrower's obligation to pay the sums secured by this Mortgage ahall continue ununpaired. Upon such payment and cure ; by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. ? 20. Aeaignment of Rente; Appointment of Receiver. As additional securit~ hereunder, Borrower hereby assigns to Lender the rents of the Property. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and mtain auch rents ae they become due and payable. ' Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ; coart to enter~pon, take poaseasion of and manage the Property and to collect the rente of the Property, including thoee past due. All renta : collected by the recPiver ahall be applied first to payment of the ooata of management of the Property and collection of rente, including, but not 3 limited to, receiver'a fees, premiuma on reaeiver's bonda and reasonable attorney's feee, and then to the euma eec~red by thie Mortgage. The 5 reoeiver shall be liable to acoount only for those rents actually received. ~ # i ac•kK ~Uy ;a~f ~86 4 e ~ . .~:R ~ , .~c''~ ~-w s.,.~f z. 4 ~ i~ S ~ ~ wz ».s,', s( '",~"'~'S i'»R~-`s "e- ^ C~, x :ar'f ~ '