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HomeMy WebLinkAbout0380 8. Inepection. l.ender may make o~ ra~ae to be made reasunable entriee upon and inepections of the property, provided that l.ender ehall give Borrower notice prior to any auch i~epection specifying reaeonable caw~e therefor related to l.endei s intereet in the Property. 9. Condemnation. The pra.~eeds of aoy award or claim for damagea, direct or consequential, in connectior~ with uny oondeaoaation or uthe~ tsking of the property, or part thereof, or for conveyance in lieu of candemnation, are he~eby aatigned and ehall be paid to Ge~der. !n the event of a total taking of the Pr»perty, the proceeds ehall be applied b the auma eecured by this Mortgage, with the escees, if any, paid to Borrower. In the event of a partial taking of the Prnperty. unleee Borrower and Lender otherwiae agree in writing, there ehall be applied to the eums eecured by this Mortgege euch proportio~ ot the proceede as ia equal tn that proportion which the amount of the euma eecured by this Mortgage immediately prio~ to the date ot taking beare to the fair market value af the Properiy immediately prior to the date of taking, with the balancz of the proceeds paid to Borrowe~. If the Property is abandoned by Borrower, or if, aRer notice by Ixnder to Borrower that the condemnor offere to make an award or eettle a claim [or damagee, Borrower fails to reapond to Le~der within 30 daya afte~ the date such notice ie mailed. Lende~ ie authorized to coUect and appiy the procceda. at l.ender s option, either to restoration or repair of fhe pmperty or to the eume eecured by thie Mortgage. Unleas Lender and Borrower otherwiee agree in writing, any euch application of pro~~eeds to principal ahall not extend or postpone the due date uf the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of auch inetallmente. 10. Borrower Not Reteaeed. Exteneion of the time for paymant or modif~ication of amortization of the euma secured by thie Mortgage granted by I.ender to any succesaor in intereat of Borrower ahaU not operate to rnleaae, in any manner, the liability of the original Borrower nnd t3orrower'a succeasora in inte[eat. I.ender shall not be requirecl to commence proccedinga against euch succeasor or refuae to extend time for puyment or otherwise modify amortitation of lhe suma secu~ed by this Morigage by reason of any demand made by theoriginal E3orrower ~~d Bore~wer s aucresaors in interest. i l. Forbearaace by l.ender Not a R?aiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwiee P~fforded by applicable law. ahall not be a waiver of or preclude the exercise of any euch right or remedy. The procurement of ineurance or the po~~ment of taxea or other liena or chargea by Lender ehal) not be a waiver of t.ender a right to accelerate the meturity of the indebtednees aecured by thie Mortgage. 12. Remedies Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgege or afforded by law or equity, and may be e:erciae~l rnncurrently, independently or aucceaeively. 13. Successore and Aesigne Bound; Joint and Several Liability; Ceptiona. The covenant8 and agreemente herein contained ehall bind, and the righte hereunder ahaU inure to. the reapective succeaeora and aesigna of Lender and Borrower, aubject to the provieione of parngraph 1T hereof. All covenants and agreementa of Horrower shall be joint and eeveral. The captiona and headings of the paraqraphs of this Mortgage are for covenience only and are not Lo be used to interpret or define the proviaione hereof. 14. Notice. F.xcept for any notice rrquired under applicable law to be given in another manner, (a) any notice to E3orrower provided for in thia Mortgaqe ehall be given by mailing such notice by certified mail addreeaed to Borrower at the Property Addresa or at auch other sddteee as Korrower may deaignate by notice to Lender us provided herein, and (b) any notice to l.ender shall be given by certified mail, retum receipt requested, to l.ender a addreas etated herein or to auch other address as I.ender may deaignate by notice to Borrower se provided herein. Any notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. I5. Unitorm Mortgage; Governing I.aw; Severability. Thia form of mortgage combinee uni[orm mvenanfa for national uaeand non- uniform covenanta with limited variationa by jurisdiMion to rnnstitute a uniform security inatrument rnvering real property_ This Mortgage shall be governed by the law of the jurisdiclion in which the Ptoperty ia lc~cated. In the event that any proviaion or clause of this Mortgage or the Note con(ticts with applicable law, such conflict ahall not aftect other provisiona of this Murtgaqe or the Note which can be given effect without the conilicting pmvision, and to this end the proviaiona of the Mortgage and the Note are declared to be severable. l6. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Tranefer of the Property; Asaumption. If all or any parl of the Property or an interest therein ia sold or trpnaferred by Sorrower ..~thout I.ender'a prior written conaent, 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 tranater by devise, deacent or by operation of law upon lhe death of a joint tenant or (d) the grant nf any leasehold interest of three yeara or lesa not rnntaining an option W purehase, Lender may, at Lender's option, declare all the aums eecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the aale or transfer, Lender and the peraon to whom the Property is to be aold or transferred resch agreement in writing that the credit of auch person is satisfactory to l.ender and that the interest payable on the auma secured by this Mortgaqe shall be at such rate as [.ender ahall rrquest. If lxnder has waived the option to accelerate provided in this paragraph 17, and i[ Borrower's successor in intereat has executed a w~ritten assumption aKrecment accepted in writinK by I.ender, l.ender shall release Borrower from ali obligations under this Mortgage and the \ ute. I If I.ender exercises such option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ tiuch notice shall providr a period of not lesx than 30 days from thedate the notic~e is rr.ailed within which Borrower may pay thesums declared ! due. If Borrower fails to pay such aums prior to the expiration of such periud, [.ender may, without further notice or demand on Korrower, ~ invoke any remrdies permitted by paraKraoh IR hereof. 18. Acceleration; Remediea. E:cept se provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thia Mortgage. including the covenants to pay when due any sume eecured by thia Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date. not leas than 30 daya from the date the notice is mailed to Borrower. by which auch breach muat be cured; and (4) that failure to cure such breach on or before the date speci6ed in the notice may result in ~ acceleration of the aume aecured by this Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice shall further intorm Borrower of the right to reinetate after acceleration and the right to assert in the foreclosure prceeeding the non-e:ietence ota default or any other detense of Borrower to aoceleration and foreclosare.lf the breach ie not cured on or before the date epecified in the notice. Lender at Ixnder'e option may declare all of the suma eecured by this Mortgage to be i mmediately due and payable without turther demand and may foreclose this Mortgage by judicial proceeding. l.ender shal l be ~ entitled to collect in such proceeding all e:penaee of foreclosure. including. but not limited to, reasonable attorney's feeA. and ~ coata of documentary evidence, abstracta and title reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding i.ender's acceleration of the euma secured by thia Mortgage, E3orrower shall have the right to have any proceedinga begun by I.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: fa) Borrower pays I.ender all aums which would be then due under thie :~Iortgage, the Note and notes aecuring Future Advancea, if any; had no acceleration occurred; (b) F3orn,wer cures al) breachea of any other covenanta or agreementa of E3orrower cont:iined in thie Mortgage; (c) E3orrower pay8 all reasonable expenxea incurred by I.ender in enforcing the covenanta and agreementa of Borrower ~ contained in this Mortgage and in enforcing I.ender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney's fees; and (d) Borrower takee auch action ae Lender may reasonably require to asaure that the lien of this Mortgage, Lender'a interest in the Property and f3orrower s obligation to pay the sums ae•~ured by this Mortgaqe ahall continue unimpaired. Upon euch payment and cure s by Borrower, this Mortgage and the obligatione secured hereby ahall remain in full force and effect as if no acceleration had cecurred. S 20. Aseignment of Rente: Appointment of Receiver. Ae additional security hereunder, Borrower hereby assiqne to Lender the renta ° of the Property, provided that Horrower ehall, prior to acceleration under paragraph 1 A heroof or abandonment of the Yroperty, have the right ~ to collect and retain auch rente as they become due and payable. £ Upon acceleration under paragraph 18 hereof or abandonment of the Property, [.ender shall be entitled to have a receiver appointed by a court to enter upon, take poaeession of and manage the Property and to rnI1cM the rents of the I'coperty, including thoee paet due. Al! renta ' collected by the receiver shall be applied firet to payment of the costa of management of Lhe Property and collection of rente, including, but not ~ timited to, receiver's fees, premiums on receiver'a bonda and reasonable attorney'e fees, and then to the sums secured by thie Mortgage. The ~ ~ receiver ahall be liable to aceount only for thor~e rente actualty received. ~ ~ ~ ~ ~ ~ ` J~r ~O~ car'C . V 38~ ~ ~ ~ R~_ ~ - ~ ' ~ ~ ~ ~ ~ . ~t ~ -