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HomeMy WebLinkAbout0405 8. lnepection. l.ender may make or cauee to be made maeonable entries upon and inepectiona of the property, provided that l.ender ehall qive f3orrower notice prior to any such inepection specifying reaaonable cauee thercfor related to I.ender's intereat in the Piroperty. 9. Condemnation. The p~oceede of any awsrd or claim for damages, direct or coneeyuential, in connection with any oondemnation or othe~ taking of the prope~ty, or part thereof, or for conveyance in tieu of oondemnution, are hereby aeeigned and ehall be peid to I.ender. In the event of a total taking of the Property, the procecde ehall be applied to the eume eecured by thie Mortgage, with the e:ceee. if any, paid to Borrower. In the event of a partial taking of the Property, unleee Borrower and l.ender otherwiee agree i~ writing. there ahaU be applied to the auma eecured by thia Mortgage auch proportion of the proceede ae ia equal to that propurtion which the amouot of the eume secured by 4tiis Morigage 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 bntanca of the proceeds paid to Borrower. If the Property is abando~ed by Borrower. or if, after notice by I.ender to Borrower that the condemnor of~ere to make an award or setde a claim [or damages, Borrower faile to reapond to l.ender within 30 daye after the date euch notice is mailed, I.ender ie authorised to collect and apply the proc~eeds, et l.ender's option, either to reetoration or repair of the property or to the suma eecured by thia Mortgage. Unlese l,ender and f3orrower otherwiee a~ree in writing, any euch application of proceede to principal ehall not extend or poetpone the due date of the monthly installmente referred W in paragraphe 1 end 2 hereof or change the amount of euch inetallmente. 10. Botrower Not Released. Exteneion of the time for paym~nt or modification of amortization of the euma secured by this Mortgage gra~ted by l.ender to any auccesaor in intereat of Borrower ehall not operate to release, in any mnnner, the liability of the original Borrower and 13orrower'a aucreasora in i~tereat. l.ender ahall not be required to commence proceedinga againat euch succeeaor or refuee to extend time (or payment or otherwise modify amortization of the suma secured by this Mortguge by reason of any demnnd made by the original Borrower and E3orrowei s successora in intereat. I 1. Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in e:ercieing any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exereise of any euch right or rnmedy. The procurement of inaurance or the payment of taxea or other liena or charges by Lender ahall not be a waiver of Lendei e right to accelerate the maturity of the indebtedneae eecured by thie Mortgage. 12_ Remediee Cumulative. All rnmediea provided in thie Mortgage nre dietinct and cumulative to any other right or remedy under thia Mortgage or aftorded by law or equity, and may be exerciee~i rnncurrendy, independently or aucceeeively. 13. Succesaore and Aeaigne Bound; Joint and Several Liability; Captione. The covenante and agreements herei~ contained ahall bind, and the rights hereunder ahall inure to, the reepective aucceseore and aeaigns of I.ender and Borrowet, eubject to the proviaione of paragraph 17 hereof. AU covenants and agreements of Borrower shall be joint and aeveral. The captions end headinge of the paraqrapha of thia Mortgage am for covenience only and are not to be uaed to interpret or define the provieione hereof. 14. 1`utice. Isxcept for any notice required under upplicable law to be given in another manner, (a) uny notice to Borrower provided for in thia Mortgage ehnll be given by mailing such notice by certified mail addressed to f3orruwer at the Property Addresa or at such other addreae ae Borrower may deaignate by notice to I.ender as p~ovided hemin, and (b) any notice to l.ender ehaU be given by certified mail, return receipt requested, to Lender's addreas atated herein or to auch other address as Lender may deHignate by notice to Botrower ae provided hernin. My notice provided for in this Mortgage shall be deemed to have been given to E3orrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law: Severability. This form of mortgagecombines unitorm oovenants for national use and non- uniform covenants with limited variatione by juriadiction to constitute a uniform aecurity inatrument covering rral property. This Mortgage shall be govern~d by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of thie Mortgage or the Note conllicts w~th applicable law, such conflict shall not affect other proviaions of this Mortgage or the Note which can be given ef#'ect without the contlicting pmvision, and to this end the provisions of the MortgaRe and the Note are declared to be aeverable. 16. fiorrower'v Copy. E3orrower shall be furnished a conformed copy o[ the Note and of thia Mortgage at the time otexecution or after recordaiion hereuf. 17. Traneter of the Property; Aseumption. If all or any part of Ehe Property or an interret themin ie sold or traneferred by I3orrower w•ithout I.ender'a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation of e purchase mouey s~rcucity interest for houeehold appliances, (c) a tranafer by deviae, descent o~ by operation of law upon the death of a joint tenant or (d? the grant of any leasehold internst oC three yeare or lesa not containing an option to purchase, I.ender may, at Le~der s option, cieclare all the auma securea by this Mortgage to be immediately due and payabie. Lender shall have waived such option to accelerate if, prior to the sale or tranafer, l xnder iind the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of euch peraon is satiafactory to I.ender and that the interest payable on the auma secured by this Mortgage ahall be nt such rate as l.ender ehall request. If l.ender h:?s waived the option to accelerate provided in thia pazagraph 17, and if E3orrower's succeasor in interest has executed a w-ritten asaumption agreement nccepted in writinQ by I.ender, l.ender ahall release Borrower from all obligations under this Murtqage and the \ ote. i If I.ender exercixes such option to accelerate, l.ender sha11 mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~uch notice shall proKide a period of not less than 311 days from thedate thr notice is rr.~iled within which Borr~~wer may pnY lhe sums declared I due. If Borrower faits to pay such sums prior to the expiratii~n of such peri~xi, I.ender may, without further notice or demand on E3orrower, ~nvoke any remediex permitted by paraRraoh 1R hereof. , I8. Acceleration; Remediea. Ezcept ae provided in paragraph 1? hereot. upon Borrower's breach of any covenant or ~ agreeroent of Borrower in thia Mortgage. including the covenants to pay when due any sumseecured by this Mortgage. Lender ~ prior to acceleration ahall mail notice to ~3orrower as provided in paragrnph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not less than 30 daya from the date the notice ia mailed to Borrower. by which euch bresch muat be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reault in ~ accelerationoftheaumsaecuredbythisMortgage,torecloaurebyjudicialproceedingandseleoftheProperty.Thenoticeshall ~ further inform Borrower of the right to reinstate after acceleration and the right to esaert in the torecloaure 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 before the date epeciGed in the notice, Lender at Lender's option may declere all of the euma secured by this Mortgage to be immediately due and payable without furiher demand and may foreclosethis Mortqage by judicial proceeding. l.ender shall be ~ entitled to collect in such proceeding all e:pensea of Coreclosure. including, but not limited to, reasonable attorney's tees. and c•osta ot docvmentary evidence. abatracts and title reports. 19. fiorrower'e Riqht to Reinstate. Notwithatanding I.ender's acceleration oEthesums eecured by this Mortgage, Korrower ehall have the riqht to have any proceedinga begun by l.ender to enforce this Mort~age diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: la) E3orrower pays l.ender all sums which wuuld be then due under this Mortgage, the Note and notea securing Future Advancee, if any, had no acceleration occurred; Ib) ~3urrower cures all breaches of any othercovenantsor agreements of Borrowermntained in ~ thia Mortgage; Ic) I3orrower paye all reasonable expenses incurred by I.ender in enforcing the covenante and aqreemente of E3orrower ~ contained in this Mortgage and in enforcing I.ender's remedies aa provided in paragraph 1 A hereof, including, but not limited to, reasonable attorney's fees; and ld1 E3orrower takea euch action as l.ender may reasonably require tc~ asaure that the lien of this Mortqage, I.ender'a intereat ~ in the Yroperty and I3orrower's obligation lo pay the sums secured by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Eiorrower, this Mortgage and the obligations xecured hereby ahall remain in full torce and effect as if no acceleraUon had occurred. ~ 20. Asaignment ot Rente; Appointment of Receiver. As additional aecurity hereunder, l3orrower hereby asaigna to Lender the rente of the Property, provided that Borrower ahall, prior to acceleration under paraqraph IS hereof or abandonment of the Property, have the right to collect nnd retein euch rente as they become due and payable. Upon acceleration under paraqraph 18 hereof or abandonment of the Property, I.ender el~all be entitled to have a receiver appointed by a ; court to enter_upon, take posseaeion of and manaKe the f'roperty and to collect the rentx of lhe Property, includinq thoae past due. All rente ~ cvllected by the receiver ehall be applied fin+t to payment of the mate of manaRement of the Prc~perly and rnllectiun of renta, including, but not ~ limited to, receiver's feee, premiums on receiver'e tx>nde and reasonable attorney'e fees, and then to the aume aecured by thie Mortgage. The ~ receiver shall be liable to aca?unt only for thcx;e rentx actualty receivc.~. ~ ~ ~ Y I'"r~ ~v~'' ZO~ W ~ ~ ~ E _ ~5. _ ~ i ~ ~ ~ s.. ;w~ _ - '.~3~« .r,~~'- a