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HomeMy WebLinkAbout0409 N. Inepection. l.ender may make or cauee to be made reseonable entries upon and inepectiona of the pn?perty, provided that Lender shall give Borrower notice prior to any euch inepection specifyi~g reseonable cauee therelor related to l.ender'a inlereat in the Properiy. 9. Condemnation. The proceeds of any award or claim for damagee, direct or coneequential, in con~ection with any oondemnation or other taking of the property, or part thereof, or fo~ conveyance in lieu of condemnation, are hereby aseigned and ehaU be paid to I.ender. In the event of a total taking of the Piroperty, the proceeda ehall be applied tu the aume secured by thie Mortgage, with the e:ceee, if any, paid w Borrower. In the event of a partial taking of the Property, unleae Borrowe~ and l.ender otherwiee agree in writing, there ehall be npplied W the auma aecured by thie Mortgage euch proportion oi the proceede aa ie equal to that proportion which the amount oi the eums dei.~ured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of taki~g, with the balance of the proceede paid to Borrower. lf the Property ie abandoned by Borrower, or if, aRer notice by L,ender to Borrower that the condemnor of~ere to make an award or settle e claim for damagee, Borrower faile to reapond to Lender within 30 daya after the date euch notice ie mailed, l.ender ie authorised to collect and apply the procecde, at Lender'e option, either to reetoration or repair of the property or to the eume eecured by thie Mortgage. Unleae I.ender and Borrower otherwiee agree in writing, any auch application of proceede to principal ahall not extend or postpone the due date of the monthly installmente referred to in paragrapha 1 and 2 hereof or change the amount of auch inetaltmente. 10. Borrower Not ReleaBed. Extenaion of the time ter paym~nt or modificstion otamortization of the aums aecured by this Mortgage Kranted by l.ender to any auccea9or in intereat of Borrower ehall not operate to releaae, in any manner, the liability of the uriginal Borrower :ind Borrowei e autt~esaora in intereat. l.ender ahall not be required to commence proceedinga againat auch sacceasor or refuse to extend time fur payment or otherwiae modify amortization of the suma secured by this Mortgay~e by reason of any demand made by theoriginal Borrower :+nd f3orrower a auccessors in interest. 1 l. Forbeerance by Lender Not a Waiver. Any forbearance by Lender in exercieing any right or remedy hereunder. or otherwiee affarded by applicable law, ehall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of ineuraace or the payment of taxes or other liena or chargee by I.ender ahall not be a waiver of l.ender e right to accelerate the maturity of the indebtednese secured by chis Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or aftorded by law or equity, and may be exercise~i concurrently, independently or succeeaively. 13. Succesaore and Aeaigne Bound; Joint and Several Liability; Captione. The rnvenants and agreementa herein contained shall bind, and the righta hereunder ahall inure to, the reapective auccessora and seaigna of Lender and E3orrower, aubject to the provieione of p:~ragraph 1T hereof. All rnvenants and agreementa of Botrower ehaU be joint and eeveral. Thecaptione and headinge of the paragraphe of thix Mortgage are for covenience only and ate not to be used to interpret or define the proviaiona hereof. 14. Notice. Eacept tor ~+ny notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided for in t hia Mortgage ahaU be given by mailing such notice by certified mail addressed to E3orrower at the Property Addreas or at such other addreae ae liorrower may deaignate by notice to I.ender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender's addreas atated herein or to such other address as Lender may deaignate by notice to Borrower ax provided herein. Any notice provided for in thia 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 mortgagecombinea uniform rnvenants for national uee and non- uniform covenanta with limited variations by juriadiction to conetitute a uniform security instrument covering real property.'It~ie Mortgage shaU be governed by the lavv of the jurisdiction in which the Property is located. In the event that any proviaion or clauae of this Mortgage or the Note conilicts with applicable law, euch contlict shal) not affect other proviaions of this Morigage or the Note vrthich can be given effect K•ithout the conflicting proviaion, and to thia end the proviaions of the Mortgage and thr Note are declared to be severable_ 16. Borrower'a Copy. Borrower ahall be furniahed a conformed rnpy of the Note and of thia Morlgage at the time of execution or after rccordation hereof 17 Tranefer of the Property: Aeaumption. If aU or any part of the Property or an interest therein ia sold or traneterred by Borrower w•ithout Lender's prior written consent, excluding (a) the creation of a lien or encurnbrance subordinate tu thia Mortgage, (b) the creation of a pumha.4e money security interest tor houaehold appliances, (c) a transfer by devise, descent or by operation ot law upon the death of a joint tenant or ld) the grant of any leasehold intereat of three years or leas not containing an option to purchase, I.ender may, at [.ender'a option, cieclare all the sums securea by thie Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satiafactury to I.ender and that the interest payable on the aums secured by this Mortgage shall be at such rate as I.ender ahall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if f3orrower's succeasor in interest has executed a w•ritten assumption a~reement accepted in writing by I.ender, T.enderahal) release Borrower from all obligations under this Mortgage and the ~ \ ote. ~ If l.ender exercises such option to accelerate, i.ender shall mail Rorrower notice of acceleration in accordance with paragraph 14 hereof_ ~ ~uch nutice shall provide a period of not less than 3b days from thedate the notice ia mailed within which Borrower may pay the sums declared E duP. If Borrower fails to pay auch sums prior to the expiration of such period, l.ender may, without further notice or demand on f3orrower, ~nvoke any remedies permitted by paragraoh lfi hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thia Mortgage. including the covenante to pay when due any sumsaecured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower se provided in paragraph 14 hereofepecifying: (l) the breach; (2) the aMion ~ reyuired to cure auch breach; (3) a date. not leae than 30 daya from the dete the notice ia mailed to Borrower, by which euch breach muet be eured; and (4) that failure to cure auch breach on or before the date epecified in the notice may resulf in ~ ucceleration otthe sume secured by thie Mortgage, foreclosure by judicial proceeding end eale of the Property.'Il~e notice ahall further inform Borrower of the right to reinetate aRer acceleration and the right to aeaert in the foreclosure proceeding lhe non-e:ietence ota default or any other defenee of Borrower to acceleration and forecloeure. If the breach ia not cvred on or before the date epecified in the notice. Lender at Lender's option may declare all of the sums aecured by this Mortgage to be immediately due and payable without furtherdemand and may forecloaethis Mortgageby judicial proceedir.g. l,endershall be ~ntitled to rnllect in such prceeedinq all e:penaes of foreclosure, including, but not limited to. reasonable attorney's feee, and costa of documentary evidence. abatracta and title reporta. 19. Borrower'e Right to Reinatate. Notwithatanding Lender'a acceleration of theaums eecured by this Mortgage,l3orrower shall ha~•e the right to have any proceedinga begun by Lender to enforce thia Mortgaqe discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a? $orrower paya Lender all sums which would be then due under thia Mortgage, the Note and notes securing Future ~ Advancea,ifany,hadnoaccelerationoccurred;(b)BorrowercuresallbreachesofanyothercovenanteoragreementeofRorrowercontainedin thia Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenanta and aEtreements of Borrower ~ contained in this Mortgaqe and in enforcing Lender's mmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable = attorney's feea; and (d? Borrower takes auch action as Lender may reasonably requirn to aseure that the lien of thia Mortgage, Ixnder'a intereat ~ in the Property and Borrower s obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obliqatione secured hereby ehall remain in full force and effect as if no acceleration had occurred. : 20. Aesignment of Rente; Appointment of Receiver. Ae additiona! eecurity hereunder, Borrower hereby assigna to Lender the rents ~ of the Pro rt pe y, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right _ to collect and retain such rente as they become due and payeble. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahaU be entitled to have a receiver appointed by a ~ court to enter.upon, take poasession of and manage the Property and to collect the renta of the I'roperty, including those past due. All rents collected by the receiver ahall be applied first tb payment of the coate of managementof the Property and rnllection of renti+, including, but not ~ limited to, receivei a fees, premiums on receiver e bonda and reasonable attomey's feee, and then to the suma secured by thie Mortgage. The ~ receiver ahall be liable to acoount only for thoae rente actually received. ~ 3 ~ I ~ ~~~r ~`-'v `~L: ~OJ ~ ~ ~ - `y- }N.. 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