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HomeMy WebLinkAbout0712 8. Inspection. l.ender may meke or cauee to be made reasonable entries upon and inepecuone o[ the property, provided thet l.ender ehall give Aorrower notice prior to any auch inapection specifyi~g reasonable cauee thernfor ~elated to t.ender'e interest in the Property. 9. Condemnation. '11~e proceede of any award o~ claim for damagee, direct or conaequential, in connection with any rnndemnadon o~ other taking of the property, or part thereof, or for conveyance in lieu of condem~atio~, are hereby aeaigned and shall be paid to l.ender. I~ the event ot a total taking of the Property. the proceeds shall be applied to the eums eecured by thie Mortgage. with the esceas, if any, paid to Bortower. in the eve~t of a partial taking of the Property. unless Borrower and [.ender otherwiee egree in writing, there ahull be applied to the aums eecured by this Mortgage such proportion o[the proceeds as ie equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value uf the Property immediately prior to the date of taking. with the balanc~ of the ptoceeds paid to Borrower. It the Property ia ebandoned by Borrower. or if, after notice by l.e~der to Borrower that the condemnor offere to make an award or eetUe a claim for damagea, Borrower fails to respond to Lender within 30 daye after the date auch notice is mailed, l.ende~ is authorized to collect and apply the proceeds. at Lender e option, either to reatoradon or repair ot the pmperty or to the eume secu~ed by this Mortgage. Unleae I.ender and Borrower otherwiee agree in writing, any euch epplication of proceeds to principal ahall not extend or postpone the due date of the mo~thly inatallments refetred Lo in paragraphs 1 and 2 hereof or change the amount of auch instalimenLe. 10. $orrower Not Releaeed. Extension of the time for paym:nt or modification of amortizatiun of the suma secured by thie Mortqage granted by I.ender to any euccessor in intere8t of Borrower ahaU not operate to release, in any m~?nner, the liability of the original Borrower and Borrower's aucceasors in intereat. l.ender shaU not be required to commence proceedings againat such auccessor or refuse to extend time ` for payment or otherwiae modify ~unoriizution of the sums secured by thie Mortgage by mason of any demand made by theoriginal Borrower and Borrower's auccess~ra in interest. i l. Fo~bearance by Lender Not a Waiver. Any forbearance by, Let(de! in:exerciaing any right or remedy hereunder. or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inaurance or the payment of ta:es or other liens or chargea by Lender ehall not be a waiver of [.ender'a right to accelerate the maturity of the indebtednesa cecured by thia Mortgage. 12_ Remediee Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie biortgage or afforded by law or equity, and may be exercieeri concurrently, independendy or auccessively. 13_ Succesaore and Assigne Bound; Joint and Several Liability; Captione. The covenanta and agreementa herein contained ahall bind, a~d the rights hereunder shall innre to, the respective suc~.~eeeors and aesigns of Lender and Borrower, eubject to the provieione of paragraph l7 hereof. All covenants and agreemente of Bormwer ehall be joint and eeveral. The captiona and headings of the paragraphe of thia Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 1 d. Notice. Except for any notice required under ;?pplicable law to be given in another manner, la) any notice to Borrower provided for in this Mortgaqe ahall be given by mailing auch notice by certified mail addreased to ~3orrower at the Property Addrese or at such other addreee ae Eiorrower may deaignate by notice to Lender as provided hernin, and (b) any notice to I.ender ahall be given by certified mail, return receipt requeated, to Lendei s addreas atated herein or to such other address as Lender may designale by notice tu Borrower ae provided herein_ My notice provided for in this Mortgage ahall be deemed to have been given to E3orrovrer or l.ender whrn given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines unifarm rneenanta for national use and non- uniform covenanta with lunited variations by jurisdiction to constitute a unitorm security instrument covering real property.'l~?ia Mortgage shall be governed by the law of the jurisdiMion in which lhe Property is located_ ln the event that ~ny provision or clause of this Mortgage or the Note conilicta with applicable law, auch conflict shall not afiect other proviaiona of this MortKnge or the Note which can be given effect w•ithout the contlicting provision, and to this end the provisions of the MortKaKe and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortqage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aseumption. If all or any part of the E'roperty or an interest therein is sold or tranaferred by Borrower w~thout l,ender's prior written consent, eacluding (a) the creation of a lien or encumbrance sut?ordinate to this Mortgage, lb) the cmation of a purchase mone~terurity intereat foi ~io`use~ d appliances, (c) a transfer by deviae, descent or by operation of luw upon the death of a joint tenant or (d) the,grant of any leasehold interest of three years or leas not containing xn option to purchase, Lender may, at I.ender's option, deciare all the sums aecured by this Mo~age to be immediately due and payable. Ixnder ahall have waived such option to accelerate if, prior to the sale or tra~sfer, Lender and the pereon to whom the Property is to be sold or transferred reach agreement in writing that the credit of such i peraon ia satiafactory to Lender and that the interest payable on the suma secared by this Mortgage shall he at auch rate as i.ender ahall ~ request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if E3orrower's successor in interest has executed a ( written assumption agreement accepted in writing by I.ender, I.ender ahall release E3orrower from all obliKations under this Mortgage and the ! ~iote. - ~ If I.ender exercises such option to accelerate, l.ender shall mail I3orrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than :i0 days from the date the notice is mailecl within which Rormwer may pay the sums declared due. If E3orrower fails tn pay such sums prior to the expiration of such period. Ixnder ma~, without further notice or demand on Korrower, ~ invoke any remedicw permitted by pazaKraoh 1K hereof. ~ ~ 18. Acceleration; Remediea. E:cept as provided in paragreph 17 hereof. upon Borrower's breach of any covenant or agreement of Bortower in thie Mortgage. inciuding the covenants fo pay when due any suma secured by this Mortgage, Lender ~ prior ta acceleration shall mail notice to Borrower ea provided in paragraph 14 hereof specifying: (1) the breach; (21 the action a rcquired to cure such breach; (3) a date, not leae than 30 days from the date the notice ie mailed to Borrower, by which such ~ breach must be cured; and (4) that tailure to cure such breach on or before the date apecified in the notice may result in acceleration of the suma secured by this Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the toreclosure proceeding the non-e:iatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ia not cured on or before the date apecified in the notice, Lender at Lender'a option may declare all of the aums secured by this Mortgage to be immediately due and payable without furtherdemand and mav foreclosr this Mortgage by judicial proceeding. Lendt:r shall be ~~ntitled to collect in c~uch proceeding all ezpenses of foreclosure. including. but not limited to, reasonable attorney's fees, and coste of documentary evidence. abstracts And title reports. 19. Borrower's Right to Reinetate. NotwithstandinK I.ender's acceleration of the suma secured by this Mortgage, Borrower shall have the right to have any proceedings ~nn by [.ender to enforce this Mort~aKe discontinued at any time prior to entry of a judqment enforcing this MortgaQe if: (a) Borrower pays I.ender a11 aums which would be then due under this Mortgaqe, the Note and notes securing Future Advancea, if any, had no acceleration occurred:1b113orrower cures al l hreaches of any other covenants or agreementa of 13orrower conL~ined in this Mottgage; (c) Borrower pays all reasonable expenses incurreci by [.ender in enforcing the covenanta and agreementa of E3orrower contained in this Mortgage and in enforcinK I.ender'a remedies as provided in para~craph 18 hereof, including, but not limited to, rnasonable attorney's feea; and (d) $orrower takea auch action as [.ender may reasunably require tu assure that the lien of this Mortgage, l.en~er e intereat in the Pmperty and Borrower's obligation tc? pa~ the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure ` by Borrower, this Mortgage and the obliKations secured hereby shaU remain in full force and effect as if no acceleration had occurred. ~ 20. Aaeignment of Renta; Appointment of Receiver. As additionai security hereunder, E3orrower hereby asaiqna to Lender the rente ~ of the Property, pmvided that Bormwer ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Yroperty, [.ender shall be entitled to have a receiver appointed by a ~ court to enter.upon, take por+seasion of and manaqe the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver ahall be applied firat to payment of the rnsts of manaRement of the Pmperty and rnllection of rents, including, but not ~ limited to, receiver'a feea, premiums on receiver's bonda and reasonable attomey's fees, and then to the aums secured by this Mortgage. The ~ receiver ahall be liable to acoount only for thnse renta aclually received. ~ ~ ~ ~~~K3U9 ,A~E 712 ~K ~ ° ~"r ~`',v s ~ ~ d~'~; ~ - y