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HomeMy WebLinkAbout1002 8. Inepection. l~ender may make or cauee to be made rcasonable entries upon and inspectio?~s of the p~operty, provided that Lender shaU Kive Borrower notice prior Lo any auch i~epertion epecifying reasunable cauee therefor related to l.endei e intrreat in the Property. 9. Coademnatio~. The procecds of ar?y award or claim for damagee, direct or consequential, in connection with any oondemnation os other taking o[ the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aaeigned and ehall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the aums eecured by thia Mortgage, with the e:ceea, if any, pnid w Borrower. 1~ the event of e partisl wki~g of the Property, unlees Borrower and Ixnder otherwiee agree in writing, there shall be applied to the sums eecured by thie Mortgage euch proportion of the procceda as ia equal to that pmportion which the amount oi the euma aecured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior Lo the date of taking, with the balanca of the proceeds paid to Borrower. If the Property ie abandoned by Borrower. or if, aRe~ notice by Lender to Borrower that the oondemnor offers to make an award or eettle a claim for demagea, Borrower faile to respond to Lender within 30 daye after the date euch notice i8 mailed, Lender ie authorirsd to collect and apply the proceede, at Lender'e option, either to reatoration or repair of the property or to the sume aecured by thie Mortgage. Unlese Ixnder and Borrower otherwiee agree in writing, any euch application of proceede to principal ehaU not extend or poetpone the due date of the monthly inatallmenta referred W in paragirapha 1 and 2 he~eof or change the amount of such inetallmenta. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the aums secured by thie Mortgage Ecranted by [.ender to any succesaor in intereat of Borrower ahall not operate w release, in any manner, the liability of the original Borrower and Borrower'a succeasora in intereat. Lender ahall not be required to commence proceedinge againat auch aucresaor or refuee to extend time for payment or otherwise modify amortization of the auma scxured by this Mortgage by reason of any demand made by the original Borrower ~~nd E3orrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exercieing any right or remedy hereunder. or otherwiae afforded by applicable law, shall not be a waiver of or preclude the exerciee of aay such right or remedy. The procurement of inaurance or the payment of tauee or other liena or chargea by I.ender ahall not be a waiver of I.ender a right to accelerate the maturity of the indebtedneae secured by thia Mortgage. 12 Remedies Cumulative. All remediea provided in thie Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciee~i ooncurrendy, independendy or eucceaeively. 13_ Succesaore and Aaeigna Bound; Joint and Several i.iability; Captione. The covenante and agreements herein contained ehall bind, and the righta hereunder shall inure to, the rnspective aucceaeore and aasigna of Lender and Borrower, subject to the prnviaions of paragraph 17 hereof. All rnvenants and agreements of Borrower ahall be joint and eeveral. The captions and headinge of the paragraphe of thia Mortgage are for covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addreased to Borrower at the Property Address or at euch other addreae ae E3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, retetrn receipt requested, to Lender's addreas atated herein or to auch other address aa Lender may deaignate by notice to Borrower aa pmvided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform covenants for national uae and non- uniform covenante with limited variationa by jurisdiction to conatitute a uniform aecurity inetrument rnvering real property_ Thie Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the 1\ote conflicts with applicable law, such contlict shaU not af~ect other provisions of this Morigage or the Note which can be given effect w~thout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16_ Barrower's Copy. Borrower shall be furnished a rnnformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aseumption. If all or any part of the Hroperty or an interest therein is sold or tranaferred by Bortower w~thout I.endei s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a pumhase money security interest for household appliances, (c) a transfer by deviae, d~scent or by operation of law upon the death of a juint tenant or (d) the grant of any leasehold interest of three yeats or leas not rnntaining 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 shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ie to be sold or traneferred reach agreement in writing that the credit of such person is satisfactory to L.ender and that the interest payable on the aums secured by this Mortgage shall be at such rate as L.ender ahall request: If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a successor in interest has executed a «Titten assumption agreement accepted in writing by Ixnder, I.ender shall release Borrower from all obligationa under this Mortgage and the ; ti ute. ' If Lender exercises such option to accelerate, lxnder shall mail Borrower notice of acceleration in accordance with paragraph 14 heteof. 5uch notice shall provide a peric~d of not less than 30days from the date the notice is mailed within which Borrower may pav thesums declazed ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ' ~nvoke any remedies permitted by paragraoh 1R hereof. ~ 18. Acceleration; Remediea. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenants to pay when due any euma secured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lesa than 30 daye from the date the notice ia mailed to Borrower, by which euch ~ breach must be cured; and (4) that failure to cure auch breach on or before the date epecilied in the notice may result in acceleration of the sums secured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice shall ~ further inform Borrower of the rigl~t to reinatate after acceleration and the right to esaert in the foreclosure prceeeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach ia not cured on or ~ before the date apecified in the notice, Lender at Lender's option may declare all of the sums secured by thie Mortgage to be i mmediately due and payable witho~t further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all e:pensea of foreclosure~ including. but not limited to, reasonable attorney's tees. and ~ costs of documentary evidem~e. abstracta and title reporta. ~ ~ 19. Borrower's Right to Reinstate. Notwithatanding I,ender's acceleration of the aume aecured by this Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all aums which would be then due under thia blortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other rnvenanta or agreements of Borrower contained in ~ this Mortgage; Ic) fiorrower pays all reasonable eapenses incurred by Lender in enforcing the covenants and agreements of I3orrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable 3 attorney's feea; and id) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest Y in the Property and Borrov~er s obligation to pay the sums aecured by this Mortgage shall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. r 20. Asaignment of Rente; Appointment of Receiver. As additional security hereunder, Bonower hereby assigns to Lender the rents r 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 retain such rents aa they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ; court to enter~upon, take posaesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All rents collected by the receiver ahall be applied first to payment of the coata of management of the Property and collection of renta, including, but not ~ limited to, receiver'a fees, premiums on receiver's bonda and reasonable attorney's feea, and then to the sums aecured by this Mortgage. The ~ receiver shall be liable to account only for those rents actually received. . ~ * ~ v ~ ~~k~.309 ~~L: ~ ~ ~ ~x,.~ ~ ~ a``~~ ~ ~g . ~::F-':~._