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HomeMy WebLinkAbout1006 8. I~spection. l.ender may make or cauee to be made reasonable entriea upon and inepectiona of the property, provided that I.e~der ahall Kive Eiorrower notice prio~ to any euch inepei.~tion epecifying reaaonable cauBe the~efos related to [.ender'e iotecest in the Property. 9. Condemnation. 'll~e proc~.~ede of a~y award or claim [or damagee, direct or coneequential, in con~ection with any oondemnation or othee~ taking of the pmperly, or part thereof, or [or conveyance in lieu of rnndemnation, are hereby asaig~ed and ahall be paid to I.ender. In the event of a total taking of the Property. the proceeds ahall be applied to the aume aecu~ed by this Mortgage, with the e:ceae, if any, paid to Borrower. I~ the event of a partial taking of the Property, unleae Borrower and l.ender otherwiae agree in writing, there ahall be applied to the auma eecured by thie Mortgage such proportion of the proceede ae ie equal to that proportion which the amount of the euma secured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanc~ of the procecda paid to Bormwer. If the Property ie abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnoc of~ere to make an award or eettle a claim fo~ damages, Borrower faila to reepond to I.ender within 30 daye after the date xuch notice is mailed, Lender ie authorized to collect and apply the procecds, et L.ender e option, either to reatoration or repair of the property or to the eums secured by thia Mortgage. Unleas l.ender and Borrower otherwise agree in writing, any auch application of proceeds to principal ehall not extend or poetpone the due date of the monthly inetallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch inetallments. 10. Borrower Not Releaeed. Extenaion of the tima for paymant or modification otamortization of the aums secured by thie Mortgage granted by I.ender to any eucceasor in interest ot Borrowe~ ahall not operate to release, in any manner, the liability of the original Borrower ~nd Bormwer's auccessore in interest. l.ender shall not be required to rnmmence proceedinga againat auch auccesaor or refuee to extend timr for payment or otherwise modify amortizntion of the sums secured by this Mortgage by reason of any demand made by the original Borrower and E3orrower s successora in interest. I 1. Forbearance by I.ender Not a Waiver. My forbearance by I.ender in exerciaing any right or remedy hereunder, or otherwise afforded by applicable law, ehall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of ineu~ance or the payment of ta:es or other liens or chargea by Lender ahall not be a waiver of L.endei a right to accelerate the maturity of the indebtedneas secured by this Mortgage. 12 Remedies Cumulative. All remediea provided in lhia Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrnntly. independently or aucceeaively. 13. Succegsore and Aeaigna Bound; Joint and Several Liability: Captione. The rnvenants and agreements herein contained ehall bind, and the rights hereunder shall inure to, the mepective aucceaeora and asaigne of Lender and Borrower, subject to the proviaione ot paragraph 17 hereof. All covenants and agreementa 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 ueed to interpret or define the proviaione hereof. 14. Notice. I:xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at euch other addreae as t3orrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt requeated, to l.ender's addreas atated hernin or to such other addreas as Lender may designate by notice to Borrower ae pmvided herein. Any notice provided [or in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform MoMgage; Governing Law; Severability. This formof mortgagecombinea uniform rnvenants for national uaeand non- uniform covenanta with limited variationa by juriediMion to rnnatitute a uniform security inatrument covering real property. This ~lortgage shall be governed 6y the law of the jurisdiMion in which the Property is located. In the event that any pravision or clause of this Mortgage or the Note contlicts with applicable laK, such conflict shall not at~'ect other provisions of thia Mortgage or the Note which can be given effect w•ithout the conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrow~r'9 Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after recor•aation hereof. 17. 'IYanefer of the Property; Aeaumption. If all or any part of the Property or an inte:eat therein is aold or tranaferred by Borrower w~thoat I.endei s prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the cmation of a pumhase mon^y security intereat for household appliances, (c) a tranafer by devise, d~scent or by operation of law upon the dealh of a joint tenanc or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender s option, declam all the sums secureu by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior to tne sale or transfer, I.ender and the person to whom the Property is to be sold or traneferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request_ If I.ender has waived the option to accelerate provided in this pazagraph 17, and if Borrower s successor in interest has executed a w-ritten assumption agreement accepted in writing by l.ender, Ixnder shall release Borrower from all obligations underthis Mortgage and the ti ote. If I.ender exercises such option to accelerate, I.ender shall maif Borrower notice of acceleration in accordance with pazagraph 14 hereof. I Such notice shall provide a period of not less than 30 days from thedate the notice ia mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on Iiorrower, ~ ~nvoke any remedies permitted by paragranh iH hereof j 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreemeat of Borrower in this Mortgage, including the covenanta to pay when due any sums secured by this Mortgage, Lender ! prior to acceleration shall 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 less than 30 daya from the date the notice ia mailed to Borrower, by which auch breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reault in ~ acceleration of the auma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ahall 3 further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloaure prceeeding the ~ non-eaietence of a default or any other defense of Borrower to soceleration and foreclosure. If the breach ia not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the aums secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may foreclose this Mortgageby judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all expenaes of toreclosure. including. but not limited to. reasonabie attorney's fees, and costs of documentary evidence. abstracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithstanding I.ender's acceleration of the sums secured by this Mortgage, Borrowershall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreementa of Borrower contained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney e fees; and (d) Borrower takes such action as Lender may reasonably requirn to assure that the lien of this Mortgage, Lender'a intereat ' in the Property and Borrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon such payment and cute by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rents; Appointment of Receiver. As additional sec~rity hereunder, Borrower hereby assigna to Lender the rents i 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 renfs aa they become due and payable. ; Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ rnurt to enter-upon, take posaeasion of and manage the Property and to collect the renta of the Property, including those paet due. All rents ~ collected by the receiver shall be applied first to payment of the coata of managementof the Property and collection otrenie, including, but not ~ limited to, receiver'a fees, premiuma on receiver's bonda and reasonable attorney's fees, and then to the aums aecured by this Mortgage. The ~ receiver ah$l! be liable to acoount only for those rents actnally received. ~ . ~ ~ $ ~09 it~5 ~ _ . ~ =v - ~ . : ~ ~ z-:: ~ i