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HomeMy WebLinkAbout0220 8. Inspectloa. Lender me~y make or cause to be made ret~onsOb tatrie~ upon aad Inspections of the property, pmvided that Leades ahall give Borrower aotice prior to any snch inapection specifying ~eaaoaeble cause thare[or related to Lender's interest in We Property. 9. CO/1deO1tlaWOD.'lLe peoceeds of any award os claim for damages. direct or con~aquential. in rnnnection with an,y oondemnation or other taking of the pmpezty, or part thereof, or for oonveysnce in lieu af oondemnation. are hereby as~igned aad shall be paid to Lender. ~ In the event of a total taking of the Property, the prooeeds ahall be applied to the aums secured by this Mortgage. w~ith the e:oas. if any. paid to Borrower. In the eveat of a partial laking of th~ Property. ualees Borro.v~ a,~d Leader oWerwi,e agree in wriang~ there shaU be appGed to the sums aecured by thie Mortgage such pmportion of the prooeeds a~ ie epual b that proportion which the amount of the sume eecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior b the date of taking, with the balanoa of the prooeeds paid to Borrower. If the Property ie abandoned by Borrower. or if. after aotice by Leader to Borrower that the oondemnor off'ers to make an a~vard or settle a claim for damagee. Borrower fails to napond to Lender within 30 days aRsr the date swchh notioe ia mailed. Lender is authorised to collect and ~ apply the pmc~eds. at I.ender's optioa. either to restoration or repair of the pmperty or to We sums secnred by this Mortgage. ' ~ Unless Lender and Borrower otherwise agree in writing. any such application of peooeeds to principal shalt aot eutend or postpone the due ~ date of the monthly iastallments refere~ed to in paragraphs 1 and 2 hereof os chauge the amount of such inatallments. 10. Borrower Not Iteleased. E:tenaion of the time for paymant or modification of amortisation of the auma secured by thia Mortgage granted by Lender to any succesaor in intecest of Borrower shall not operate to releaee. in any manner. the lisbility of the original Bor~ower and Borrower's su~ceaeore in intereat Lendec shall not be reqnired to o~mmence proceedings againet such au~ceeaor or refuse to estend time for payment or otherwiee modify amortization otthe auma ee~vred by thie Mortgage by reaeon of any demand made by the original Borrowet and Borrower s aucceseors in interest. 11. Forbearanoe by Lender Not a Waiver. Any forbearana~•bf.Iknder in e:ercising any right or remedy hereunder. or otherwise afforded by applicteble law, ehall not be a waiver of os preclude the exerciee of any euch right or remedy. The procurem~t of insuranoe or the payment of Lazes or other Uens or chargea by I.ender ahall not be a waiver of Lender'e right ta socelerate the maturity of the indebtedness aecured by thia Mortgage. 1Z Remedies Gtimulative.lU1 remediea provided in this Mortgage are distinct and cumulative to any other right or nmedy under this Mortgage ar afforded by law or equity, and may be pacecciee~i o~ncurreatly, independendy or auooeesively. 13. 3ucceseore and Aeaigne Boand; Joint and 3everal Liability; Captions. The covenants and agreemente herein oontained shall bind, and the righLe hereunder ahall inure to, the respective euoceasors aad aseigns of I.ender and Borrower, eubject to the proviaiona of paragraph 17 hereof. All covenante and agreements of Borrower shall be joint and eeveral. The captions and 6eadinge of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisiona hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mottgage ahall be given by mailing such notice by certified mail addreesed to Borrower at the Property Address or at auch other addnsa as Borrower may deaignate by notice to L.ender ae pmvided herein, and (b) any notice to Lender ahaU be givea by certified mail. return receipt requested, to Lender'a address etated herein or to auch other address as Lender may designate by notice to Borrower as pmvided herein. Any nodce provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Unitorm Mortgage; Governing I.aw; 3ev~erability. Thia form of mortgage rnmbinee unitorm oovenaafs for national uee and non- uniform rnvenants with limited variatione by jariediction to oonatitute a uniform eecurity instn~n?ent covering real pmperty. Thia Mortgage shall be governed by the law of the juriediction in which the Property ia located. In the event that any provieion or clauee of thia Mortgage or ihe Note contlicte with applicable law, such confliM shall not affect other provieions of this Mortgage or the Note which can be given effect without the oonflicting proviaion, and to thie end the provisione of the Mortgage and the rTote are declared to be eeverable. 16. Borr.ower's Copy. Borrower shall be ftirniehed a conformed oopy of the Note and of thie Mortgage at the time of e:ec~~tioa or after recordation hereof. ~ 17.'l~anefer of the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or transferred by Borrower without Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate b thia Mortgage. (b) the creation of a purchese money secarity interest for household appliancea. (c) a tranafer by deviee. deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeare or less not o~ntaining an option to purchase, Lender may, at Lender's option, declare all the sums eecared by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to aocelerate if. prior to the sale or transfer, Lender and the pereon to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the interest ~payable on the sums aecure~i by thie Mortgage shal! be at auch rate as Lender ahall reques~ If Lender has waived the option to acerlerate provided in this paragraph 17, and ii Borrowei s succeasor in interest has e:ecuted a w~ritten assumption agreement accepted in writing by I.ender, L.ender shall release Borrower from all obligationa under this Mortgage and the Note. If Lendez e~cercises auch option to accelerafe, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL i Such nutice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay thesums declared ~ ~ due. If Borrower faila to pay anch auma prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ! mvoke any remedies permitted by paragrauh 18 hereof. _ 18. Acxeleration; Remediee. E:cept as provided in paragraph 17 hereof, apon Borrower'e breac6 of any covenant or ~ agreement of Borrower in this Mortgage, including the oovenante to pay when due any sums eecured by thie Mortgage. i.ender ~ prior to acceleration shall mail notice to Borrower ea provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action a required to cure suc6 breach; (3) a date. not lesa than 30 deys from the date the notice is mailed to Borrower, by which euch ` breach muet be cured; and (4) that failure to cure euch breach on or before t6e date epecified in the aotice may result in ~ acceleration of the sums aecured by thie Mortgage, foreclosure by judicial proceeding and sale of We Property. The notice ehall ~ further inform Borrower of the right to reinatate aRer acceleration and the right to e8aert in the foreclosure proceeding the non-e:istence of a default or any other defenae of Borrower to aoceleration and forecloeure. If the breach ie not cured on or ~ before the date epeciGed in the notice,.Lender at Lender'e option may declare all of the sume secured by thie Mortgage to be immediately due and payeble without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all e:penaes of foreclasure. including, but not limited to, rea8onable attorney's fees, and ~ coste of documentary evidence, abatract8 and title reports. ~ 19. Borrower's Right to Reiqetate. Notwithatanding i.ender's aoceleration of the euma secured by this Mortgage, Borrower ahall have : the right to have any praceedinga begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ this Mortgege if: (a) Borrower pays Lender all aums which would be then due under this Mortgege, the Note and notea securing Future ~ Advanoes. if any, had no acceleration occurred; (b) Borrower curea all breachea of any other oovenante or agreementa of Borrower contained in thie Mortgage; (c) Borrower paya a11 reasonable expenaea incurred by Lender in enforcing the oovenants and agreement8 of $orrower = contained in this Mortgage and in enforcing Lender's remediee as pmvided in paragraph 18 hereof, including, but not limited to, reasonable . a tLorney e feea; and (d) Borrower takea auch action as Lender may reasonably require to aseure that the lien of thia Mortgage, Lender e intereat _ in the Property and Borrower's obligation to pay the suma secured by this Mortgage ahall continue u~impaired. Upon such payment and cnre ; by Bonower. this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occnrred. , 20. Aasignment of Rente; Appointment of Reoeiver. As additional eecurity hereunder, Boaower hereby assigns to I.ender the rente r of the Property, provided that Borrower ahall, prior to aoceleration under parugraph 18 hereof or abandonment of the Property, have the right ~ to coilect end retain auch rents ae they become due and payable. ~ ; Upon acceleration under paragraph 18 hereof or abandonment of the Property, L.ender shall be entided to have a receiver a PPointed by a z court to enterapon, take poeseseion of and manage the Property and to collect the cente of the Property. including thoee paat dne. All rente _ ~ collected by the receiver shall be applied first to payment of the oosta of management of the Property and oollection of renta, including, but not + ~ limited to, receiver'e feee, premiuma on receiver's bonda and reasonable attorney'e feea, and then to the suma secared by thie Mortgage. The ! ~ reoeiver ahall be liable to aco~u~t only for thoee rents actually received. ' ~ I ~ 80~,~10 ~A~~ 220 z `z= ~ ~ Y- ~ _ _ _ _ _'"L')