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HomeMy WebLinkAbout0506 8. laepection. I.e~der may make or cauee to be made reaeonable entries upon and inqpectione of the pmperty, provided that Lender shall give Borrower notice prior to any such inapection specifying reaeonable cause thecefor related to Lendei a interest in the Property. 9. Coademaation. The proceeds of any award or claim for damages, direct or coneequentiel, in rnnnection with any oondemnation or other taking of the pmperty. or part therec?f. or for convayaaoe in lieu of condemnation, are hereby aesigried and ahall be paid to Lender. In the event of a total taking o[ the Ptoperty. the proceeds shall be epplied b the sume aecured by thia Mortgage. with the e:cees, if any, paid to Borrower. In the event of a pa~tial taking of the Property. unless Borrowet and I.ender otherwise agree in writing. there ahall be applied to the aume eecur+ed by this Mortgage such proportion oi the proceeda as ia equal to that pmportion which the amount of the sums aecured by this Mortgage immedietely prior to the date of taking bears to the fair martet value of the Property immediately prior to the date of taking. with the balanc~ of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor of~ere to make an award or aetde a claim for damages. Borrower faile to reepond to Lender within 30 daye after the date such notice is mailed, Lend~ ia authorized to collect and apply the proceeds. at Lender's option. either to restoration or repair of the pmperty or to the sume secured by this Mortgage. Unlese Lender and Borrower otherwiee agree in wridng, any such application of proceeds b principal ahall noL e~ctend or postpone the due date of the monthly inetallmenta referred to in paregraphs 1 and 2 hereof or change the amount of auch inetallments. 10. Borrower Not Released. Exteneion of the time for paym~nt or modification of amortization of the aums aecured by this Mortgage granted by I.ander to any auccesaor in intereat of Borrower ahall not operate to release, in any manner, the liability of the originai Borrower and Borrower'a succesaora in interea~. Lender ehall not be required to commence proceedings againat such succeseor or refuee to e:tend time for payment or otherwiae modify amortization of the aums aecured by this Mortgage by reason of any demand made by the original Botrower and Borrower a auccessora in interest. 11. Rorbeatance by Lender Not a Waiver. My forbearance by I.ender in e:ercieing any right or remedy hereunder, or otherwise afforded by applicable law. ahall not be a waiver of or preclude the e:ercise o#'any auch right or remedy. The procurement of inaurance or the payment of tauea or other liens or chargea by Lender ahall not be a waiver oi Lender's right to accelerate the maturity of the indebtednees secured by this Mortgage. . 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or af~orded by law or equity, and may be exerciee~i ooncurrendy, independently or aucceasively. 13. Succeesors and Aaeigne Bound; Joint and 3everal Liability; Captioae. The covenanta and agreementa herein rnntained shall hind, and the rights hereunder ahall inure to, the respective succeseors and aesigns of Lender and Borrower, subject to the provisione of paragraph 1? hereof. All rnvenants and agreemenfe of Borrower ahall be joint and eeveral. The captions and headinge of the paragraphe of this Mortgege are for covenience only and are not to be ased to interpret or define the provieiona hereof' ` I 4. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreas or at auch other addreae as , F3orrower may deaignate by notice to Lender as provided hernin, and (b) any notice to Lender shall be givemby certified meil, return receipt requeated, to Lender's address atated herein or to such other addrees as Lender may designate by notice to Borrower as pmvided herein. My notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uaiform Morigage; Governing Law; 3everability. Thie form of mortgage combirtea uniform covenants for national nee and non- uniform covenanta with limited variadona by juriediction to oonatitute a uniform security inatnunent oovering real pmperty. 77iis Mortgage shall be governed by the law of the jorisdiction in which the Property ia located. Jn the event Rhat any proviaion or clauee of thie Mortgage or the Note confliMs with applicable law, such conflict shall not aPfect other provieions of thia Mortgage or the Note which can be given effect w~thout t6e co:iflicting proviaion, and to this end the provieione of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furniahed a rnnformed copy of the Note and of thie MortgaQe at the time of execution or after recor~ation hereof. 17. 7~anafer of the Property; Assumption. If all or any part of the Property or an interest thernin is sold or traneferred by Borrower without i.ender s prior written conaent, e:ctuding the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security inteteat for househoid appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehoid interest of three years or leas not rnntaining an option to purchase, I.ender may, at Lender s option, declare all the sums secured by this Mortgage to be unmediately due and payable. I.ender shall have waived auch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch ~ person is satiafactory to Lender and that the interesst payable on the suma secured by thie Mortgage shall be at auch rate se Lender ahall j requeat. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's auccessor in interest has ezecuted a ( written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the ~ ti ote. € If Lender exerciaea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ` Such notice shall provide a period of not less than 30 days from the date Ehe notice is inailed within which Bormwer may pay the sums declared ~ due. If Borrower fails to pay auch sums prior to the eapiration of such period, Lender may, without further notice or demand on Borrower, ~ mvoke any remediea pennitted by paragraoh 18 hereof. ; 18. Aoceleration; Remediea. E:cept se 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 sums aecttred by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecifying. (1) t6e breach; (2) the action required to cure such breach; (3) a date, not lesa than 30 daye from t6e date the notice ie mailed to Borrower, by which suc6 breach muat be cured; and (4) that failure to cure euch breach on or before the date speciHed in the notice may result in acceleration of the suma secured by this Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to easert in the forecloeure proceeding the non-e:ietence of a defeult or any other defense of Borrower to acceleration and forecloaure. If the breach is not cured on or before the date apecif ed in the notice, Lender at I.ender'e option may declere all of the suma secured by this Mortgage to be immediately due and payable without further demand and may forecloae this Mortgage by judiciel proceeding. Lender ehall be entitled to collect in snch proceeding all e:penses of foreclosure, including. but not limited to, reasoneble attorney's fees, and ~ coats of documentary evideece, abstracts snd title reporte. ~ 19. Borrower's Right to Reinatate. Notwithstanding Lender's acceleration of the suma secured by this Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcinq ~ thia Mortgage if: (a) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notea securing Future Advances, if any, had no acceleration occurred; (b) Borrower curna all bresches of any other rnvenanta or agreementa of Borrower rnntained in this Mortgage; (c1 Borrower pays al) reasonable expenses incurred by Lender in enforcing the oovenants and agreements of Borrower _ contained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 herenf, including, but not limited to, reasonable attorney e feea; and (d) Borrower takea such action as Lender may reasonably require to aseure that the lien of thia Mortgage, Lender'e intereat ~ in the Property and Borrowei a obligation to pay the sums secured by this Mortgage ahali continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aaeignment of Rents; Appointm nt of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the renta of the Property, provided that Borrower aha~l, prior to acceleration under paragraph IS hereof or abandonment of the Property, have the right ` to collect and retain auch rents as they become due and payable. ~ x= 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~pon, take posgeeaion of and manage the Property and to coliect the renta of the Property, including those paat due. All rente ' collected by the receiver ehall be applied firat to psyment of the ooata of management of the Property and collection of rente, including, but not ~ ~ iimited to, receiver e feea, premiums on receiver's bonds and reasonable attorney's feea, and then to the aums eecured by thie Mortgage. The ~ receiver ahall be liable to acoount only for those rents actually received. ' ~ " ~ ~ ~ E pr , 1 ::K :ia:~ i~ `nu,~ ~ ~ ~ ~ ~ _ . . .