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HomeMy WebLinkAbout0813 8. lpspection. I.ender may make or cauae to be made reasonable entries upon and inspectiona of the property, provided that Lender shall give E3onower notice prior to any euch inspection speritying reaeonable cauee therefor nlated to I.ender'e intereet in the Property. 9. Condemnation. The proceede of any award or claim [or damagee. direct or consequential, in connection with any oondemnation or other taking of the pmperty, or part thereof. or fo~ conveyance in lieu of condemnation, are hereby aseigned and shall be paid to I.ender. In the event ot a total taking of the Property. the proceeds shall be upplied to the ewns secured by this Mortgage, with the e:ceea, if any. paid to Bore+ower. !n the event of a partial taking of the Properiy, unless Bortower and Lender otherwiee agree in writing, there shall be applied to the eums secured by this Mortgage such proportion of the proceeds ae is equal to that proportion which the amount of the sums aecured by thie Mottgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking, with the balance of the proceede paid to Borrower. If the Property is abandoned by Boirower, or if, aRer notice by l.ender to Borrower that the condemnor otfera to make an award or settle a claim for damages, Borrower faila to reapond to L.endet within 30 daye after the date auch notice ie mailed, Lender is authorized Lo coUect and apply the proeeeds, at I.endei e option. either b reatoration or repai~ of the property or to the eums eecured by this Mortgage. Unleae Lender and Borrower otherwiee agree in writing, any auch application of proceede to principal ahall not extend or po~etpone the due date of the monthly'ineLallmenta referred to in paragraphe 1 and 2 hereof ~r change the amount of euch inetallmenta. 10. Borrower Not Releaeed. Extension of the time for paym:nt or modification otamortization of the eums secured by this Mortgage granted by Lender to any eucceaeor in inteceet of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower a aucceseore in interea~ Lender ahall not be required to oommence proceedings againat such eucceasor or refuee to e:tend time for payment or otherwise modify amortization of the aums secured by thie Mortgage by reaaon ot any demand made by the original Borrower and $orrower's successora in interest. 11. Forbearance by I.ender Not a Waiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any auch tight or remedy. The procurement of insurance or the payment of ta:ee or other liena or chargee by Lender ehall not be e waiver of I.ender s right to aocelerate the maturity of the indebtednesa secured by this Mortgage. 12 Remediee Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage ot afforded by law or equity, and may be eaercieerl ooncurrently. independendy or aucceeaively. 13. Succeseore and Aseigne Bound; Joint aad Several Liability; Captione. The covenants and agreementa herein contained shall bind, and the rights hereundec shall inure to. the reapective aucceaeore und aaeigne of I.ender and Borrower, subject to the proviaiona of paragraph 1? hereof. All covenants and agreementa of Borrower ahall be joint and eeveral. The captione and headinga of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or defiae the provieiona hereof. 14. Notice. Fxcept 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 auch notice by certified mail addn~ssed to Borrower at the Property Addreae or at such other addrees ae Bortower may deaignate by notice to l.ender as provided herein, and (b) any notice to Lender shaU be given by certified mai1, return rec~eipt requeated, to Lender'a addreas stated hernin or to such other address ae Lender may deaignate by notice to Borrowe~ as pro~~ded herein. Any notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uni form Mortgage; Governing Gaw; Severability. Thie form of mortgage combines uniform oovenante for national use and non- uniform covenanta with limited variations by juriediction to conetitute a uniform security inatrument rnvering real pmperty. Thia Mortgage i shall be governed by the law of the jurisdiction in which the Property is lceated. In the event that any provision or clauae of thie Mortgage or the Note conilicts with applicable law, such conflict shall not affect other provieiona of this Mortgage or the Note which can be given effect without the oonflicting provision, and to thia end the proviaions of the Mortgage and the Note are declared to be severable_ 16. Borro~ver's (',opy. Borrower ahall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecutiori or after recordation hereof. 11. Traneter of the Property; Aseumption. If all or any part of the Property or an intereat therein is autd or tranaferred by Borrower withr;ut l.ender'a prior written consent. eYCluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase mot?ey secyrity intereet for household appliances, (c) a tranafer by deviBe, d~cent or by operation of Iaw upon the death of a joint ~ tenant or (d) the grant of any leasehold intereat of three yeara or less not containing an option to purchase, Lender may, at Lendei a option, ~ declare al) the aums secured by this Mortgage to be immediately due and payable. [.ender ehall have waived such option to accelerate if, prior ~ to Ehe sale ~r transfer, l.ender and the peraon to whom the Property is to be sold or tranaferred mach agreement in writing that the credit of euch ~ person is satisfactary to Lender and that the interest payable on the suma secured by ihis Mortgage shall be at such rate as Lender ahall i request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successar in interest has executed a ; ~vritten assumption agreement accepted in writing by Ixnder, l.ender shall release Borrower from all obligations under this Mortgage and the ' Note. f If Lender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ ~uch notice shall provide a period of not less than 30 days from the date the notice ie mailed within which Borrower may pat the sums declared j due. If Borrower fails to pay such auma prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ' invoke any rnmediea ~ permitted by paragraoh lA hereof. ~ 18. Acceleration; Remediee. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement otBorrower in thie Mortgage, including the oovenanta to pay when due any eume eecured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower ae provided in parsgreph 14 hereof epecifying: (1) the breach; (2j the action ' required to cure auch breach; (3) a date. not leae than 30 daya from the date the notice ie mailed to Borrower, by which euch ° breach muet be cured; and (4) thet failure to cure auch breach on or before t6e date speciCed ir~ the notice may reeult in ~ acceleration of the sums aecured by this Mortgage, foreclosure by judicial proceeding and saleofthe Property. The noticeahall ~ further intorm Borrower of the right to reinatate aRer acceleration and the right to asaert in the foreclosure proceeding the non-e:iatence of a detault or any other defenae of Borrower to acceleration and foreclosure. It the breach is not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all otthe euma secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may foreclosethis Mortgage by judicial prceeeding. Lender ahall be ~ entitled to coliect in such proceeding all e:penaes of forecloaure, including. but not limited to. reasonable attorney's fees. and ' costs of documentary evidence, abetracts and title reporte. ~ t9. Borruwer'8 Right to Reinetate. Notwithatanding Lender's acceleration of the aums aecured by this Mortgage, Borrower shail have ~ the right to have any proceedinga begun by L.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paye Lender all suma which would be then due under this Mortgage, the Note and notea secusing Futnrn _ Advancee, if any, had no acceleration occurred; (b) Borrower cures ell breachee of any other covenants or agreementa of Borrower contained in thie Mortgage; (c? Borrower pays all reasonable expenses incurred by Lender in enf~rcing the rnvenante and agreements of Borrower 3 oontained in this Mortgage and in enforcing L.ender's remedies as provided in paragraph 18 hereof, including, bnt not limited to, reaeonable attorney's feea; and (d1 Bonower takea such action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's intereat - in the Property and Borrower's obligation to pay the auma secured by this Mortgaqe ahall continue unimpaired. Upon auch paymentand cure by Borrower, thie Mortgage and the obligations secured hereby ehall remain in full force and effect as if no acceleration had occurred. ~ 20. Aseignment of Rente; Appointment of Receiver. As additiona) eecurity hereunder, Borrower hereby assigns to Lender the rente ? of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment otthe Property, have the right to collect and retain auch rnnta ae they become due and payable. _ Upan acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appoir~ted by a _ oourt to enter npon, take poeseasion of and manaqe the Property and to collect the renta of the Property, including those past due. All rents ~ oollected by the receiver ahal) be applied firet to payment of the ooste of management of the Property and rnllection of rente, including, bnt not ~ limited to, receiver'e feee, premiums on receiver's bonda and reasonable attorney'a fees, and then to the sums aecnred by thia Mortgage.'It~e ~ receiver ahall be liable to account only for thoae rente actually received. ~ 3 ~ ~ . i ~ , ~ 310 ~~a~~ 813 . ~ ~