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HomeMy WebLinkAbout0829 8. Inapectloa. L.ender may make or cauae to be made reasonable entries upon and inepections of the pmperty, pmvided that Le~de~ ehall give Borrower notioe prior !o any such inepection specifying reaeonable cauee therefor related to I.ender's interee: in the Property. 9. CoadeainatioA.'17~e proceeds of any award or claim for damages, direct or coneequential, in cortnection with any oondemnation or other tating of the property, or part thereof, or for conveyance i~ lieu of condemnation, en hereby asaigned and shall be paid to I.ender. In the event of a Lotal taking of the P~operty, the pmceede ehall be applied to the sums eecured by thia Mortgege, with the ~ceea, if any, paid to Borrower. In the event of a partial taking of the Pmperty, unlese Borrower and I.ender otherwiee agree in writing. there ahall be applied to the euma eecured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the suma eecvred by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the dete of taking, with the balanca of the prooeeds paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by I.ender to Borrower thet the oondemnor oP[ere to make an award or settle a clain for damagea, Borrower faiis to respond to Lender within 30 days after the date such notice is mailed, I,ender is authorized to coUect aad apply the proceede, at I.ender's option. either to reatoration or repair of the property or to the auma secured by thie Murtgage. Ualeae I.ender and Borrower otherwiee agree in writing, any auch application of proceeds to principal ehall not ra~tend or postpone the due d~te of the monthly inetallmente referred to in paragraphe 1 and 2 hereof oT change the amount of auch inelallments. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the suma eecured by this Mortgage graoted by Lender to any aucceaeor in intereat of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower anZ~Borrower'e eucceesors in interea~ Lender shall not be required to oommence proceedinge against auch aucceseor or refuee to e:tend time for payment or otherwiae modify amoriization of the aums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower e aucceasors in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in eaercieing any right or remedy hereunder, or otherwise afrorded by applicable law, ahall not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of ineurance or the payment of ta~ces or other liene or charges by Lender ahaU not be a waiver of Lender a right to accelerate the maturity of the indebtedneas secured by this Mortgage. 12 Remedies Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:erciee~i ooncurrendy, independently or aucceeaively. _ 13. Succeaeors and Aeeigne Bound; Joint and Severai Liability; Ceptione. The covenanta and agreements hemin rnntained ahali bind, and the rights hereunder shall inure to, the reapective auccesaors and aasigns of Lender and Borrower, aubject to the provieions of paragraph 17 hereof. All covenanta and agreemente of Borrower ahall be joint and eeveral. The captions and headings of the paragrapha of thia Mortgage are for covenience only and are not to be ueed to interpret or define the proviaione hereof. 1~. 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 ehall be given by mailing such notice by certified mai! addresaed to Bortower at the Property Addreas or at auch other addreae ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, retum receipt requested, to Lender'a addrees atated herein or to auch other addreas as Lender may designate by notice to Borrower as provided herein. Any nodce provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.ew; 3everability. This form of mortgage combinea uniform covenante for national uee and non- uniform covenanta wiLh limited variations by juriadiction to oonstitute a uniform aecurity inatrument rnvering real property. This Mortgage shal) be governed by the law of the jurisdirtion in which the Property ia lceated. In the event that any provu+ion or clause of this Mortgage or the Note conflicta with applicable law, auch conflict shall not affect other provisions ot this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to thie end the proviaions of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower shall be furnished a con[ormed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17. Tranafer of the Property; Aeaumption. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower ~ w~thout I.endei s prior written conaent, excluding (a) the creation of a lien or encnmbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a juint ~ tenant or (d) the grant of any leasehold interest of three years or lees not containing an option to purchaee, Lender may, at Lendei s option, declare sU the auma secured by this Mortgage to be immediately due and payable. Lender ahall have waived sach option to accelerate if, prior I to the sale or tranafer, Lender and the person to whom the Property ia to be aold or traneferred reach agreement in writing that the credit of such ~ person is satiafactory to Lender and that the intereat payable on the sums aecured by thia Mortgage shall be at such rate as Lender ehal! request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succesaor in intereat haa executed a ! written asaumption agreement accepted in writing by Ixnder, I.endershall release Borrower from all abligations underthis Mortgage and the ~ Note. . E If Lender exercises such option to accelerate, Lender shalt 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 the notice ia mailed within which Borrower may pay the sums declared E due. If Borrower fails to pay auch suma prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ; ~nvoke any remedies permitted by paragraoh 18 hereof. i 18. Acceleration; Remediee. Escept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage. including the oovenanfs to pay when due any Bums secured by this Mortgage, Lender ~ prior to ecceleration ahall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not lese than 30 daya from the date the notice ie mailed to Borrower. by which such ~ breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the suma aecured by thia Mortgage, forecloaure by judicial prceeeding and sale of the Property. The notice ehall 3 further inform Borrower of tbe right to reinstate after acceleration and the rig6t to asaert in the forecloaure proceeding the ~ non-e:istence of a defeult or any other defense of Borrower to acc~leration and foreclosure. If the breach is not cured on or " before the date apecified in the notice. Lender at Lender's option may declare aq of the eume secured by thie Mortgage to be F immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all eapensea ot foreclosure. including, but not limited to. reasonable attorney's feea. and ~ costs of documenta J ry evidence. abstracts and title reporta. 19. Borrower'e Right to Reinstate. Notwithatandinq Lender's acceleration of the aums eecured by thia Mortgage, Borrowershall have ~ the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender a?I aums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances,ifany,hadnoaccelerationcecurred;(b)BorrowercuresallbreacheaofanyothercovenantaoragreementsofBorrowerrnntainedin this Mortgage; (c) Borrower pays ali reasonable expenses incurred by Lender in enforcing the covenanta and agreementa of Borrower ~ oontained in this Mortgage and in enforcing Lender's remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonabie attorney e feea; and (d) Borrower takea auch action as Lender may reasonably require to aesure that the lien of thia Mortgage, Lender's intereet : in the Property and Borrower's obligation to pay the suma secured by Lhis Mortgage shall continue unimpaired. Upon such paymentand cure by Borrower, thia 111ort~tage and the obligations aecured hereby shall remain in fuli force and effect as if no acceleration had occarred. s 20. Aeeignment of Rente; Appointment ot Receiver. As additional security hereunder, Borrower hereby assigns to Lender the renta of the Property, provided that Borrower ehall, prior to acceleration under paragraph I S hereof or abandonment of the Property, have the right to collect and retain auch rente as 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 oourt to enter upon, take poaeession of and manage the Property and to collect the rents of the Property, including thoee past due. All renta oollected by the receiver ehall be applied first to payment of the coets of management of the Property and collection of renta, including, but not ~ limited to, receiver e feea, premiums on receiver's bonda and reasonable attorney'e feee, and then to the sume secured by ihis Mortgage. The 3 receiver shal) be liable to acoount only far thoee rents actually received. ~ ~ i a r~ , r, ~ ~1.0 •ac, r 3 ~ £ "Y. ~