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HomeMy WebLinkAbout0070 8. Iwpection. Lender aaay make or cews to bs made re~wneble entrie~ upoa and inapectiona of ttie proprrty, provided that Lender ~haU give Borrower notioe prior to any ~uch irupa:tion ~pecityinQ naionabk cawe therefor related to Lender'~ intered in the Pe~operty. 9. Coademaadon. 71~e proceed~ of any awerd or claim for dama~e~, direct w coaiequential. in conaectioa with any oondemnation or other tslrin~ of the pmperty. or part thereol, or for conveyance ia lieu of oupdarnnation. are hereby ~uai~ned aad ~hhall bs paid to Lender. In the eveat of a total taking of the Propsrty, the proceedi ahell be applied to the ~um~ ~ecured by this MortQuge, with We e:ce~a, if any, psid b Borrower. In the event of a partial takin~ oi the Prope:ty. utileu Borrower and Lender otherwi~e aQree in writin~, there ~haU be applied to the sum~ ~ecured by thi~ MortQage wch proportioa ot the prooeeds as u equal to that pmportion which the amount of the snms secs?red by this Marl~aa~e imzuediat~ly prior to the dat8 of t,aking bcars b tha fair au~ket value of the Pc~perty imraediately priar eo tha dste of taking, with the balanea of the prooeedi paid to Mrrowe:. If the Property is abandoaed by Botrower. or if. aRer aotioe by Lender to Borrower that the oondemno~ ogers to make an award or ~etde a claim for damager. Borrower faib to respond to Lender within 30 days after the date auch notioe is mailed. Lender is authorized tn collect snd apply the pmceed~. at Leader's optioa. either to restoration or repair oI the property or to the a~uns ~ecured by this Mortgaga Unlees Lender and Borroner otherwi~e aQree in writing, any ~uch applicatioa of pe~oceeds to principal shall not ~tead or poetpone the due date of the monthly instellment+s referred to in psragraplu 1 end 2 hereof or change the amounL of such inatallmeat~. 10. Bon~ower Not Released. Extension of the time for paymsnt or modification of amortisation of the sums secured by this Mortgage granted by I.ender to any succeasor in interest of Borrower ahall not operete to release, in any manner, the liability of the original Bormwer . and Borrower'e suocessors in interesi Lender ahall not be required b oommence proceedings againat such auocessor or refuse to e:tend time ' for payment or otherwiee modify amortisation otthe aums secvred by thia Mortgage by reason ot any demand made by 1he original Borrowez and Borrower'e succeeeors in inLereat. 11. Rorbearance by Lender Not a Walver. My forbearanoe by I.ender in e~cercising any right or nmedy hereunder. or otherwi~e afforded by applicable law, shall not be a waiver of or pnclude the ~ercise of any such right or nmedy. The procurement of iasnranoe or the payment of t~ee or other Uens or charges by Lend~ ~haA not be a waiver of Lender s right to aooeluate the maturity of the indebtedness - aecured by thie Mortgage. 12 Remedies Gtitmulatlve. All remediee provided in this Mortgage are distinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exercised wacurrendy. independenLly or suocessively. 13. 3ucceesors and Assigns Boand; Joiat and 3everal Liability; Captions.'11u covenante and agreements herein ooatained shell bind, and the rights hereunder eha11 inure to, the respective auocessors and assigns of Lender and Borrower, eubject to the pmviaions of paragraph 1T hereof. All covenanta and agreemeate of Borrower ehall be joint and several. The captions and headiags of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hee~eof. 14. NoNce. E:cept 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 euch notice by oertified mail addreaeed to Borrower at the Property Addresa or at such other addrees aa Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return reoeipt requeated, to Lendei e addrese stated herein or to such other addreea sa I.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the menner designated herein. 15. Unifotm Mort~age; Governing I.aw; 3everability. Thie form olmortgege combinee uniform oovenanta for natioaal uee and non- uniform covenants with limited variations by jurisdiction to o~natitute a uniform security instrument oovering real propMy.'11~is Mortgage shall be govemed by the law of the juriedictioa in which the Property is located. In the event that any provieion or clauee of this Mortgage or the Note contlicts with applicable law, euch rnntlict shall not atfect other provieions of thie Mortgage or the Note which can be givea eftect without the aonflicting proviaion. and to thia end the proviaione of the Mortgage and the Note are declared to be eeverable. ' 16. Borrower'e Copy. Borrower ehall be furniahed a con[ormed oopy of the Note and of thia Mortgage at the time of execntion or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an ir.tereat therein is aold or transferred by Borro~rer without Lender'e prior written consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgsge. (b) the creation of a - purchase money eecurity intereat for household appliancea. (c) a transfer by devise, descent or by operation of faw npon We death of a joint tenant or (d) the grant of any leaeehold intereet of three yeara or leae not oontaining an option to puzrhase, Lender may, at Lender s option, declare all the suma eecured by thia Mortgage to be immediately due and payable. I.ender ahall have waived snch option to aooelerateif, prior to the eale or tranefer, I.ender and the pereon to whom the Property is to be eold or tranaferred resch egreement in writing that the credit of anch pereon is eatiefactory to l.ender and that the interest payable on the sums secured by this Mortgage shall be at euch rate ae Gender sheli ~ request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower'a auccessor in intereat has e:ecuted a ; written asaumption egreement accepted in writing by Lender, Lender ehall release Borrower from aU obligationa under this Mortgage and the ~ Note. ~ . € If I.ender exerciaea euch option to accelerate, Lender ahall mail Borrower notice of acceleration in acoordance with paraqraph 1~ hereot f Such notice ahall provide a periad of not less than 30 daye from the date the notice is mailed within which Borrower may pay the aums declsred ~ due. If Borrower faila to pay auch aums prior to the e:p'uation of such period, Lender may, withoat fuRher notice or demand on E3orrower, ~ invoke any remediea permitted by paragraoh 18 hereof. 18. Aoceteration; Remedfea. E:cept as provided in paregrap6 17 hereot. upon Borrower's breach of any oovenant or ~ agreement of Borrower ia this Mortge~e. including the oovenents to pay when dne any sums secured by thie Mortgage, Lender prior to acceleration e6a11 mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) t6e actton required to cure such breach; (3) a date, not less t6en 30 daye [rom the date the notice is mailed to Borrower. by which such breac6 must be cured; and (4) that failure to cure euch breach on or betore the date epecified in the notice may result jn acceleration of the sums eecured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower ot the right to reinatate after acceleration snd the right to aeeert in the toreclosure proceeding the non-ezietence ot a detault or any other defense ot Borrower to eceeleration and foreclosure. If t6e breach ia not.cured oa or before the date specified in the notice, Lender at I.ender's option may declare all of the aume serured by thie Mortgage to be ~ immediately due and peyable without furtherdemand and may forecloeethis Mortgage by judicial proceeding. Lender ahall be entitled to collect in such prooeeding aU e:penses of forecloaure. including. but not limited to, reseonable attorney's fees. and ~ coste of documentary evidence, ebstracts and title teporta. 19. Borrower'e Rig6t to Reinstate. Notwithatanding I.ender's acceleration of the eums eecured by thia Mortgage, Borrqwer ahall have the right to have any proceedinga begun by I.ender to enforce thia ,Mortgege discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paye Lender all aume which would be then due under thia Mortgage, t6e Note and notee eec~ring Future Advancee, if any, had no acceteration a.~curred; (b) Borrower cares all breachea of any other rnvenanta or agreements of Borrower rnntained in ~ this Mortgage; (c) Borrower pays all reaeonable expensea incurred by I.ender in enforcing the rnvenants and agreements of Borrower ~ contained in this Mortgwge and in enforcing Lender a remediee as pmvided in paragraph 18 hereof, including, but not limited to, reasonablE ~ attorney'a teea; and (d) Borrower takes ench action es Lender may reasonably require to aaeure thai the lien of thie Mortgage, Lender's intere~t ~ in the Property and Borrower a obligadon to pay the sums secured by this Mortgage shal) continue unimpaired. Upon such payment and cnre ~ by Borrower, thie Mortgage and the obligationa secured hereby shall remain in full force and effect as i! no acceleration had occ~rred. ~ 20. Asoignment of Reate; Appoint~nent of Receiver. As additional security hereunder, Borrower hereby aseigns to Lender the rente ~ of the Property. provided that Borrower ehell, prior to acceleretion under peragraph 18 hereof or abandonment of the Pmperty, heve the right ~ ~ to coUect and retain such rents as they becomt due and payable. = Upon acceleratioa under paragraph 18 hereof or abandunment of the Property, Lender ehall be entiUed to have a reoeiver appointed by a ~ oourt to enttrapon, take poseeseion ot and menage the Property and to rnUect the rents of the Property, induding those past due. All renta j ~ collected by the receiver ahali be applied firet to payment of the ooste of management of the Property and rnllection of rents, including, but not limited to, rec~eiver e feea, preminms on reoeiver's bonda and reasonable attomey'e fees, and then to the eums secured by this Mortgage. The ~ reoeiver shall be liable to acoount only tor those rents ectually received. ~ ~ :rOk~ ~y~ r~~- I ~ ~ ~ ~ ~ r ~ ' %c;