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HomeMy WebLinkAbout0628 . S . 8. Iaspection. Lender may make or cause to be made rea~onaWe entrie~ upon aal inspections of the property, provided that Leader shall give Borrower notice prior to any euch inspection specitying reaso~able cauee therefor niated b L.Bnder's interest in the PropMy. 9. Condetanatioa. 7!?e prooeeda of any award or claim [or damagea, direct or consequential, in rn~nection with any oondemnatioa or other taking of the property, or part thereof, or for co~veyance in lieu o! condemnation. an hereby assigned and ehall be paid to I.ender. In the event of a btal taking of the Property. !he proceeds shall be applied to tha swns secured by this Mortgage, with the ezaa. i[ any. paid to Borrower. In the event of a partial taking of the Property. ualew Bonower and L.ender otherwise agree in wrriting. then shaU be applied to the eums secured by this Mortgage such pmportion ot the proceeds as is equal to that.proportioa which the amount of the sums eecured by this Mortgage immediat~ely prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. ' If !he Property is abandoned by Borrower, or if, att~r notioe by Lender to Borrower that the oondemnor otfers to make an award or ~etde a claim for dameges. Borrower feila to rtapond w I.ender within 30 days aft~r the date auch notice is mailed. Lender ie authorisad to collect and - apply the proceeds, et Lendei s option, either to restoration or repair of the property or to the sume secured by this Morlgage. Unleas Lender and Borrower otherwiee agree in writing. any such applicatio~ of proceeds to principal shall not extend or poetpone the due date of the monthly installments referred to in paragraphs 1 and 2 henof or change the amount of such inetaUments. 10_ Borrower Not Releseed. E:teasion of !he time for paym~nt or modification of amortization of the eums secured by thia Mortgage granted by l.ender to any eucceesor in intereat of Borrower ehall not operate to releane, in any manner, the liability of the original Borrower and Borrower's succeaeore in intereei l.ender shall not be required to oommence proceedings againat euch aucceaeor or refuee b extend time [or payment or otherwiae modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Borrower and Borrovrer a successore in intereat. 11. Forbearanoe by I.ender Not s Waiver. My forbearance by I.ender in e:ercising any right or nmedy hereunder. or other~vise af~orded by applicable law. shall not be a waiver of or preclude the exemiee of any auch right or remedy. The procurement of inaurance or the payment of taxes or other liens or chargea by Lender ahall not be a waiver of Lender s right to accelerate the maturity of the indebtednesa aecured by thie Mortgage. 12. Remedies Cumulative. All remediea provided in this Mortgage are diatinct and cumulative Lo any other right or remedy under this ~.^.~a aC :Ii .°.~:CS:La.°..3~. .~`,J C2: .:y:::~;~. °.nd ~nJ {.a o~as~,w~o,~a~i ~nnn~~s~enHJ~ in__dwe~~p~rlonflv nr oni'lYa~lYllY- 13. 3ucceseors and Aseigne Bound; Joint and 3everal Liability; Captions. The oovenanta and agreementa herein oontained shall bind, and the righte hereunder ahall inure to, the reepective succ~eseore and assigns of L.ender and Borrower, aubject to the provisione of paragraph 17 hereof. Ali covenants and agreementa of Borrower ahall be joint and eeveral. The captions and headings of the paragraphs of thie Mortgage are for covenience only and are not to be ueed to interpret or define the proviaions hereof. 14. Notice. Except for any notice required under applicabie law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreae or at such other addreas as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested, to Lender's address atsted herein or to such other addreHS ae Lender may designate by notice to Bon~ower as provided herein. My notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing l.aw; Severability. Thia form of martgage oombinea uniform oovenanta for national uee and non- uniCorm rnvenants with limited variations by juriediction to oonetitute a nniform aecnrity inetrument rnvering real property. This Mortgage ahall be governed by the law of the juriadiction in which the Property ie located. In the event that any provieion or clauee of thie Mortgage or che Note conilicts with appGcable law, such rnntlict ehall not affect other proviaions of this Mortgage or the Note which can be given effect without the contliciing provieion, and to thia end the provisiona of the Mortgaqe and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. • 17. 'I'ranefer of the Property; Asaumption. I[ all or any part of the Property or an intereet therein is eold or traneferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a purehaae money aecurity intereat for houeehold applianoes, (c) a tranefer by deviee, d~ecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lesa not containing an option to purchase, Lender may. at Lender s option, declare all the auma secured by this Mortgage to be unmediately due and payable. Lender ehall have waived such option to accelerete if, prior to the sale or transfer, Lender and the peraon to whom the Property ie W be eold or transferred reach agreement in writing that the creditof auch person is satisfactory to I.ender and that the interest payable on the sums eecured by this Mortgage ehall be at auch rate as Lender shall request. If i.ender has waived the opt~on to accelerate provided in this patagraph 17, and it Borrorrer a succeasor in interent has executed a written asaumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligatione under this Mortgage and the j Note. ~ If Lender e:errises such option to accelerate, Lender shall mail E3orrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a peried of not less than 30 daya from the date the notice is rnailed within which Borrower may pay the suma deciared ! due. If Borrower fails to pay such suma prior to the expiration of such period, l.ender may. without furiher notice or demand on ~3ortower, ~ mvoke any remediea permitted by paraqraoh 18 hereof. ; 18. Acceleration; Remediee. E:cept as provided in petagraph 17 hereof, upon Borrower'e breach of any oovenant or ; agreement of Borrower in t6ie Mortgsge, including the oovenante to pay when due any suma secured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action ~ required to cure such breach; (3) a date. not lesathan 30 daye from the date t6e notice ie mailed to Borrower, by which such . € breach must be cured; and (4) thet failure to cure such breach on or before the date specified in t6e notice may result in ~ acceleration of the suma eecured by t6ia Mortgage. torecloaure by judicial proceeding and aale of the Property. The notice s6all ~ further intorm Borrower otthe right to reinetate after acceleration and the right to aesert in the foreclosure proceed'wg the a non-ezietence of a default or any other defenae of Borrower to acceleration and forecloeure. If the breach ie not cured on ar ~ before the date apecified in the notice. Lender at Lender's option may declare all ot the auma secured by thie Mortgage to be § immediately due end payable without further demand and may toreclose thie Mortgage by judicial proceeding. Lender ehall be . ~ entitled to collect in auch proceeding all e:penses of foreclosure, including, but not ltmited to, reasonable attorney'8 fees, and ~ coete of documentary evidence, abetracte and title reporta. ~ 19. Borrower'B Right to Reinetate. Notwithstanding Lender'a acceleration of the auma secured by thie Mortgage, Borrower shall have ; the right to have any proceedings begun by I.ender to enforce this Mortgage diacontinued at an time riar to en of a'ud y p try ~ gment enforcing ' this Mortgage if: (a? Borrower paya Lender all aums which would be then due under this Mortgage, the Note and notee securing Future Advancee, if any, hnd no acceleration occurred; (b) Borrower cures all bmachea of any other rnvenante or agreemente of Borrower rnntained in thia Mortgage; (c) Eiorrower pays all reasonable eapenses incurred by Lender in enforcing the rnvenanta and agreemente of Bortower ~ contained in thia Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ; attorney's fees; and (d) Borrower takes auch action se Ixnder may reaaonably require to aeaure that the lien of thie Mortgage, Lender'e intereet in the Property and Borrower a obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon such payment and cure ' by Borrower~ thie Mortgage and the obligationa eecured hereby ahall remain in full torce and effect as it no acceleration had occurred. 20. Aeeignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigna to I.ender the renta of the Property, provided that Borrower shall, prior to acceleration under paragraph I S hereof or abandonment of the Property, have the right ' to collect and retain auch rents ae they become due and payable. ' k Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to heve a receiver appointed by a ,oourt to enter.upon, take posseseion of and manage the Property and to collect the rente of the Property, including thoee paet due. All renta € wllected by the receiver ehall be applied firat to payment of the ooete of management of the Property and rnllection of renta, including, but not ~ limited to, receiver'e feee, premiuma on receiver e bonda and reasonable attomey's fees, and then to the sums eecnred by thie Mortgage. The ~ receiver ehall be liable to acoount only for those rents actual{y received. ~ ~ ~ ~ 1 .a~~ 627 . ~ 3i