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HomeMy WebLinkAbout1349 8. Inspection. I.ender may make o~ cauae to be made reawnable entries upon and inspectione of the property, provided that Lender shall Rive Bormwer notice prior to any such inapection specifying reaso~able cause thenfor related to I.endei s intereet in the Property. 9. Condemnation. The proceeds of any award or claim for damagea. direct or consequential, in connection with any oondemnation or other taking ot the property, or part thereof, or tor conveyance in lieu of rnndemnation, are hereby aa+igned and ahall be paid b l.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sume secured by this Mortgage, with the excess, if any, paid to Borrower. ln the event of a partial taking of the Property. unless Borrower and l.e~der otherwise agree in writing. there ehaU be applied Lo the aums sec~red by this Mortgage such pmportion of the proceeds as is equal to that proportio~ which the amount of the aums secured by this Mortgage immediately prior to the date of takin~ beare to the fair market value of the Property immedietely prior to the date of . Iaking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the condemnor offera to make an award or setde a claim [or damagea, Borrower fails to respond to I.ender within 30 daye atter the date auch notice ia mailed. I.ender is authorised to collect and apply the proc~eeds, at Lender s option, either W reatoration or repair of the pmperty or to the eums eecured by thia Mortgage. Unless Lender and Borrower otherwiee agree in writing, any such application of proceede to principal ehall not extend or poetpone the due date ot the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount of euch inetallmenta. !0. Borrovrer Not Releaeed. F:tension of the time for paymant or modification of amoriization of the euma secured by thie Mortgage Kranted by l.ender to any eucceaeor in intereat of Horrower ehall not operate to release, in any manner, ihe liability of the original Borrower and Borrower'a eucreesors in inteme~ l.ender ehall not be required to oommence proceedinge aqainst euch succesaor or refuae to e:tend time for payment or otherwise modify amortization of the sums aecured by this Mortgage by rnason of any demand made by the original Borrower and Borrower s aucressora in interest. 11. Forbearaace by I.ender Not a Waiver. My torbearance by Lender in e:erciaing any right or remedy hereunder. or otherwise aPforded by applicable law, shall not be a waiver of or preclude the exercire of ~ny snch right or remedy. The procurement of insurance or the payment o[ tanee or other liene or chargea by Lender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtedneas secured by thie Mortgage. 12. Remediee Cumulative. All remediea pmvided in thia Mortgage are dietinct and cumulative to any other right or remedy under this hiortaaae or afforded bv law or eauitv. and mav be exerriee.t concurrenUv. indepeadenUy or eutt~easively. 13. Succeseore and Aseigns Bound; Joint end Several Liability; Captions. The rnvenante and agreements herein rnntained ehall bind, and the tighta hereunder ahall inure to, the reepective aucceseore and aaeigne of I.ender and Borrower, subject to the provieiona of paragraph 17 hereof. All cc?venante and agreementa of Borrower ehall be joint and eeveral. The captiona and headinga of the paragraphe ot thie Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereof. 14. Notice. Eacept for any notice reyuired under applicabie law to be given in another manner, (a1 any notice to Borrower provided torin t his Mortgage ahall be given by mailing such notice by certified mail addreaeed to Eiorrower at the Property Addresa or at such other addreae as 13orrower may designate by notice to Lender as provided herein, and (b) any nc~tice to [.ender ahall be given by certified mail, return receipt requested, to Lender a addreea etated herein or to auch other address as I.ender may designate by notice to Borrower as provided hetein. My notece provided for in thia Mort{;age ehall be deemed to have been given to Borrower or [.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This torm of mortgagecombines uniform rnvenants for national uae and non- uniform covenante with limited variatione by jurisdiction to rnnatitute a uniform aecurity inatrun~ent oovering real property. This Mortgage ~hall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note conflicts with applicable 1aw, such conflict shall not affect other provisiona of this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to thie end the provisions of the Mortgage and the NoEe are declared to be aeverable. 16. Horrower's Copy. Borrower shall be furniahed a rnnformed copy of the Note and of this Mortgage at the time of eaecution or after recordation hereof. 17. Tranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein is sold or tranaferred by Borrower without Lendei a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purrhase money security interest for househotd appliances, (c) a transfer by deviee, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lese not containing an option to purchase. Lender may, at l.ender a opt:on, declare all the Bums eecured by this Mortgage to be immediately due and payable. I.ender ahall have waived auch option to accelerate if, prior to the sale or iransfer, Lender and the person to whom the Properiy is to be sold or tranaferred reach agreement in writing that the credit of such peraon is safisfaMory to Lender and that the interest payable on the suma secured by this Mortgage shall be at such rate xs Lender shali request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if E3orrower's successor in interest has executed a x~ritten asaumption agreement accepted in w~ritinR by l.ender, I.ender shall release Borrower from all obligations under this Mortgage and the ti ote. I If l.ender exercises such option to accelerate. I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 daya from the datr the notice is rc.ailed within which Borrower may pav the sums declared , due. If Borrower fails to pay auch sums prior to the expiration of such period, I.ender may, without further notice or demand on Eiorrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediee. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or ' agreement of Borrower in thia Mortgage. including the oovenante to pay when due any eums eecured by this Mortgage, Lender E j prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) t6e action ; required to cure such breach; (3) a dete. not leas than 30 daya from the date the notice ie mailed to Borrower, by which suc6 ~ breach muet be cured; and (4) thet lailure to cure such breach on or before the date apecited in the notice may result in ~ acceleration of the sums eecured by thie Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice ahail s further inform Borwwer of the right to reinstate atter acceleration end the right to ssaert in the foreclosure proceeding the ~ non-ezistence of a default or any other detense o! Borrower to acceleration a~d forecloeure. If the breach ie not cured on or before the date specified in the notice. Lender at Lender'e option may declare all ot the auma secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may toreclosethis Mortgage by judicial proceedinq. Lender shall be g entitled to collect in such proceeding all expenees otforeciosure. including. but not limited to, reaeonable attorney's fees. and ~ coats ot documentary evidence. abstractrz end title reporta. , ; 19. Borrower's Right to Reinatate. Notwithatanding I.ender's acceleration of the suma eecured by this Mortgage, Borrower ahall have the right to have any proceedinga bc~un by I.ender to enforce this MortgaRe discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a? Borro~++er pays I.ender all suma which would be then due under this Mortgage, the Note and notes eecuring Future = Advances, if any, had no acceleration occurred; tb? Borrower curea all bmaches of any other covenante or agreements of Borrower contnined in ~ thia Mortqage; (c) Borrower pays all reasonable eapenaea incurred by Lender in enforcing the covenante and aKreements of Eiorrower ; contained in thia Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney e feea; and (d1 F3orrower takes such action as Lender may reaeonably require to asaure that the lien of thia Mortgage, Lender'e interest in the Property and Borrower'e ohligation to pay the suma secured by thie Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations aecured hereby ehall remain in full force and effect as if no acceleration had occurred. ~ 20. Aeeignment ot Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigns to I.ender the rente ' of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or absndonment of the Property, have the right to rnllect and rntain auch renfe aa they become due and payable. ; Upon acceleration under paragraph 18 hereo(or ahandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a ~ oourt to enter~upon, take po9eession of and manage the Property and to collect the renta of the Property, includinq those past due. All rents _ collected by the receiver ahall be applied firot to payment of the rnate of management of the Property and coilection of rente, including, bat not ~ limited to, receiver e fees, premiume on receiver's bonds and reasonable attorney's fees, and then to the sums eecured by thie Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. ~ z a t ° CF _:"'r ~~1 ''~:.;13~g ;