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HomeMy WebLinkAbout2297 , ; 8. IASpection. I.ender may make or cause to be made reeuonable entrier upon and 'uupectiocu of the property, pmvided that Lende~ ~haU _ give Borr~ower notioe prior b any such inspection epecifyiag reasonable ceuse therefor related to Lende~'s interest in the Property. 9. CORd@~D11aU0A.'I~e prooeeds of any award or claim for damage~. direct or con~equential. in connection with any condemnetion or othe~r taldng ot the prope~ty. or part thereof. or for co~veyanoe in Geu of condemnation. are hereby assigned and shall be paid b l.ende~. In the event of a total taking of the Propetty. the proceeds shap be applied to the sums secured by this Mortgage, with the e:oee~, if any, paid to Borrower. ln We event o! a partial taking of the Propert,y, unless Borrowe~r and I.ender othe~rise agree ia writin~. thsre ~haU be applied b the aums aecund by this Mortgage snch proportioa of the proceed~ as is equal to that proportioa which the amouat of the sum~ eecured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Propetty immediately prior to Ws date of tahing. with the balanc~e of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. atter notioe by Lend~ to Bo~ower that the oondemnor offers ta make an award or settle a claim for damages. Borrower faila to respond to Lender writhin 30 days aR.er the date such notioe ie mailed. Lender is suthorised to oollect and apply the prooeeds. at I.ender s option, either to netoration or repair of the property or to the sums secured by this I1lortgage. Ualess Lender and Borrower othe.rwise agree in writing. any such application of pruceeds to principal shall not e:tend or poetpone tks due date of the monthly installmenta referred to in paragraphs 1 and Z heteof or change the amount of snch installmeat~. 10. Borrower ~Not Released. E:tension of the time tor paym:nt or modification of amortization of the sums eecured by this Mortgege granted by Lender to any auccessor in intereat ot Borrower ahall not operate to releaee, in any manner. the liability of the original Borrower and Borrower'a euoceseora in interesi Lender shall not be required to oommence pmccedings against such succeasor or refuse to e:tend time for payment or otherwise modify amortization of the suma secured by this Martgage by reaeon of any demand made by the original Borrower and Borrower's succeasore in interest. ! 1. Forbearanoe by Lender Not a R?elver. My forbearance by L,ender in ezercieing any right or remedy hereunder. or othrrwise a~orded by applicable law, ahall not be a waiver of or preclude the ~ercise of aay such right or nmedy. The procurement of ineuranoe or the payment of tazes or other liene or chargea by Lender ahall not be a waiver of Lendei s right to aoceleratc the maturity of We iadebLedness eecured by this Mortgage. l 2 Remedies Cumulative. All remediea provided in thie Mortgage an diatiact and cumulative to any other right or remedy ~u?der this Mort{~age or af~orded by law or equity, and may be exercise~l ooncurrently, independeatly or aucceasively. 13. 3ucceseore and Asaigns Bound; Joint and 3everal Liability; Captione.'I1ie rnvenants and agreemente herein contained shall bind„ and the righte hereunder ahall iaure to. !he reapective succeeeors and aaeigns of Lender and Borrower, aubject to the pmviaions of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and deveral. The captione aad headinga of the paragrapha of ~ thie Mortgage are for covenience only and are not to be uaed to interpret or define the provisions hereof. 14. 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 ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addrees or at euch other addrees as Borrower may designate by notice to I.ender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, retum reoeipt requeated, to Lendei a addrese atated herein or to such other addreas ae Lender may deeignate by notice to Borrower as pm~~ded herein. Any notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage rnmbinea uniform oovenants for national uee and non- uniform rnvenants with limited variationa by jurisdi.:don to oonstitute a unitorm security instrun?ent oovering real property. Thia Mortgage ahall be governed by the law of the juriedirtion in which the Propedy ia located. In the event that any provision or clauae of thie Mortgage or the Note conflicte with applicable law, auch contlict ahall not a8'ect other provieiona of this Mortgage or the Note which can be given e~sect withont the contlicting provision, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ehall be furniehed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. " . ~ 17. 'I~anafer of the Property; Aeeumptioa. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower without Lender'a prior written conseat, e:cluding (a) the creation of a lien or encumbrance aubordinate to ihia Mortgage, (b) the creation of a purehase money eecurity interest for houeehold appliencea. (c) a transfer by deviee, dr.scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three yeara or less not containing an option to purchase. I.ender may, at Lender'a option. declare aU the sume secnred by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to aocelerate if. prior I to the sale or transfer, Lender and the person to whom the Property is to be eold or transferred reach agreement in writing that the credit of such peraon is satisfactory to Lender and that the intereat payable on the suma secured by this Mortgage ahall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei s aucceasor in intereat has e:ecuted a written asaumption agreement accepted in writing by Lender, Lender sha11 release Borrower from all obligatione under this Mortgage and the ' Note. i If Lender exerciaea auch option to acoelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. f Such notice shall rovide a p period of not less than 30 days from the date the notice is rr,ailed within which Borrower may pay the aums declared , due. If Borrower faila to pay such sums prior to the e:piration of auch period, Lender may, without further notice or demand on Korrower, ~ invoke any remedies permitted by paragra~h 18 hereof. E 18. Acceleration; Remedies. E:cept as pmvided in paragrap6 17 hereof, upoa Borrower'e breach of any oovenant or ~ agreement of Borrower in thie Mortgage. including the oovenanta to pay when due any eume aecured by thie Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the actioa ~ required to cure euch breach; (3) a date, not leae than 30 days from t6e date the notice ie mailed to Borrower, by which euch ~ breach muat be cured; and (4) that failure to cure auch breach on or before the date epeci6ed in the notice may result in ~ acceleration of the sums aecured by this!iortgage, foreclosure by judicial proceeding and eale of the Pmperty.The notice ehall ~ further inform Borrower of the right to reinetate aiter acceleration and the right to saeert in the foreclosurn proceeding the ~ non-ezietence of a default or any other defense of Borrower to aceeleration and forecloeure. If t6e breach ie not cnred on or before the date epecified in the notiee, Lender at Lender's option may declare all of the eums secured by thiB Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in euch proceeding all ezpenses of foreclosure, including, bnt not limited to. reasonable attorney's tees. and coste of documentary evidence. abstracta and title reporte. ~ 19. Borrower'e Right to Reinetate. Notwithstanding I.ender'e acceleration of the suma eecured by thie Mortgage, Borrower ehall have ~ the right to have any proceedinqa begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender a11 auma which would be then due under thia Mortgage, the Note and notes securing Future Advsncea, if any, had no acceleration occurred; (b) Borrower cures all breachea otany other covenante or egr~emente of Borrower contained in thiB Mortgage; (c) Borrower pays all reaeonable expensea incurred by I.ender in enforcing the covenante and agreemente of Borrower ~ oontained in thia Morigaqe and in enforcing Lender e remediea ae pmvided in paragraph 18 hereof, including, but not limited to, reasonable ; attomey a feeH; and (d) Borrower takee euch action aa Lender may reasonably require to assure that the lien of thia Mortgage, Lender'a intereat ~ in the Property and Borrower a obligation to pay the aums aecured by this Mortgage ahall rnntinue unimpaired. Upon auch payment and cure E by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect ae if no acceleration had occorted. = 20. Aseignment of Renta; Appointmeni of Receiver. As additional eecurity hereunder, Borrower hereby asaigne to Lender the rente ~ of the Property, provided that Borrowet shall, prior to acceleradon under paragraph 18 hereof or abandonment of the Property, hsve the right ' to collect and retain auch rents as they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appuinted by a wurt to enterLpon, take poaeeeaion of and mana e the Pro g perty and to collect the rente of the Property, including thoee paat due. A11 renta * co0ected by the receiver ahall be epplied firet to payment of the ooete of management of the Property and collection of rente, including, but not ~ limited to, receiver e feee, premiumB on receiver's bonds and reasonable attomey e feea, end then to the auma eecured by this Mortgage. The ~ ~ receiver ehall be liable to acoount only for thoee rente actually received. ~ ~ ~ ~ ~ ~':?R~ 311 ~A~; 2296 ~