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HomeMy WebLinkAbout2580 8. Inspectton. I.ender may make or cause to be made rea~onable entries upon at~d inspeMions oithe property. pmvided that Lender shall give Borrower notice prior to any auch inspection specitying reasonable cauee therefor related to Lender's interest in the Pmperty. 9. Condemnadon.'tlre proceads of any award or claim for damages. direct o~ oonsequential, in rnnnection with any oondemnation or other takinR of the pmperty, or part lhereof, or for rnnveyance in lieu oi oond~unation, are hereby aaeigned and shall be paid to Lender. In the event of a total taking of the Property. the peoceede ~haU be epplied to the sums secured by this Mortgege. with the esoess. if any. paid to Borrower. In the event of a partial takin~ ot the Prope:ty. unless Borrower and Lender otherwise agree in writing, there shell be applied to the sums sec~ued by thie Mortga~e such proportion of the proceeds as is equal to that proportion which the amount of the eums eecured by this Mortgage immediately prior to the dete of taking bears to the fair market value of the Property immediataly prior b the date of teking, with the balanoa of the proceeds paid to Borrower. • If the Property is abandoned by Borrower. or it, aRer nodce by I.ender to Borrower that the oondemnor of~ers to make an award or setde a claim for damages, Borrower faile to reepond to Lender within 30 days aiter the date such notice is mailed. Lender is authorized to collect and apply the pmceeds. at Lender s option. eith~ b natoration or repair of the pmperty or to the sums secured by this Mortgage. Unless Lender and Borrower utherwise agree in writing. any such application of peocceds to principal shall not e:tend or postpona the due date of the monthly installments referred f~o in paragraphe 1 and 2 hereof or change the amount o[ such installments. 10. Borrower Not Released. E:teneion of the time for paymant or modification of amortisation of the aume secured by thie Mortgage ~anted by l.ender to any eucceesor in intereat of Borrov~rer shaU not operate to releaee, in any manner, the liability of the original Borrower and Borrower'a eueceseors in interea~ Lender ahall not be required to oommence proceedings againat auch euccesaor or refnae to e:tend time for payment or otherv? iae modify amortization of the suma eecured by thie Mortgage by reaeon of any demand made by the original Borrower and Borrowei a aucc~eesore in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by I,ender in ezercising any right or remedy hereander, or otherwise aflorded by applicable law, ehall not be a waiver of or preclude the e:erciee of aay ~uch rigbt or remedy. The procurement of ina~uance or the - payment of taxes or other liens or rhargea by Lender ahall not be a waiver of Lender's right t~o accelerate the maturity of the indebtedneee secured by thie Mortgage. 12 Remedies G~mulative. All remediea provided in thia Mortgege are distinct and cumulative to any other right or remedy under thie M~rtgage or atforded by law or equity, and may be e:erciee~l concurrendy, independently or eucceeaively. 13. 3uccessore and Aaeigne Bound; Joint and 3everal Liability; Captione. The covenanfs and agreemente herein contained shall bind, and the righte hereunder ahall inure to. the respective succeaeora end seaigne of Lender and Borrower, aubject to the provieione of paragraph 17 hereof. All covenanta and agreements of Borrower shall be joint and several. 71~e captions and headinge of the paragraphe of thie Mortgage are for covenience only and are not to be ueed to interpnt or de5ne the provisiona hereof. 14. Notice. F.xcept [or any notice required under applicable !aw to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addreeaed to Borrower at the Property Addresa or at euch other addreae as E3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender eha11 be given by certified mail, retura receipt requested, to Lender's addresa etated herein or to auch other addrees as Lender may designate by notice to Borrower aa provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Unitorm Mortgage; Goveraing I.aw; 3everability. This form of mortgage rnmbinea uniform oovenanta for national uee and non- unifocm covenanta with limited variationa by juriadiction to constitute a uniform security inatrun~ent oovering real property. This Mortgage shall be govemed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict ahall not af1'ect other provieiona of this Mortgage or the Note which can be given effect without the contlicting proviaion, and to thia end the proviaions of the Murtgage and the Note are declared to be severeble. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Tranafer of the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Botrower w~thout I.ender's priot written consent, ezcluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money eecurity interest for houeehold appliances. (c) a tranafer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the ~trant of any leasehold interest of three yeare or leae not oontaining an option to purchase, I.ender may, at Lender a option, declare all the aums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to aceelerate if, prior to the sale or tranafer, t.ender and the person to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of auch ~ person is satiafactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ehall F request. If [.ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's succesaor in interest has executed a ~ written assumption agreement accepted in writing by I.ender, I.ender ehall rnleaae Borrower from all obligationa under this Mortgage and the ` ti ote. f If Lender exercises such o tion to accelerate, Lender ahail mai) E3orrower notice of acceleration in accordance with ara P p graph 14 hereof = Such notice shall pmvide a period of not less than 30 days from the date the notice is rnailed within which Borrower may pay the aums declared ~ due. If Borrowet fails to pay euch sums prior to the expiration of such period, I.ender may, without further notice or demand on Korrower, ! mvoke any remedies permitted by pazagraoh ?S hereof i ~ 18. Acceleration; Remediee. Except as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage. including the covenante to pay when due any sume eecured by this Mortgage, Lender ~ prior to aoceleretion eha11 mail notice to'Borrower ae provided in paragraph 14 hereof epecifying: (1) t6e breach; (2) the action ~ required to cure such breac6; (3) a date. not leae than 30 days from the date the notice ia mailed to Borrower, by which euch breach muet be cured; and (4) that failure to cure euch breach on or before the date apecified in the notice may result in acceleratioa of the eums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecioaure pro~eeding the non-ezistence ot a default or any other defenae of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date epecified in the notice, Lender at Lender's option may declare all of the suma secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgege by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney'e feea, and ~ costa of documentary evidence, abstracts and title reporta. ~ 19. Borrower'e Right to fteinetate. Notwithatanding Lender's acceleration of the sumasecured by this Mortgaqe, Borrowerahall have ~ the right to I~ave any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing : this Mortgage if: (a) Borrower paya Lender all aums which would be then due under thie Mortgage, the Note and notes aecuring Future ~ Advancee, if any, had no acceleration occnrred; (b) Borrower curea all breaches of any other covenanta or agreemente of Borrower contained in thie Mortgage; (c) Borrower paya all reasonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower oonlained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not 1'united to, reasonable ~ attorney'e feea; and Id) Borrower takee auc6 action as Lendet may rnasonably requirn to assure that the lien of thia Mortgage, Lender'a intereet ~ in the Properiy and Borrower'a obligation to pay the euma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ; by Borrower, thia Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. 5 20. Aaeignment ot Rente; Appointment of Receiver. As additionai security hereunder, Borrower hereby asaigna to Lender the rent8 ~ of the Property, provided that Borrcwer ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to rnllect and retain auch rents aa they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahali be entitled to have a receiver appointed by a ~ rnurt to enter upon, take poaeeaeion of and manage the Property and to collect the rents of the Property, including those past due. All rente ~ collected by the receiver ahall be applied first to payment of the rnata of management otthe Property and collection of rents, including, but not limited to, receiver a feee, premiume on receiver e bonds and reasonable attorney's feea, and then to the auma secured by thie Mortgage_ The receiver ehall be liable to amount only for those rnnta actually received. ~ gnrK ~11 =4~: 3 k 25 7~ : {