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HomeMy WebLinkAbout2588 8. Inspectioa, L.ender mqy make or causa b be made reawru?61e tntries upon ana i~apections oithe property, provided the~ 1~epder shall give Borrower notice prior to any such inspection specifring reasopable canse therefor relatRd to Lender's iaterest i~ the Property. 9. Condemnation.'11?e proceeds of aay award or claim for damages, direct or consoquential, in conneMion with any oondemnetion or other taking of the property. or part theroof, or [or conveyance in lieu oi oondemnation, are hereby aasigned and shall be paid to I.eader. In the event of a btal taking of the Property. the proceede shall bs applied to the eums secur'ed by this Mortgage, wiW the esoeea. if any, paid to Borrower. In the event of a partial taldn8 of the Property. unlees Borrow~ and Lender otherwise agree in writin8. then shall be applied to the sums secund bY this Mortgage such proportion of the proceeds as is eR~al to that P=°P°~on which the amount of the sums secvred by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balaaee of the pmceeds Peud b Borrower. If the Property ia ebandoned by Borrower. or if, aRer aotice by Lender to Bormwer that the oondemnor of~ere b make an award or setde a claim for damages, Borrower fails b respond to Lender arithin 30 daYs after the date such notice is mailed. Lender is authoria~ed to collect and apply the pwceeds. at Lendei s option. either to reatoration or repair of the property or to the suma eecured bY this Mostgage. nethedae Unlese Lender and Borrower otherwiee aBree in writinB. xnY euch application of pmceeds b principal sheA not estend os postpo date of the monthly installmenta referred to in paraBraphs 1 and 2 henof or change the ataount of such installments. 10. Borrower Not Releaeed. Ezteneion of the time for pa~mn_nt or modification of amortization of the sume secured by thie Mortgage granted by Lender to any aucceaeor in intereet of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's succeseois in intetest~ I.ender ehaA not be required to oon?mence praxedi~Be e?Bainat such succeesor or refuee b e:tend time for peyment or otherwiae modify amortization of the auma eecund by this Mortgage by reason of any demand made by the original Borrower t and Borrowc~r s succeseora in interes~ 11. Forbearance by I.eader Not a Riaiver. My forbearance by I.ender in e:erciaing anY riBht or remedy henunder, or otherwiee aPforded_by applicable law, shall not be a waiver of or preclude the e~erciee of any auch right or remedY- The procureraent of inaurance or the payment of faxee or other liens or chargea by Lender shall not be a waiver of Lender's right to aocelerate the maturity of the indebtedneae eecured by this Mortgage. 12 ~medies Cumuiat;ve, pil remediea provided in thie Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or af~orded by law or equity, and may be e:erciee~l cc+ncure~ently, independently or succeesively. 13. 3ucceaeore and Aesigne Bound; Joint and 3everal Liabillty; Ceptions. The rnvenants and agreements herein rnntained shall bind, and the rights hereund~ ehall inure to, the rea~a.tive succeesors and aeei8i?e o[ Lender and Borrovrer, eubject to t}~e proviaions of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeveral. The captions and headinge of the paragraphs of tfiia Mortga8e are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in anoth~ manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addreseed to Borrower at the Property Addrese or at such other addrese aa Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeeted, to Lender's addresa atated herein or to such other address as i.ender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage combinea uniform oovenanta for national uae and non- uniform covenants with timited variations by juriediction to rnnatitute a uniform aecurity inetrun~ent covering real propertY• Thie Mortgage shall be governed by the law of the juriediction in which the Property ie located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, such conflict ahall not af~ect other proviaions of this Mortgaqe or the Note which can be given effect without the confliMing provision, and to this end the provisiona of the Mortgage and the Note are declared to be eeverable. 16_ Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17.1`ranefer of the Property; Aeaumption. lf all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower wittu~ut I.ender's priur written conaent, e:cluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money eecurity intereat for houeehold applianoee. (c) a transfer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or leea not oontaininB an option to purchase, Lender may, at Lender s option, ~ declare all the su~na securea by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to secelerate if. prior ~ to the sale or transfer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch ~ person is satiafactory to I.ender and that the interest payable on the suma secured by thi9 Mortgage shall be at auch rate as I.ender ahall reyuest. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Eiorrower's successor in intetest has ezecuted a wTitten assumption agreement accepted in writing by Lender, l.ender shall release Borrower from all obligations under thia Mortgage and the ~ ote. If Lender eaercisea such option to accelerate, Lender ahall mail Borrower notice otacceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days irom the date the notice is ~nailed within which Borrower may pay the suma declared . due. If Borrower fails to pay such suma prior to the expiration of such period, l.ender may, without further notice or demand on ~iorrower, ~ ~nvoke anY re~~~~ P~m~tted by paragraoh 18 hereoL S 18. Acceleration; Remediee. Ezcept a8 provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or agreement of Borrower in this Mortgage. including the oovenants to pay when due any eume aecured by this Mortgage, Lender prior to acceleretion ehall meil notice to Borrower es provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by w6ich euch breach must be cured; and (4) that failure to cure such breach on or before the date speci6ed in the notice may result in acceleration of the euma secured by thia blortgage. foreclosure by judicial proceeding and eale of the Property. The notice ehall further inform Borrower of the right to reinstate after acceleration and the right to easert in the foreclosure proceeding the ~ non-ezistence of a default or any other defenae of Borrower W acceleration and foreclosure. If the breac6 is not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of the aums secored by this Mortgage to be ~ immediate)y due and peyable.without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be entitled W collect in such proc^eeding all e:penaes of forecloaure, including, but not limited to. reasonable attorney's fees, and coste of documentary evidence, abetracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the sums eecured by this Mortgage, E3orrower shall have ' the right to have any procecdinBs 6eBan by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paye Lender all suma which would be then due under this Mortgage, the Note and notea securing Future ~ Advancea, if any, had no acceleration occurred: (b) Borrower cures all breachea of any other rnvenanta or agreemente of Borrower contained in ~ thia Mortgage; (c) Borrower paYs all reaeonable expensee incurred by Lender in enforcing the rnvenanta and agreementa of Borrower contained in thie Mortgage and in entorcing Lender's remedies as Prov~ded in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey e feea; and (d) Borrower takea euch action as Lender may rnaaonab{y require to assure that the lien of this Mortgage, Lendei s intereat ~ in the Property and Borrowei s obligation b pay the suma secureci by this Mortgage ahall continue unimpaired. Upon such payment and cure p by Borrower, thie Mortgage and the obligatione secured hereby ehall remain in fuli force and effect ae if no acceleration had occurred. ~ Z0. Aseignmeat of Renta: Appointment ot Receiver. As additional serurity hereunder, Borrower hereby assigna to L.ender the rents ' o! the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente as they become due and payable. - ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entided to have a receiver appointed by a ~ and to collect the rents of the Property, including those past due. All rents ~ oourt to enter~pon, take poseession of and manage the Property oollected by the rec:eiver shall be applied first to payment of the coets of management of the Property and collection of rents, including, but not ~imited to, receiver e fees, premiuma on receiver's bonda and reasonable attorney's feee, and then to the sums aecured by thie Mortgage. The ~ receiver shall be liable to acoount only for those rents aMually received- , ~ ~ ~ ~.~k.311 ...:2~86 a - ~ ~