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HomeMy WebLinkAbout2601 8. Inspectioa. L.ender mqy make or cawe to be made reawnable entriea upon and inspections otthe property, provided that I.ender shall give Boraowear aotioe prior ~o eny such inapection specifying reasonable cawe therefor nlated to Lender's intereat in the Property. 9. Condemaatioa. 7~e proceed~ of any award or claim tor damages, direct os consequential, in connection with any oondemnatioa or other talring of the pmperty, or part thereof. or f~ oonveyance in lieu oi oondemnation. are hereby assigned and shall be paid b I.eoder. Ia the eve~t of a total taking of the Property. the proceeds shaU be applied b the sums eecured by this Morfgage. with the ~oas. iI any, . paid to Boreo~ver. In the eveat of a partial taking of the Pe~operty. unless Borro~rer and Lender otherwiae agree ia writi~. there shall be applied to the sums secured by thit Mort~age such proportion of the prooeeds as is equal to that proportion which the amount of the sume secured by this Mortgage immedietely ~ior to the date of taking bears b the fair market vslue of the Propedy immediately prios b the dete of taking. wiW the balance of the prooeeds paid to Borrower. If the Property ia abandoaed by Bosrower. or if, aRer notice by I.ender to Borrower that We condemnor of~ers to make an award or settle a cleim for damages, Borrower faile to respond to I.ender within 30 deys after the date such notice ie mailed. I.eader is authorized to collect and apply the prooeeds, at Lender's optioa. dthet to re~toration or repair of the property or to We sums eecured by this Mortgage. Unless I.endu and Borrovver otherwiee egree in writing, any such application of proceeds to principel ehall not estend or poetpone the due date of the monthly instaUments nferred to ia paragraphs 1 and 2 hereof or change the amount of snch installment~. 10. Borrower Not Relesaed. E:tension of the time for paymant or modification of amortization of the sume eecured by thie Mortgage granted by L,ender to any eucceasor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower a auccessors in interest I.ender shall not be required to oommence proceedinge againet such euoceseor or refuse to e:tend time - for payment or otherwise modify amortization of the aums aecured by thie Mortgage by reason of any demand made by the original Borrowa and Borrower a auccesaora in interest. 11. Forbearanoe by Lender Not a Waiver. At~y forbearance by Lender in e:ercising any right or remedy hereunder, or othrrwise af~orded by appUcable law, ehall not be a waivet of or preclude the exercise of any such right or remedy. The procurennent of insurance or the payment of ta~cee or other liene or charges by Lender shall not be a waiver of Lender s tight to accelerate the maturity of the indebtednese secured by this Morlgage. 1Z Remedies Gtimulative. All remediea provided in thie Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity. and may be ezerciee~l ooncurrently,.independently or eucceaeively. 1~. 3ucceseors and Aeeigna Bound; Joint and 3everal Liability; C~ptions. The coven~nte and agreemente herein aontained ehall bind, and the righta hereunder ehall inure to, the reapective aucceeeors and aseigns of L.ender and Borrower, eubject to the proviaione of paragraph 17 hereof. All covenenta and agreements of Borrower ahall be joint aad eeveral. The captions and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided [or in thia Mortgage ehall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreae or at such other address as Borrower may designaLe by notice to I.ender ae provided herein, and (b) any notice to Lender ahall be given by certified mail, ret~un reoeipt requeated, to Lender's addresa stated herein or to such other address ae Lender may designate by notice to Borrower ae pmvided herein. Any notice pravided 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; Goveraiag I.avr; 3everabilitp. This form of mortgage rnmbines uniform oovenants for national uee and non- uniform covenanta with liraited variations by juriadiction to oonatitute a uniform security inatrument oovering real pmperty. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provieion or clause of this Mortgage or the Note rnnflicts with applicable law, auch conflict shall not affect other proviaiona of thie Mortgage or the Note which can be given effect without the oonflicting proviaion, and to thia end the provisiona uf the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed oopy of the Note and of thie Morigage at the time of execution or after recordation hereof. ~ 17.'I~aneter of the Property; Aseumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower withont Lender'e prior written consent, excluding (e) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purcheae money security intereet for household appliancea, (c) a tranafer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeara or lesa not containing an option to purchase, Lender may, at Lender'e option, declare all the sums secured by this Mortgage to be immediately due and payable_ Lender shall have waived auch option to accelerate if, prior to the eale or ttansfer, I.ender and the pereon to whom the Property ia to be eold or tranafetred reach agreement in writing that the credit of auch ~ pereon ia satisfactory to I.ender and that the interest payable on the auma secured by this Mortgage ahall be at such rate as I.ender shall ; request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a succeasor in intereat has ezecuted a written aasumption agreement accepted in writing by Lender, Lender shall release Rorrower from all obligations under thiu Mortgage and the ~ Note. 1f Lender exercisea such option to accelerate. Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not leas than 30 daya from thedate the notice is ~r.ailed within which Borrower may pay the aums declared ~ due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~nvoke any rnmedies permitted by paragranh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept es provided in paragraph 1? hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenante to pay when due any sums aecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not less than 30 daya irom the date the notice is mailed to Borrower, by whic6 such breach muet be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reeult in acceleration of the aums secured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall ~ further inform Borrower of the right to reinstate after acceleration and the right to easert in the foreclosure prceeeding t6e non-e:ietence of a default or any ot6er defenae ot Borrower to acceleration and forecioaure. It the breach is not cured on or before t6e date epecified in the notice, Lender at Lender's option may declare all of the sums aecured by thie Mortgage to be imroediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in euch proceeding all e:penaes of forecloeure. including. but not limited to, reasonable attorney'e feea, and cosis of documentary evidence, abatrecta and title reports. 19. Borrower'e Right to Reinetate. Notwithatanding Lendei a acceleration of the sums secured by this Mortgage, Borrower shall have ~ the right to have any prooeedings begnn by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender al! auma which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advancee, if any, had no acceleration occurred; (b) Borrower cnrea all breaches of any other covenants or agreements of Borrower contuined in ~ thie Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenanta and agreemente of Borrower F ~ oontained in this Mortgage and in enfotcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonablt? ~ attorney's feee; and (d) Borrower takes aueh action as Lender may reasonably require to aseurn that the lien of thia Mortgage, Lender's interest 3 in the Property and Borrowei s obligation to pay the suma secured by this Mortgage ahall rnntinue unimpaired. Upon euch payment and cure m by Borrower, this Martgage and the obligations seeured hernby shall remain in full force and effect as if no acceleration hed occurred. ~ 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hernby aeaigns to Lender the renta ~ of the Property, provided that Borrower ahall, prior to aoceleration under paragtaph 18 hereof or abandonment of the Property, have the right y ~ to collect and retain such rente as they become due and paysbie_ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.endei ahaU be enti4led to have e receiver appointed by a ~ oourt to enter~upon, take poseeasion of and manage the Property and to rnllect the renta ot the Property, including those paei due. All rents collected by the receiver ehall be applied first to payment of the ooate of management of the Property and collection of rente, including, but not limited to, receiver'e fees, prnmiums on receiver e bonde and reasonable attorney's fees, and then to the suma eecured by this Mortgaqe. 7'he reoeiver sha11 be liable to acoount only for thoee rente actually received. ~ Ck ~ g~~~,~ 311 2599 ~ ~ 4