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HomeMy WebLinkAbout2615 . ~ 8. laspection. I.ender may make or cauee to be made reasonable entriee upon and ins?pections of the property. provided that Lender shall give Borrower notice prior to any euch inapection epecifying rnaso~able cauee therefor related to Lender'e interest in the Property. 9. Condemnation.'11~e proceeda of any ar~~ard or ctaim for damages, direct or consequential, in connection with any oondemnation or other taking of the property. or part thereof, or for conveyance in lieu of rnndemnation, ace hereby aaaigned and ehall be paid to l.ender. In the event of a total taking of the Property. the proceeds ahall be applied to fhe eums aecured by this Mortgage. with the exceas. if any. paid to Borrower. In the event of a partial taking of the Property, unleea Borrower and L.ender otherwiee agree in writing, there shall be applied to the eums secured by thia Mortgage such proportion o[ the proce~s aa is equal to that pmportion which the amount of the s~une secured by thie Mortgage immediately prior to the date of taking beara to the fair market value of the Prope~ty immediately prior to the date of ~ taking, with the balan~ of the proceeds paid to Borrower. lf the Property is abandoned by Borrower. or if, after notice by I.ender to Borrower that the rnndemnor of~era to make an award or eetde e claim for damagea, Borrower fails to reepond to Lender within 30 daya aRer the date auch notice ie mailed, Lender ie authorized to coAect and apply the proceeds. at Lender e option, either to r~toration or repair of the property or to the euma eecured by this Mortgage. Unleas Lender and Botrowet otherwiae agree in writing, any such application oiproceede to principal ahall not extend or poatpone thedue date of the monthly installmente ceferred to in paragrapha 1 and 2 hereof or change the amount of auch installmenta. 10. Borrower Not Released. Extension of the time for paymant or modification of emortizati^n olthe auma secured by thie Mortgege Kranted by l.ender to any succesr+or in intereat of Borrower ahall not operate w release, in any manner, the liability of the original Borrower ~~nd Borrowei s aucceasora in intemat. l.ender shall not be required to commence proceedinga against such aucceaeor or refuee to e:tend time for payment or otherwise modify amortization of the suma secured by this Mortgage by rnason of any demand made by the original Borrower and t3orrower s successors in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by l.ender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law. ahall not be a waiver of or preclude the exerciee of any auch right or remedy. The prorurnment of insurance or the payment of taxea or other liens or chargea by l.ender ahaU not be a waiver of Lender'a right to accelerate the maturity of the indebte~neas s•rcured by thia Mortgage. 12. Remediea Cumulative. All remediea provided in thia Mortgage are dietinct and cumvlative to any other right or remedy under this riortrage or afforded by law or equity, and may be exerciseA concurrendy, independently or auccesaively. 13. Succesaors and Aesigne Bound; Joint and Severa) Liability; Captione.'11~e rnvenants and agreements herein rnntained ehali bind, and the rights hernunder ahall inure to, the rnepective successors and aeaigns of I.ender and E3orrower, eubject to the provieione of paragraph 17 hereof. All covenanta and agreemente of Borrower ahaU be joint and several. The captions and headinge otthe paragrapha of this Mortgage are [or covenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to E3orrower pmvided for in ' this Mortgage shall be given by mailing such notice by certified mail addreased ta Aorrower at the Property Addreas ur at such other addrese as Korrower may designate by notice to Lender ax provided hemin, and (b) any notice to l.ender shall be given by certified mai1, return receipt requested, to [.ender's address stated hemin or to such other addreas as Lender may ~lesignate by notice to Borrower aa provided herein Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Unifornt Mortgage; Governing Law: Severability. Thia form of mortgagecombines uniform covenants tor national uueand non- uniform covenanta with limited va~iations by jurisdietion to conatitute a uniford~ security iuatrument rnvering real property. Thia Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not afl'ect other provisiona of this Mortgage or the Note which ctin be given effect without the contlicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severabte_ 16. Borrower's Copy. Rorrower ahall be fumished a conforencd rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17_ Transfer of the Property; Asaumption. If all or any part of the Property or an intereat therein is sold or tranaferred by Borrower w•ithout Lender's prior written conaent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money aecurity interest for household xppliancea. (c) a transfer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or less not containing an option to purchaae, Lender may, at L.ender's option, declare all the sums secureu by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior i to the sale or transfer, Lender and the peraon to whom the Property is to he aold or tranaferred mach agreement in writing that the credit of auch persun is satisfactory to I.ender and that the ir_terest payable on the sums secured by this Mortgage ahal! be at such rate as [xnder ahall i request_ If Lender hax waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a ~ w•ritten assumption ugreement accepted in writinR by I.ender, l.ender shaU release Borrower from all obligations under this Mortgage and ~he ti ote. f If I.ender exercises such option tn accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. E Such notice shall provide a period of not le:cs than 30 days from thedate the notice is mailed within which Borrower may pav thesums declared f due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower, ~nvoke any remedies permitted by paragraoh 18 hereof. 3 18. Acceleration; Remediea. E:cept as provided in pnragreph 1? hereof. upon Borrower's breach of any covenant or ~ ~ aqreement of Borrower in this Mortgage, including the covenante to pay when due uny sums aecured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as'provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure auch 6reach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which euch ~ breach muat be cured; and (4) that failure to cure auch breach on or before the date epecified in the aotice may reault in ~ acceleration of the aums secured by thie Mortgage. foreclosure by judicial proceeding and sale of the Property.The notice shall further inform Borrower of the right to reinstate after acceleration and the right to easert in the forecloaure proceeding the non-e:ietence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach ia not cured on or t?efore the date apecified in the notice, Lender at Lender's option may declare all of t6e sums secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may tarecloaethis Mortgage by judicial proceeding. I.ender shall be entitled to collect in such proceeding all expenaea of forecloxure. including. but not limited to. reasooable attorney's fees. and costs of documentary evidence. abstracts and title reporta. ~ 19. Borrower's Right to Reinstate. Notwithstanding [.ender's acceleration of the suma secured by thia Mortgage, Borrower shall have the right to have any proceedings bequn by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgaqe iL• (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea securing Futurn Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or agreements of Borrower contained in 3 this Mortgaqe; (c) Borrower paya all reasonable expenses incurred by I.ender in enforcing the rnvenanta and agreemente of Borrower ~ contained in thie Mortgaqe and in enforcing I.ender'a remediea as provided in pazagraph 18 hereof, including, but not limited to, rnasonable ~ attorney's feea; and ld1 E3orrower takea such aMion as Lender may masonably require to assure that the lien otthis Mort~age, lxnder's intereat ~ in the Property and Borrower'a obligation to pay the sams Recured by this Mortgage shall continue unimpaired. Upon such payment and cure - by Borrower, this MortgaRe and the obligations secured hereby ahali remain in full force and effect as if no acceleration had occurred. ~ Z0. Aesignment of Renta; Appointment of Receiver. AB additional eecurity hereunder, Borrower hereby assigns to Lender the renta ~ of the Ptoperty, provided that Borrower shall, prior to acxeleration under purugraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ~ court to enter upbn, take possesaion of and manage the Property and to collect the renta of the Property, including those past due. All renta rnl;ected by the receiver shall be applied firat to payment of the rnata of management of the Property and collection of rente, including, but not ~ limited to, receiver'a fees, premiuma on receiver e bonda and reasonable attorney's feea, and then Lo the suma eecured by this Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. ~ § ~ A ~ 311 : 2613 £ ;