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HomeMy WebLinkAbout2909 8. Inspectioo. Lender ma~y make or cauee to be made rrtaawnable entries upon and inspectione of the property, provided that Lender shall give Borrowes notioe prior to any such inspection specifying reasonable cause thenfor related to I.e~dei s intereat in the Property. 9. Condemaatioa.'!~e prooeeds of aay sward or claim for damages. dir~ct or consequential. in connection with any oondemnation or other taking of the pmperty. or part thereof, or for ooaveyaaoe in Ueu of oondemnation. an hereby aseigned and shall be paid to I.ender. Ia the event o! a total taking of 1he Propedy. the proceeds shall be appUed to the sums secured by this Mortgage. with the excoss. if any. paid to Borrower. In the event of a partial taking of the Pcoperty. unless Borrower and Lender otherwise agree ia writing, there shall be applied to the aums aecured by this Moitgage such proportion of the pmceeds aa ie equal to that proportion which the amount of the sums secvred by thia Mortgage immediately prior to the date of taldng bears b the fair market value of the Property immediutely prior b the date of tafcing. wiW the balanoa of the proceeds paid to Borrower. Itthe Property is abendoned by Borrower. or if. aRer notice by Lender to Borrower that the oondemnor offers to make an award os settle a claim for damages, Borrower fails to reepond to Lender within 30 days aRer the date such notice is mailed. l.ender is authorized to rnUect and apply the proceeds. at Lender'a option, either to restoration or cepair of the property or to the sums eecured by thia Mortgage. Unleas I.ender and Borrower otherwise agree in writing, any snch epplication of pmc~eds to principal shall not ea~tend or postpone the due date of tl:e monthly installments nferred to ia paragraphe 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extenaion of the time for paym=nt or modification of amortization otthe suma eecured by thie Mortgege granied by Le~der b any euccesror in intereet of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrower'e auccessore in intereat Lender shall not be required to oommence proceedinge ageinat euch auccesaor or refuee to e:tend time for payment or otherwiae modify amortization of the auma secured by this Mortgage by reaeon ot any aemand made by the original Borrower and Borrower s aucceeeore in intereet. 11. Forbearance by I.ender Not a Rlaiver. My forbearance by Lender in e~erciaing any right or remedy hereunder. or othervviee afiorded by applicable law, ahall not be a waivet of or preclude the pacerciee of any euch right or remedy.'1T~e procurement of inenrance or the payment of ta:es ~ other liens or chargee by Lender sha11 not be a waiver of Lender ~ rig6t to socelerate the maturity of the indebtednees eecured by thie Mortgage. 12 Remediea Cumulative. All temediea provided in thia Mortgage ar~e diatinct and cumulative to any other right or remedy under this Mortgege or afforded by law or eqoity, and may be e:ercieexl ooncurrendy, independendy or aucceaeively. 13. Succeaeors and Aeaigna Bound; Joint and Several Liability; Captione.'Rie covenant8 and agreementa herein contained shall bind, and the righta hereunder ahall inure to. the reepective aucceseors and assigas of Lender and Borrower. eubject to the proviaiona of paragraph 17 hereof. All covenanta and agreement$ of Borrower ahell be joint and eeveral. The captiona and headings of the paregraphs of this Mortgage are for covenience only and are not to be uaed to interpret or de5ne the proviaione hereof. 14. Notice. Eacept for any notice required under applicable law to be ~tiven in another manner, (a) any notice to Borrower provided for in chie Mortgage shall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addreae or at auch other addrees ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to I.ender's addresa etated herein or to auch other addrees as Lender may deaignate by notice to Borrower as provided herein. My notice provided [or in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everebility. Thie form of mortgage rnmbinea uniform cavenante for national ase and non- uniform covenants vrith limited variationa by jurisdiction to conatitute a anitorm security inatrument oovering real property. Thia Mortgage ahaU be govemed by the law of the juriadiction in which the Property is located. In the event that any provieion or clauae of this Mortgage or the Note contlicts with applicable law. auch conflict ehall not affect other provieiona of this Mortgage or the Note which can be given ef~ect without the contlicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be eeverable_ 16. Borrower'e Copy. Borrower ahall be fumished a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. '[~aasfer of the Property; Aeaumption. If all or any part of the Property or an interest therein ia sold or transferred by Borrower without Lendei e prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the creation of a purchase money security interest for houeehold appliancea, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or leee not containing an option to purchaee, Lender may, at Lender a option, declare all the sums aecurea by this Mortgage to be immediately due and payable. L.ender ahall have waived such option to accelerate if, prior to the eale or tranafer, Lender and the peraon to whnm the Property is to be sold or transferred reach agreement in writing that the credit of auch person ie satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at auch rate ae Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's auccessor in interest has ezecuted a written asaumption agreement accepted in writing by Lender; Lender shall release Borrower from all obligatione under this Mortgage and the E Note_ If I.ender exercises such option to accelerate, Lender ehall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not less than 30 daya from the date the notice is mailed within v~ hich Borrower may pay the sums declared due. If Borrower faile to pay auch aums prior to the expuation of such period, Lender may, without further notice or demand on Iiorrower, j mvoke any remeciies permitted by paragra~h 18 hereof. ~ 18. Acceleration; Remedies. Ezcept as provided in paregraph 17 hereof, upon Borrower's breach of any covenant or E agreement of Borrower in this Mortgage. including the oovenante to pay when due any eume secured by thie Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less t6an 30 daya from the date the notice ie mailed to Borrower, by which euch ` breach mnat be c-ured; and (4) that failure to cure such breach on or before the date specified in the notice may result in ~ acceleration of the sume eecured by t6ia Mortgage, forecloaure by judicial procccding and eale of the Property. The notice ehall further inform Borrower of the rig6t to reinstate after acceleration and the right to assert in the foreclosure proceeding the a ' non-ezietence of a default or any other detenae of Bonower to soceleration and forecloaure. If the breach ia not cured on or ~ be[ore the date epecified in the notice, Lender at I.ender'e option may declare all of the aums secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may forecloae this Mortgage by judicial proceeding. Lender ahall be ~ entitled to co11eM in such proceeding all expenses of [oreclosure. including. but not limited to. reasonable attorney'e fees. and ~ coats of documentary evidence, abstracts and title reporte. ~ 19. Borrower's Right to Reinatate. Notwithstanding I.ender'e acceleration of the eums aecured by thia Morlgage, Borrower ahall have r ~ the right to have any proceedinga begun by Lender to enforce this Mortgage diacontinued at any time prior tQ entry of a judgment enforcing this Mortgege if: (a) Borrower paya Lender all aums which would be then due under this Mortgage, the Note and notes eecuring Future ' Advanoes, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenante or agreements of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reaeonable expensee incurred by Lender in enforcing the oovenant8 and agreementa of Borrower ~ contained in thi8 Morigage and in enforcing Lender e rnmediea as provided in patagraph 18 hereof, including, but not limited Co, reasonable ~ attorney'e feea; and (d) Borrower takes auch action as Lender may reasonably tequire to aaeure that the lien of thia Mortgage, Lender's intereat ; in the Property and Borrower'e obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations aecured hereby eha11 remain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rente; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby asaigna to Lender the renta f of the Property, provided that Borrower ahall, prior to acceleration under paragraph I S hereof or abandonment of the Property, have the right to coAect and retain auch rente as they become due and payable. Upon acceieration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ oourt W enter-apon, take posaeaaion of and manage the Property and to rnllect the renta of the Property, including those past due. All renta ~ oollected by the rnceiver ahall be applied first to payment of the costa of managementof the Property and collection otrente, including, but not limited to, receiver'a fees, premiume on receiver'e bonde and reasonable attorney's fees, and then to the aums aecuted by thia Mortgage. The ~ receiver shall be liabie to acoount only for those mnts actually received. ~ ~ ~ ~ 3ii ~ ~~,~2~07 3