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HomeMy WebLinkAbout0915 8. Iaspectioa. Lender may make or cauae to be made reawnable entrie~ upon and iaspections of the property. pmvided that Lender shall Rive Borrower notice prior b any such inspection apecitying reasonable cause thenfor related to I.ender's intereet in the Property. 9. Condeaanation. The proc~eeda of any award or claim for damages. ditect or consequential. in connection with any oondemnation or other taking of the pmperty. or pert thereof. or for conveyance in lieu of oondeannation, are hereby esaigned and ahall be paid to Lender. In the event of a btal taking of the Property. the prooeeds ehall be applied to the sums eecured by this Mortgege. with the esceas. if any. paid to Boreower. In the event of a partial taking of the Property. unleea Borrower and I.ender otherwiee agree in writing, there shall be applied to the eums secured by this Mortgage sucb proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears b the fair market value o[the Propedy immediately prior to the date of taking, with the balanc~ of the proceed~ paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notioe by I.ender to Borrower that the o~ndemnor oP[ers to meke an award or settle a claim for damagee. Borrower faile to tespond to Lender within 30 daye after the date such notice ie mailed, Lender is authoriud b coUect and apply the proceeda. at Lender e option, either to reetoration or repair of the property or to the sume eecured by tl~is Motfgaga Unleae Lender and Borrower otherwiee agree ia writine. aay euch appUcation of proceeds to principal ahall not extend or poetpone the due date of the monthly inatallmente referred to in paragrapha 1 and 2 hereof or change the amount of euch installmenta. 10. Borrower Not Released. Estension of the time for paymant or modification of amortization of the suma secured by thia Mortgage • granted by Lender to any succeseor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower'B succeseore in inierest Lender ahall not be required to aommence proceedings againat auch succeasor or refuee to e:tend time fi~r payment or otherwise modify amortiaation of the sums eecured by this Mortgage by reason of any demand made by the original Borrower and Borrower's aucce~ore in intereet. 11. Forbearanee by I.ender Not a Waiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder. or otherwise aPforded by appGcable law, ehall not be a waiver of or preclude the e:ercise of any auch right o~ remedy. The procurement of inauranoe or the paymeat of t~es or other liena or chargee by Lender ahall not be a waiver of I.ender's right to aooelerate the maturity of the indebtedneea aecured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are dietinct and cumulative to any other right or remedy under thia , Mortgage or afforded by law or equity, and mey be e:ercieewl ooncurnndy. independently or suoceeeively. , 13. 3ucceasore and Aseigne Bound; Joint and Several Liability; Captione.'11?e rnvenant$ and agnrmenta herein oontained ehall bind, and the righte hereunder shall inure to, the respective eucc~,~eaore and aseigne of Lender and Borrower. eubject to the pmvisions of paragraph 17 hereof. All rnvenants and agre~ements of Borrower ehall be joint and aeveral. The captions and headinga of the peragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or defiae the provisions hereo[ 14. Notice. F.xcept fo: any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in thie Mortqage shall be given by mailing such notice by certified mail addreeeed to Borrower at the Property Addreas or et auch other addreas ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return reeeipt requeated. to Lender'a addreae atated herein or to such other address as I.ender may deaignate by notice to Borrower as provided herein. My notice pmvided 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 [.aw; Severability. Thia form of mortgage combinea uniform rnvenants for national use and non- uniform rnvenanta with limited variations by juriediction to oonstitute a uniform secwity inatrument oovering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or the i~iote conilicts with applicable law, auch contlict shall not affect other proviaions of this Mortgage or the Note which can be given effect , without the conflicting provision, and to this end the proviaione of the Mortqage and the Note are declared to be severable. . 16. Borrower'e Copy. Borrower shaU be furniahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof_ 17. 'I~anafer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia sold or traneferred by Borrower w-ithout I.endei a prior written coneent, excluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage. (b) the creation of a purchase money aecurity intereat for houeehold appliances, (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 interest of three years or leas not oontaining an opdon to purchase, Lender may, at Lendez's option, declare all the aums secured by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if. prior to the sale or hansfer, Lender and the person to whom the Property is to be eold or transferrEd reach a~treement in writing that the credit of euch person is satisfactory to Lender and that the interest payable on the sums sec~red by this Mortgage ahall be at auch rate as Lender shall request. If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower a aucceasor in intereat has executed a written asaumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligationa under thia Mortgage and the \'ote. ~ If Lender eaerciaea such option to accelerate, Lender shall mail Eiorrower notice of acceleration in accordance with paragraph 14 heteoL j Such notice ahall provide a period of not lesa than 30 days from the date the notice is mailed within which Borrower may pay theaums declared : i due, If Borrower faila to pay auch suma prior to the expiration of auch period, I.ender may, without Curther natice or demand on Eiorrower, f ?nvoke any remedies permitted by paragraoh IS hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof, upon Borrower's breach ot any oovenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when due any eums eecured by thie Mortgage, Le$der prior to acceleration ehall mail notice to Borrower ea provided in paragraph 14 6ereof epecifying: (1) the breac6; (2) t6e action required to cure such breach; (3) a date, not le8a than 30 daye from the date the notice is mailed to Borrower, by which such breach muat be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in acceleration of the eume secured by thie Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinetate after acceteration and the right to esaert in the foreclosure proceeding t6e ~ non-e:iatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date epecified in the notice, Lender at Lender's option mey declare all ot the sums aecured by thie Mortgage to be ~ i mmediately due and peyable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all ezpenses of foreclosure. including, but not limited to. reasonable attorney's feea. and ~ coets of documentary evidence, abstracts and title reporta. ~ 19. Borrower'e Right to Reinstate. Notwithatanding Lender s acceleration of the auma eecured by this Morf.gage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender ali suma which would be then due under this Mortgege, the Note and notes securing Future - Advancea, it any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenante or agreementa of Borrower rnntained in ~ thia Mortgage; (c) Borrower pays all reasonable expenses incurred by [.ender in enforcing the covenants and agreemente of Borrower ~ contained in this Mortgage and in enfonting Lender's remedies as pmvided in paragraph 18 hereof, inclnding, but not limited to, reasonable ~ attorney's feea; and (d) Borrower takes auch action ae Lender may reasonably require to assure that the lien of thia Mortgage, I.ender'e interest ~ in the Property and Borrower's obligation to pay the sums secu~ed by this Mortgage shail continue unimpaired. Upon auch payment and cnre by Borrower, thia Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. a 20. Aeeignment o! Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aasigns to Lender the rente t of the Property, provided ihat Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such rents as they become due and payable. pa agr p perty, Lender shall be entitled to have a receiver appointed by a ' Upon acceleration under r a h 18 hereof or abandonment of the Pro - a court to enter.upon, take poasesaion of and manage the Yroperty and to colleet the rents of the Property, including thoee past due. All renta collected by the receiver shall be applied firat to payment of the costa of management of the Property and oollection of rente, including, but not ~ ?imited to, t~eceiver'e feea, premiuma on receiver'a bonds and reasonable attorney's feea, and then to the sums secured by this Mortgage. The ~ receiver ahall be liable to acoount only for those rents actually received. ~ ~ ; ^~:~K •J~, P11:: •J1,J ~ ~