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HomeMy WebLinkAbout1403 . 8. Inspectioa. Lender may make or cawe to be mede reasonable entries upon and inspectiorts of the property. pmvided thi~t Lender shall ' give Borrowez aotice prior to any auch inapection ~pecifying reasonable cauee therefor related io I.ender's intereet in We Property. 9. Coademnation.'l~e prooeeds of aay award or daim for damages. direct or consequential. in connection with any oondemnation o~ other taking of the property. or part theroof, or for conveyance in lieu ot oondemnation. an hereby asaigned and shall be paid to Leader. « In the event of a total taking oi the Property. the pmoeeds shaU be applied to the suma secured by this Mortgage. with the r~oess, it any. paid b Borrowe~. In the event of a partial taldng of the Prop~ty. unlep Bor~ower and l.endee otherwisc agtee in ~vriting. there ~hall be applied b the wms eecured by this Mortgage such propo~tion oi the prooeeds as is equal to that proportion which the amount of the suiw secvred by this Mortgage immediately prior to the date of taking bean to the fair market value oithe PropeKy immediately prior to the date oi g taking. with the balanoa of the proceeds paid to Aorrower. r If the Property is abandoned by Borrowu. or if. after notice by Lender b Borrower that the oondemnor offers to make an a~vard or settle a claim for damagea, Borrower fails to reapond to Leader within 30 days aRer the date such aotice ia mailed, I.ender is suthorized to coUect and apply the pmceeds. at Lensler a option, either to restoration or repair of the pmperty or to the sums secured by this Mortgage. Unleas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not ~tend or postpone the due date of the moathly instsllmenta referred to in paragrapha 1 and 2 hereof or change the amount of such inetallments. ~ 10. Borrower Not Released. E:tenaio~ of the time for payma~t or modification of amortization o! the suma eecured by thia Mortgege - granted by I.ender to any aucceasor in interest of Borrower ahall not operate to nlease. in any manner, the liability of the original Borrower and Bormv~~e~rb succeasors in interea~ Lender ahall not be required b oomme~ce proceedings againat auch successor or refuse to e:tend time t for payment or otherwiae modify amortization of the auma eecured by thia Mortgage by reason of any demand made by the original Borrowrer and Borrower's aucceseore in intereat. ; 11. F'orbearance by Lender Not a VYsiver. My forbearance by Lender in e:ercising any right or remedy here~nder. or otherwise { afforded by applicable law, ahal! not be a waiver of or preclude the e~ercise of any auch right or remedy. The procurement of insuranoe or the ~ payment of taues or other liene or chargea by Lender shall not be a waiver of Lender'e right to aocelerete the matarity of the indebtedneaa aecured by this Mortgage. . 12 Bemedies Gtimulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law os equity, and may be e:ercieerl concurrently. independently or aucceaeively. 13 3ucceasore and Asaigns Bound; Joint and Several Liability; Captiona. The covenants and agreementa herein oontained shall bind. and the tighte hereunder ahall inure to. the respective succeasore and aeeigna of Lender and Borrower, subject to the proviaions of paragraph 17 hereof. All rnvenant8 and agreements of Borrower ehall be joint and eeveral. The captions and headinge of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the pmviaione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pravided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreae or at euch other addreas ae ° Borrower may designate by notice to I.ender as provided herein. and (b) any notice to Lender shall be given by certified mail. return feceipt ' requeated. to Lender's addreea atated herein or to such other address as Lender may deaignate by notice to Borrower ae provided herein. Any notice pmvided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national use and non- ; uniform rnvenents with limited variationa by jurisdiction to oonetitute a uniform aecurity inetrument rnvering real pmperty.'l~ie Mortgage t ahall be govemed by the law of the jurisdiction in which the Property is located. In the event that any pmvieion or clauee of this Mortgage or the Note contlicta with applicable law, such conflict ahall not afTect other proviaiona of this Mortgage or the I`ote which can be given effect without the conflicting pmvision, and to thia end the proviaiuns of the Morigage and the Note are declared to be severable. - 16. Borrower's Copy. Borrower shall be furnished a conformed oopy of the Notr and of thia Mortgage at the time of ezecution or after recordation hereof. 17_ Tranefer of t6e Property; Aesumption. If all or any part of the Property or an intereat therein is eold or transferred by Borrower without Lendei a prior written conaent, excluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a ? purchase money security intereat for household appliances, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeare or leae not containing an option to purchase, Lender may, at Lender e option, declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahalt have waived euch option to sccelerate if, prior . to the eale or transfer, Lender and the person to whom the Property ia to be sold or tranaferred rnach agreement in writing that the credit of such peraon is satiBfactory to I.ender and that lhe intereHt payabte on the suma securcd by this Mortgage shall be at auch rate as I.ender ahall request. If Lerider has waived the option to accelerate provided in thia paragraph 17, and if Borrower s succesaor in interest has executed a I written assumption agreement accepted in writing by Lender, L.ender shall release Borrower from all obligations under this Mortgage and the ~ :Vote. If Lender exercises such option to accelerate, Lender ahali mail Borrower notice of accele~ation in accordance with parag[aph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the auma declared due. If Borrowet fails to pay such sums prior to the expiration of such period, I,ender may, without furthet notice or demand on ~3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ! 18. Acceteration; Remediee. F~cept as provided in paragraph 17 hereof. upon Borrower'a breach of any oovenant or ~ agreement of Borcower in this Mortgage, including the oovenants to pay when due any sume aecured by thie Mortgage, Lender prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifyiog: (1) the breach; (2) the action required to wre such breac6; (3) a date, not leas than 30 days from the dete the notice ig mailed to Borrower. by whic6 euch breach must be cured; and (4) t6at failure to rure euch breach on or before the date epecified in the notice may result in acceleration of the sums aecured by this Mortgage. foreclosure by judicial proceeding and sale of t6e Property. T6e notice ahall further intorm Borrower of the right to reinetate atter acceleretion and the right to asaert in the forecloeure proceeding the non-e:istence of a defeult or aay other detenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the auma aecured by thie.Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitied to collect in such proceeding all e:penses of foreclosure. including. but not limited to, reasonable attorney's feee. and costs of documentary evidence, abstracte and title reports. ~ 19_ Borrower's Right to Reinatate. Notwithetanding I.endei s acceleration of the sums secured by this Mortgage, Iiorrower shal I have ~ the right to have any proceedings begun by [.ender to enforce thia Mortgage discontinued at any time prior W entry of a judgment enforcing this Mortgage if_ (a) Borrower pays I.ender all sume which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occarred; (b) Borrower curea all breachee of any other covenanta or agreements of Botrower contnined in y thie Mortgage; (c) Borrower pays all reasonable e:penses incurred by Lender in enforcing the covenanta and agreementa of Borrower ~ contained in thie Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e fees; and (d) Borrower takea such action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the auma eecured by thia Mortgage ahall continue unimpaired. Upc?n auch payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rents; Appointment of Receiver. As additional security herennder, Borrower hereby asaigna to L,ender the renta ~ of the Property, provided that Borrovker shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such renta as they become due and payable. Y Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a ~ court to enter.upon, take posaeasion of and manage the Property and tu collect the rents of the Property, including thoae past due_ All rents ~ rnllected by the receiver shall be applied first to payment of the rnsts of management of the Property and collection of renta, including, but not ~ limited to, receiver's fees, premiums on receiver a bonds and reasonable attorney's feea, and then to the auma secured by thie Mortgage. The receiver aha11 be liable to account only for thoee rents actually receive~d. ~ ' 312 ~ ~,r~ 1401