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HomeMy WebLinkAbout0175 8. Iaepection. Lender may mske or caune to be made reaeonable entries upon and inapectione of the property, provided thai Lender ehall Kive Borrower notice prior ta any such inapection epecifying reasonable cauee themfor related to l.ender'e i~?tereet in the Property. 9. Condemnation. 'Che proccede of any award or cluim for damagee, direct or rnneequential, in connection with sny oondemnation oi other taking of the property, or part thereof, or for conveyance in lieu of condem~ation, are hereby aseigned and shall be paid to l.ender. In the event of a total taking of the Property, the proceeds ehall be applied to the suma aecured by thie Mortgage, with the excese. if any, paid to Borrower. In the event of a partial taking ot the Property, unleas Borrower and Lender otherwiee ag~ee in writing, there ehall be applied to the euma eecured by thie Mortgage euch proportion of the proceeds aa ia equal to that proportion which the amount ot the xume secured by thie Mortgage immediately prior to the date of taking bears to the fair market value otthe Property immediately prior W the date of taking, with the balanca of the proceeda paid to Borrower. If the Property ia abandoned by ~3orrower, or if, after notice by l.ender to Borrower that the oondemnor offere to make an award or aettle a ciaim for damagee, Borrower fails to respond to Lender within 30 days after the date auch notice ie mailed, Lender is suthorized to collect and npply the proceeds, at L.ender'a option, either to reetoradon or repair of the property or to the eums secured by thie Mortgage. Unlesa Lender and Borrower otherwise agree in writing, any such npplication of procceda to principal ahall not eztend or poetpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Released. Eztenaion of the time for paymant or modification of amortization of the auma secured by this Mortgage Rranted by l.ender to any successor in interest of Borruwer shall not operate to mlease, in any manner, the liability of the original I3orrower and I3orrower's successors in internst. l.ender shal! not be required to rnmmence proceedinga againat such succeasor or refuae to extend time for p~yment or othenvise mcxlify amurtization of the sums secured by this Mortgaqe by reason of any demand made by the original Borrower und Borrowei a successors in interest. 11. Forbearance by Lender Not a Weiver. My forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement otinearance or the payment of taxea or other liena or chargee by l.ender ehall not be a waiver of Lender s right to accelerate the maturity of the indebtedneea secured by thie Mortgage_ . 12 Remediee Cumulative. All remediee provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be eaerciee~i ooncurrently, independently or succeseively. • 13. Successore and Assigne Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained ahall bind, and the righte hereunder shall inure to, the reapective successors and sesigne of Lender and Borrower, eubject to the provisions of paragraph 17 hereof. Al! covenants and agmemente of Borrower shall be joint and aeveral. The captions.and headings of the paragraphe of ti?is Mortgage are for covenience only and are not to be used Co interpret or define the proviaiona hereof. 14. Nutiee. F.xcept foi any notice required under applicable law to be ~civen in another manner, (a) any notice to Borrower provided forin this Mortgage shall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addreas or at such other addreee se E3orrower may deaignate by notice to Lender ae provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt requeated, to Lender'a address atated hernin or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when givrn in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage comhines uniform rnvenanta for nationai use and non- uniform covenanta with limited variations by jurisdiMion to constitute a uniform security inatrument covering real property. This Mortgage shall be governed by the law of the juriadirtiun in which the Property is locatPd. In the event that any provieion or clause of this Mortgage or the Note conflicts with applicable law, such conflict ahall not affect other pro~ iaione of this Mortqage or the Note which can be given eNect without the contlicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furniehed a conformed rnpy of the Note and of this Mortqage at the time of executiun or after recordation hereof. 17. Transfer of the Property; Asaumption. If all or any part of the Property or an internet therein is sold or transferred by Borrower without I.ender s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, le) a transfer by devise, descent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any leasehold intemat of three yeara or lese not containing an option to purchase, L.ender may, at Lender a option, ~ declare all the sums secured by this hlortgage to be immediately due and payable_ Lender ahall have waived such option to accelerate if, prior to the sale ur *.ransfer, Lender and the peraon to whom !he Property is to be soid or transferred reach agreement in writing that the credit of such ~ person is satisfactory to I.ender and that the interest payahte on the sums secured by this Mortgage shall be at such rate as I.ender ahalf ; request. If l.ender hag v?aived the option to accelerate provided in this paraqraph 17, and if Rorrower s successor in interest has executed a ! wntlen assumptian agreement accepted in writinK by I.ender, t.endershall release Borrower from all obiigations under this Mortgage and the t '`ote. ? If l.ender exercises such option to accelerate, Ixnder shall mai) Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a perioci uf not less than 30 days from the date the notice is rr.ailed rrithin which Borrow er may pay the sums declared ~ due. if Borrower fails to pay such sums prior to the expiration uf such period, [.ender may, without further notice or demand on ~3arrower, ~ ~nvoke any remedies permitted hy paraRraoh iR hereof. i ' 18. Acceleration; Remediea. Except se provided in paragraph 17 hereof, upon Bonower's breach of any covenant or ~ agreement of Bonower in thie Mortgage, including the covenants to pay when due any aums secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion ~ required to cure auch breach; (3) a date. not less than 30 days from the date the notice ie mailed to Borrower, by which euch ~ breach muat be cured; and (4) that failure to cure euch breach on or before the date apecified in the notice may result in ~ acceleration of the eume secured by this :Ylortgage, foreclosure by judicial proceeding and sale of the Property.The notice ehall ; further inform Borrower of the right to reinstate after acceleration and the right to asaert in the foreclos~re prceeeding the ; non-eaistence of a default or any other detense of Borrower to acceleration and forecloaure. If the breach is not cured on or ; before the date specified in the notice. Lender at Lender's option may declare all of the sume secured by thie Mortgage to be ~ immediately due and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all expensex of foreclosure, including. but not limited to. reasonable attorney's fees. and ~ costs of documentary evidence, abatracts and title reports. ~ 19. Borrower's Right to Reinatate. Notwithatanding I.ender's acceleration of the suma secured by thia Mortgage, Bonower shall have the riRht to have any proceediags beRun by I.ender ta enforce this Mortgage discontinued at any time prior to entry of a judqment enforcing this Mortgage if: Ia) Borrower paye [.ender all aums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred: (bl Borrower curea ail breaches of any other covenanta or agreements of Borrower contained in ihis Mortgage; (c) E3orrower pays all reasonable expenaes incurred by Lender in enforcing the covenants and agreementa of Borrower contained in thia MortgaRe and in enforcing I.ender's remedies as provided in paragraph IR hereof, including, but not limited to, reasonable attorney's fees; and Id) E3orrower takes such action aa Lender may reasonably require to assure that the lien of this Mortgage, I.ender's intereet - in the Property and ~rrower's obligation to pay the sums aecured by this MortgaRe shall continue unimpai<ed. Upon such payment and cure E by Borrower, this MortgaKe and the obliQations secured hereby shall remain in full force and effect as if no acceleration had occurred. 'l0. Assignment otRents; Appointment ot Receiver. As additional security hereunder, Borrower hereby asaigna to I.ender the rente of the Property, provided that E3orrower shall, prior to acceleration under paraqraph I S hereof or abandonment of the Property, have theriqht ' to collect and retain such rents as they become due and payable. lJpon acceleration under paragraph IA hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a _ court to entec upon, take possesaion of and manage the Property and to coliect the rents of the Property, includinq thoae past due. All rnnts ~ coliected by the receiver ahall be applied firet to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attnrney's [ees, and then to the suma secured by thie Mortgage. The ~ receiver shall be liable to acoount vnly for those rents actuallv received. ~ ~ ~ ar~'iX P~GE ,