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HomeMy WebLinkAbout0956 8. Iaepection. L.ender may make or cauee to be made reasonable entries upon and inspectione of the property, provided that Lender ehall give Borrower notice prior to any euch inspection specifying reaeonable cauee therefor related to L.ender'e interest in the Property. 9. Coadeatnation.'11~e proceede of any award or claim for damages, direct or coneequential, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyanee irt lieu of rnndemnation, are hereby aseigned and ehall be paid to Lender. In the event of a total taking of the Property, the proceeda ahali be applied to the auma secured by thia Mortgage, with the e:ceee, if any, paid to Borrower. In the event of a partial taking of the Property, unleas Borrower and I.ender otherwise agree in writing, there ehall be applied to the sums eecured by thie Mortgege euch proportion of the procceda ae ia equai to that proportion which the amount of the aums secured by thie Mortgage immediately prior to the date of talcing beare to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceede paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offere to make an award or eettle a claim for damagea. Borrow er feile to reapond to Lender within 30 daya after the date euch notice ie mailed, Lender ie authorized to collect and apply the proceeda, at L.ender's option, either to reetoradon or cepair of the property or to the eums eecured by thie Mortgage. Unlesa Lende~ and Borrower otherwiee agree in writing, any euch application of proceeds to principal shall not e:tend or poetpone the due date of the monthly inetallme~te referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallmente. " 10. Borrower Not Released. Extensiun_ of the time for paym~nt or modification of amortization of the auma eecured by thie Mortgage granted by Lender to any succeseor in intereat of Borrower shaU not operate to release, in any manner, the liability of the original Borrower and Borrower'a succeesora in interest. Lender ahall not be required to mmmence pra-eedinga ag+unat auch aucceseor or refuae to extend time for payment or otherwise modify amortization o[the sums secured by this Mortgage by reason of any drmand made by the original Borrower and Borrower's successors in interest. 11. Forbearaace by Lender Not a R?aiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiee at'forded by applicable law, ahall not be a waiver of or preelude the e:ercise of any sach right or remedy. The procurement of inewance or the payment of teucea or other liene or chargea by Lender ehall not be a waiver of Lender'a right to accelerate the maturity of the indebtednese secured by this Mortgage. 12 Rea?ediea Cumulative. All remedies provided in this Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity. and mey be eaercieeri ooncurrendy, independently or encceeaively. 13. Succeaeore and Aasigns Bound; Joint and Several Liability; Captione. The covenat~ts and agreemente herein contained ehall bind, and the rights hereunder ehall inure to, the teapective aucceasora and aseigns of Lender and Borrower, subject to the provisions of paragraph 1? hereof. All rnvenanta and agreementa of Borrower shall be joint and eeveral. The captions and headinge of the paragrapha of thia Mortgage are for covenience onll and are not to be used to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Bonower provided for in thia Mortgage shall be given by mailing such notice by certified mail addr~esaed to Borrower at the Property Addreas or at auch other addreae as Borrower may designate by notice to l.ender as provided hernin, and (b) any notice to I.ender shall be given by certified mail, retum receipt requeated, to Lender's address atated herein or to such other addreas as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Morigage; Governing I.aw; Severability. Thie form of mortgage combinea uniform rnvenante for national use and non- uniform covenanta with limited variations by jurisdiction to conatitute a uniform security instrument oovering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other proviaiona of this Mortgage or the Note which can be given effect w~thout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be aeverabte. 16. Borro~+•er's Copy. Borrower ahall be fumiahed a conformed copy of the t\ote and of thia Mortgage at the time of execution or xfter recordation hereof. ~ l7. Tranefer of the Property; Aseumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower w~thnut Lendei s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a j purch:cse money security intereat for houaehold appliances, (c) a transfer by deviae, d~scent or by operation of law upon the death of a joint f tenant or (d) the grant of any leasehold interest of three years or lesa not rnntaining an option to parchase, Lender may, at Lender's option, ~ declare all the sums xecured by thia Mortgage to be immediately due and payable. Lender shall have waived such option to acceletate if, prior ~ to the sale or transfer. I.ender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of euch ; person is satiafactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in intereat haa executed a ; w~ritten assumption agreement accepted in writinR by Lender, [.enderahall release Borrower from all obligations under thia Mortgage and the s Note. ~ If Lender exercisea such option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of nut less than 30 days fiom the date the notice is enailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such suma prior to the expiration of surh period, I.ender may, w•ithout further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by paraqraoh 1R hereof. 18. Acceleration; Remediea. Ezcept as provided in paragraph 1'7 hereof, upon Borrower's breach of any c~ovenant or ~ agreement of Borrower in thie Mortgage, including the covenanta to pay when due any sums secured by this Mortgage, Lender ~ ~ prior fo acceleration shaii mail notice to Borrower ea provided in paragraph I4 hereof specifying: (I j ihe breach; (2j the aciion ~ required to cure such breach; (3) a date, not leas than 30 days from the date the notice ia mailed to Borrower, by which auch ~ breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice raay result in accelerationottheaumasecuredbythiaMortgage,foreclosurebyjudicialproceedingandealeoftheProperty.Thenoticeshall ~ further inform Borrower of the right to reinstate after acceleration and the right to easert in the toreclosure proceeding the non-e:ietence of a default or any other defense of Borrower to acceleration and forecloBUre. If the breach ie not cured on or ~ before the date apecified in the notice. Lender at Lender's option may declare all of the suma secured by thia Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of forecloaure, including, but not limited to. reasonable attorney's feea, and q coeta otdocumentary evidence, abstracts and title reporta. 19. Borrower's Right to Reinstate. Notwithstanding I.ender's acceleration of the aums eecured by this Mortgage, Borrower shali have :t the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing - this Mortgage if: (al Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes securing Future ` Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenanta or agreementa of Borrower contained in - this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower y oontained in this Mortgaqe and in enforcing l.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's feea; and (d1 Borrower takes such action as I.ender may reasonably require to assurethat the lien of thia Mortgage, Lender's intereat = in the Property and Borrower's obligation to pay the sums secured by this Mortgaqe ahall continue unimpaired. LTpon euch payment and cure by f3orrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the renta ` of the Property, provided that Borrower sha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright '-j to collect and retain such rents as they become due and payable. = Upon acceleration under paraqraph lA hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oourt to enter-upon, take possesaion ot and manage the Property and to collect the rente of the Property, including those past due. All renta collected by the receiver ahail be applied first to payment of the coata of managementof the Property and collection of rente, inciuding, but not ''j-; limited to, receiver's fees, premiuma on receiver's bonds and reasonable attomey's feea, and then to the sums aecured by thie Mortgage. 7'he r~ receiver ehall be liable to acoount only for those rents actuaUy received. ~ .rY ~i l ~4 ~~~~jx3 . ~~E ~54 ;