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HomeMy WebLinkAbout0477, ,t 8. lnepection. I.ender may make or cauee ta be made reasonable entriee upo~ and inepectio~e of the prope~ ty, provided lhat I.ender ehall give Borrower notioe prior to any euch inepeciion specifying reasonable cauae there[or related to l.ender a interest i~ the Proptrty. 9. Condetaaatlon.'llie procweds of any award or ctaim [or damages, direct or coneequential, in conrtection with any oondemnation or other taking of the properiy. or part thereof. or for rnnveyance in lieu of co~demnation, are hereby seaigned and shall be paid to Lendes. In the event of a total taking of the Property, the proc~eede shall be applied to the suma eecured by thia Mortgage, with the e:oess, if any, pxid to Bo~rower. In the event of a partiai taking of lhe Property. unleee Borrower and I.ender otheiwiee agree in writing, there shall be applied to the aume eecured by this Mortgage auch proportion of the proceeda as ie equal eo that proportion which the amount of the suma secured by this Mortgage immediately prior to the date ottaking beara to the tair market value of the Properiy immediately prior to the date of ' taking, with the balanca of the prooeeda paid to Borrower. If the Property is abandoned by BoROwer, os if, afler notice by I.ender w Borrower that the oondemnor offers to make an award or seltle a claim for riamages. Borrower faile to respond to I.ender within 30 days aBer the date auch rtotice is mailed, l,ender is authorized to collect and apply the proceeda, at I.ender e option, either to reetoration or repair of the pmperty or to the auma eecured by this Mortgage. Unleaa l.ender and Borrower otherwiee agree in writing, any auch application of proceeda to principal ahall not e:tend or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such instaUmenta. 10. Borrower Not Released. Bxtenaion ot the time for paymant or modification of amortizatioo of the sums secured by thia Mortgage Kranted by l.ender to any auccessor in intereat of iiorrower ahall not operate to release, in any manner, the liability of the original Borrower and ~3orrower's succeaeors i~ intereat. l.ender ahall not be required to rnmmence pro~~eedinqa against such succeseor or refuae W e:tend time for payment or otherwise modi[y amoriization o[the sums secured by this MortQage by reason of any dema~d made by theoriginal Borrower and I3orrow~ a succ~~ssors in interest. 1 l. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in e:ercieing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be e waiver of or preclude the exerciae of any auch right or remedy. The pmcurement of ineurance or the payment of ta~cea or other liens or chargee by [.ender ahall not be a v-aiver of l.ender a right to accelerate the maturity of ihe indebtednesa secured by thia Morigage. 12 Remedies Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any olher right or remedy under thie btorteage or afforded by law or equity, and may be exerciae~i concurrently, independently or aucceasively. l'3. Succesaore and 4esigne Bound; Joint and Several Liability; Captions. The rnvenanta and agreemente herein rnntained ahall bind, and the rights hereunder ehaU inure to, the respective succeesors and aseigna of Lender and Eiorrower, subject to the proviaiona ot paragraph I? hereof. All covenanta and agreementa of Borrower ahalt be joint and eeveral.'17~e captions and headings otthe paragrapha of this Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof. 14. Notice. F.xcept for any notice required under applicubie law to be Riven in another manner, lal any notice lo Borrower provided for in t his Mort~age shall begiven by mailing such notice by certified mail addresaed to Borrower at the Property Address or at such other address as Korrower mny designate by notice to [.ender as provided herein, and (b) any notice to l.ender shall be given by certified mail, return receipt rey uested, to t.ender's address stated herein or to auch other address as l.ender may designate by notice to Borrower sa provided herein. Any nutice provided for in -his Mortgage ahall be deemed to have been given to [3orrower or l.ender when given in the manner designated herein. 15. Unitorm Mortgage; Gove~ning Law; Severability. This form of mortgagecombines uniform oovenantstor national use and non- unifotm covenants with limited variations by jurisdiMion to constitute a uniform security instrument rnvering real property. Thia Morigage shali be governed by the law of the jurisdiction in which the Property is located. In the event that any provieion oe clause of this Mortgage or the Note conflicts with applicable law, such conflict shaU not affect other proviaiona of this Mortgage or the Note which can be given ef~'ect w~ithout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable_ l6. Borrower'e Copy. Borrower ahall be furniahed a conformed copy of the Note and of this Diortqage at the time of execution or after rrcordation hereof. 17. Tranefer ot the Property; Aseumption. If aU or any parl of the Property or an interest therein ia soid or transferred by Borrower without [.endei a prior written conaent, e:cluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation of a ~ purchase money secvrity intereat for household applianceis, (c) a tranafer by deviee, d~scent or by operation of law upon the death of a joint a~ tenant or (d) the grant of any leasehold intereat of three years or lesa not rnnlaining an option to purrhase, I.ender may, at Lender e option, ~ ~ieclare all the aums secured by this Mortgage to be immediately due and payable. l.ender ahall have waived such option to accelerate if, prior ~• tc, the sale or tranafer, I.ender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of such ~~' person is xatisfactory to I.ender and that the interest payable oo the sums secured by this MortKage shall be at such rate as I.ender ahall ' ~~equest. If I.ender h~a waived the option to accelerate provided in this paragraph 17, and it E;orrower's succes.~or in interest has executed a i w•ritten assumption agreement accepted in writinK by I.ender, l.enderehall release t3orrower from all obligations under this Mortgage and the i ~ ,~\ute. ~ If I.ender exercises such option to accelerate, l,ender shall mail liorrower notice of acceleration in accordance with paragraph 14 hereof. ~~~' tiuch notice shall provide a period of not less than :~0 days from thedate the notice is mailed within v-hich Borrower may pay thesums declared due. If Borroveer fails to pay auch sums prior to the expiration of such period, l.ender may, without further notice or demand on Iforrower, j invoke any remedies permitted by paraKraoh 1R hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereot. upon Borrower's breach ot any covenant or aqreement of Borrower in this Mortgage, including the covenanta to pay when due any aumssecured by this Mortgege. Lender prior to acceleration ehall mait notice to Borrower as provided in paragraph 14 hereof epecifying. (1-the breach; (2) the action required to cure auch breach; (3) a date. not lees than 30 days from the date the notice ie mailed to Borrower. by which such breach muat be cured; and (4) that failure to cure auc6 breach on or before the date epecified in the notice may result in acceleration of the sume secured by this Mortgage. foreclosure by judicial proceeding and ealeotthe Property.The notice ehall further intorm Borrower of the right to reinstate after acceleration and the right to assert in the toreclosure proceeding the nun-e:ietence of a default or any other defense of Rorrower to acceleration and foreclosure. [[ the breach ie not cured on or before the date specified in the notice. Lender at I.ender's option may decture all otthe sums secured by thie Mortgage to be immediately due and payable without turtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be c•ntitled to collect in such proceeding all expensea of foreclosure, including. but not limited to. reasonable attorney's feee. and coxta of documentary evidence. abetracts and litle reporta. 19. Borrower'e Right to Reinatate. Notwithatandinq l.ender e acceleration of the sums aecured by this Mortgage, Borrowershall have the right to have any proceedings bequn by I.ender to enforce thiP Mortgage diacontinued at any time prior to entry of a judqment enforcing thia Mortgage if: la) Borrower pays I.ender all sums which would be then due under thie Mortgage, the Note and notea securing Future Advancea, if any, had no acceleration occurred; lb) Borrower curea all breaches of any other covenante or agreements of Borrower contained in this Mott{;age; (c) E3orrower pays all reasonable expensea incurred by Lender in enforcing the rnvenants and agreements of E3onower contained in this Mortqaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and Id- Borrower takea auch action aa Lender may reasonably require to assure that the lien of thia Mortqage, i.ender'a interest in the Property and Borrower'a obligation to pay lhe sums aecured by thie Mortgaqe ahall continue unimpaired. Upon auch payment and cure by Borrower, thie Mortgage and the obligationa secured hereby ahall remain in full force and effect ae if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional aecurity hereunder. Borrower hereby aseigna to Lender the renta of the Property, provided that Borrower shall, prior to acceleration under paraqraph 18 hereolor abandonment of the Property, have the right to collect and retain auch renta as they become due and payable_ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a court to enter~pon, take pusaeasion of and manage the Property and to rnllect the rents of the Property, including those past due. All rente collected by the receiver shall be applied first to payment of the ooate of iqenagement of the Property and aollection of renta, including, but not limited to, receiver's feea, premiume on receiver a bonda and reaeonable attorney's feea, and then to the anma eecured by this Mortgage. The receiver ahall be liable to aco~unt only for those rents actually received. ~ ~ :~,; _ - ~~~.~~.. : ao~x~~ F1GE 476 _ _~~~ ~~ . -