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HomeMy WebLinkAbout26078. Inspection. I.ender may make or cauee to t-e made reasonable e~triea upon and inspectiona of ihe property, provided that Lender ehall give Boirowe~ notice prio~ b any auch inepection ap~rifying rnaeonable cause therefo~ related b L,ender'a intereet i~ the Prope»y. 9. Condemnation.'l~-e proceeda oi any award or claim for damagee, direct or coneeyuenlial, in ronnection with any condemnation or other taki~g of the property, or part thereof, or fo~ conveyance i~ lieu oi rnndemnation, are hereby assigned and ehall be paid to l.ender. In the event of a total tuking ot the Properiy, the proceeda ahall be applied to the euma secured by thie Mortgage, with the exceee, if any, paid W Borrower. In the event ot a partial taking of the Property, unlese Borrower and I.ender otherwiee aRree in writing, there ehaU be applied to the sume eecured by thie Mortgage auch proportion o[ the proceeda as ia equal to that proportion which the amount ot the suma eecured by this Mortgage immediately prior to the date of taking benre to the fair market value otthe Pmperty immediately prior to thedateof -aking, with the balener of lhe proceeda paid to Borrower. 1f the Property is abandoned by Borrowe~, or if, after notice by [.ender to Burrower that the condemnor offers to make an award or aettle a claim for damagee, Borrower faila to reepond to Lender wilhin 30 days after the date auch notice ie mailed, l.ender is authorized to collect and apply the proceeda, at l.ender's optio~. either to reatoration or repair of the property or to the sums aecured by thie Mortgage. Unleae Lender end Borrower otherwiee agree in writing, any euch application of proceeda to principal ahal! not extend or poatpone the due date of the monthly inetallmente referred fo in paragraphs 1 and 2 hereof or change the amount of auch inetallmente. l~. Borrower Not Released. Extension of the time [or paymant or modification otamortization of the sums eecured by this Mortgage Kranted by I.eader to any successor in interest of Rorrower shall not operute to relenae, in any manner, the liability of the original l3orrower :~nd I3orruvrer's successors in intereat. l.ender shnll not be required to cummence proceedinKB ngainst such successor or refuae to extend time fur p~yment or otherwise modify amortiziitiun of ihe sums serur~~1 by thix MortKa;~e by re.~son of any demand made by theoriginal E3orrower and ltorn-wer's successors in interrst. I 1. Forbearance by I,ender Not a Waiver. Any forbearance by l.ender in exerciaing any right or remedy hemunder, or otherwiae afforded by applicable law, shall not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement otinaurance or the payment of taxea or other liena or charges by Lender ahali not be a waiver of I.ender'e right to accelerate the maturity of Ihe indebtednesa secured by this Mortgage_ l2 Remediea Cumulative. All mmedies provided in thia Mortgaqe are diatinct and cumclative to any other right or remedy under thia Mortrage or afforded by law or equity, and may be exercised rnncurrently, independently or aucceseively. 13. Succeasors and Asaigne Bound; Joint and Several Liability; Captione. The covenants and agre~emente hernin contained ahall bind, and the righte hernunder shall inure to, the respective successors and assigns of I.ender und I3orrower, aubject to the provisions of paragraph 1 T hereof. All covenanta and agreementa of E3orrower ahall be joint and several. The captiuna and headinga of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the proviaions hemof. i a. No~ice. Ezcept for any notice required under applicnble l~w to be Riven in nnc,th~r manner, lal nny notirn to Borrower provided tor in thia hlortgage shall be qivrn by maili~g such notice by certified mail nddressed to E3orrower at the Property Address or at such other address as Rorrower may deaignate by notice to I.ender as pro~ ided hernin, and Ib- any notice to l.ender sha11 be given by certified mail, return receipt rer~uested, to Lender's address stated herein or to aucb other address as i.ender may designate by notice to I3ormwer ax provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrawer or [.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform cuvenants with limited variations by jurisdiction tu constitute a unitorm security instrument cuverin~ reai property. This Mortgage shaU be governed by the law of the jurisdiction in which the E'roperty is located. In ti~e event that any proviaion or rlause otthis Mortgage or the Note conflicts with applicable law, such conllict shal) not affect other proviaionx of this Murtgage or the Note which can be given effect without the cvnflictinQ pmvision, and to this end the pmvisions of the MortRage and the Note are declared to be severable_ l6. Borrower'e Copy. Borrower shall be furnished a mnfonned copy of the Note and of thia Mortgage at the time of execution or after rcrurdation hereof. 17. Transfer of the Property; Asaumption. !f al) or any part of the Property or an intereat therein is sold or tranaferred by E3orrower w~ithout [.ender R prior written consent, eacluding (a1 the creation of a lien or e~cumbrznce subordinate to this Mortqage, tb) the creation of a purchatie money security intereat for household appliances, (c1 a transfer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the Krant of any leasehold interest of three years or leas not containing an option to purchase, I.ender may, at Lender's option, ~ieclam ali the sums securea by this Mortgage to be immediately due and payable. l.ender ehall have waived such option to accelerate if, prior to 1he sale or transfer, I.ender and the person tn whom the E'roperty is to be aold or tranaferred reach agreement in vvritinQ that the credit of such F~rrson is satisfaMory to I.ender and that the interest payable on the sums secured by this htortgage shali t~e at such rate as l.ender sha11 rryuest. If I.ender h:~s waived the option to accelerate provided in this paragraph 17, and if F3orrower's successor in interest has executed a w•ritten assumption agreement accrpted in v-riting by I.ender, l.endershall rrleaseBorrowerfrom all obliKationaunderthisMortgageandthe \ ote. (f [xnder exercises such optiun tn accelerate, l.ender shall m:iil E3orrower notice of acceleration in accordance with paraqraph 14 hereof. ~uch notice sh~ll provide a period of not le.~ than 30 days from the date the notice is rr.ailecl ~a ithin which Bormwer maY paY the suma declared due. If Rurrower fails to pa}• surh sums prior to the expiration uf such period, I.ender may, without further notice or demund on ~forrower, ~nvoke any remedies permitt~d by paraKraoh lis here~~f. 18. Acceleration; Remediea. E:cept as provided in paragreph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. includinq the covenanta to pey when due any sumsaecured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure auch breach: (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which auch 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 auma secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further intorm Borrower of the right to reinatate aRer acceleration and the right to asaert in the foreclosure proceeding the non-e:iatence of a default or eny other defense of Borrov-er to acceleration and toreclosure. If the breach is not cured on or before the date epecified in the notice, Lender at Lender's option may declare al) of the euma aecured by this Mortgage to be immediately due and payable without turtherdemand and may foreclosethis Mortgage by judicial proceeding. Lender ahall be entitle~! to collect in such proceeding all expensea of foreclosure. including, but not limited to. reasonable attorney's teea, and costa of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinetate. Notwithatanding I.ender'a acceleration of the aums secured by this Mortgaqe, I3orrowerahali have the right to have any pmceedinqa bequn by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thie 1Nortgage if- (a) E3ormwer pays i.ender all aums which would be then due under thie Mortgage, the Note and notea securing Future Advancee, if any, had no acceleration occurred; (b) Borr+ower cures al l breaches of any other covenante or egreements of Borrower contuined in this Mortgage; (c) I3ormwer pays all reasonable expenaes incurred by Lender in enforring the rnvenanta and agreements ot Borrower contained in this Mortgage and in enforcing Lender a rnmedies as provided in paragraph 18 hereof, including, but not limited to, reasonabl~ attorney e fees; and Id) Borrower takes auch action as Lender may reasonably require to asaure that the lien of this Mortgage, I.ender's intereet in the Property and I3orrower s obligation to pay the sums secured by this Mortqage shall continue unimpaired. [Jpon auch paymenE and cure by Borrower, this Mortgage and the obligations aecured hereby shall remain in ful) force and effect as if no acceleration had occurred_ 20_ Aesignment ot Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigns to Lender the renta uf the Property, provided that Borrower shsll, prior to acceleration under paragraph 18 hereof or abandonment of the Property~ have the right to collect and retain such rnnta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, [.ender ehall be entitled to have a receiver appointed by a court to enter-upon, take possesaion of and manage the Property and to collect the rente of the Property, including thoee past due. All rente uolleeted by the receiver ahall be applied firat to payment of the mete otmanegement of the Property and collection of renta, including, but not limited to, receiver a feee, premiume on receiver's bonda and reasonable attomey e fees, and then to the aums eecured by this Mortgage. The receiver ahall be liable to acoount only for thoae rents actually received. ~ 3i)~)X c~~c~ P~GE ~„lAJO ~ ~~rt.,..~ . , - _ __ .: _ _- --_ - - a~~._ ~