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HomeMy WebLinkAbout0866.1 8. laspectioa. Lender may make or cause to be made rgesoneble entries upon and inspection~ otthe property. provided that I.eade~ shaU give Bortower notioe prior to any such ins~+ection specifyin~ reasonable cause therefor nleted to Lender'R intered i~ the Property. 9. CoAdemnatio~. The prooeeds of eny award or claim for damages. direct or coneequential, u, ~o~eoaon ~-;th eny oon~-n.noA o~ other takiag of the property, or part thereof, or for conveyance in lien of oondaanation. are hereby a~sig~ed and shaU bs pwid Lo Lsader. I~ the event of a total taking of the Property, the praceeds shall be epplied b the sums secured by thi~ Mort~a~e. with the a:oeN. if any. paid to Borrowei. In the event of a partial taking of the Property. unlee~ Borrow~ and Lend~ otherwi~e agree in aritin~~ there ~hall bs applied to the oua~s secured by this Mostgage sucb pmportion of the procceds as u equsl to that pmportion ~rhich the amouat ot We ~uma secured by thie Mortgage i~r mediately prior to the date of taking bean to the fair market value oflhe Property unmediaf~ely prios to the date oi twking. with the balanca o[ the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notioe by Lender b Borrower that the oondemnor ot~ers b make an awrard or ~etW a claim for damages. Borrower faile to reapond to Lender within 30 days efter the date such notice i~ mailed. Lendes is authorized b colleet and apply the prooeed~. at Lender'e option. either b restoratioa or repair of the pmperty or to the sums secured by thi~ Morfga~e. Unless Lender and Borrower otherwiae agree in writing. any such application of prooeede to principal shaU not extend or po~tpon~ tM due date of the monthly inatallmente referred to in paregrephs 1 end 2 hereot or chanQe tha amount of such in~tallmeat~. 10. Borrov- er Not Releaeed. Exteneion ot the time for paymant or modification of aawrtization of the suma secured by this Mortsa~e granted by Lender to any eucceseor in interest of Borrower shall not operate to release. in any menner. t2~e liability of the osiginal Bormwer and Bormwei a auccesaors in intei^eet. Lender shall no! be required to oommence proceedings against such successor or refuse to estend time for payment or otherwise modify amortization of the aums secured by this Morlgage by reason of any demand made by the originel Borrower and Borrower s auccessors i~ intereet. 11. Forbearance by Lender Not a R-aiver. My forbearance by Lender in esetcising any right or nmedy hereundes. or otherwi~e af~orded by applicable law, ahell not be a waiver of or preclude the e:erciee oi any such right or remedy. The procuremeqt of insuranas ~ the payment of ta:es or other liens or charges by Leader ehall not be a waiver of Lender's right to socelerate the maturity of We indebtedneM secared by lhis Mortgage. • 12 Remediea Cumulative. All remedies pmvided in thie Mortgage are distinct and cumulative to aay other iight or nmedy undar thi~ Mortcage or aftorded by law or equity. and may be ezercise~i oonc~rrently. independently or suoceaaively. 13. Succeseore aad Aeaigne Bound; Joint and Several Liabillty; CaptIons. The oovenanta and agrcemente herein oontained she~ll bind, and the rights hereunder ahal! inure to. the reapective aucceeeors and assigna of Lender sad Borrower. subject to t6e provirion~ of parag~aph 17 he~eof. All covenants and agreemente of Borrower ehall be joint and several. The captioas and h~adings of the patagraph~ of this Mortgage are for coyenience only and are ~ot to be used to interpret or define the provisions hereof. ~ 14_ Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgnge ahall be given by mailing such notice by certified mail addreaeed to Borrower at the Propedy Addnsa or at such other addreM a~ F3orrower may designate by notice to Lender ae provided herein, and (b) any notioe to Lender ahall be given by certi5ed mail. re~m reoeipt requested, to Lendei a addrees atated herein or to euch other addrese a8 I.ender may designate by notice to Borrowet aa pmvided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner desigasted haeia 15. UniCorm Mortgage; Governing I.aw: 3everability. Thie form of mortgage combines uniform ooveaants for natioaal we aad non- uniform covenante with limited variations by juriediction to rnnstitute a uniform secnrity instrwuent oovering real propertyi.l~jp Mortgage shall be governe~i bY the law of the juriadictiun in which the Property ie located. In the event thet any proviaion or clause of this Mortgage or the Note conflicL~ with applicable law, auch rnnflict ehall not atfect other pmvisioae of this Mortgage or the Note which can be given effed without the rnnflicting proviaion, and w this end the proviaions o[ the Mortgage and the Note are declared to be severable. 16. BorrowPr'e Copy. Borrower ehall be furnished a conformed oopy of the Note and of this Mortgage at the time of ezecution or after recordation herrof: " 1T.'ltiranefer of the Property; Aseumption. If all or any part of the Property or an interest therein ia sold or transferred by Borrower w~thout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchaee money eecurity intereat for houaehold appliances, (c) a tranefer by devise, dc~oent or by operatioa of law apoa the death of a joint tenant or (d) the grant of any leasehold interest of three yeare or leas not oontaining an option to purchase. I.ender may, at I.endefs option. declare all the aums aecurea by this Mortqage to be immediately due and payable. I.ender shall have waived such option to accelerate if. prior to the sale or transfer, Lender and the peraon to whom the Property is to be eold or traneferred reach egreement in writing that the creditof snch peraon is satiafaMory to Lender and that the interest payable on the sume secured by thie Mortgage ehall be at auch rate as Leader shall request. If Lender has waived the option to accrlerate provided in thia paragraph 17, and if Borrower'e aucceseor in intereet has e:ecuted a w~ritten asaumption a~;reement accepted in writing by l.ender, I.ender ehall release Borrower from all obligatione under thia Mortgage and the Note. - If Lender exercises auch option to accelerate, I.ender shall mail Borrower notice of acoeleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 daya from the date the notice ia rr.ailed within which Borrower may pay the suma declared due. If Borrower fails to pay such auma prior to the expiration of euch period, I.ender may, without further notice or demand on ~iormwrr. ~nvoke ang remediea permitted by paragraoh IR hereof. 18. Acceleration; Remediee. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage. inciuding the covenanta to pay when due any eume secured by this Mortgage, I.ender prior to acceleration ahall meil notice to Borrower as provided in paragraph 14 hereof epecityin~: (1) the breach; (2) the action required to cure euch breach; (3) a date. not lese than 30 daye firom the date the notice is mailed to Borrower, by whicb sach breach muet be cured; and (4) that failure to cure euch breach on or before the date specified tn the notice may result in acceleration of the eums secured by thie Mortgage, foreclosure by judicial proceeding and eale oithe Property. The notice shall further inform Borrower of the right to reinetate after acceleration and the right to seaert in the foreclosure proceedit~g the non-e:iatence of a detault or any other detenae of Borrower to aoceleration and foreclosure. If the breach is not cured on or before the date epecified in the notice, Lender at I.ender'a option may declare all of t6e sums eecured by this Mortg~-ge to be immediately due and payable withuul furtherdemand and may forecloae thia Mortgage by judicial proceeding. Lender shell be entitled to collect in su~h proceediag all expenaes ottoreclosure. including, but not limlted to. reasonable attorney'~ feea. and coste of documentary evidence, abatracts and title reporte. 19_ Borrower'e Right to Reinetate. Notwithetanding Lender e acceleration of the eama secured by thia Mortgage, Borrowa ~hall have the right to have any proceedinge begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment eaforcin~ thie Mortgage it: (a) Borrower paya Lender all aums which would be then.due under thie Mortgage, the Note and notes ~ecuring Ftitnr~ Advances, if any, had no aceeleration occurred; (b) Borrower cures all breachesof any otheroovenants or agreemenb of Borrowrer oontained in this Mortguge; (c) Borrowrr paya all reaeonable e:peneea incurred by Lender in enforcing the covenante and egreements of Borrower oontained in thia Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof. including, but not limited to. reawnabls attorney's feee; and (d) RoTrower takea auch action aa Lender may reseonablv require to essure that the lien of this Mortgage, I.enda'~ intere~t in the Property and Borrower e obligation to pay the aume eecured by thia Mortgage ahall continue unimpaired. Upon euch paymeat and care by Borrower, this Mortgage and the obligatione aecured hereby ahall remain in full foroe and effect as if no aooeleratioa had oocnrrod. 20. Assignment of Rente; Appointment of Receiver. Aa additional securitY hernunder, Borrower hereby assigns to I.ender the reats of the Property, provided that Borrower shall, prior to aoceleration under paragraph 1$hereo[or abandonmentof the Property, havetheright to collect and retain anch rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender eha11 be entided to have e rEceiver apgoiated by a court to enter ~upon, take posseaeeon of and manage the Property and to collect the rents of the Property. iacluding those past due. All naL oollected by the receiver ahall be applied firet to payment of the ooata of management of the Property and oollection of renta, including. bnt od limited to, receiyer a feea, premiume on receiver'e bonds and reasonable attomey's fees, and then to the euma secured by this Mortgage. T6e receiver ahall be liable to acoount only for thoee renta adualiy received_ BDOK~4~ PAGE 8~~ ~~ K,;~:~: :~~