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HomeMy WebLinkAbout11284~ 8. Ipepection. l.ende~ may malce or cauee to be made reaeonable entries upon end inspectione of the property, p:ovided that l.ende~ ehall Ecive Borrowe~ notice prior to any auch inepection specifying reaaonable cause therefor related to I.ender'a interest in the Property. 9. Cundemnation. 71~e proc~eede of a~y award or claim for damagea, dinrt or conaequrntial, in con~ection with Any rnndemnation or other taking of the property, or part thereoi, or for conveyance in lieu af rnndemnation, are hereby aaaigned and ahal) be paid b I.ender. In the event of a total taking of the Property, the proceede ahaA be applied to the aume eecured by thie Mortqage, with the excese, if any, paid to Borrower. In the event ot a partial taking of the Property, unleea BoROwer and I.ender otherwise aKree in writing, there ahall be xpphed b the sums eecured by this Mortgage auch proportion of the proceede ae ia equal to that proportion which the amount of the aums secured by thie Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediatrly prior to the date of taking, vrith the balanca o! the proceeda paid to Borrower. If the Properly ia abandoned by Botrower. or i[ after notice by Lender to Aonower that the condemnor offera to make an award or aettle a claim for damagea, Borrower fails to reapond to Lender within 30 daye atter the date euch notice ie mailed, I.ender is authorized to collect and upply the proc~eeda, at Lender a option, either to reatoration or repair of the property or to the euma secured by thie Mortgage. Unlesa l.ender and Eiorrower otherv-~se agree in writing, any such application of proceeda to principal ahall ~ot extend or postpone the due ciute of the monthly inatallmenta ceferred to in paragrapha 1 and 2 hereof or change the amount of such inatallments. 10. Borrower Not Released. Extenaion of the time for paym ~nt or modification of Amortization of the suma secured by this Mortgage ~;rt~nted by I.ender to any auccessor in interest of I3orrower shall not operate to rele~ae, in any manner, the liability of the original Borrower .~nd Fiorrower's succes.wrs in interest. [.ender shall not be required tu commence proceeciings ugainat such succeasor or refuae to extend time f~~r puyment or otherwise moclify amortization otthe sums secured by this Mortgt-ge by reuson of t~ny demand made by theoriginal Borrower .snd Born,wei s ~ucc~swns i~ i~Cerest. 11. Forbearance by Lender Not a 1Vaiver. Any fo~bearance by I.ender in exerciainR any right or remedy hereunder, or otherwiee :~ftorded by applicable law, ahall not be a waiver of or pnrlude the exercise of any auch riRht or remedy. The procurement of insurance or the payment of taxea or othe~ liene or chnrges by I.ender shall not be a waiver of l.ender'a right to acoelerate the maturity of the indebtedneas ~rcured by this Mortgage_ 12 Remedies Cumulative. All remedies provided in thia Mortgage are distinct and cumclative to any other right or rfinedy under this ~lortrage or afforded by 1aw or equity, and may be exereiserl concurrently, independently or auccesaively. 13. Succeasore and Asaigna Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained ahall bind, und the righta hereunder shall inure to, the respective succesaora and assigns of l.ender and I3ormwer, su5ject to the provisions ot parngraph 17 hereof. All covenants and aRreements of Borrower shall be joint and aeveral. The captiona and headinga of the paragraphs of this htortgage are for covenience anly and are not to be uw.d to interpret or define the proviaione hereof. 14. Notice. E~ccept [or any noiice required undrr applicnhle la~w to be Kiven in anoth~r mnnner, la) any notire to Bonowerprovided forin this Mortgageshull be given by mailing such notice by certified mail addressed to E~rrowerat the Pn~perty Add~ess or at auch other address as I~orrower may deaiKnate by notice to i.ender as provided herein, and (b1 any notice to I,ender shatl be qiven by crrtified mail, return receipt rcquested, to l,ender's addrea4 stated hernin or to such other address as I.ender may desiRnate by notice to f3orrower as provided herein. Any notice provided for in this btortgage shall be deemed to have been given to E3orrower or I.ender when given in the manner designated herein. I:i. Uniform Mortgage; Governing Lsw; Severability. Thia form af mortgage combines uniform oovenants for national use and non- uniform cu~•en:~nts with limited variations by jurisdiction to constitute a uniform security instrument cc,vering rnal property. This Mortgage ~h<ill be Koverned by the law of the jurisdiction in which the Property is located. In the event that any proviRion or clauae of this Alortgage or the I~ute contlicts with applicable law, such conflict shall not affect other provisiuns of this blortgage cr the Note which can be given effect K•ithout the ctimflicting provision, and to this end the provisions of the MortgaKe and the Note are declared to be severable. i b. iiorrower`s Copy. f3orrower shail be furn~shed a conformed cupy of the Note and of this Mortqage at the time of execution or after recordution hereof. 17. Transfer of the Property; Asaumption. (f ~il or any part of the Property or an interest therein ia sold or tranaferred by [3urrower without I.ender'~ prior written consent, excluding la) the creation of a lien or encumbrance subordinate tn this Mortgage, (b) the creation of a purchase muney security intereat for houaehold appliances, (c1 a transfer by devise, d~scent or by operation of law upon the death of a joint trnant or ld) the grant of any leasehold interest of three years or less not containing an option to putchase, Lendet may, at I.ender's option, declam all the sums spc~rea by this Mortgage to be immedi~tely due and payable_ I.ender shall have waived such option to acceterate if, prior tu the sale or tranafer, [.ender and the person to whom the Property is to be sold or tranaferred reach aQreement in writinQ that the credit of auch ~~ers~-n ~s sntisfnctory to l.ender and that the interest payable un the suma secured by this Mortg:~Ke shall be at such rate as I.ender shall reyucwt_ If Ixnder h:~.s waived the option to accelerate provided in this paraKr~ph 17, and if E3orruwer's successor in intereat has executed a ~•ritten ~~umptiun aKreemrnt acceptrd in w~riting by I.rnder, I.endershall release Korrower from ail oblig~~tions underthis Mortgageand the \ ote. I f l.ender exercisrs such option to accelerate, l.endPr shall mail Rormwer notice of acceleration in accordance with paraE[raph 14 hereof. ~uch notim shall pru~~ide a period of not less than :i0 day:c frum the date the notice is mailed within which Born-wer mav pay thesunis declared ~~ue. If Rorrow•er fails to px~~ such sums prior to the expirati~,n of such prriocf, Lender mxy, without further nutice or demand on fsorrow•er, ~nvuke an}• remediec pcrmittcd by para~,~raoh IK herev,f. 18. Acceleraiion; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in thia Mortgage. including the covenants to pay w•hen due any auma aecured by this Mortgage, Lender prior to acceleration ahall mail notice to I3orrower es provided in paragraph 14 hereofapecifying: (1) the breach;(2-the action required to cure such breach; (3) a date. not lees than 30 days from the date the notice ie mailed to Rorrower, by which euch breach must be cured; and (41 that failure to cure such breach on or betore the date epecified in the notice may result in acceleration of the sums seeured by this Mortgage, foreclosure by judicial proceeding and ealeotthe Property. The notice ehall further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosure proceeding the non-e:istence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cu~'ed on or hefore the date specified in the notice. I.ender at Lender's option may declare all of the aums aecured by thie Mortgage to be immediately due and payable without furtherdemand and mey foreclose this Mortgage by judicial proceeding. I.enderahaU be :~ntitled to collect in xuch proceeding all expenaes ottorecluaure. including. but not limiieci to, reasonable ettorney`s fees. and costx of documentary evidence. abstracte and title reporta. 19_ Rorrower's Right to Reinetate. Notwithstanding I.ender's acceleration of the sums aecured by this Mortgage, E3orrowerahall have the right to have any proceedings begun by l.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: la) &~rrower pays [.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Ad vances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenanta or agreementa of Bonower con tained in this Mortgage; (c) E3orrower pays all reasonable expenses incurred by I.ender in entorcing the covenants and aQreementa of Borrower contained in this Mortgaqe and in enforeing Lender's remedies as provided in paragreph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) E3orrower takes auch action as Lender may reasanably require to assure that the lien of this Mortgage, Lender'e intereat in the Property and E3orrower'a obligation to pay the sums secured by this MortgaKe shall continue unimpaired. Upon auch payment and cure by E3orrower, this Mortgaqe and the obligationa secured hereby ehall remain in fult force and effect as if no acceleration had occurred. 20. Aasignment of Renls; Appointment ot Receiver. Aa additional security hereunder, Borrower hemby assigna to Lender therente of the Properiy, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and mtain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a court to enterapon, take poaseesion of and manage the Property and to collect the renta of the Property, including those past due. All rents rnllected by the rereiver ehall be applied first to payment of the coats otmanagement of the Property and collection of rents, including, but not limited to, receiver'e feea, premiuma on receiver e bonds and reasonable attorney's [eea, and then to the aume aecuted by thia Mortgage. The receiver ahall be liable to acoount only for those renta actually received. ~~~ri-~c~4~ , ~rEi129 :, - __ -_ . _:: ~ ~= ~..~ _ ~ry. . _ . ~. . _. . ~ _. ~ ~