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HomeMy WebLinkAbout0927 . 8. Inepection. I.ender may make or cauae to be made reasonable entriea upon and inspections of the p:operty, provided that [.ender ehall Kive E3orrower notice prior to any auch inapection epecifying reaaonable ct?uae therefor related to l.endei e intereat in the Property. 9. Condemnation. The proceeds of any award or claim [or damagee, direct or conaequential, in connection with any condemnation or c~ther taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aeaigned and ehaU be paid to l.ender. In the event of a total tRking of the Property, the proceeda ehall be applied to the eume secured by this Mort~age, with the excese, if any, paid to Borrowe~. In the event of a partial taking of the Property, unlesa Borrower and [xnder otherwiee agree in writing, there ehall be t~pplied to the sums secured by thia Murtgage euch proportion of the proceeds as ie equal to that proportion which the amount of the sume 'I gecurPd by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior W the date of t~king, with the balanca of the proceede paid to Borrower. , If the Property ie abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offera to make an award or aettle a claim for damages, Borrower faile to reapond to Lender within 30 days after the date euch notice is mailed, Lender is authorized to collect and apply the proceede, at Lendei e option, either to reetoration or repair of the property or to the sume aecured by thia Mortgage. , Unlesa I,ender and Bor!~ower otherwise agree in writing, any auch application of proceeds to principal ahall not extend or poatpone the due + date of the tnonthly inetallmenis referred to in paragraphs 1 and 2 hereof or change the amount of such installmente. 10. Borrower Not Released. F.Ltension of the time for paym:nt or modification of amortization of the sums aecured by this Mortgage Krnnted by I.ender to any auccesaor in intemat of Borrower ehall not operate to releaae, in any manner, the liability of the original f3orrower :~nd f~nower'a succeasora in interest. Ixnder ahall not be required to commenre proceedings against sucF~ succrsaor or refuee tn extend time , f~,r payment or otherwise mudify amortization of the suma secured by thia Mor2QaKe by reason of any demnnd made by the oriECina! Borrower rind Borrower's successort+ in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise I afforded by applicable law, shall not be a waiver of or preclude the exercise of any auch right or remedy. The procutement of inaurance or the payment of taxea or other liens or charges by Lender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtedneae secured by this Mortgaqe. t 2 Kemedies Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thie liortrage or afforded by law or equity, and may be exerciaerl rnncurrently, independently or succeasively. 13. Succesaors and Aseigns Bound; Joint and Several Liability; Captione. The covenants and ngreementa herein contained ahall bind, and the righta hereunder shall inure to, the reapective succeasore and asaigna of Lender and Borrower, subject to the proviaions of pe~ragraph 17 hereof. All covenants and agreementa of Borrower shall be jcint and severai. The captione and headings of the paragrapha of this Mortgage are for covenience only and are not to be uxed to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be Kiven in xnother manner, la) any notice to 13orrower provided for in ~ this Mortgage shall be qiven by mailing auch notice by certified mail addreased to Borrower at the Property AddreaA or ut such other addreas as Korrower may deaignate by notice to Lender as provided herein, and Ib) any notice to l.ender ahall be given by certified mail, retum receipt ~ reyuested, to I.ender's addresa stated herein or to euch other address as Lender may desiqnate by notice to Borrower aa provided herein. Any ~ n«tice pro~rided for in this Mortgage ahall be deemed to have been given to Borrower or l.ender when given in the manner deaignated hereia 15. Uniform Mortqage; Governing Law; Severability. This form of mortg~+Kecombines uniform a~venants !or national uae and non- uniforr.~ covenants with limited variations by juriadiMion to conatitute a uniform security inatrument covering real property. This Mortgage ~hall be governed by the law of the jurisdiMion in which the Property is located. In the event that ~ny proviRion or clause of this Mort~age or the Note conflictr+ with applicable law, sunc ~onflict shall not affect other provisiona of this MurtKaKe or the Note which can t~e qiven effect w•ithout the conflicting provision, and to this end the provisions of the Mortg~ge and the Note are declared to be severable. 16. Barrower'~ Cupy. Borrower shall be furnished a conformed copy of the Note and of this Mortqage at the tir.je of exAcution or after recordation hereof. 17. 1'ransfer of the Property; Aseumption. If all or any patt of the Property or an interest therein ia sold or transferred by Borrower without I.ender's prior written cunaent, excluding (a) the creation of a iien or encumbrance subordinate tc~ this Mort~age, ib) the creation of a V purchaae money security intereat for household appliances, lc) a tranefer by deviae, d~scent or by operation of law upon the death of a joint ~ tenant or (d) the qrant of any leasehold interest of three years or leas not containing an option to purchase, I,ender may, at I.ender's option, - eclare all the aums aecurea by thia Mortgage to be immediately due and payable. l.ender ahaU have waived such option to accelerate if, prior ~o the aale or transfer, l.ender and the peraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of such ~ z~'~~ person is satisfactory u~ I.ender and that the interest payable on the sums secnred by this hlortKaKe shall be at such rate as I.ender ahall i ` rE~c~uest. If Ixnder has waive d t he option to acce lerate provi d e d in t his paraRrap h 17, an d i f E 3 o r ro w e r' s s u c c e s s o r i n i n t e re s t h a s e a e c u i e d a ; w~ritten assumption aqreement accepted in writinK by I,ender, I.ender ahall release Borrower from all obliKations under this Mortgaqe and the ~ \ nte. ~ If I.ender exercises such option to accelerate, I.ender shall mail f;orrower notice of acceleration in accordance with paraqraph 14 hereof. p 5urh notice shall provide a period of not less th::n :~O days from the date the notice is rr.ailed within which Korrower may pa>~ the sums declared , :lue. If Borrower fails to pay such sums prior to the expir:ation uf xoch periad. I,ender may, wilhout further notice nr demand on f3orrower, ~ im~oke any remedies permitted by paraKraoh IK hercrif. 18. Acceleration; Remedies. Except as provided in paraqraph 17 hereof, upon Bnrrower's breach of any covenant or a~reement of Borcower in thiA Mortgage, 'sncluding the covenantr~ to pay when due any eums secured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecify~ng: (1) the breach; (2) the action required to cure e~uch breach; (3) a date, not less than 30 daye from the date the notice ie mailed to Borrower. by which euch breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloaure proceeding the non-e:istence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may deciare all of the sums aecured by thie Mortgage to be immediately due and payable without further demand and may foreclose this Mortgageby judicial proceeding. Lender shall be c~ntitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees, and costs of documentary evidence. abatracte and title reporte. 19. E3orrower's Right to Reinetate. Notwithstanding I.ender's acceleration of the aume secured by th~s Mortgage. I3orrower shall have the right to have any proceedings begun by I.ender to enforce thia Mort~caqe diacontinued at any time prior to entry of a judgment enforcing this Mor'~qage if: (a1 Bormwer pays I.ender all sums which woul~ be then due under this Mortgage, the Note and notea securing Future ; Advancea, if any, had no acceleration occuned; tb) Burrower curea all breaches of any other covenanta or xgreementa of Borrowercontained in ~ thia MortQage; fc) I3orrower paye all reaaonable expenaes incurred by Lender in enforcing the covenants and agreementa of E3orrower ~ contained in this Mortgaqe and in enforcing Lender's remedies as provided in paraqraph 18 hereof, including, but not limited to, reaaonable ~ attorney's fees; and Id? Borrower takea such action as [.ender may reasonab{y require to aasure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower's obliRation to pay the suma aecured by this Mortgage shall continue unimpaired. Upon such psyment and cure ' by Borrower, this Mortgage and the obligationa xecured hereby shall remain in full force and effect as if no acceleration had xcurred. `L0. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Bonower hereby assigns W Lender the renta ~ of the Property, provided that Borrower shail, prior to acceleration under paragraph 18hereof or abandonment of the Property, have the right ' to collect and retain such rentn as they become due and payable. ~ Upon acceleration under paragraph IR hereof or abandonment of ihe E'roperty. Lender ahall be entitled to have a receiver appointed by a ~ court to enter upon, take poaeeasion of and manage the Property an~ tn collect the renta of the Property, including those paat due. All rents ~ collected by the receiver shall be upplied firat to payment of the coata of management of the Property and collection of rente, including, bu4 not ~ limited to, receiver's fees, premiums on receiver's honda and reasonable attomey'e fees, and then to the suma secured by thie Mortgage. The ~ receiver shall be liable to acaount only for thuae renta actually received. ~ 80!~K •J~O P~GE J~, ~ ~ ~ ~ - - - _ - -