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HomeMy WebLinkAbout1038& In~paction. l.ender may make or cause to be made re~oneble e~triee upon and inspectiuna of the property, provided that Le~der ahall give Hotrower ~otice prior to eny such in~pection specifyi~g reasonable cause therefor ~lated to l.ender's inteceat i~ the Property. 9. Condemnatjo~. 'I1~e proceeds ot any award or claim for dama~e~, direct or rnnaequential, in rnnhectioo with a~y oondemnation or other taking of the property. or part thereot, o~ !or conveyance in lieu oi rnndemnation, aee hereby asaigned and ~hall be paid to I.ender. In the event ot s total taking ot the Propeety, the procxeda shall be applied to the suma aecured by this Mortgage, with tha excea~, if any, paid to Borrower. In the eveM ot a partial taking of 1he Property, unleas Bor~owe~ and l.ender otherwise agree in writing. ihere ~hall be applied to the sums secured by this Mortgage such pmportion of the proceeda es is equal to that proportion which the amou~t ot the suuis eecured by thia Mortgage immediately prior to the date of taking bears to the [sir market value of the Property immediately prior w the date of taking, with the balanc.~ of the proceeds {-aid to Bornower. 1[the Property is abandoned by Borrower, or it aRer notice by l~~der to Borrower that the rnndemnor offers to make an award or setde a claim for damagea, Borrower fails to respond to Lende~ within 30 daya aftar the date such notice ia mailed, Lender is authorised to coUect and apply the proceeds, at I.ender's option, either to restoration or repair of the property or to the sums eecured by this Mortgage. Unleae Lender and Bormwer otherwise agree in writing, any such application of proceeds to principal shall not exte~d or postpone the due ~ate ot the monthly installments referred to in pa~agraphs 1 and 2 hereof or change the amount of such in~tallments. 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of smortization of the sume secured by this MortRage granted by Lender to any aucceaeor in interest of &-rrower ahal) not operate to release, in any manner, the liability of the original Borrower and Borrower'a succeaeora in intereet l.ender shall not be required to oommence proceedinga againat auch aucceseor or refuee to extend ume for payment or olherwiae modify amorlizatiun otthe aums secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower'a succeaeors in intereet. . 11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in exercieing any right or remedy here~der, or otherwise af#'orded by applicable law. shall not be a waiver of or preclude the exercise ot any such right or remedy. 7T~e procurement of ineurance or the payment of taxea or other liens or chargee by Lender eha11 not be a waiver of I.ender's right to accelerate the maturity of the indebtedneea ae~-ured by thia Mortgage. 12. Remedies Cumuletive. All remedies provided in this Mortgage are disdnct and cumulative to any other right or remedy under this Mortgage or atforded by law or equity. and may be e:ercise~i rnncurrendy, independendy or succeeaively. 13. Succeeaors and Aeeigns Bound; Joiat and Several Liabillty; Captions. The covenante and agreementw herein oontained ahall bind, and the riqhta hereunder ahall inure to, the respective succeseoro and asaigns of I.ender and Borrower, aubject to the provieions of paragraph 1 T hereof. All covenante and agreements of Borrower ehall be joint and aeveral.'11~e captione and headinge of the paragraphs of thie Mortgage are for rnvenience only and are dot to be ueed to interpret or define the proviaione hereo! 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided for in this Mortgage shall be given by mailing auch notice by cettified mail addresaed to Borrower at the PropeKy Addreas or at such other addrees ae F3orrower ms-y designate by notice to Lender a8 provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to I.ender'e addreas stated herein or to such other address as Lender may designate by notice to Borrower aa provided herein. My notice pro~zded for in this Mortgage shall be deemed b have been given to Borrower or I.rnder when given in the manner deaignated herein. 15_ Uniform Morlgage; Governing I.aw; Severability. Thia form of mortgege combinea uniform oovenanta for national uae and non- uniform covenante with limited variationa by juriediction to rnnstitute a uniform aecurity instrunient rnvering real property_ ThiH Mortgage :~hall be ~overned by the law of the juriadiction in which the Property ia lceated_ In the event that any provision or clauae of this Mortgage or the Note conflicts with applicable law, auch conflict ahaU not affect other proviaione of this Murtgage or the Note vrhich can be given effect without the rnnfliM:ng provision, and to this end the provisions of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ahaU be furniahed a conformed rnpy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 17_ 7tiransfer of the Property; Aeaumption. If all or any pert of the Yroperty or an intereat therein ia eold or tranaferred by E3orrower without I,ender'a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security intereet for houeehold appliances, (c) a transfer by deviae, d.nacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat ot three yeare or leae nM. oontaining an option to purchaee, Lender may, at Lendei e option. dectare all the suma secured by thie Mortgage to be immediately due and payable. i.ender ahall have waived auch option to accelerate if, prior to the sale or tranater, Lender and the person to whom the Property ia to be.eold or traneferree! reach agreement in writing that thecredit of such person ia satisfactory to Lender and that the interest payable on the aums aecured by this Mortgage sha1) be at auch rate as I.ender ehall request. It [.ender has waived the option to accelesate provided in thie paragraph 17, and if Borrower a auccessor in interest has e:ecuted a w~ritten aseumption aqreement accepted in writing by Lender, I.ender ahall release Borrower from all obligations under this Mortgage and the Note. - if I.ender exercises auch option to accelerate, l.ender ahall mail Borrower noticeotacceleration in acrnrdance with paragraph l4 hereof. ~uch notice shall provide a period of not less than 30 daya from the date the notice is ~r:ailed within which Borrower may pay thesums declared due_ If Borrower fails to pay auch sums prior to the e:piration of auch period, I.ender may, without further notice or demand on fiorrower, mvoke an3 remedies permitted by paragraoh lA hereof. 18. Acceleration; Remediea. E:cept ae provided in paragraph 17 hereot upon Borrower's breach of any rnvenant'or a~reement of Borrower in this Mortgage, including the oovenante to pay when due any auma secured by thie Mortgage, Lender prior to acxeleration ehail mail notice to Borrower ae provided in paragraph 14 hereofepecifying: (1) the breach; (2) the actioa required to cure euch breach: (3) a date, not leas than 30 daye from the date the notice ie mailed to Borrower. by which euch breach muat be cured; and (4) that failure tb cure euch breach on or betore the date specified in the notice may result in acceleration of the aums secured by this Mortgage. forecloaure by judicial proceeding and eale of the Property. The notice ehell further inform Borrower ot the right to reinetate after acceleration and the rig6t to aesert in the toreclosure prceeeding the non-ezietence of a default or any other detenee ot BorTOwer to acceleration and forecloeure. If the breach ie not cured on or before the date apecified in the notice, Lender at Lender's option may declare sll otthe snme secured by thie Mortgage to be immediately due and peyable without furtherdemand and may toreclose thie Mortgage by judiciel proceeding. Lender shall be entitled to rnllect in euch proceeding all e:penses ot foreclosure. including, but not limited to, reasonable attorney's feea. and costs of documentary evidenor. abstracte and title reporte. 19. Borrower's Right to Reinetate. Notwithatanding Lender'a acceleration of the auma secured by thie Mortgage, Borrow er ahaU have the right to have any proceedi~ge begun by Lender to enforce thia Mortgage dincontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays [:ender a11$ums which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; (b) Borrower curee all breaches of any othercovenanta or agreemenfs of Borrower rnntained in this Mortgage; (c) Borrower pays all rnasonable eYpensee incurred by Lender in enforcing the rnvenanta and agreemente of Borrower contained in this Mortgage and in enforcing [.ender a remediea sa pmvided in paragraph 18 hereof, including, but not limiterl to, reaaonable attorney e feea; and Id) Borrower takes aucH action as I.ender mey reasonably require w aseure that the lien of thie Mortgage, I~ender's intereet in the Property and Borrower a obligation to pay the auma secured by thia Mortgage ehall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations aecured hereby ehall remain in full torce and effect as i[ no acceleration had occurred. 20. Aeeignment ot R~nts; Appointment ot Reoeiver. As additional eecurity hernunder, Borrower hereby aseigns to Lender the rents uf the Property, provided that Borrower shall, prior to acceleration under paregraph 18 hereof or abandonment of the Property, have the right to collect and retain sach renta as they become due and payeble. • Upon acceleration under paragraph 18 hereof or abandonment of the Property, i,ender shall be entitled to have e receiver appointed by a court to enter-upon, take posseasion of and manage the Property and to rniiect the rente otthe Property, including those paat due. All renta coliected by the receiver ahall be applied frrst to payment of the ooate of management of the Property and rnllection otrents, including, but not limited to, receiver's fees, premiums on receiver's bonde and reasonable attorney's fees, and then to the auma secured by this Mortgage. The receiver shall be liable to acoount only for thoee rente actually received. gfinK •J`t~ P!lit 1038 ~ ~ .~ - -- -_ _l- .,v _ _~ _ ~.. :~a.~~'.:~.a,-;::~-,. ~~~=~<.~_. ~._ ,.. -~~..-r ..