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HomeMy WebLinkAbout0926 . ~ ~ ~ -a. 8. Ins ection. Lender may make or cause to be made reason- ~ able e~tr es upon and inspectiona of the Property, provided thAt . Lender shall give Mortgagor ~otice prior to a~y such inspection specifying rea~onable cause therefor related to Lender's interest in the Propetty. 9. Condemnatio~. Tl~e proceeds of any award or claim for damages, rect or consequential, i~ connection with any condem- nation or other taking of the Property, or part thereof, or for conveyance in lfeu of condemnation, are hereby assigned and sha}.1 be paid tio Lender. . In the event of a total taking of the Property, the groceeds shall be applied to the sums secured by this Mortgage, with~the excess, if any, paid to Mortgagor. In the event of a part.ial taking of the Property, unless Mortgagor and Lender ~otherwfse agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equa3 to _ that proportion which the amount of the sums secured_ by this Mortgage immediately prfor to the date of taking bears ~o the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Mortgagor. If the Property is abandoned by Mortgagor, or if, ~after notice by Lender to Mortgagor that the condemnor offers to make an award or settle a claim for damages, Mortgagor fails to respond to Lender within 30 days after the date such notice is mailed, Lender i~ auznurizea zo coilect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. . Unless Lender and Mortgagor otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred'to in paragraphs 1 and 2 hereof-or change the amount of sueh install- ments. 10. Mort a or Not Released. Exterr~fon of the time for pay- ~ ment or m i ication o amortization of the sums secured by this ~ Mortgage granted by Lender to any successor in interest of Mortga- ' gor shall not operate to release, in any manner, the liability of the original Mortgagor and Mortgagor's successors in interest. Lender shall not be required to commence proceedings against such , successor or refuse to extend time for payment or other~ise modify ' amortization of the sums secured by tbis Mortgage by reason of any ` demand made by the original Mortgagor and Mortgagor's successors in interest. 11. Forbearance-b Lender Not a Waiver.- Any forbearance by Lender in exere s ng any rig t or reme y ereu~der, or otherwise afforded by applicable law, shall not be a waiver of or preclude - the exercise of any such right or remedy. The proc~rement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this [~rtgage. 12. Remedies Cumulative. All ~emedies provided in this Mortgage are st nct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently.or successively. ~ 13. Successors and Assi ns Bound; Joint and Se~veral Liabili- ty; Captions. e covenants an agreements ere n conta ne sha bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Mortgagor, subject to the ~ provisions of paragraph 17 hereof. All covenants and agreements of 19ortgagor shall be jaint and ~ several. The captions and heacl- ings of the paragraphs of this Mortgage are for convenience only ~ :~~~~:l~s s'~; . s 8~3~ y25 .