HomeMy WebLinkAbout0984 8. I~nspection. Lender may make or cause to be made reason-
able entries upon and inspections of tt~e Property, provided that
Lender shall give Mortyagor notice prior to any such inspection
specifying reasonable cause therefor related to Lender's interest
in the Property.
9. Condemnation. The proceeds of any award or claim for
damages, direct or eonsequential, in connection with any condem-
nation or other taking of the Property, or part thereof, or for
conveyance in lieu of condemnation, are hereby assigned and shall
be paid to Lender.
In the event of a total taking of the Property, the proceeds
shall be applied to the sums secured by this Mortgage, with the
excess, if any, paid to Mortgagor. In the event of a partial
taking of the Property, unless Mortgagor and Lender otherwise
agree in writing, there shall be applied to the sums secured by
this Mortgage such proportion of the proceeds as is equal to that
proportion which the amount of the sums secured by this Mortgage
immediately prior to the date of taking bears to the fair ;narket
value of the Property immediately prior to the'date of taking,
with the balance of the proceeds paid to Mortyagor.
If the Property is abandoned by Mortgagor, or if, after
notice by Lender to Mortyagor that the ~ondemnor offers to make an
award or settle a claim for damages, Mortgagor fails to respond to
Gender w•ithin 30 days after the date such notice is mailed, Lender
is authorized to collect 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 such install-
ments.
' 10. Mortgagor Not Released. Extension of the time for pay-
j 'ment or modification of 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 Martgagor 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 otherwise modify
amortization of the sums secured by this Mortgage by reason of any
demand made by the original Mortgagor and Mortgagor's successors
in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by
Gender in exercising any right or remedy hereunder, 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 ~f taxes or other liens or charges by
~ Lender shall not be a waiver of Lender's right to accelerate the
maturity of the indebtedness secureJ by this :Hortgage.
~ 12. Remedies Cumulative. All remedies provided in this
~ Mortgage are distinct and cumulative to any other right or remedy
_ under this Mortgage or afforded by law or equity, and may be
~ exercised concurrently, inde~endently or successively.
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~ 13. Successors and Assigns Bound; Joint and Several Liabili-
~ ty; Captions. The covenants and agreements herein contained shall
` 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 Mortgagor shall be joint and several. The captions and heacl-
~ ings of the paragraphs oE this Mortgage are for convenience only
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