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HomeMy WebLinkAbout2612 8. Inspection. Lender may make or cause W be made reasonable entries upon and inspections of the property, provided thatLender shall give Borrower 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, direM or consequential, in connection with any oondemnatioa or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall bs 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 e:oas, if any, paid to Borrower. In the event of a partial taking of the Property, unlea Borrower and Lender otherwise agree in writing, Were shall be i applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to Wat proportion which We amount of the sums secured by W is Mortgage immediately prior to We date of taking bears to We fair market value of the Property immediately prior b the date of taking, wild We balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender wi Win 30 days after We date ouch notice is mailed, Lender is authorised to collect and apply We proceeds. at Lender s option, either to restoration or repair of the property or to We sums secured by this Mortgage Unless Lender and Borrower 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 We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower'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 Borrower and Borrower s succ~eesora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:excising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement 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 We maturity of the indebtedness secured by Wia Mortgage. 12 Remedies Cumulative. All remedies provided in Wis 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, independently or snooessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, We respective successors and assigns of Lender and Borrower, subject to We provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of ` thin Mortgage are for rnvenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for iri this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender a address elated herein or to such older address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonatitute a uniform security instrument rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which We Property is located. In We event that any provision or clause of Wis Mortgage or a the Note conflicts with applicable Iaw, such conflict shall not affect older provisions of Wis Mortgage or We Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of Wier Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written consent, a:eluding (a) the creation of a lien or encumbrance subordinate to Wis Mortgage, (b) We creation of a purchase money security interest for household appliances, (c) a transfer by devise, dcecent or by operation of law upon We deaW of a joint _ tenant or (d) We grant of any leasehold interest of Wree years or less not containing an option to purchase, Lender may, at Lender s option, declare all the sums secured by Wis Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale of transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower hem all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraflh 18 hereof. ! 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower'8 breach of any covenant or agreement of Borrower in thin Mortgage, including the covenants to pay when due any some secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying•. (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such ~ breach must be cured; and (4) that failure to cure such breach on or before the date specified 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 shall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to aceeleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be } immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to co11eM in such proceeding all a:pareses ottoreclosure, including, but not limited to, reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. i 19. Borrower's Right to Reinstate. NotwithstandingLender sacceleration ofthe sums secured by Wis Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney i fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of Wier Mortgage, Lender's interest . _ in the Property and Borrower s obligation to pay We some secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and We obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Asaignmentof Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lendertherents f of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have Weright to collect and retain such rents as Wey become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter"upon, take possession of and manage We Property and to rnllect the rents of the Property, including those past due. All rents ~ collected by the receiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to We soma secured by Wis Mortgage. The ~ receiver shall be liable to account only for those rents actually received. _a L' R _ FQ~K30~ f~~2~07 ~-r - - - - _ - - a "