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HomeMy WebLinkAbout2216 t • 8. lnspeMioa. Lender may make or cause to be made reasonable entries upon and inspections olGthe property,provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender i interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any tx?ndettmation or i other taking of the property, or part theneot, or for conveyance in lieu of condemnation, are hereby assigned and ahaA be paid to Lender. 1 In the event of a total taking of the Property, the proceeds shall be applied to the auras secured by this Mortgage, with the excess, if any, paid to Borrower. In the event o[ a partial taking of the Property. unlew Borrower and Lender otherwise agree is writing. there shall bs i applied to the soma 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 bean to the [air market value of the Property immediately prior to the date of f taking, with the balanea of the proceeds paid to Borrower. i I[ the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor often to make an award or settle a claim for damages, Borrower faib to respond to Lender within 30 days after the date such notice is mailed. Lender is authorised to twllect 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 Borrower otherwise agree in writing, any such application of proceeds to principal shall sot extend or postpone the due date of the monthly installments re[erred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for paymsnt or modification of amortization of the earns secured by this Mortgage granted by Lender to any aucceaeor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successor 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 autos secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower s succeseorn in interest. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not ire 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 the maturity of the indebtedness secured by thin Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thin Mortgage or afforded by law or equity, and may be exerciaetl concurrently, independently or successively. 13.3trccessors and Assigns Bound; Joint and Several Liability; Captions. The covenants asd agreements herein contained shall bind, and the rights hereunder shall inure to, the respective auocesson and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience on?y and are not to be used to interpret or define the provisions hereof. 14. Notice. Except fur any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address sa ; Borrower may designate by notice to Lender ae 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 other address as Lender may designate by notice to Borrower as provided herein. My notice provided forin this 1liortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflict8 with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the rnnfliMing 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 rnnformed copy of the Note and of this Mortgage at the time of ezecution or after ' recordation hereof. 17. Transfer of the Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written rnnsent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lenders option, ~ declare all the sums secured by thig.Mpttga/e totbeimmediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and,jl~e perSpo to whantthe Psoperty is tote sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that tl~e int4reet payable on the sums secured by this Mortgage shall beat such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a ~ written assumption agreement accepted in .writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the i Note. j [f Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. .3 Such notice shall provide a period of not less than 30 days from the date the notice is trailed within which Borrower may pay the soma 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, rnvoke any remedies permitted by pazagraoh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when doe any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breacb; (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 acceleration and foreclosure. If the breach is not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare aB of the sutras secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be 1 s entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees, and # costa of documentary evidence, abstracts and title reports. ' l9. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the sutras secured by this Mortgage, Borrower shall have ' the right to have any praeedinga 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; Ic) Borrower pays all reasonable expenses incurred by Lender in enforcing the 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's fees; and Id) Borrower takes ouch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain such rents ae they 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 the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver a fees, premiums on receivers bonds and reasonable attorney a fees, and then to the Bums secured by this Mortgage. The . ~ receiver shall be liable to account only for those rents actually received. ' 'tI [i °c~c~3U4 P4~~2213 ~ 3 - r. Y