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HomeMy WebLinkAbout1154 • 8. InspectioQ. Lender rosy make or caws to be made reasonable entries upon and inapectioru of the properly, provided that Lender shall give Borrower notice prior to any such inspection specifying e~easonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of aqy award or claim tot damages, direct or consequential, in connection with any condemnation or other taking of the Property. or part thereof, or for oonwyaaoe in lien of condemnation. are hereby assigned and shall be paid to Lends:. In the event of a totsl taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, wiW the excess, if any, paid to Borrower. In the event ~ a partial taking of the Propergr, wilew Borrower and Lender otherwise agree in writing, there shall bs applied to We sums secured by thin Mortgage each proportion ~ the proceeds at is equal to that proportion which the amount of the sums se~vred by this Mortgage immediately prior to the date of taking bears to the fair market vales of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. f If the Properb? is abandoned by Borrower, or it; after notice by Lender to Borrower that the oondemnos offers to make an award or settle a ~ claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lenders option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower oWerwiss agree in writing, any such application of proceeds to principal shall rat extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such iruteillmen4. 10. Borrower Not Released. Eztension of the Time for payment or modification of amortisation of the sums secured by this Mortgage ~ granted by Lender to any suoeeasor in interest of Borrower shall not operate to release, in any manner, the 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 oWerwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender 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 ouch right or remedy. The procurement of insurance ~ We payment of Lazes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of We 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 this Mortgage or afforded by law or equity, and may be e:ereised concurrently, independently or suooeeaively. 13. Sw:ceesors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower ehaU be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to lie used to interpret or define the provisions hereof. 14. Notice. Except for any notice required undue applicable law to be given in another manner, (a) any notice to Borrower provided for in , this Mortgage shall be given by mailing ouch notice by certified mail addressed to Borrower at the Propertq Address or at each other address as Borrower may designate by notice to Lender ae provided herein, and (b) any notice to Lender shall be given by certified mail. retuna receipt requested, to Lender's address stated herein or to such other 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 the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitute 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 rnnfiicte with applicable law, such conflict shall not affect other provisions of this Mortgage or the 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 tarnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If ail or any part of the Property or an interest therein is sold or transferred by Borrower , without Lender's prior written consent, 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 Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the safe or 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 e:ecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises each option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: 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 soma declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ?nvoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Bzcept 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 due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (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 cared; and (4) that failure to cure such breach on or before the date specified io the notice may result in ~ acceleration of the soma 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 f non-eziatence 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 all of the sums secured by this Mortgage to be i immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's tees, and 1 costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender sacceleration ofthe sumesecured bythis Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage disrnntinued at any time prior to entry of a judgment enforcing a thin 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 the oovenanis and agreements of Borrower contained in this Mortgage and in enforcing Lender a remedies ere provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action sa Lender may reasonably require to assure that the lien of this Mortgage, Lenders interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As 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 as they become due and payable. Upon acceleration under paragraph. l8 hereof or abandonment of the Proprrty, Lender shell be entitled to have a receiver appointed by a court to enter~pon, take possession of and manage the Property and to rnllect the rents of the Property, including those peat 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 receiver's bonds end reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aeoount only tot those rents actually received. E i 8~~~~ 306 ~A~E1153 1 _vn'i - • - _ - - -