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HomeMy WebLinkAbout2554 .1 8. IaspeMioa. Lender may make or cause b be made reasonable entries upon and inspectioru of the property, provided that Lendershall give Borrower notice prior b any such inspection specifying rea+oaable cause Werefor related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, director rnnsequential, in connection with any condemnation 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 btal taking of the Property, We proceeds shall bs appUed b We sums secured by this Mortgage, wiW We e:oees, finny, paid b Borrower. In the event of a partial taking of the Property, unlew Borrower and Lender otherwise agree in writing. there shall be applied b the sums secured by this Mortgage such proportion of We proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b We date of taking bears b We fair market value of the Property iaunaliately prior to the date of taking, with the balance o[ We proceeds paid bBorrower. - Ifthe Proparfyy is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offer to make an award or nettle a ' claim for damages, Borrower fails b respond to Lender within 30 days aRer the date such notice is mailed. Lender is authorir~ed b collect sad apply the proceeds. at Lender's option. either b resbration or repair of the property or b the 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 inataUmeats referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the auans secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate b 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 eztend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender is 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 ce rea?edy. The procurement of insurance or the payment of tares 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 Mortgage. , 12 Remedies Cumulative. AU 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 many be e:ercise*1 eoncarreatly, independently or snooesaively. 13 Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreementn herein contained shall bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Borrower, subject b the provisions of paragraph 17 hereof. AU rnvenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. ;tlotice. Except for any • ~ required under applicable law to be given in anoWer manned (a) any notice b Borrower provided for in this Mortgage shall be given by . .ng such notice by certified mail addressed b Borrowet at the Property Address or at such other address as Borrower may designate by notice to Lender ae provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, to lender's address stated herein or b ouch other address as Lender may designate by notice to Borrower an provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b 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 rnvenante 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 conflicts with applicable law, such rnnflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of thin Mortgage at the time of execution er after recordation hereof. 17. Transfer of We Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b 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 wntaining as option to purchase, Lender may, at Lendei a option, declare all the sums natured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory b Lender and that the interest payable on the sums aetvred 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 5rom all obligations under this Mortgage and the Note. If Lender a:ercisea such 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 sums declared due. If Borrower fails b pay such sums prior b the expiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke an remedies y permitted by paragraph 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 ooveaaats to pay when due any sums secured by this Mortgage, Leader prior to aeoeleration 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 cured; sad (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 `r further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezistence 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 Leader's option may declare all of the sums secured by this Mortgage to be i mmedietely due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be F entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender sacceleration ofthe sums secured by this Mortgage, Borrower shall have the right b 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 Hama 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 rnveaants or agreements of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing •the covenants and agreements of Borrower contained is this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable t attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b ananre that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation b pay the soma secured by this Mortgage shall rnntinue unimpaired. Upon each 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. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns b 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 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enter.upon, take poeaesaion 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 b payment of the coats of managementof the Property and collection of rents, including, but not _ limited to, receiver's foes, premiums on receiver's bonds and reasonable attorney's fees, and then b the soma secured by this Mortgage. The ~ receiver shall be liable b account only for those rents actually received. i a z Y 2 - - s`'o~t 3U8 ~A~E2554 _ - - .Y~