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HomeMy WebLinkAbout2758 8. Inspection. Landes may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender a interest in the Property. 9. Condemnation. TAe proceeds of any award or claim for damages, director consequential, in rnnnection with any condemnation or other taking of the property, or part thereof, or for rnnveyance in Geu 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 We rarcess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. Were shall be applied to We sums secured by this Mortgage sucks proportion of the proceeds as is equal to Wat proportion which We amount of the sums secured by W ie Mortgage immediately prior to the date of taking bears to the [air market value of the Property immediately prior to We date of taking, wiW 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 wiWia 30 days after the date each notice ie mailed, Lender is authorised Lo coUeM and apply We proceeds, at Lender's option, eiWer to restoration or repair of the property or to We Bums secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monWly 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 a:tend time for payment or otherwise modify amortization of the sums secured by W is Mortgage by reason of any demand made by the original Borrower and Borrower a successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerddng say 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 Wis Mortgage. 12 Remedies Cumulative. All remedies provided in Wis lortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercised concurrently, independently or suoc~essively. 13.3uccessors and Assigns Bound; Joint and ~3everal Liability; Captions. The oovenanta and agreements herein wntained 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 this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. • 14. Notice. Except for any notice required under applicable law to be given in anoWer manner, (a) any notice to Borrower provided for in 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's address stated herein or to such abler address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in Wis Mortgage shall be deemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing i.aw; 3everability. This form of mortgage rnmbines uniform covenants for national use and non- } uniform covenants wiW limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by We law of the jurisdiction in which We Property is iocated. In We event that any provision or clause of this Mortgage or the Note conflicts wiW applicable Iaw, such conflict shall not affect other provisions of this Mortgage or We Note which can be given effect without the conflicting provision, and to Wis end We 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 Wis 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 therein is sold or transferred by Borrower without Lender's prior written rnnsent, excluding (a) We creation of a lien or encumbrance subordinate to Wis Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of Iaw upon th! 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 We sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aceelerateif, prior to the sale 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 We interest payable on the sums 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 K~ritten assumption agreement accepted in writing by Lender, Lender shall release Borrower from 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 hereof. j 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 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 paragraph 18 hereof. ~f 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or I agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender t 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 leas than 30 days from the date the notice is mailed to Borrower, by which such breach moat 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-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 Lender's option may declare all of the soma 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 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. s 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of Weaumasecured by Wis Mortgage, Borrowershall 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 soma which would be then due under Wis 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 Borrowercontained in t this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the rnvenanta 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 e attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of thin Mortgage, Lender's interest in We Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and We obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. r 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided Wat 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 to have a receiver appointed by a court to enter-upon, take possession of and manage We Property and to collect the rents of the Property, including those past due. A11 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 and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those yenta actually received. 5 ~ OR ~t1~K3Q9 ~,L~_~7 55 ~n _ - -