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HomeMy WebLinkAbout1153 • . . 8. Iaspectioa. I.ender may make or cauee to be made reasonable entries upon and inepectione of the property, provided thet I.ender ehall give Borrower notice prior io any such inspection specifying reasonable cauee therefor related to I.ender'e interest in the Property. 9. Condemnation.'!~e proceeds of any award or claim for damages, direct or coneequential, in connection with any oondemnation or other taking of the property. or part thereof. or for rnnveyanoe in Ueu of oondemnation. are hereby asaigned and shall be paid to I.ender. In the event of a toLal taking of the Property, the proceede shall be applied to lhe sums eecured by thie Mortgage. with the excess, if any, paid to Borrower. In the event of a pa'al takiAg of the Property. unleas Borrower and I.ender otherwiee agree in writing, there shall be applied to the sums eecured by this Mortgage auch pmportion of the proceede as is equal to that proportion which the amount of the euma aecured by thia Mortgage iaemediately prior to the date of taking beare tu the fair market value of the Property immediately prior to the date of taking. with the balanc~ of the proceede paid to Borrowe~. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor oPfera to make an award or eettle a claim for damagee, Borrower faile b reepond to Lender within 30 days after the date auch notice is mailed, I.ender is authoriz~d to coUect and apply the proceeda, at Lender s option, either to restoration or repair of the pmperty or to the aume secured by this Mortgage. Unlees Lender and Borrower otherwise agree in writing, any auch application of proceede to principal shall not e:tend or postpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the suma secured by this Mortgage granted by Lender b any succesaor in interest of Borrower ahall not operate to release, in any manner. the liability of the original Borrower and Borrower e successore in interea~ Lender shall not be required to rnmmence proccedinga againat such succesaor or refuse to e:tend time for pay~nent or othervrise modify umortization of the suma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succeaeors in interest. 11. Forbearance by Lender Not a VHsiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee aftorded by appUcable law, ehaU not be e waiver of or preclude the exerciee of any auch right or remedy. The pmcurement of ineurance or the payment of taxea or other liene or chargea by l.ender ehall not be a waiver of Lender s right to accelerate the maturity of the indebtednese aecured by this Mortgage. 12. Remediee Cumulative. All remedies provided in thie Mortgage are dietinct and cumulative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be exerriae~i ooncurrently, independently or succeesively. 13. Succesaora and Asaigns Bound; Joint and Several Liability; Captions. The covenants end agreements herein contained shall bind, and the righte hereunder ahall inure to, the respective successore and aseigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenanta and agreemente of Borrower shall be joint and aeveral. The captions and hendinge of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 14. Notice. Except for any notice required under applicable lav? to be Riven in another 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 Addreas or at auch other addreas as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to I.ender's address atated herein or to auch other address as Lender may deaignate by notice to Borrower ax provided herein. Any notice provided for in this 111ortgage sha1) be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS_ Uniform Mortgage; Governing l.aw; Severability. Thia form of mortgage rnmbines uniform covenants for national use and non- uniform covenanta with limited variations by jurisdiction to conatitute a uniform security instrument covering mal property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such contlict shall not affect other proviaions of this Murtgage or the Note which can be given effect without the conflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. i 26_ Barrower's Copy. Borrower shall be furniahed a confurmed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17.1`ranafer ot the Property; Assumption. If all or any part of the Property or an interest thrrein is sold or tranaferred by Borrower withuut Lender's prior written consent. excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aecurity interest for household appliances. (c) a tranafer by devise, d~scent 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 rnntaining an option to purchase, Lender may, at Lendei a option, declare all the aums secureu by this Mortgage to be immediately due and payable. Lender ahall have waived such option t,o accelerate if, 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 peraon is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall I'i request. [f Lender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in interest has executed a i written assumption agreement accepted in writing by Lender, I.endershall release Korrov?er from all abliqations under this Mortgage and the ~ot~. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. Such notice shall provide a period of not less than 3(?days from thedate the notice is rsailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower, i invoke any remedies permitted by paragraoh 18 hereof. i 18. Acceleration; Remediea. E:cept se provided in paragraph 17 hereof. upon Borcower's breach of any covenant or agreement of Borrower in thia Mortgage, including the covenants to pay when due any sumseecured by this Mortgage, Lender prior to acceleration ehall mait notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not lese than 30 days from the date the notice ia mailed to Borrower, by which such breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may resuit in acceleration of the auma secured by this Mortgage, forec~oaure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the rigbt 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 ie not cured on or before the date apecified in the notice, Lender at Lender's option may declare all of the eums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be entitied to collect in such proceediag all ezpenses of loreclosure, including, but not limited to, reasoneble attorney's fees, and costa of documentary evidence. abatracts and title reports. 18. Borrower's Bight to Reinatate. Notwithatanding Lender's acceleration of the suma secured by this Mortgage, Borrower shall have the right to have any proceedinga 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 dne under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; ~b) Borrower curea ali bceachea of any oiher covenants or agreements of Borrower contuined in this Mortgage; (c) Borrower paya all reasonable expenses incurred by Lender in enforcing the rnvenants and agreementa of Borrower ~ oontained in this Mortqage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attnrney e fees; and (d) Borrower takes auch action ae Lender may reasonably require to sesure that the lien of this Mortgage, Lender's intereat ~ in the Property and Borrower s o~ligation to pay the suma secnred by thia blortgage ehall continue unimpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage and the obliqationa secured hereby shall remain in full force and effect as if no acceleration had occuned. } Z0. Aseignment of Repte; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby assigns to Lender the renta = of the Property, provided that Borrower ahail, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the tight $ to rnllect and retain such rente as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reoeiver appointed by a oourt to enter~pon. take posseasion ot and manaqe the Property and to collect the renta of the Property, including thoee past due. All tents oollected by the receiver ehall be applied firat to payment of the ooate of management of the Property and collection of renta, ineluding, but not ~ limited to, receiver e fees, premiuma on receiver e bonds and reaeonable attorney'e feea, and then to the aums secured by thie Mortgage. The ~ receiver shall be liable to acoount only for those rente actually received. ~ . ` - ~k 31? 1151 . ; ~