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HomeMy WebLinkAbout0941 ~ of 8. Inspection. Lender 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's interest in We Property.. ~ ' 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in connection wiW any condemnation or other taking of Ws propett~y, a part thereol, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. j In the event of a tot61 ta~tittg of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, { paid to Borrower. In Ws event of a partial taking of the Property, unless Borrower and Landes otherwise agree in writing, Were shall be i sppticd Lo Late ~.ms.- sxured by tl:tw !4lcrtgase such prJgortis.+tt of the greee!~dr as i• egnAl to that pr_+g!+rtion which the A~!~nnt of the stt:ne secured by this Mortgage immediately prior to We date of taking bears to the fair market value of the Property immediately prior to We date of taking, wiW We balances of We proceeds paid to Borrower. If the Property ie 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 wiWin 30 days after We date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, eiWer to restoration or repair of We property or to We sums secured by Wis Mortgage. Unless Lender and Borrower oWetwiae agree in writing. any each application of proceeds to principal shall not eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. E:tension 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, the liability of the original Borrower and Borrower a successors in interest. Lender shall not be required to commence proceedings against such successor or refuse toe:tend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Bosrower s successors in interest. 11. Forbearance by Lender Not a R?aiver. 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 such right or remedy. The procurement of insurance or the x payment of fazes 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 Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exerciseA concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The rnvenanta and agreements herein contained shall bind, and We rights hereunder shall ipure to, We respective successors and assigns. of Lender and Borrower, subject to the provisions of paragraph 17 hereof. AU 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 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 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 a 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. Thin form of mortgage rnmbines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction w 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 ins tiote conflicts with applicable law, such conflict shall not affect other provisions of this irSortgage or ills Note which c:an 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 furnished a rnnfonned copy of the Note and of this 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 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, aL Lender's option, declare all the sums secured by this Iortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender andMfe person to whom the Properly is robe sold or transferred reach agreement in writing that the credit of such person is satisfactory to Landes rand titpt We interest payable o$ they stOtts 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 written 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. t Such notice shall provide a period of not leas than 30 days from the date the notice is n•.ailed 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. 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 due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower ss 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 ie 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 assertin the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach fs 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 i mmediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLsnder's acceleration of the sums secured by this Mortgage, Borrower shall 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 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 aeceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea 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 a fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest - intheProperty 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 We obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 2(1. 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 1 to rnllect and retain such rents a8 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 enteratpon, take possession of and manage the Property and to collect the rents of the Property, including Wore past due. All rents collected by We 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's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by Wie Mortgage. The reeeiveT shall be liable to aeoount only for those rents actually received. a~:~K 314 PlGE 938 a