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HomeMy WebLinkAbout2487 L , 8. Inspection. Lender may make or cause b bs made reasonable entries upon and inspections of the propmty. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coadesnnatlon.'1Ls proceeds of any award os claim for damages. director consequential. in connection with say condemnation os older taking of the property. or part thereof, or fox oonveYanoe in lieu of condemnation, are hereby assigned and shall bs paid to I.ender. In the event of a total taking of the Property, the proceeds shall be applied to We enau secured by this Mortgage, wild the a:Dees, if any. paid to Borrower. In the event of a partial taking of the Property, udess Borrower and Lender oWerwise agree in writing. there shall be applied to the sums secured by this Mortgage such Proportion of the proceeds as is equal to that proportion which the amount of We sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to thedats of taking. wild the balance of the proceeds paid to Borrower. U the Property is abandoned by Borrower, or if, attar notice by Lender to Borrower that the oondemaor 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 anthorir~ed to collect and aPPIY the P• at Lender's option, either b restoration or repair of the propesty or to We 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 installments referred to 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 amortization of the sums secured by this Mortgage granted by Leader to any successor in interest of Borrower shall not operate to release, in any manner. the GabiUty 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 otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers auocesaon in interest. 11. Forbearance by Lender Not a Waiver. My 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 or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumnlatlve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this _ Mortc_~age or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. f3uooeeeors and Assigns Bound; Joint and f3everal Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective euccesson and assigns of Lender and Borrower, subject to the 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 covariance 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 form this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ae Borrower may designate by notice to Lender ae 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 other address as Lender may designate by notice to Borrower as provided herein. My 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; 3everability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonatitute a uniform security instrument covering real property. Thin 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 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 furnished 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 all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written rnnaent, excluding (a) We 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. dxacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or leas not containing an option to purchase, Lender may, at Lenders option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to 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 creditof 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 ih 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 ezertasea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: f 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 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 paragraoh 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 oovenanta 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 arch 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; and (4) that fellers to cure such breach on or before the date specified in 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 non-existence 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 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 sot limited to, reasonable attorney's fees, and costs o! documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any pr~ooeedings begun by Lender to enforce this Mortgage discontinaed 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 this Mortgage, the Note and notes securing I~ture Advances, if any, had no acceleration oexurred; (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 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 bender may reasonably require to assure that the lien of this Mortgage, Lenders interest in the Property and Borrowers obligation to pay the some secured by this Mortgage shall continue 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. 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 tolled and retain arch 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 enterapon, take possession of and manage the Property and to collect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied fiat to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receivei s bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be Gable to aeoount only for those rents actually received. ''k314 ~~~E2480 h'i'~K