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HomeMy WebLinkAbout1241 J • ~ 1 8. Inapectlon. Lender may make or cause to be made esasonable entries upon sad inspections of the property, provided that Leader ehaU give Borrower noticx prior to any such inspection specibrin6 reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or oonsegnential. is connection with aqy condemnation or other taking of the propesrty, or part thereof, or for oonveyanos in lieu of condemnation, are hereby assigned and shall bs paid to Lsndew. In the event of a total taking of the Property, the proceeds shall be a,~plied b the sums secured by this Moctgags, with the ezoas, ff any, paid to Borrower. In the event of a partial taking of the Propeerty, unless Borrower and Lendesr oWerwise agree is writing, there ehaD be applied to the enms sesewrsd by this Mortgage such pe~oportian of the proceeds as is equal to that proportion which the amount of the enms secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property ianmediateslvj? prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Boerrowesr, ~ 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 bender within 30 days after the date each notice is mailed. Lender is aathorisod to ex?liect and apply We proceeds, at Lender's option. either to rsetoration os repair of the property or to the same secured by this Mortgage. Udeea Lender and Borrower oWerwise ogres in writing, any anch application of proceeds to principal shall cote:tend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ends installments. 10. Borrower Not Released. Extension of the time for paymsat or modification of amortization of the sums secured by this Mortgage granted by Lender to any suoexesor in interest of Borrower shall not operate to release, in any manna, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to oommenee proceedings against such snoceesor or refuse to estesnd 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 Borrowesr's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exereiaing any right or remedy hereander, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezerease of any such right or remedy. The procurement of insnrane>e or the payment of fazes or other liens or charges by Lender shall sot be a waiver of Lendetts right to sexelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. AU remedies provided is this Mortgage are distinct and cmm~lative to 8RY other right or remedy Hader this Mortgage or afforded by law or equity, and may be ezere:iseel oonemnrent~y, independently or aseeessively. 13. Snoceseeors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inures to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereoL 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 hesreof. 14. Notice. ExoEpt 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 each othesr address as Borrower may designate by notice to Lender as provided herein. and (b) say 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. This form of mortgage combines uniform covenants for national use sad non- uniform covenants 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 We Property is located. In the event that any provision or donee 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 gives 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 Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof 17. 'T'ransfer 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, e:dnding (a) the creation of a lien or encumbrance subordinate to this Mortgage, tb) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not wntaining an option to purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived anch 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 credit of such person is satisfactory to Lender and that the 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 suoceeaor in interest has ezeexeted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fi om all obligations render this Mortgage and the Note. If Lender e:ereases such option to accelerate, Lender shall mail Borrower notice of aexeleration in accordance with paragraph 14 hereof: i 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 soma dedared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without farther notice or demand on Borrows:, invoke any remedies permitted by paragraph 18 hereof. r 18. Acceleration; Remedies. Ezcept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any same aeearred 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 ezare.sac6 breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to cure such breach on or before the date eepexi8ed in the notice may reewlt in acceleration of the some 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 ie not cured on or before the date specified in the notice, Lender at Leader's option may declare all otthe sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shell be entitled to collect in each proceeding all ezpenaea of foreclosure, including, but not limited to, reasonable attorney's fees, and rnsts of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the soma 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 this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes esecnring Fhture Advances, if any, had no acceleration oexurred; (b) Borrower cures all breaches of any other oovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower payer all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower t contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; including, b~ not limited to, reasonable attorney's fees; and (d) Harrower takes anch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest I in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and cure r by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect se if no acceleration had occurred. ~ 20. Assignment of Rents; Appointment of Receiver. Aa additional eecarity 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 to collect and retain anch rents as they becane due and payable. Property.havetheright f Upon acceleration under paragraph 18 hereof or abandonment of the Pro oomt to enter~npon, take possession of and m Ply. Lender shall be entitled to have a receiver appointed by a snags the Property and to collect the rents of the Property, inducting those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and aoUection of rents, inducting, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the some secared by this Mortgage. The receiver shall be liable to aeoonnt only for those rents actually received. s~~x 3~5 Pd~E12~39