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HomeMy WebLinkAbout2044 ~ 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of We property, provided that Lender shall give Borrower notice prior to any such inspection spei3$?ing reasonable cause therefor related to Lender's interest in the Pr~operfy. 9. Condemnation. The proceeds of any award or claim for damages, direct or consegcentisl, in connection with aW? condemnation or older taking of the property. or part thereof. or foe conveyance in lien of oondemnatioa, are hereby aaigaed and shall be paid b lender. In the event of a total taking of the Property. the proceeds shall bs applied to the sums secured by this Mortgage. with the escess. it any. paid to Borrower. In the event of a partial taking of the Property, udess Borrower and Lender otherwise agree in writing. there shall be applied to the sums segued by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the earns secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to tbs date of feting. wild the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRm notice by Lender to Borrower that the condemnor offers to make an award os settle a claim for damages, Borrower fail to respond to Lender within 90 days aRer the date such notice is mailed, Lender is authorised to polled and apply the proceeds. at Lender's option. either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender sad Borrower oWerwise agree in writing. any such application of proceeds to principal shall not eztend o:postpone the tine date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such iwtallments. 10. Borrower Not Released. Bztension of the time for payment or modification of amortisation 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's auooeason in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztrod 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 Borrower s enosesson in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:erriaing any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or precinde the ezercise of any such right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of We indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be ezen;ised concurrently, independently or suoceesively. 13. Snooessors and Assigns Bound; Joint and Several LiabUity; Captions. The covenants and agreements herein contained shall bind, and We rights herenader shall inure to, the respective sueceeeon and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. AU eovenanta and agreements of Borrower shall be joint and several. ZLe 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. Ezoept 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 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 elated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notix provided for in this Mortgage shall be deemed to have been given to Borrower or Leader when given in the manner designated herein. 15. Unifoim Mortgage; Governing Law; Severability. This form of mortgage oombinee uniform oovenante for national nee and non- nnifonm covenants with limited variations by jurisdiction to oonstitnte a uniform security instnuuent covering real property. Thin Mortgage ahaU 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 proviaione of this Mortgage or We Note which can be given effect without the conflicting provision. sad to this end the provisions of the Mortgage and We Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fnrniahed a conformed copy of the Note and of this Mortgage at the time of ezecutioa 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, e:cludiag (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household apph'ancea, (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 leas not containing an option to pnrchaee, Lender may, at Lenders option, declare all the some secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to acceletate if, prior II 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 4 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 hsa waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecated a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezereisea such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof: 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 rams declared due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept 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, Leader prior to acceleration shall mail notice to Borrower ae 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 5 om the date the notice is mailed to Borrower, by which such breach must be cared; and (4) that failure to cure each breach on or before the date specified in the notice may remit 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 aeoeleration and the right to assert in the foreclosure proceeding the non-ezietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared 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 ezpenees olforeclosure, including, bat not limited to, reasonable attorney'sfees,snd costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the same 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 b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, We Note and notes securing Pbtnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpeneea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies ea provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure That the lien of this Mortgage, Lender's interest in the Property 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 the obligations secured hereby shall remain in fall force and effect as if no acceleration had oocarred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Leader 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 collect and retain such rents as they become due sad payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter~pon, take possession of and manage the Property and to collect the rents of We Property, including those past tine. All 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's foes, premiums on recxiver's bonds and reasonable attorney's fees, and then to the auras secured by this Mortgage. The receiver shall be liable to aeoonnt only for those rents actually received. gi~'~x 315 PAGE2~41