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HomeMy WebLinkAbout0287 _ • t i S• 8. Inspection. Lender may make or cause to be made reawnable 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 the Propearq?. 9. Condemaatioa. The proceeds of say award or claim for damages, direct or consequential. is connection with any condemnation or other taking of the property, or part thereof. or for oonveyaaoe in liver of oondemaation. are 'etereby assigned sad shall be paid to Lender. In the event of a total taking of the Property, Ws proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid to Borrower. Ia the event of a partial taldr,g of the Property, unless Borrower sad Lender otherwise agree in writing, there shall be applied to the soma second by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the same secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of fairing, wiW We balance of We proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the eondemnoroflers to make an award or settle a claim for damages, Borrower :ails to respond to Lwtdes within 80 days after the date such notice is mailed, Leader is authorised to collect sad apply the proceeds, at Leader's option. either to restoration or repair of We property or to the sums secared by this Mortgage. Udess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall noteztend or postpone the due date of the monthly installaents referred to in paragraphs 1 and 2 hereof or change the 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 Leader to any successor in interest of Borrower shall not operate to releaae.:n any manner. the liability of We original Borrower ~ and Borrower's suooeesore is interest. Lender ajrall not be required to commence proceedings against such sua~easor or refuse to eztez,d 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 Borrowar'a sucoeesore in interest. 11. Forbearance bry Leader Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezer+cise of any aacb right or remedy. The procurement of inauiauce 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 the indebtedness secured by this Mortgage. 12 Remedies Camalwtive. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy render this Mortgage or afforded by law or equity, aid may be exercised concurrently, independently or suooeeaively. 13. Sttooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective saooesaore and assigns of Lender sad Borrower, eabject to the provisions of oareara~h 17 hereof. All covenants and a r~eemente of Borrower shall be joint and eeveral.'llse captions and headings of the paragraphs of this Mortgage are [or covenience only and are not to be used to interpret or deefine 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 begiven by mailing inch noticebycertified mail addrreeeedto Borrower atthe PropertyAddreesor atsach otheraddress 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 a+ddrees 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 combines uniform wvenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properFy. 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 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 tLe 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 We time of ezecution 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, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliannea, (c) a transfer by devise, descent or by operation of law upon the death of s joint _ tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aocelerateif, 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 i person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall beat such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's sus.-easor in interest has ezecuted a . written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exerriaes such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof Such notice shall provide a period of not less than :30 days tram 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 ezp"nation of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Except ae 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 some secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ee prnvided in paragraph 14 hereof specifying: (1) the breach; (21 the action required to care such 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 failure to care 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-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not car=ed 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 die and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to eullect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender sacceleration ofthe 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 this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Fhture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other rnvenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrowar contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable . attorney's fees; and (d) Borrower takes such action as l.ender may reasonably require to assure that the lien of this Mortgage, Lender a interest in the Property and Borrower s obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secared hereby shall remain in full force and effect as if no aeceleratio~'had occnrrel. 20. Assignmentof Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lendertherents 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 inch rents as they become dre 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 enter.npon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the coats of management of the Property and collection of saute, including, bat not limited to, receiver's fees, premiums on receivers bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aeoount only for those rents actually received. an~r. S7 ~ ~~r_t: /l~c~