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HomeMy WebLinkAbout0555 ~ - 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lendw shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in e~nnection with any condemnation or other taking of the properf~?, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Ia We event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mostgage. wiW the excess, if any, paid to Borrower. In the event of a partial taking of We Property. unless Borrower and Lender otherwise agree is writing, there shall be applied to the sums secured by Wie Mortgage each proportion of the proceeds as is equal to that proportion which We amount of the sums - secured by this Mortgage immediately prior to the date of taking bears to the fair market value of We Property immediately prior to the date of taking, with the balances of the proceeds paid to Borrower. If the Property is 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 b Lender within 30 days after the date such notice ie mailed, Lender is authorised to collect and apply the proceeds. at Lender's option. either to restoration or repair of the property or to the sums soured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or postpone We due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installmeata 10. Borrower Not Released. Eztensioa 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's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend 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 suc~~easors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercisiag any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezerrise 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 Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be ezercised concurrently, independently or suecessive'.y. 13. Successors 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 successors and assigns of Lender and Borr+~wer, 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 rnvenience 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 anothar 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 auch 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 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 and non- uniform covenants with limited variations by jurisdiction to wnstitute 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 the Note c-onflicts with applicable law, anch 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 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 Lenders prior written rnnsent, encluding (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 he 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, 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 ~ t~ 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 auch 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 successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from al! 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 19 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is trailed 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, withoutfurther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. _ 18. Aceeleration; 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 severed 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 reyuir~ed to cure such 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 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 sad the right to assert in the foreclosure proceeding the non-eziatence 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 soma 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 ezpenses 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. 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 anytime 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 Future 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 expenses incurred by Lender in enforcing the covenants and agreements of Borrower wntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as bender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch pavment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fell force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional becnrity hereunder, Borrower hereby aaeigno to Lender the rcets 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 auch 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 past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, inclnding, bet not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the auks secured by this Mortgage. The receiver shall be liable So account only for those rents actually received. e 6031~(J~ ~ PdGE ~4