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HomeMy WebLinkAbout0890 w l~ iv . , "S''~ L".P. 8. Inspedlon. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceoda of any award or clean for damages, direct or eonsequentiel. in connection with any condemnation or other taking of the property, or part thereof. or for conveyance in lien of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds sh all be applied to the soma secured by this Mortgage. with the ezoees, if anj, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, Were ehail be applied to the sums secured by this Mortgage such proportion of flee proceeds as is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior to We date of taking bears to the fair market value of the Property immediately prior to the date of l taking, with We balance 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 to Lender wihnin 30 days after the date such notice is mailed. Lender is authorized to tolled and apply We proceeds, at Lender's option, eiWer to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing,any such application of proceeds to principal shall not extend or postpone We due date of We monthly installments referred to in paragraphs 1 and a: hereof or change We amount of such installments. - 10. Borrower Not Released. Eztenaion of the time for payment or modification of amortization of the Bums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We 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 soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interecet. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in caercieing any right or remedy hereunder, or oWerwiee afforded by applicable law, ehaG not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness secured by this Mortgage. 1Z Remedies Camnlative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this hiottt`age or afforded by law or equity,-and may be eaerciseei concurrently. independently or successively. 13. Suooeasors and Assigns Boand; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective auccest:4rs and assigns of Lender and Borrower, subject to We 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 covenience only and are not to be used to interpret or define We 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 be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such othei address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, retarn receipt requested, toLender'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 W e manner designated herein. 15. Uniform Mortgage; Governing Law; Seversbility_. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by juriadidion to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the juriadidion in which the Property is located. In the event that any provision or clause of this Mortgage or . the Note conflicts w-iW applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without We conflicting provision, and to Wis end We provisions of the Mortgage and the Note are declared to be severable. 16. Barrow_er's Copy. Borrower shall be fur_ Wished a conformed copy of the Note and of this Mortgage at the time of execution or after rcrordation hereof. - - 17. Transfer of the Property; Assumption. If all or any part of the Pevperty or an interest therein is sold or transferred by Borrower - without Lender s prior written consent, excluding (a) We creation of a Gen or encumbrance subordinate to this Mortgage, (b) the creation of a pus charge money security interest for household appliances, (c) a transfer by devise, dcecent or by operation of law upon the deaW of a joint tenant or (d) the grant of any leasehold interest of Wree years or leas 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 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 auras 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 all obligations underthis Mortgage and the Note. If lender exercises such option to accelerate, Lender shallmail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not leas than 30 days from the date the notice is hailed 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 lforrower, ?nvoke any remedies permitted by paragraph 18 hereof. - 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovanant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Iortgage, 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 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 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 and the right to assert is 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 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 ezpenaea of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence. abstracts and title reports. - 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the 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 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 1 this Mortgage; (c) Borrower pays all reasonable eapensea incurred by Lender in enforcing We covenants and agreements of Borrower I contained in this Mortgage and in enforcing Lender's remedies as prodded in paragraph 18 hereof, including, but not limited to, reasonable j attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the Gen of this Mortgage, Lender's interest in We 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 We 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 rrota 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 such rents as Wey become dne 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-upon, take possession of and manage the Property and to collect We rents of the Property, including those past dne. 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,bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to We sums aecnred by this Mortgage. The receiver shall be liable to account only for Wose rents actually received. eootc 4~0 PAfE 168 eQ~x317 PEE 889