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HomeMy WebLinkAbout0590 ~ t 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Gender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Condemnstion. The prnr•etxla of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums 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 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 to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect 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 and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension 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 :u+d Borrower's successors in interest. Lender shall not be required to commenrn proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums second by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. 1 Forbearance by Lender Not a Waiver. Any forbearance by (.ender in exercising any right or remedy hereunder, or otherwise :+fforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the p~+yment of taxes or other liens or charges by Lender shall not be a waiver of Lender a right to accelerate the maturity of the indebtedness secured by this MortaaQe. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinM and cum+:lat+ve to any other ngt+t or remedy under this \tortt•age or afforded by law or equity, and may be exerciser! concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability: Captions. The rnvenanta and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, 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 tot crovenienrn only and are not to be used to interpret or define the provisions hereof. l4. Notice. Except for any notice required under applicable law to be given in another manner, la/any notice to Borrower provided for in this Mortgage shall be given by mailing such notirn by certified mail addressed to Borrower at the Property Address or at such other address as Burrower may designate by notirn to (.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lendei 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 (.ender 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 constitute a uniform security instrument covering real property. This Mortgage shall t,r governed by the law of the jurisdiction in which the Property is Iceated. In the event that any provision or clause of this Mortgage or the tiote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can begiven effect .+•ithout the ronflictic+g provision, and to this end the provisions of the ;Mortgage and the Note are declared to be severable. 16. Botrow•er's Copy. Borrower shall be furnished a conforned rnpy of the 1\ote and of this Mortgage at the time of execution or after re•c-ortation hereof. 1 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, excluding ta) the creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation of a 3~urchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or Id? 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 pay able. Fender shall have waived such option to accelerate if, prior to the saleor transfer, [.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such j ;~c•rson is satisfactory to l.c•nder and that the interest payable on the sums secured by this Mortgage shall be at such rate as (.ender shall rcK3uesl. If (.ender 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 bender, lender shall release Borrower from all obligations under this Mortgage and the ote. s, If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. such notice shall provide a pericxl of not less than :311 days from thedate the notice is mailed within which Borrower may pay the sums declared due. IF Borrower fails to pay such sums prior to the expiration of such peri~xl, Lender may, without further notice or demand on Borrower, ~ :nvokeany remedies permitted by paragraph IH hereof. ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or t+greement of Borrower in this Mortgage. including the covenants to pay when due any aumssecured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) tl+e 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 hreach must be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in s 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-existence of a default or any other defense of Borrower to acceleration and foreclosure. Itthe breach is not cured on or hfore the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be x 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 expenses of foreclosure. including. but not limited to, reasonable attorney's fees. and c•usts of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by (.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (al Borrower pays [.ender all sums 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; (c1 Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable attorney's fees; and 1 d) Borrower lakes such action as Lender may reasonably require to assure that the lien of this Mortgage, [.endei 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 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 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 bv_come 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 enter upon, 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, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attomP_v's fees, and then G+ the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. r,K 318 ~~~E 589