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HomeMy WebLinkAbout2330 8. Inspection. bender may make or cause to be made reasonable 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 Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or c,ther taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, 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 soma secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a pa'al 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 sumo wecured by this Mortgage immediately prior to the date of taking bears to the lair 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 rnndemnorofYers to makean award orsettlea r;aim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and ;?pply 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 Mute of the monthly inalallmenta referred to in paragraphs i and 2 hereof or change the amount of such installments. 20. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage kranted 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 rnmmence proceedings against such successor or refuse to extend time G,r payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the origins) Borrower :,nd Borrowers successors in interest. ! 1. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise ;afforded 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 payment of taxes or other liens or charges by lender shall not be a waiver of Ixnder's right to accelerate the maturity of the indebtedness :.Enured by this Mortgage. 1'l. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this \tortrage or afforded by law or equity, and may be exercised concurrently, independently or successively. i3. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of i.ender and Borrower, subject to the proyisia;ts of p<?ragraph 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. t 4. Notice. Except for any notice required under applicable law to be given in another manner. (a1 any notice to Borrower provided for in this bortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Korrower may designate by notice to Lender as provided herein, and I61 any notice to Lender shall be given by certified mail, return receipt rt~uested, to Lender's address stated herein or to such other address as ].ender may designate by notice to Borrower as provided herein. Any r.,,tice provided for in this Mortgage shall be deemed to have been given to Borrower or ].ender when given in the manner designated herein. l5. Uniform Mortgage; Governing Law; Severability. This formofmortgagecombinesuniform rnvenanta fornational useand non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrun?ent 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 conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect «~ithout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 1 fi. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after r,•cordation 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 ~cithout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a l,urchasr money security interest for household appliances, (c) a transfer by devise, docent or by operation of law upon the death of a joint t<•nant or fd) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at I.endei s option, declare all the sums secured by this Mortgage to be immediately due and payable. [.ender shall have waived such option toaccelerateif,prior t., the saleor transfer, Lender and the person to whom the Property is io be sold or transferred reach agreement in writing that the creditofsuch p,•rsun is satisfactory to [.ender and that the interest payable un the sums secured by this Mortgage shall be at such rate as Ixnder shall n•y uest. It Ixnder has waived the option to accelerate provided in this paragraph 17, and if Burrowei s successor in interest has executed a ~ti ritten assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations underthis Mortgage and the \~,te. if bender exercises such option to ac<rlenrte, ].ender shall mail Burrower notice of acceleration in accordance with paragraph 14 hereof. ~uc•h notice shall provide a period of not less than a0 dad s from the date the notice is mailed within which Borrower may pay the sums declared duc•. If Burrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, uwuke any remedies permittcK! b~• parrgraoh Iri hereuL 18. Acceleration; Remedies. Excepl as provided in paragraph 1? 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, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action reyuired to cure such breach: (3) a date, not leas 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 theauma secured by this Mortgage. foreclosure by judicial proceedingand saleofthe Property.The noticeahall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the n„n-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or i,efore 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 furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be e•nt itled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and casts 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 Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: la) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had na 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 contained 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 Id) Borrower takes such action as [.ender may reasonably require to assure that the lien of this Mortgage, Lender's interest i n 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 shalt 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 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 enter.upon, Lake 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 costa of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 3i8 ~.~~~23~4 I