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HomeMy WebLinkAbout2006 8. Inepeetion. !.ender may make or cause to be made reasonable entries upon and inspections of the property, provided that !.ender shall give Borrower notice prior to any such inapeMion 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 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, it 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 :+pplied 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 balancro of the proceeds paid to Borrower. I f the Property is abandoned by Borrower, or if, after notice by [.ender W 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 tocollect and :+pply the proceeds, at !.ender s option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Ixnder 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 1 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 Kranted by !.ender 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 extend time fur payment or otherwise modify amortization of the sums secured by this Mortgage by re:+son of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by larder 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 pmcurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of larder's right to accelerate the maturity of the indebtedness secured 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 '1lortrage or afforded by law or equity, and may be exercised concurrently, independently or successively. 1:1. 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 Ixnder 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 for covenience only and are not to be used to interpret or define the provisions hereof. l 4. Notice. Except for any notice required under applicable law to be given in another manner, la) any notice to fi.,rruwer provided for in •t h is ;?lortgage shall be given by mailing such notice by certified mail addressed toBon-ower at the Property Addres_a or at such other address as }torn,wer may designate by notice to Lender as provided herein, and {b) any notice to !.ender shall be given by certified mail, return receipt r~~cluested, to Lender's address stated herein or to such other address as [.ender may designate by notice to Borrower as provided herein. Any n. Mice provided for in this Mortgage shall be deemed to have been given to Borrower or !.ender when given in the manner designated herein. Ii. Uniform Mortgage; Governing Law; Severability. This form otmortgagecombinesuniformcovenants for national use and non- uniform covenants with limited variations by jurisdiMion to constitute a uniform security instrument covering real property. This Mortgage .hall be governed by the law of the jurisdiMion in which the Property is located. In the event that any provision orclause of this Mortgage or i ne Nutr cot+flici.~ witl+ ap1,:i. ~iL1e taw, such conflict shall nut affect other pmvisians of this !11e.+rtgaKe nr the Note which ran hP given Pfffr-t without the conflicting provision, and to this end the provisions of the Mortgage and the Notc are declared to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution 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 ~.~ithout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate W this Mortgage, (h1 the creation of a E~urch:+se money security interest for household appliances, Icl a transfer by devise, descent or by operation of law upon the death ota joint tenant or (d1 the grant of any leasehold interest of three years or less not rnntaining an option to purchase, (.ender may, at !,ender s option, ~Ifrlare a!1 the SUmS SPCUr'etit DY tl+1S iviortgage Lo i,e ItLn+e'U+a ieiY iiur nuu },uyavic_ i~ciiuc: o...a: u~:.-..::.:... ~:.~..::r.:~,: - - . t. ~ the sale or transfer, lender and the person to whom the Property is to be sold or transferred reach agreement in writing that thecredit of such person is satisfactory to Lender and that the interest payable on the sums secured by this titortgage shall be at such rate as Ixnder shall r~•duest. If Ixnder has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ti+ ritten assumption agreement accepted in writinK by !.ender, Lender shall release Borrower from all obligations under this Mortgage and the ~ ~te_ if Ixnder exercises such option to accelerate, Ixnder shall mail Burrower notice otacceleration in accordance with paragraph 14 hereof. such notice shall pn,vide a period of not less than 30days from thedate thenotice is mailed within which Borrower may pay thesums declared due. If Borrower fails to pay such sums prior to the expiration of such peri„d, Lender may. without further notice or demand on Borrower, invoke a++1• remedies permitted by par.+grauh lii hereY,f. 1t3. Acceleration; Remedies. Except 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 secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofsperifying: ~1) the breach;l2)theaction 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 t,reach 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 ofthe Property. The notice shall Further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the nun-ezistence ota 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 sums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be emitted to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees, and ,•osts of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. Notwithstanding larder's accelerationof thesums secured by this Mortgage, Borrowershall 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? Bormwer pays Lender 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 othercovenants or agreements of Borrowercontained in this Mortgage; (ci 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 f d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender'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, Bornower 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, 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 attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents aMually received. ~~;~x319 PaGF1994