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HomeMy WebLinkAbout2028 ' . 8. Inspection. Lender may make or cause to be madereasonable entries upon and inspections of the property, provided that Lender shall tiive Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.endei 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, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Ixnder 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 aced 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 balanca of the praeeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by [.ender to Borrower that the condemnor offers to make an award or settle a claim [or damages, Borrower fails to rexpond to Lender within 30 days after the date such notice is mailed, Lender is authorized tocollect 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 otproceeds to principal shall not extend or postpone the due ~i:+tr 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 paym ant or modification otamortization of the sums secured by this Mortgage t;r:+nted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower .+nd Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time f..r payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower :u+d Borrower s successors in interest. 11. 1Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise :+ifi,rded by applicable law, shall not be a waiver otor preclude the exercise of any such right or remedy. The procurement of insurance or the t,:+>•ment of taxes or other liens or charges by Lender shall not be a waiver of bender's right to accelerate the maturity of thel'ndebtedness secured by this Mortgage. 1l. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this ~tortcage or afforded by law or equity, and may be exercisers concurrently, independently or successively. la. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall t,ind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of par+graph 17 hereof. All ccwrnants and agreements of Bonrwer 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. 14. Notice. Except for any notice reyuirecl under applicable law to be given in another manner, (at any notice to Borrower provided for in t h i ~ Dtortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address ur at such other address as }torower may designate by notice to bender as provided herein, and Ib) any notice to Lender shall be given by certified mail, return receipt r~Yt nested, to !.ender's address stated herein or to such other address as Lender 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 nr bender when given in the manner designated herein: IS. Uniform Mortgage; Governing Law; Severability. This formof mortgage combines uniform covenants for national useand non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage .hall 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 tote conflicts with appiicalde saw, such conflict sl,ali not <+t.<<. i utt.cr prov:sion, of this M;:rtfis~r c,r 24*.e Note which ran F?e given PffeM tivithout the n,nflicting 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 execution or after nr•ordation hereof. 17. Transfer otthe Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Ixnder's prior written consent, excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage, Ih) the creation of a purchase cnoney security interest for household appliances, (c1 a transfer by devise, descent or by operation of law upon the death of a joint te•n:+nt or Id) the grant of any leasehold interest of three years or less not containing an option to purchase, bender may, at Lender's option, ~1,•c+are all the sums secures by th+s Alorigage to ue rmmea~ateiy sue ano payauir. i,rriici s::a:::::::~ a;:.:: t. ~ the sale or transfer, !.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such p~•rnon is satisfacton• to !.ender and shat the interest payable on the sums secured by this Mortgage shall s,e at such rate as [.ender shall nvtuest. If Lender has waived the option to accelerate pmvided in this paragraph li, and if Borrower's successor in interest has executed a « ri t ten assumption agrerment accepted in uritinx by bender, !.ender shall rele:cse Borrower from all obligations under this Mortgage and the ~ ~tc•. [ f Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. such notice shall provide a period of not less than a0days from thedate thenoticr is n ailed within which Bormwermay pay thesums declared ~'ue. If Borrower fails to pa>• such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, in~•oke am• remrdies permitted b~• par.+timioh Iri hereof. • It3. Acceleration; Remedies, Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or :+Kreement 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 hereofapecifying: (1) the breach;(2) theaction rc•cluired to cure such breach;l3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such t,rc•ach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in :u•celeration 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 in the foreclosure proceeding the non-existence ota default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or heforr~ the date specified in the notice. !.ender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be cot aied to collect in such proceeding all expenses 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. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrowershall have t he right to have any proceedings begun by lender to enforce thin Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (at Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future :1d vances, if any, had no acceleration occurred: i b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; Ic1 Borrower pays all reasonable expenses incurred by !.ender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph•1R hereof, including, but not limited to, reasonable attorney's fees; and (d? Borrower takes such action as ?.erder may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligafion to pay the sums secured by this Mortgage shall rnntinue 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. `L0. Assignment of !tents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lenderthe rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18hereof orabandonment of the Property, have theright to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Ixnder shall be entitled to have a receiver appointed by a mart 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 costa of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bond8 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. z ~'~x319 P~~~~~fi