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HomeMy WebLinkAbout2225 t . ` ' ' K. Inspection. bender may make or cause to be made reasonable entries upon and inepectiuns of the property, provided that Lender shall gi~•e Borrower notice prior to any such inspection specifying reasonable cause therefor related to Ixnder a interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or „thee taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. !n 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, p:,id 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 procetds as is equal to that proportion which the amount of the sums .~rured 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 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 ~•1:+im for damages, Borrower tails to respond to (.ender within 30 days after the date such notice is mailed, (.ender is authorized to collect and apply the proceeds, at Ixndei s option, either to restoration or repair of the property or to the sums secured by this Mortgage. [Inlesa (.ender and Borrower otherwise agree in writing, any such application of proceeds W principal shall nut extend or postpone thedue ,i:,te 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 of amortization of the sums secured by this Mortgage granted by Lender to any succestwr in interest of Borrower shall not operate to.Relet+se, in any manner, the liability of the original Borrower :,nd Borrower's sumessors in interest. (.ender shall not be required to rnmmence proceedings against such successor or refuse to extend time f..r payment or otherwise modify amortization of the sums secured by this Mortgage by re:>sun of any demand made by the original Borrower :,nd f;„rruwer's successwrs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise :~ff„rded by applicable law, shall not be a waiver ofor preclude the exercise otanysuch right or remedy.l'F+e procurement of insurance or the I~:,~•ment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness ~c•c•ured by this Mortgage. 1'2. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this ?1„rtrage or afforded by law or equity, and may be exercised concurrently, independently or succeagively. l:i. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall innd, and the rights hereunder shall inure to, the respective successors and assigns of (.ender and Burrower, subject to the provisions of p:,r+graph 17 hermf. All covenants and agreements of Borrower shall be joint and several. The captions and headings otthe paragraphs of this Mortgage are for covenience only and are not to be used to interpret or~define the provisions hereof. 14. Notice. F:xrept for ant notice rtatuired under applicable law to be ti+ven in another manner,:al any notice to !{a,rrower provided fur in ~ hi. Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as lt„rruwer may designate by notice to bender as provided heroin, and Ib1 any notice to Ixnder shall be given by certified mail, return receipt n•,luested, to Lender s address sti+ted herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any n. nice provided for in this Mortgage shall be deemed to have been given to Borrower or Ixnder when given in the manner designated herein. 1 i. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform rnvenants for national use and non- unifurr:t covenants with limited variations by jurisdiction to constitute a uniform security instrumeat ca,verint; real property. This Mortgage .tall t,e Keverna•d by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or t h,• \ute conflicts with applicable law, such conflict shall not affect other provisions of this 1llurtgage or the Note which can lx given effect +ithout the rnnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. I ti. Barrower's Copy. Korrower shall tx• furnished a conformed copy of the Note and of this Mortgage at the time of execution or after r,•••,mlation 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 about Iknder'a prior written consent, excluding 1x1 the creation of a lien or encumbrance subordinate to this Mortgage, (bl the creation of a (~un•~+ase money security interest for household appliances, /c) a transfer by devise, dscent or by operation of law upon the death of a joint t.•nant ur (dl the grant of any leasehold interest of three years or leas not containing an option to purchase, (.ender may, at Lender's option, reel are all the sums securest by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ~ 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 {~,•r:un is satisfactun• to Lender and that the interest payable on the sums secured by this MortKaKe shall be at such rate as Ixnder shall n,~urst. If Ixnder has waica•d the option to acn•lerate provided in this paragraph 17, and if liorn,wer's successor in interest has executed a ritten assumption agreement accepta•a1 in wri?int; by { xnder, Lendershxll release Borrower from all obligations under this Mortgage and the '~~~tr. If Lender exercises such option to accelerate, (.sender shall mail Borrower notice of acceleration in accordance with paragraph 1•t hereof. tiu~~h notice shall provide a peri„d of not lass than all days from thedatethe notice is rr.ailad within which Borrower mat pap thesums declared 'iu,'. If Burn,wer fair to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, u,~~„ke un}• remedi,~ permitteai br par.,Kr+oh lti hen~,f. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or aKreement ut Borrower in this Mortgage. including the covenants to pay when dueany sumssecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (1) the breach; l2) the action ra•quired to cure such breach;131 a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and 1.11 that failure to cure such breach on or before the date specified in the notice may result in :,c•a•elerat ion of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The not ice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the nun-existence of a default or any other defense of Borro'veer to acceleration and foreclosure. if the breach is not cured on or t,t•fore 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 N•ithout furtherdemand and may foreclosethis Mortgageby judicial prnceeding. Lendershall be ,•ntitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's tees, and i•u~:ts of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate.l\'otwithstanding Lender's acceleration of thesumssecured 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: Ial &,rrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future :1d cancel, if any, had no acceleration occurred; tb) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; Icl Borrower pays all reasonable expenses incurred by (.ender in enforcing the covenants and agreements of Borrower r„ntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph IA hereof, including, but not limited to, reasonablR attorney's fees; and ~ d? Borrower takes such action as [.ender may reasonably require to assure that the lien of this Mortgage, Lender's interest ,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 otRenta; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents ..f the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right t., collect and retain such rents as they become due and payable. Upon acceleration under paragraph 1K 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 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. ,,.•.X. ~~~~x319 ~~~f22.~`3