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HomeMy WebLinkAbout1591 • . 8. Inspection. Lender may make or cause to be made reasonable entries upon end inspections of the property, provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related to Lender's interest is the Property. 9. Condemnation. The proceeds of any award or claim for damages. director consequential, in connection with any condemnation or other taking of the property, or part thereof. or for rnnveyance is lieu of condemnation, are hereby assigned and shall be paid to I.ender. 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 felting of the Proper4y, unless Borrower and Lender otherwise agree in writing, Were shall be applied to We sums secured by Wis Mortgage such proportion of the proceeds as is equal to Wat proportion which We amount of the sums secured by W is Mortgage immediately prior to We date of taking bears to the fair market value of the Property immediately prior to the date of taking, wild We balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower W at the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender wiWin 30 days after We date such notice is mailed, Lender is authorized to collect and apply We proceeds. at Lender's option, eiWer to restoration or repair of the property or to We auma secured by this Mortgage. Unless Lender and Borrower old erwiee agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of We monWly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by Wis Mortgage' granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner. We liability of the original Borrowes and Borrower's successors in interest. Lender shall not be required to commence proceedings against such augceasor or refuse to extend time for payment or otherwise modify amortization of the sums secured by Win Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waives. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any each 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 Lender s right to accelerate We maturity of the indebtedness secured by Wis Mortgage. 12 Remedies Cumulative. All remedies provided in Wis Mortgage are distinct and cumulative to any other right or remedy under Wie Mortgage or afforded by law or equity, and may be ezercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to We provisions of paragraph 1? 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 We provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeaG~d, to Lender's address stated herein or to such older address as Lender may designate by notice to Borrower as provided herein. Any s notice provided for in Win Mortgage shall be deemed to have been given to Borrower or Lender when given in We mariner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants wild limited variations by jurisdiction to rnnatitute a uniform security instrument covering real property. This Mortgage sh all be governed by We law of the jurisdiction in which We Property is located. In We event that any provision or clause of Wis Mortgage or the Note conflicts wild applicable law, such conflict shall not affect other provisions of Win Mortgage or We Note q+hich can be given effect without We conflicting provision, and to Win end the provisions of We Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of Wis 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 Werein is sold or transferred by Borrower without Lender's prior written consent, a:eluding (a) We creation of a lien or encumbrance subordinate to Wis Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We deaW of a joint _ tenant or (d) the grant of any leasehold interest of WnDe yearn or less nbt containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior co the sale or transfer, Lender and the perean to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this pazagraph 17, and if Borrower s aucceeeor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ti ote. f If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL tiuch notice shall provide a period of not less than 3(1 days from the date the notice is nailed within which Borrower may pay the sums declared I due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by pazagraoh 18 hereof. 18. 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 hereof specifying: (1) the 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 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 the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Propert3. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the for-ecloenre proceeding the non-ezistence of a 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 auma secured by this Mortgage to be 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 coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLsnder's acceleration of the auma secured by Wis 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: (a) Borrower pays Lender all sums which would be Wen due under Wis Mortgage, We Note and notes secilring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in F< chin Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We eovenanta 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 (d) Borrower takes such action as Lender mayreasonably require to assure that the lien of Win Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay We auma secured by Wie 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 ae if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Aa 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 rnllect and retain such rents as Wey 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 poeaeHaion of and manage the Property and to collect We rents of the Property, including Wore paBt due. All rents crollected 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 Wen to We auma secured by Win Mortgage. The receiver shall be liable to account only for those rents actually received. t B(3~K 3~0 PAGE