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HomeMy WebLinkAbout1213 . ~ - 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of the property. provided that Lender shall give Borrower notice prior b any each inspection specifying reasonable cause therefor related b 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 b Lender. In the event of a total taking of the Property, the proceeds ahatl be applied b the sums secured by this Mortgage, with the excess, if any, paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediately prior b the date of taking, with the balances of the proceeds paid b Borrower. If the Property ie abandoned by Borrower, or if, after notice by Lender b Borrower that the rnndemnor offers b make an award or settle a claim for damages, Borrower fails b respond b Lender within 30 days after the date each notice is mailed, Lender is authorirsd b collets and apply the proceeds. at Lender a option. either b restoration or repair of the property or b the soma secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not extend or postpone the due date of the monthly installments referred b 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 soma secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower - and Borrower's successors in interest. Lender shall not be required b commence proceedings against such successor or refuse b extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a R?aiver. 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 Lenders right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject b 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 b be used b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice b Borrower priovided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addressor at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or to such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b rnnstitute 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 Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Nole are declared b 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 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 without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, dcecent or by operation of law upon the death of a joint tenant or (d) the ¢rant of any leasehold interest of thrwP years ~?r lens nit rnntaining an option to purrhAaP; i on~l~ may, at Lender a option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b 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 secure_ d by this Mortgage shall be at such rate as Lender shall rE~uest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a H•ritten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations underthis Mortgage and the ote. ~ If Lender exercises such option to accelerate, I:ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. f Such notice shall provide a period of not less than 30 days from the date the notice is Trailed within which Borrower may pay the sums declared ~ due. If Borrower fails b pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, t invoke any remedies permitted by paragraph 18 hereof. t 18. Acceleration; Remedies. Except ae 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 apecifying•. (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 moat 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 5y judicial proceeding and sale of the Property. The notice shall t further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence 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 sums secured by this Mortgage to be i mmediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including, but not [invited to, reasonable,attorney'sfses, 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, Borrower shall have - the right b have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays [.ender all soma 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 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 b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest i n the Property and Borrower's obligation b 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, Borrower hereby assigns b Lender the rents 1 of the Property, provided that Borrower shall, prior b 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 b have a receiver appointed by a court tenter-upon, take possession of and manage the Property and b rnllect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied first b payment of the coats of manageme~:t of the Property and collection of rents, including, but not limited b, receiver's fees, premiums on receiver a bonds and reasonable attorney's fees, and then b the some secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. ~I 321 PaGE 1212