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HomeMy WebLinkAbout1674 • ' ~I~ ~ ~ ' ~ 13. Inspection. Lender may make or cause to be made reasonable entries upon and inBpections of the property, provided that Lender shall give Borrower notice prior to any such inapeMion specifying reasonable cause therefor related to I.ender'a interest in the Property. 9. Condemnation.l??e 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. !n the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, azth the cxccsa, if arty, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and [.ender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage ouch proportion of the proceeds ae is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of !eking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otters 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 to collect and apply the proceeds, at Lender's option, either to restoration or repair of the property or to the soma secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly inatallmenta 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=nt or modification of amortization of the sums secured by this Mortgage granted 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 for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demund made by the original Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a Waiver. 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 Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage: 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative fo any other right or remedy under this Mortcage or afforded by law or equity, and may be exercised concurrently, independently or aucceasively. 13. 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 Lender and Borrower, subject to the provisions of paragraph I? 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. 14. Notice. Exmpt for any notice required under applicable law to be given in another manner. (al any notice to Borrower provided forin this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Korrower may designate by notice to Lender as provided herein, and lb) any notice to [.ender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided forin this Mortgage shall be deemed to 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 rnvenants for national use and non- uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instromPnt r•rvvrinn rota '!'I;io !?,qurtgug~ snail 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 v?~th 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 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 recordation hereof. 17 ransfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower L, ~ % without Lender's prior written consent, excluding (a) the creation o[ a lien or encumbrance subordinate to this 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 the death of a joint ? tenant or ~d) the grant of any leasehold interest of three years or less not containing an option to purchase, bender may, at Lender's option, declare alt the sums secured by this Mortgage to be immediately due and payable. !.ender shall have waived such option toaccelerate if, prior • to the sale or transfer, lender and the person 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 pay able on the sums secured by this Mortgage shall be at such rate as Lender shall request. If !xnder has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by 1 xnder, !.ender shall release Borrower from all obligations under this Mortgage and the ote. If Ixnder exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph I4 hereof. Such notice shall provide a period of not less than :311 days from the date the notice is mailed within which Borrower may pay thesums declared due. If Korrower fails to pay such sums prior to the expiration of such period, (xnder may, without further notice or demand on Borrower, :evoke any remedies permitted by paragraph Ix hereof. 18. Acceleration: Remedies. Except as provided in paragraph 1? 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 hereofspecifying:(1)the breach;(2)theaMion required to cure such breach: (3) a date, not leas 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 thesums secured by this ~Iortgage. foreclosure by judicial proceedingand saleof 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 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. bender at bender's option may declare alt of the sums secured by this Mortgage to be i mmediately 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 costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's accelerationofthe Bumssecured bythis Mortgage, tiorrowershall 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: ia) Borrower pays Ixnder all sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; Ib) Borrower cures all breaches of any othercovenants or agreements of Borrowercontained in this Mortgage; (c1 Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower cY~ntained 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 Id1 Borrower takes such action as !.ender 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 otRents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender therents oEthe Property, provided that Borrower shall, prior to acceleration under paragraph lf3 hereof or abandonment 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, Lender shall be entitled to have a receiver appointed by a rnurt 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 rnsta 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 soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ?,R nnc,