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HomeMy WebLinkAbout1551 + 8. Inspection. !.ender may make ur cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Ixnder'e 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 u 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 proceeds as is equal W that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prlorto the date of taking, with the balancY of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnoro[fers 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 sums secured by this Mortgage. lJnless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due +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 payment or modification of amortization of the sums secured by this Mortgage kr+nted by !.ender to any succesu?r in interest of Borrower shall not operate to rele:+se, in any manner, the liability of the original Borrower and liurruwer's successors in interest. (.ender shall not be required to crommence proceedings against such successor or refuse to extend time f~~r payment ur otherwise mcxlify amortization of the sums sound by this Mortgage ln• reason of any demand made by theoriginal Borrower and lic?rn?aa•er's suce•esu~rs in inten•st. 11. Forbearance by lender Not a Waiver. Any forbeartnm by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall nut 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 bender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness .+rured by this ?Mortgage. 1'l. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Jloricage or afforded by law or equity, and may be exerciser) concurrently, independently or successively. l:i. tiuccessors and Assi¢ns Bound: Joint and Several Liability; Captions. The rnvenants and agreements herein contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of !.ender and Borrower, subject to the provisions of paragraph 1 i hereof. All covenants and agreements of Burrower 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 proa~siona hereof. 1 a. \otice. Except for any notice required under applicable law to be given in unoth'r manner,l:+1 any notice to Borrower provided forin this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property rlddress or at such other address as lorrower may designate by notices to Lender as provided herein, and Ib? any notice to [xnder shall be given by certified mail, return receipt r-H, uPCter1 to I ,enders address stated herein or to such other address a.4 Lender may designate by notim to Borrower as provided herein. Any nytice prua•ided fi?r in this Mortgage shall be deemed to have been given to Burrower or (.ender when given in the manner designated herein. 15. Uniform :Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national useandnon- uri form coaenants with limited a•ari~tions by jurisdiction to nmstitute a uniform security instrument covering real property. This Mortgage ~h:+ll be gm•erned by the law of the jurisdiction in which the f'rupzriy is located. In the eve:+t 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 Mortgage or the Note which can be given effeM ithout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. Ifi. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after rc•cordatiun 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 ++ithuut Lender's prior written consent, excluding Ia1 the creation of a lien or encumbrance subordinate to this Mortgage, Ib? the creation of a purchase money security interest fur household appliances, Icl a transfer by dea•ise, dascent or by operation of law upon the death of a joint tE~nant or Idl the grant of any leasehold interest of three years or less not containing an option to purchase, !.ender may, at Lender's option, 1+•e-lare all-the sums secureo by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior t. ~ the snle or transfer, bender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfact~~n• to Lendi r and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall rcyuest. If lender has waived the option b? ac•celerate provided in this paragraph 17. and if Korrower's successor in interest has executed a ritten assumption agreement accepted in writing by Leander, Lendershall release Burrower from all obligations underthis 1lortgage and the ~ \i~te. _ F If Lender exercises such option to accelerate. Lender shall m:+il Borrower notice of acceleration in acrnrdance with paragraph 14 hereof. tiuch notice shall provide a period of nut less than al?days from thedate the notice is rrailed within aa•hich Bonuw•er may pay thesums declared glue. If Burroaer fails to pay such sums prior to the expiration of sorb period, Lender map•, aa•ithout further notice or demand on Borrower. ~ im•okeany- remedies txrmittcd by par.+graoh lri here+?f. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or :+greement 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; ('l) theaction required to cure such breaeh;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 (•t) 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 ofthe Property. The noticeshall further inform Borrower of tl+e right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ..,,n=exsstence of a default or any other defense of Barra:vcr !o acre!erati~n srd foreclosure. If the breach is not cured on or 1?e•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 without furtherdemand and may foreclose this Mortgageby,judicial proceeding. Lendershall be i entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees. and cotits otdocumentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding 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: lal Borrower pays !.ender all sums which would be then due under this Mortgage, the Note and notes securing Future ~~dvances, if any, had no acceleration occurred; Ib) Borrower cures all breaches of any othercovenants or agreements of Borrower contained in this 1lorigage; fc1 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 1 R hereof, including, but not limited to, reasonable attorney's fees; and td? Borrower takes such action as lender may reasonably require to assure that the lien of this Mortgage, Lender's interest i 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 shall remain in full force and effect as if no acceleration had occurred. Y0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Burrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph I8 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 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 costs 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. I + ~~,~K 323 PerE 1542