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HomeMy WebLinkAbout0186 S. Inspection. Lender may make or 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 l.ender'e interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any rnndemnation 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 a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the soma secured by this Mortgage such proportion of the proceeds as is equal to 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 prior to the date of taking, with the balancY of the proceeds paid to Borrower. [f the Property is abandoned by Borrower, or if, after notice by lxnder to Borrower that the condemnor offers 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. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend.or postpone thedue date 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 • granted by Lender 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. !.ender 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 1?v reasr,n of any demand made by theoriginal Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by !.ender 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 pmcurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender`s right p, accelerate the maturity of the indebtedness secured by this Mortgage. 1'l. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative io any other right or remedy under this Mortcage or afforded by law or equity, and may be exerciser) concurrently, independently or successively. 1:3. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and :rgeements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hermf. All covenants and agreements of Borrower shall be joint and several. The cap ions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions ~ereof. 1 a. Notice. Except for any roller required under applicable law to t,e given in another manner, la).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 Addressor at such other address as Borrower may designate by notice to Ixnder as provided herein, and (b) any notice to Lender 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 for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniforrr covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiMion in which the Property is located. In the event that any provision or clause of this Mortgage or the I~'ote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting pmvision, and to this end the provisions of the Mortgage and the Nute are declared to he seo•erable. 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 la) the creation of a lien or encumbrance subordinate to this Mortgage, Ib? the creation of a purchase money security interest for household appliances, Ic) a transfer by devise, docent or by operation of law upon the death of a joint tenant or Id) the grant of any leasehold interest of three years or IesK not 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 to the sale or transfer, lender and the person W whom the Property is to be sold or transferred reach agreement in writing that thecredit ofsuch person is satisfacton• to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as bender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Burrower s successor in interest has executed a ~ written assumption agreement accepted in writing by Lender, I,endershal! release Borrower from all obligations under this hlurtgage and the `Ole. If Lender exercises such option U, accelerate, !.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. much notice shall provide a period of not less than :30 days from the date the notice is rr,ailed within which Borrower mad pay the sums declared due. If Borrower fails to pa~• such sums prior to the expiration of such peri„d. Lender may, without further notice or demand on Borrower, ~ ,nvoke any remedies permitted by parrgraoh 1H 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 hereofspecifying:(1)the breach;(2)theaction 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 sums secured by this Mortgage. tureclusure by judicial proceeding and saleofthe Property.The noticeahall further inform Borrotivcr of the right !o rcinstalc 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 i.ender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such promeding 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 acceleration of thesums secured 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 it: Ia1 Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; !h) 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 to, reasonable attorney's fees; and 1 d1 Borrower takes such action as Lender 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 of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender therenta ' of the Property, provided that Borrower shall, prior to 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 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 ottee 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 t receiver shall be liable to account only for those rents actually received. t ~l; ~K327 PAGE 185