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HomeMy WebLinkAbout1519 ~ ..sa j.~ 8. lnspection. Lender mey 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 e:ause therefor related to 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 +~ther taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to !.ender. In the event of a total taking of the Property, the proceeds shall be applied to the soma 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 !.ender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums ~+•c aced by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the dat,c+of taking, with the balanca of the praeeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a .•I:+im for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and .+pply 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 the due ti:+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 granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower :+nd 13orrower's'succrssore in interest. Lender shall not be required to commence proceedings against such successor or refuse W extend time f..r payment or otherwise modify amortiz:?tion of the gums second by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. I1. 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 otor preclude the exercise of any such right or remedy. The procurement of insurance or the t,:+yment of taxes or other liens or charges by !.ender shall not be a waiver of LendeT'a right to accelerate the maturity of the indebtedness :rcured by this Mortgage. 1'2: Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this `lortrage or afforded by law or equity, and may be exercised rnncurrently, independently or successively. 1:3. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall 1,ind, and the rigi+ta hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the 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 covenience only and are not to be used to interpret or define the provisions hereof. t 4. Notice. Except for any notice required under applircble law to be given in another manner, Ia) any notice to Borrower provided for in this Mortgage shall begiven by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as li„rruwer may designate by notice to Lender as pmvided herein, and (b1 any notice to !.ender shall be given by certified mail, return receipt n•cluested, to !,enders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any m,t ice provided for in this Mortgage shall be deemed to have been given to Borrower or lender when given in the manner designated herein. 1 i. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- e niform n?vem+nts with limited variations by jurisdiction to constitute a uniform security instrument cc,vering real property. This Mortgage ,hall be governed by the law of the jurisdiction in which the Property is located. In the evert that any provision or clause of this Mortgage or " t t;+• \ote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ++"ithout the c„nflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. &?rrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after " n + 17~Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower - ++•ithout I,ender'~ 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, descent or by operation of law upon the death of a joint t~•n:+nt or Id? the grant of any leasehold interest of three years or less not containing an option to purhase, !.ender may, at Lender's option, ~~~1+•clare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior t. ~ the saleor transfer, [.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfccti?ry to Lender and that the interest payable on the sums secured by this Mortgage shall be al such rate as Lender shall • n•yuest_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a ritten assumption agreement accepted in writing by l xnder, lw•nder shall release Borrower from all obligations underthis Mortgageand the \~rte. If (.ender exercises such option to accelerate. Lender shall mail Korrower notice of acceleration in accordance with paragraph la hereof. E much notice shall provide a period of not less than aft days from thedatethe notice is rr;:ailed within which Bormwer may pay thesums declared ~iu+•. If Borrower fails to pay such sums prior to the expiration of such peri,xl, Lender may, without further notice or demand on Borrower, I ~n~•oke any rem+•dirs permitted by paragraph it; ht•reof. ' 1 S. 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 !,ripe to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying:l l) the breach; (2) the action rc•ctuired to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such . ?;:-e~ch msst bP r~arPd; and 14) that failure to cure such breach on or before the date speciCed in the notice may result in ac•celerat ion of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The noiicr shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the na?n-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or hc•fore 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 further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be +•ntitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's tees. 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 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: la1 I3ormwer pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future rldvances,ifany,hadnoaccelerationoccurred;Ibl6orrowercuresallbreachesofanyothercovenantsoragreementsofBorrowercontainedin this Mortgage; Ic? Borrower pays all reasonable expenses incurred by [.ender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing [.ender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable attorney's fees; and Id1 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, t}+is 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 the rents .,f the Property, provided that Borrower shall, prior to acceleration under paragraph i8 hereof or abandonment pf tiar Fruprrty, tnve its right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, !.ender 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. • ~~327 P=~E15 18