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HomeMy WebLinkAbout2746 y • . 8. Inspection. Lender may make or cause to be made reasonable entries upon and inapectione of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, dire. t or consequential, in connection with any rnndemnation or other taking of the property, or part thereof, ur for conveyance in lieu of condemnation, are hereby assigned and Rhall 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 Ixnder otherwise agree in writing, there shall be :+pplied la the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the atone sc>t•ured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately priorto 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 offers to make an award or settle a ,•laim 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 second by this Mortgage. l!nlesa 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 I and 'l hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment ur modification of amortization of the sums secured by this Mortgage tinuiterl by Ix>nder to any successor in interest of Bt,rruwer shall not operate to release, in any manner, the liability of the original Borrower :,nd Bum,wer's successors in salsa>st. Lender shall not he required to a,mmence proxeedings against such successor or refuse to extend time t~.r payment ur otherwise mrxlify amortization of the sums se'c'ond by this blortg:+ge by reason of any demand made by theoriginal Borrower ;,nd Borrower's sucress+,rs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise ;,;forded 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 tc+ accelerate the maturity of the indebtedness :,'c'ured by this Mortgage. l 1. 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 exercisers rnncurrently, independently or successively. _ is. 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 1 ~ hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of thts Mortgage are for covenience only and are nut to be used to interpret or define the provisions hereof. t •t. Notice. Except for any notice rertuired under applicable law, to tx• given in anoth-er manner. l:+t any notice to Borrower provided for in t his :Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at3he Property 1lddresg or ut such other address as Borrower may designate by notice to Lender as provided herein, and Ibl any notice to Under shall be given by certified mail, return receipt ntituested• to Lender's address stated herein or to such other address a.R Lender may designate by notice to Borrower as provided herein. Any n. Mice provided for in this Mortgage shall s,e deemed to have been given to Burrower or Lender when given in the manner designated herein. 1 Uniform Mortgage; Governing Law; Severability. This form of martgage combines uniform covenants for national use and nnn- ;,nif+,rm covenants with limited variations by jurisdiction to n,nstitutc a uniform security instrument cY,vering real property- This Mortgage -h;+11 tx• governed by the law of the jurisdiction in which the Property is located. In the eve:+t that any provision ar clause of this Mortgage or tu• \ntf• conflicts with applicable law, such conflict shalt not affect other provisions of this !1lurtgage or the Note which ran be given effect .+,thuut th,• cuntlir•ting pnn•ision, and to this end the provisions of the Mortgage and the Note are declared W be severable. ! h. Borrower's Copy. Borrower shall be furnished a conformtd copy of the \iute and of this Mortgage at the time of execution or after r.•c~.niatiun hen>of. t Transfer of the Property; Assumption. If all or any part of the Property ur an interest therein is sold or transferred by Burrower .ctt hoot 1 rnder•s prior written consent, excluding (a1 the creation of a lien or encumbrance susx,rdinate to this Mortgage, (b? the creation of a pu n•!+ase money security interest for household appliances. Ic? a transfer by devise, darent or by operation of law upon the death of a joint t~•m+nr or Idl the grant of any leasehoid interest of three years or less oat containing an option to purchase, Lender may, at Lender's option, i~•rlare all the sums sec•urM by this Mortgage to I,e immediately due and payable. Lender shall have waived such option to accelerate if, prior the sale ur transfer, (.ender and the person to whom the Property is to be sold ur transferred reach agreement in writing that the credit of such I~rrnun is sati.facton• to Iw>nder and that the interest pay:+b)e on the sums secured by this Mortgage shall I,e at such rate as Lender shall r.•iluc-st. If l.e•nder has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest h:+s executed a ritten as.umptiun agrc•c>mc•nt acn•pted in writing by i.endrr, l w•nder shat( release Borrower from all obligations under this Mortgage and the \,~ie. If Lender exen•iscs such option to accelc•ratc•. I.t•nder shall mail Borrower notim of acceleration in accordance with paragraph 14 hereof. i ~u~~h notice :hall provide pc•riud of nut less than all days from the date the notice is mailed within which Burrower ma>• pay thesums declared ~iu,•. If Korrower fails to pay such sums prior tr, the expiration of.;ur•h period. Lender may, without further notice or demand on Burrower, :m•uke any n•mr•dicw permitted by paragr+oh 1`I hert>„f. ~ 1K. Acceleration; Remedies. Except as provided in paragraph 17 hereof, ui?on Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sumssecured by this Mortgage. Lender t prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (31 a date, not less than 30 days from the date the notice is mailed to Borrower, by which such . t,reach must be cured; and 14) that failure to cure such breach on or before the date specified in the notice may result in :ecc•rleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.The noticeshall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ~ ne,n-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 mrnediateh• 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 limited to, reasonable attorney's fees. and cots of doc•umentan• evidene•c>, abstracts and title reports. 19. Borrow'er's Right to Keinstate.':\Mwithst:+nding Lender's acceleration of the sums secured by this ;Mortgage, Burrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to solo, of a judgment enforcing chic ~'lartgatte if: tat &,rrc,wer pays Lender all sums which wauld be then due under this !1ortgage, the Note and notes securing future :1dr•ances, if any, had nu acceleration xcurred; Ibl Born~w•ercures all breachesof anyothercovenants oragreements of &,rrower contained in 1 this Mort a •e: tct F3nrruw•er t g• 1, pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Burrower = contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 1 K hereof, including, but not limited to, reasonable ttorney's fees, and ~ d i Forrower takes such action as !.ender may reasonably require to assure that the lien of this 1ortgage, Lender's interest in the Property and &,rrow•er'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 nu acceleration had occurred. 'L0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Korrower hereby assigns to Lender the rents .,f the Property, provided that Borrower shall, prior to acceleration under paragraph 1 R hereof or abandonment of the Property, have the right to colletK and retain such rents as they become due and payable. pon acceleration under paragraph IK herc>of or abandonment of the Property, Lender shall }x> entitled to have a receiver appointed by a court W enter ulx~n, take puscession ut and manage the Property and to collect the rents of the Property, including those past due. All rents v c ullectcd by the receiver shall be applied first to payment of the cr,sts of managementof the Property and crollection 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 biurtgage. The a receiver shall I,e liable U, account only for those rents actually received. a~;'~i~i 7 P~~E2744 . _ - - .