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HomeMy WebLinkAbout2751 a sT ~ , r r • ! L 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall Kive 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, direct or consequential, in connection with any condemnation or c,ther 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 :+pplied to the autos 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 W the fair market value of the Property immediately prior to the date of taking, with the balance of the prcxeeda paid to Borrower. I f the Property is abandoned by Borrower, or if, after notice by (.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within :i0 days after the date such notice is mailed, (.ender is authorized to collect and :+pply the proceeds, at [.ender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless (.ender and Burrower otherwise agree in writing, any such application of pnxeeds to principal shall not extend or postpone thedue ci:tte 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 fur 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 proxeedings against such successor or refuse W extend time fi,r payment or otherwise mcxlify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower ,nd Burn?wer's succ•c•ss+,rs in inrerest. 1 I. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise fforded 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 t~3xes ur other liens or charges by (.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness :+v~ured by this MortKage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this \turtcage or afforded by law or equity, and may be exercised concurrently, independently or successively. I:i. Successors and Assigns 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 Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of &,rrower shall be joint and several. The captions and headings of the paragraphs of ;his MortKage are fur covenience only and are not to be used to interpret or define the provisions hereof. d. Notice. Except for any notice rc•quircd under applicable law to Ix• given in anothar manner, Ial:tny notice to Borrower provided forin ,his Mortgage shall br given by mailing such notice by certified mail addressed to Burrower at the Property Address or ut such other address as Itorroacer may designate by notice to Lender as provided herein, and tb) any notim to [.ender shall be given by certified mail, return receipt nrlut•stc•cl, to Lender's addres_5 stated herein or to such other address as Lender may designate by notir_e to Borrower as provided herein. Any n„rice pru.•idrd fur in this Mortgage shall be deemed to have been given to Borrower or (.ender when given in the manner designated herein- 1:,. Uniform itortgage; Governing Law; Severability. This form of mortgagecumbinesuniform rnvenantsfor national use and non- uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instrun?ent covering real property. This Mortgage >h:+ll I,c• governed by the law of the jurisdiction m which the 1'ruperty is located. In the event that any provision or clause of this Mortgage or t h+• \ote c•unAicts with applicable law, such conflict shall nut affect other provisions of this Mortgage or the Note which can be given effect •.cithuut the conflicting pro~•ision, and to this end the provisions of the Mortgage and the Note are declared to tx• severable. • 16. Borrower's Copy. 13orroveer shall be furnished a conformed copy of the Nute and of this Mortgage at the time of execution or after r,•curclation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Burrower without Lender'^: prior K•ritten consent, excluding Ia1 the creation of a lien or encumbrance suhurdinate U? this Mortgage, (bl the creation of a -4 ~,urc•hase money security interest for household appliances, Ic) a transfer by devise, d~srnnt or by operation of taw upon the death of a joint /tenant or Id) the grant of any leasehold interest of three years or less nut containing an option to purchase, [.ender may, at Lender's option, 1 ,i+•clare all the sums secured by this Mortgage to be immediately due and payable. [.ender shall have waived such option to accelerate if, prior t„ the tale or transfer, Lender and the person lc? whom the Property is to be sold or transferred reach agreement in writing that thecredit otsuch pc•rsun is satisfactory to (.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as bender shall r,•,puest. If Leraier has waived the option to acmlerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ntten assumption ugre•ement accepted in writing by Ixnder. Iw•ndershall release Borrower from all obligations utSderthis Mortgage and the \,~te. I f l.ende•r exercises such option to accelerate, nder shall ?nail Burrows r notice of acceleration in accordance with paragraph 14 hereof. f~ such notic•c• shall pnn•id+• a peric,d of nut less th:+n :p1 days from thedaL• the nutic•e is mailed within which Borrower may pa~• thesums declared I Flu+•. If Born,we•r fails to pas such sums prior to the expiration of such pe•riud, Lender may, without further nutice• or demand on Borrower, :nw,keant• remedies permitted by par:+traoh Iti herec,f. i 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 BorroK•er as provided in paragraph 14 hereotspecifying:ll) the breach; ('l) the action rcyuired to cure such breach; (3? a date, not less than 30 days from the date the notice is mailed to Borrower, by which such s i,reach must he curd; and (41 that failure to cure such breach on or before the date specified in the notice may result in ` ac•c•eleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and saleof the Property.The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the toreclosure proceeding the nc,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 [.ender's option may declare all otthe sums secured by this Mortgage to be immediately due and payable ~cithout turtherdemand and may foreclose this Mortgage by judicial proceeding. Lendershall be cot itled to collect in such proceeding all expense 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 the sums secured by this Mortgage, Borrowershall have the riKht to have any proceedings 1?eKun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: la? 13ormwer pays Lender all sums which would l,e then due under this Mortgage, the Note and notes securing Future 3 :\dvances, if any, had no acceleration occurred; l hl Borrower cures al l breaches of any other covenants or agreements of Borrower contained in this Mortgage; Icl Forrower pays all reasonable expenses incurred by [xnder in enforcing the covenants and agreements of Borrower contained in this Mortgage acid in enforcing Lender's remedies as provided in paragraph IRhereof, including, but not limited to, reasonable ,+ttorney's fees; and ~d? Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Bormwer'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 the rents .,f the Property, pmvided that Burrower shall, prior to acceleration under paragraph 1 R hereof or abandonment of the Property, have the right to collets and retain such rents as they become due and payable. Upon acceleration under paragraph IK hereof or abandonment otthe Property, Lender shall be entitled to have a receiver appointed by a c 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 +•+,llexted by the receiver shall be applied first to payment of the rnsts of management of the Pmperty 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. • r ~~:oK327 PA~E2749