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HomeMy WebLinkAbout0312 ~ ~T ' 8. Inepectioa. 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 Lender a 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 [.ender. In the event of a fete) 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 Lender 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 sutra secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking, with the balance of the proceeds paid to Borrower. if 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 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 the due 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 Kranted by [.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowei s successors in interest. [.ender shall not be required to commence proceedings against such successor or refuse to extend time f..r payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. 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 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 to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage-are distinct and cumulative to any other right or remedy under this ~iortrage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. 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 p:+ragraph 17 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.. 14. Notice. Except fi,r any notice required under applicable law to be given in another manner, (a) any-notice to Borrower provided for in t h is Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Iturrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt rent uated, 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 [.ender when given in the manner designated herein. 15. l.Tniform Mortgage; Governing Law; Severabi lily. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiMion to constitute a uniform security instrument covering real property. This Mortgage .hall be governed by the law of the jurisdiMion in which the Property is located. In the event that any provision or clause of this 1lfortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ithout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed rnpy 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 .+ithout Lender's prior written consent, excluding la) the creation of a lien or encumbrance su'oordinate to this Mortgage; Ib) the creation of a turchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint ~ tenant or Id) the grant of any leasehold interest of three years or less 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 accelerateif, prior t ~ the sale or transfer, [.ender and the person to whom the Property ir; to be sold or transferred reach agreement in writing that the creditofsuch ' pf•rson is satisfactory to Lender and that the interest pay able on the sums secured by this Mortgage shall be at such rate as Lender shall ' rtrtuest. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a ~critten assumption agreement accepted in writing by 1.ender, Lendershall release Borrower from allobligations underthis Mortgageand the rte. ~ 1 f Ixnder exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. tiuch notice shall pnn•ide a period of not less than a0 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without further notice or demand nn Borrower, invoke:,ny remedies permitted by paragraph IH hereof. 18. Acceleration; Remerdies. 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 whendue any sumssecured by this Mortgage. Lender t,rior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (1) the breach;(2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is moiled 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 thesumsaecuredb this Mort a e.foreclosureb Y g g yjudicialproceedingandsaleoftheProperty.Thenoticeshall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense o7 Borrower to acceleration and foreclosure. It the breach is not cured on or l,e•fore the date specified in the notice, Lender at Lender's option may declare all otthe 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 proceeding all expenses otforeclosure, 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 ofthesums secured by this Mortgage, Botmwershall have the right to have any proceedings begun by [.ender to enforce thin Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays [.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; t b) Borrower cures all breaches of any other covenants or agreements of Bon: ower 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 [.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as [.ender may reasonably require to asaurethat 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 i,y Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effeM as if no acceleration had occurred. `L0. 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 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 ~ullected by the receiver shall be applied first to payment of the costs of management ottee 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. BU~iK~~ FdGE ~2