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HomeMy WebLinkAbout0768 ~ • ~ 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of the property. provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related b 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 other taking of the property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid b Lender. In the event of a btal taking of the Property, the proceeds shall be applied b the sums secured by this Mortgage, with the excess. if any, paid b Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied b the soma secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears b the fair market value of the Property immediately prior b the date of taking, with the balance of the proceeds paid b Borrower. If the Property ie abandoned by Borrower, or if, aRer notice by bender b Borrower that the condemnor ogers b make an award or settle a claim for damages, Borrower fails b respond b Lender within 30 days aRer the date each notice is mailed. Lender is authorir~ed b collect and apply the proceeds, at Lender a option, either b restoration or repair of the property or b the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not extend or.pwtpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the some secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's anccessora in interest. Lender shall not be required b commence proceedings against such successor or refuse b extend time for 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 R?aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable saw, 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 b accelerate-the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Morte-age or afforded by law or equity, and may be exerciae~t concurrently, independently or auooeseively. 13. Successors and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Borrower, subject b the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Iflortgage are for covenience only and are not b be used to interpret or define the provisions hereof. 19. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at anch other address as Borrower may designate by notice b Lender as provided herein. and (b) any notice b Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or b such other address as Lender may designate by notice to $orrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage;GoverningI.aw;Severability.Thiaformofmortgagernmbineaunifonnwvenantafornationaluseandnon- uniform covenants with limited variations by jurisdiction b constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such rnnflict shall not affeM other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be famished a conformed copy of the Note and of this Mortgage at the time of execution or after relation hereof. - • 17.'I~anafer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower ~ % ~ 'thout Lender's prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate b ttiia Mortgage, (b) the creation of a t purchase 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 (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shag have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ~ Note_ ~ If Lender exercises such option b acelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails b pay such sums prior b the expiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. Ezcept ere 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 hereof specifying: (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 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, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared 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 mmediately due and payable without further demand 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 - coats of documentary evidence, abstracts and title reports. l 19. Borrower's Right to Reinstate. Notwithstanding I.ender'sacceleration ofthe sums secured by this Mortgage, Borrower shall have t the right b have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower rnntained in this Mortgage; (c) Borrower pays alt reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies ere provided in paragraph 18 hereof, including, but not limited b, reasonable ~ atbrney's fees; and (d) Borrower takes such action ae Lender rosy reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation b pay the sums secured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure E by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occnrted. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain anch rents as they become due acid payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enter~upon, take possession of and manage the Property and b collect the rents of the Property. including those past due. All rents collected by the receiver shall be applied first b payment of the costa of managementof the Property and collection of rents, including, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the soma secured by this Mortgage. The receiver shall be liable b aeoount only for those rents actually received. v . 600K JJ~ PAGE 1 ~ / f 4~^~`,z