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HomeMy WebLinkAbout1470 i ~~v ~ 8. InspeMion. Lender may make or cause b be made reasonable entries upon and inspections of the property. provided that Lender shall give Borrower notice prior to any such irupection specifying reasonabk cause there[ot relsted to I.ende~r's intered in the Property. 9. Condemnation. The proceeds of any award or claim for damsge~. direct os consequential, in connection with any oondemaation or other taking of the property, or part thereof, or for oonveyanos in lieu of condemnation. are hereby assigned and shall be paid b Lender. In the event of s total taking of the Property, the proceeds shall be applied to the sums secured by thin Mortgage. with the ezoess, if any. paid to Borrower. In the event ot'a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. !here shall be applied b the sums secured by this Mortgage such proportion of the proceeds asis equal b that proportion which the amount of the soma secured by thin Mortgage immediately prior to the date of taking bean b the fair markd value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is absndoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor ogee b make sa award or settle a claim for damages, Borrower fails to respond b Leader within 30 days after the date such notice is mailed, Lender is authorized b collect and apply the proceeds, at Lender's option. ether to restoration or repair of the property or to the Bums secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such applicatioa otprooeeds to principal shall not extend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such insWlmente. 10. Borrower Not Released. Eztenaion 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 and Borrowerb eucceeson in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of slay demand made by the origins) Borrower and Borrower's successors in interest, 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:ereiaing 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 fazes 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 b any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or swooeasively. 13. Successors and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreements herein contained shall ~ ~ bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject td 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 Mortgage are for covenience only and are not b be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to 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 to Borrower atthe Property Address or at such other address ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to !.ender shall be given by certified mail, return receipt requested, to Lender's address stated herein or b 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 b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severeibility. This form of mortgage combines uniform oovenanta for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inatrunient covering real property. This Mortgage s . 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 j the Note conflicts with applicable law, such conflict shall not affect 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 to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recd lion hereof. 17. sfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower j wi out Lender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a I' ` purchase money~security interest for household appliances. (c) a transfer by devise. dceoent 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 Lender's option, ~ ~ declare all the sums secured by this Mortgage to be immediately due and payable_ Lender shall have waived such option to aocelerateif, prior ' ~ to the sale or transfer, Lender and the person b whom the Property is to 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 bender has waived the option to accelerate provided in this paragraph 17, and if Borrowefs 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 to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not leas than 30 days from the date the notice is nailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant ar agreement of Borrower in this Mortgage, including the covenants to pay when due any soma 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 after acceleration and the rightto assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared an 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 immediatelydue and payable without, further demand end may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees. and costa of documentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. NotwithstandingLender'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: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (biBorrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the eovenante and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies a8 provided in paragraph 18 hereof, including, but not limited to, reasonable attorney 8 fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Leader's interest # in the Property and Borrower's obligation to pay the soma 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. Aa additional security hereunder, Borrower hereby assigns b Lex?de7 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 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 enterapon, 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 b payment of the coats of management of the Property and collection of rents, including, but sot limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney a fees, and then b thesums secured by this Mortgage. The receiver shall be Liable b account only for those rents actually received. e~ ~5 p~E~4s~ _