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HomeMy WebLinkAbout0031 S 8. inspection. Lender may make or cause to be made reasonable entries aeon and inspectioru oltbe property, provided that Lender shall give Borrower notice prior to any such inspection spedfying reasonable cause therefor elated to Lender's intered in the Property. 9. CondemaaUon. The proceeds of any award or claim for damages, direct or eonseyuential, in connection wild any condemnation or other taking o[ the property. or part thereof. or ice eonveyanoe in lien of oondernnation, 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 $orrower. In the event of a partial taking of the Property. nnlca Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion o[ We proceeds sa is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the [air market value of the Property immediately prior to the date of taking, with the balantx of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or J, after notice by Lender to Borrower that the condemnor offers to make an award or settle a c;sits for damages. Harrower fans Lo respond to Lender wiihitt 30 days after the date such notice is mailed, Lender le authorized to collect and apply the proceeds. at Lendet'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 snch application of proceeds to prinr;pal shall cwt extend ar 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 Lender to any sncY~essor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower a aucceaeon in interest. Lender shall not be required to commence proceedings against ouch successor or refuse to extend time for payment or otherwise modify amortization ottee sums secured by this Mortgage by reason of any demand made by the original Borrower .?nd Borrowers 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 [ender shall not be a waiver of Lenders 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 older right or remedy under this ' ilortrage or afforded by law or equity, and may be e:ercisat concurrently, independently or suooeasively. 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 respeMive successors and assigns of Lender and Borrower, subject to 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 rnvenience only and are not to be used to interpret or define the provisions hrrevf. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in :his Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Korrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, 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 [or in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- u niform covenants with limited variadona by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law ottee 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 conflict shall not affeM other provisions of this Mortgage or the Note which can be given effect without 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 s conformed Dopy 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 without Lender's prior written consent, excluding la) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a 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 secures by this Mortgage to be immediately due and payable: Lender shall have waived such option to accelerate if. prior _ to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of ench person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has a:etvted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under thin Mortgage and the ote. 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 less than 3(t days from thedate the notice is mailed within which Borrower may pay the sums declared clue. It Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, i invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof. upon Borrower's breach of any wvenant or I! 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 i breach moat 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 i further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the . . non-a:ietence of a default or any other defense of Borrower to aceeleration and foreclosure. It the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all otthe 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 ezpenaes otforeclosure, including, but not limited to, reasonable attorney's fees, and I c~~sts of documentary evidence, abstracts and title reports. { 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the soma secured by this Mortgage, Borrower shall have I 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: la) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Future Advaneea, if any, had no acceleration occurred; Ib) Borrowercures all breaches otany othereovenanta or agreements of Borrowercontained 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 Lenders remedies as provided in paragraph 18 hereof, inclnding, but not limited to, reasonable , a ttorney'e fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lenders interest ~ i n the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and cure i by Borrower, this Mortgage and the obligations secured hereby shall-remain in full force and effect as if no acceleration had occurred. 5 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to lender the rents i 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 IS 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 collected by th4 receiver shall be applied furor to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receivers bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ~i BRA 337 PEE 31