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HomeMy WebLinkAbout0214 8. laepectloa. Lender rosy 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's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall he 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 applied to the soma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the auma secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender 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 a 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 thedue date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmente. 10. Borrower Not Released. Extension of the lime forpaym ant or modification of amortization of the auma secured by this Mortgage ~ t;rF~nted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower :,nd i3orrower's successors in interest. Lender shall not be required to rnmmence pn?ceedinga against such successor or refuse to extend time feu payment or otherwise modify amortization of the sums sound by this hlortguge by reason of any demand made by the original Borrower :uu1 I;ern?wer s succes_u?rs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise Cforded 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 t>:?yment 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 ~erured by this Mortgage_ 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this - ~torirage or afforded by law or equity, and may be exercised concurrently, independently or successively. t3. 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 Rorrpwer, 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 Cur covenience only and are not to be used to interpret or define the pro~~aions hereof. 14. Notice. Except for any notice required under applicable law to he given in another manner, la) any notice to Borrower provided for in t Iris Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Its grower may designate by notice to Lender as provided herein, and (b) any notice to !.ender shall be given by certified mail, return receipt r<•yuested, to Lender's address st<3ted herein or to such other address as Lender may designate by notice to Borrower as provided herein. Ariy ~,-,t~,.P gm••idnt! fee ir: this Mor*~age shat! be deemasd to have been sLivRn to Bt?rn?weror Lender when given in the manner designated herein. _ 15. Uniform Mortgage;GoverningLaw;Severability.Thiaformofmortgagecombinesuniformrnvenantafornationaluseandnon- - un ifurm covenants with limited variations by jurisdiction to rnnstitute a uniform security instrument covering real property. This Mortgage _ :1,:,t1 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 t ht• Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which rnn be given effect without the conflicting prevision, 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 copy of the Note and otthis Mortgage at the time of execution or after nrurdation hereof. _ I T. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower . without l.ender'E prior written consent, excluding la) the creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation of a _ purchase money security interest for household appliances, (c) a transfer by devise, d^scent 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, d~•clare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option toaccelerate if, prior ^ t. ~ 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 such ~ pE•rtiun is satisfactory to !.ender and that the interest payable on the sums secured by this Mortgage shat! be at such rate as Ixnder shall r,~ctuest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interesthas executed a •.critten assumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligations underthis Mortgage and the ~ \ ore. - i If !.ender exercises such option to accelerate. [.ender shall mail Borrower noticeof acceleration in accordance with paragraph 14 hereof. such notice shall provide a period of not less than aOdays from the date the notice is Trailed within which Borrower may paythesums declared < <lur. If Korrower fair to pay such sums prior to the expiration of such period, Lender may, without further notice of demand on Borrower, tnvokeany remedies permitted by paragraph 1K hereof I8. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or i r?greement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender I,rior to acceleration shall mail notice to Borrower as provided i n paragraph 14 hereof specifying: (1) the breach; (2) the action rc•cluired 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,reach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in :?ccelerationottheaumssecuredbythisMortgage.toreclosurebyjudicialproceedingandsaleoftheProperty.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 of Borrower to acceleration and foreclosure;. Itthe breach is not cured on or Ix•forP the date specified in the notice, Lender at Lender's option may declare all of the auma secured by this Mortgage to be i m mediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses ottoreclosure. including, but not limited to. reasonable attorney's fees. and cotits of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the auma secured by this Mortgage, $orrowerahall 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_ la? 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; (b) Borrower cures all breaches of any other rnvenants or agreements of Borrower contained in ~ this Mortgage; fc) Borrower pays all reasonable expenses incurred by Lender in~enforcinq the covenants and agr+eementa of Borrower cti,ntained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable :?ttorney's fees; and (d 1 Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest i n the Property and Borrower's obligation to pay the auma secured by tfiis 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. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents 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, !.ender 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 the receiver shall be applied first to payment of the costa of management ottee Property and collection of rents. including, but not limited te, receiver a 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. ec'rni~7 Pact ,~4