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HomeMy WebLinkAbout1620 a a.1:• 8. Iaspecdoa. Lender may make or cause to be made reasonable entries upon and inspections of tM propertyy, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related b Lender's intered is the Property. 9. CoademnaUon. The proceeds of any award or claim for damages, diced or consequential, in connection with any ooadannation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Leader. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the a:cess, if any, paid to Borrower. In the event of s partial taking of the Property, unless Borrower and Lender otherwise agree is 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 awns 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 pmeceds 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 orsettle a c !aim 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 eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such inataUments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortization of the sums secured by this Mortgage xranted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower s successors in interest. Lender shall not be required tBeommenceproceediagssgainst such successoror refuse to ezlRrtd time fur payment or otherwise modify amortization of the sums secured by this Mortgage by reasnn of any demand made by theoriginal Borrower .cnd Borrower's auccessora in interest. _ 11. Forbearance by Lender Not a VNaiver. My forbearance by Lender in exercising any right or remedy hereunder, or otherwise a (forded by applicable law, shall not be a waiver of or preclude the ezerciee of any such right or remedy. The procurement of insurance or the payment of fazes or othsr 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 iu~e distinct and cumulative to any other right or remedy under this htortvage or afforded by law or equity, and may be ezercise~l concurrently, independently or successively. 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 !.ender and Borrower, subjeM to the provisions of paragraph 17 hereof. All rnvenants 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 hereof. 1 Notice. Except for any notice required under applicable law to be given im another manner, (a) any notice to Borrower provided for in eh?a Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addressor at such otheraddress as Harrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt req ueated,'to Lender 8 address stated herein or to such other address as Lender may designate by notice to Borrower ae provided herein. My notice provided for 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 mortgagecombines uniform covenants for national useand non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inatrun~ent rnvering 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 contlic4+ with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can begiven effect ~.•ithout the contliMing 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. ~ 1 T. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower witt,c+ut i.endgR'e prior written rnnsent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a A +~t~ rchase money tcei.•urity interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint ~ tenant or (d1 the grant of any leasehold interest of three years or leas not cP}}t~ining an option to purchase, Lender may, at Lender's option, ci~rlare aft the sums secures by this Mortgage to be immediately due and payable. Lender ahall.have waived such option to accelerate if, prior ~ w the saleor transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing thatthe creditof such p+>rsan is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall -fit rc~c~ueat. If Lender has waived the option to accelerate provided in this paragraph [ 7, and if Borrower's successor in interest has executed a ` written assumption agreement accepted in writing by tender, l.endershall release Borrower from all obligations under this Mortgage andthe ute_ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph t4 hereof. tiuch notice shall provide a period ofnot leas than 30 days from thedate the notice is nailed within which Borrowermay pay theaumadeclared +iue. If Borrower fails to pay such sums prior to the expiration of such period, [.ender 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 or agtreement of Borrower in this Mortgage, including the covenants to pay when due any sumeaecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofepecifying: (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 soma secured by this Mortgage, foreclosure by judicial proceeding and sale ofthe Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-eziatence of a default or a»y 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 of the sums secured by this Mortgage to be i mmediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lendershall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees, apd c•taata of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender sacceleration of theaumssecured by thiaMortgage, Borrowershallhave the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thin Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Future r Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other rnvenants or agrcements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the eovenanta and agreements'of Bon'ower ~ contained in this Mortgage and in enforcing Lender'8 remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takesauch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums 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 it no acceteration had occurred. 20. Assignment of Rents: Appointgrent of Receiver. As additional security hereunder, Borrower hereby assigns to Lendertherents of the Property, provided that Borrower shall, prionto acceleration under paragraph 18 hereof or abandonment of the Property,have theright 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 rnlled 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 of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver a 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. ~~39 p~1~0