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HomeMy WebLinkAbout0948 - 8. IaspeMlon. Lender may make or cause b be made reasonable entries upon and inspections of the property, provided that Lender shaA give Borrower notice prior b any such inspection epeciiying reasonable cause therefor related b Lender's interest in the Property. 9. CondeAlnatiOn. The proceeds of any award or claim for damages, direM or consequential, in rnnnection with any condemnation os other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigged and shall be paid b Lander. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by thin Mortgage. with the excess, if any, paid b Borrower. In the event of a partial taking of the Property. unless $orrower and Lender otherwise agree in writing, there shall be applied b the sums 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 b the date of taking bears b the fair market value ofthe Property immediately prior b thedateof taking, with the balanoa of the proceeds paid b Borrower. If the Property is abandoned by Borrower. or it, after notice by Lender b Borrower that the condemnor oilers to make an award or settle a claim for damages, Borrower [site b respond b Lender within 30 days after the date such notice is mailed, Lender is authorized b collect and apply the proceeds, at Lender's 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 postpone 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. Extension of the time for paym=nt or modification of amortisation of the soma secured by this Mortgage granted by [.ender to any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower 5 and Borrower's successors in interest. Lender shall not be required b commence proceedings against such successor or refuse b extend time for payment or otherwise modify amortization ottee sums secured by this Mortgage by reason of any demand made by the original Borrower .end Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:excising 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 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 ;liortcsge or afforded by law or equity. and may be exercised rnncurrently, 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 b, the respective suc~~eseors 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 covenience only and are not b be used b 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 to Borrower provided for in t h is Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as Horrower may designate by notice to Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, b"Lender a address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any 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;3everability.Thiaformotmortgagecombineauniformoovenantafornationaluaeandnon- 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 hole conflicts with applicable law, such conflict shall not atfeM 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 furnished a conformed copy 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 without Lender's prior written consent, a:eluding (a? the creation of a lien or encumbrance subordinate b this 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 riot containing an option to purchase, Lender may. at Lender a option, declare all the sums secured 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 b be sold or transferred reach agreement in writing that thecreditof ouch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage.shall be at each rate as bender shall request. It bender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a K"ritten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ore. [f Lender exercises each option to accelerate. Ixnder shall mail Borrower notice of acceleration in accordance with paragraph 14 hexeoL such notice shall provide a period of not less than 30 days from the date the notice is Trailed within which Borrower may pay the soma declared clue. 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 paragraoh IR hereof. 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any ooveaant 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 mat! 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 to acceleration of the aumasecured by thisMortgage, foreclosure by judicial proceeding and saleotthe Property.The noticeshall 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. [f 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 ae~cured by this Mortgage to be mmediately due and payable without furtherdemand and may forecloaethis 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 costs of documentary evidence, abstracts and title reports. 19. Borrower's Right 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 soma which would be then due under this Mortgage, the Nate and notes securing Future Advances, if any, had no acceleration occurred; (b)13orrowercuresslt breaches of any othercovenants or agreements of Borrower rnntained 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 Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's fees; and Id) Borrower takes such 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 rnntinue 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 Bents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the yenta of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 her+eofor abandonment of the Property, have the right f to collect and retain each rents as they become due and payable. i Upon acceleration under paragraph 18 hereof or abandonment othee Property, Lender shall be entitled b have a receiver appointed by a ' Quart b enter~upon, take possession of and manage the Propejty and b collect the rents of the Property, including those peat due. All rents s collected by the receiver shall be applied first b payment of the coats of management of the Property and collection of rents, including, but act limited to, receiver a fees, premiums an receiver's bonds and reasonable attorney a fees, and then b the sums secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. BWK 34O P~GE~ ~S ~ • _ t