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HomeMy WebLinkAbout0956 8. Inspection. Lender may make or cause b be made reasonable entries upon and imepections of the property, provided that Lender chap give Borrows notice prior b aqy such inspection specifying reasonabk cause therefor elated b Lender's imtered in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in connection with any ooademmation or other taking of the property. or part thereof, or for conveyance in peu of condemnation. are hereby assigned and ahaU be paid b Lender. In the event of a btal taking of the Property, the proceeds shag be applied to the sums secured by this Mortgage, with the ezcess, if aqy. paid b Borrower. Ia the event o[ a partial taking of the Propergr, unless Borrower 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 soma secured by this Mortgage immediately prior b the date of taking beers b the fair market value of the Property immediately prior b the date of taking. with the balance of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender b Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails 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 reabration 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 chap not eztend or postpone the due date of the monthly instapments referred b im paragraphs 1 and 2 hereof or change the amount of ouch installments. L0. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured by this Mortgage granted by Lender b any successor in interest of Borrower chap not operate b release, in any manner, the liability of the original Borrower and Borrower's auoceasors in interest. Lender shall not be required b commence proceedings against such successor or refuse b extend time for payment9r otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a 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 tomes or other liens or charges by Lender shag not be a waiver of Lenders right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. Ap 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 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 suceeesors and assigma of Lender and Borrower, subject b the provisions of paragraph 17 hereof. All covenants and agreements of Borrower chap 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. l4. Notice. Ezcept for any notice required under applicable law b be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower 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's 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 b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombinea uniform covenants for national useand non- uniform rnvenante with limited variations by jurisdiction b constitute a uniform security instrument covering real property. Thin 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 conflicts with applicable law, such contlid 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 b be severable. 16. Borrower's Copy. Borrower shag be funaiahed a rnnfonned Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trauefer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b 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 yearn or less not containing an option b purchase, Lender may, at Lendei a option, declare ap the some secured by this Mortgage b be immediately due and payable. Lender shag have waived ouch option b 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 such 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 b accelerate provided in this paragraph 17, and if Borrower s 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 ezercisea 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 30 days from the date the notice is Trailed within which Borrower may pay the soma declared due. If Borrower fails to pay such soma 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. B:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or 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 paragrap614 hereof specifying: (1) the breach; (2) the action required to wre 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 right to 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 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 immediately due and payable without further demand and 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 coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Landers acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by bender to enforce Chia 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 Furors Advances, if any, had no acceleration occurred; (b) Borrower 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 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 (d) Borrower takes arch action as Lender may reasonably require b assure that the lien of this Mortgage. Lender's interest in the Property and Borrowers 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 if no acceleration had occurred. j 20. Assignment of Rents; Appointment of Receiver. As additional aecttrity hereunder, Borrower hereby assigns b Lender the rents. ~ of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the rightr to Dolled and retain such yenta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender chap be entitled b have a receiver appointed by a court bener-upon, take poseesaion of and manage the Property and b collect the rents of the Property, including those past due. Ap r+ents collected by the receiver shall be applied first b payment of the costs of management of the Property and collection otrents,including, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be liable b aeoount only for theses rents actually received. X340 p:~E 956 - -