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HomeMy WebLinkAbout1644 .,•'t-:; sl 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of the properly, provided that Lender shall Kive Borrower notice prior b any such inspection specifying reasonable cause therefor related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or ether taking of the property, or part thereof, or for conveyance in lieu of cnndemnation, are hereby assigned and shall be paid b Lender. In the event of a total taking of the Pwperty, the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied b the sums eecured 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 of the Property immediately prior b the date of taking, with the balance of the proceeds paid b Borrower. It the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers b make an award or settle a claim for damages, Borrower fails to 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 to rcbration 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. F.xtenaion of the time for payment or modification of amortization of the sums secured by this Mortgage ranted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower ;~nc1 Borrower a successors in interest. Lender shall not be required to commence proceedings against such successor or refuse b extend time f..r payment or otherwise modify amortization of the sums 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 R?aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise fforded 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~~tyment of taxes or other liens or charges by Ixnder shall not be a waiver of [.ender'e 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 ~loricage 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 rnntained shall hind, and the rights hereunder shall inure to, the respective 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 covenience only and are not b be used to interpret or define the provisions hereof 14. Notice. Except for any notice required under applicable law to be given in another manner, lal any notice b Borrower provided torin thin Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as i~orrower may designate by notice to [,ender as provided herein, and (b) any notice to Lender shall begiven by certified mail, return receipt rectuested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any n~~tice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 1 S. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage .hat) be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Morigageor t hr Note conflicts with applicable law, such conflict shall not affect other provisions of this Morigage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Morigage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed rnpy of the Note and otthia 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 (a) the creation of a lien or encumbrance subordinate to this Mortgage, Ib) the creation of a t~urchase money security interest for household appliances, (c) a transfer by devise, d~acent or by operation of law upon the death of a joint tf•nant or (d) the grant of any leasehold interest of three years or less not containing an option b purchase, [.ender may, at Lender s option, declare alt the sums secured by this Mortgage to be immediately due and payable. bender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is to be sold or transferred reach agreement in writing that the credit of such txrson is satisfactory to Lender and that the interest payable on the sums 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Ixndershall release Borrower from all obligations under this Mortgage and the ate. I'i 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 30 days from the date the notice is mailed within which Borrower may pay thesums declared Niue. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. in~•oke any remedies permitted by paragraph Ifs herc•~?f. ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or E i?greement 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 t~reach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration otthe sums secured by this Mortgage, foreclosure by judicial proceeding and saleof the Property.The notice shall further inform Borrower otthe right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-a:istence 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 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 expenses of foreclosure. including, but not limited to, reasonable attorney's fees. and casts of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Rorrowershall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior b 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 Future I Advances, if any, had no accelerationoccurred;(b)Bon-owercuresallbreaches of anyothercovenantaoragreementaofBorrowercontainedin this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the rnvenanta 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 Idl Borrower takes such action as Lender may reasonably require b assure that the lien of this Morigage, Fender'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 a by Borrower, this Morigage and the obligations secured hereby shall remain in full force and etfeM as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rents „f the Property, provided that Borrower shall, prior b 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, Lender shall be entitled b 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 b payment of the costa otmanagement of the Property and collection of rents, including, but not limited b, receiver a fees, premiums on receiver's bonds and reasonable attorney a fees, and then b the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. r • 8~~x340 P~Ei644