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HomeMy WebLinkAbout0077 ' 1 l 8. Iaapsctlon. Fender may make or cause to be made reasonable entries upon and inspections of tbs propsrty,provided that Lender shall give Borrower notios prior to any such irupedion speci(yirtg reasoaable caws therefor related to Lender's interest in Ws Property. 9. Cor~demnadoa. The proceeds of say award os daim [or damages. direct or consequential, is connection with aqy condemnation or other taking of the property, or part thereof. or for oonveyapce in lieu of condemnation, are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property, the proceeds shall bs applied to We sums aecnred by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, udess Borrower and Leader otherwise agree in writiug, 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 soma secured by this Mostgage 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 balanc+~ of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. aver 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, Leader is au Worized 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. Unleea Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of We monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such inatallmenta. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted 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 suocesaora in interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand roads by the original Borrower and Borrower's auccessora 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 taxes or other liens or charges by Lender shall not be a waiver of Fender's right to accelerate the maturity of the indebtednees secured by this Mortgage. 12. Remedies Cumulative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be e:ercise+l concurrently, independently or auocesaively. 13.3ucceseorsand Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to, the respective auocessors 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 to 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, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Bonrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to [.seder's address stated herein or to such other address as Lender may designate by notice to Borrower ae 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 I.aw; 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 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 conflict shall riot affect other provisions of this Mortgage or the Dote which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. lti. Borrower's Copy. Borrower shall be furnished a conforaned copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the I~roperty; 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, exdnding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money aeeurity 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 lees not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage b 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 ie to be sold or transferred reach agreement in writing that the creditof anch person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as I.er?der 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, l.enderahall release Borrower from all obligations underthia Mortgage and the i Note. If Lender ezercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Except as 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 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 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 safe of the Property. T'he notice shall further inform Borrower of the right to reinstate attar 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 cared on or before the date specified in the notice, Lender at Lender's option may declare all of the soma secured by this Mortgage to be immediately due and payable without further demand and may foreclose flue Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of forectoaure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. - 19. Bono war's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower ahaD have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to en of a 'ud try ~ gment enforcing this Mortgage if: (a) Borrower pays Landes all soma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration oocnrred: (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incwrrect 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, inducting, bet not limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to aesnre that the lien of this Mortgage, Lender's interest in the iroperty 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 fell force and effect ad if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional aecarity hereunder, Borrows hereby assigios 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 1 Uo collect and retain andr rents as they became due and payable. Upon acceleration under paragraph 18 hereotor abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterupon, take possession of and manage the Property and to Dolled the rents of the Property, indnding those past due. All rents collected by the receiver shall be applied first W payment of the costs of management of the Property and collection of rents, inducting, bet not t limitect to, reoeivei s fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the anms secured by this Mortgage. The ~ receiver shall be liable to account only far those rents actually received. ~K341 Pa~E 7? -1 ~