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HomeMy WebLinkAbout0355 8. InspeMlon. Lender may make or cause to be made reasonable entries upon and inspeMions of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. { 9. Condemaation. The proceeds of any award or claim for damages. direct or rnnsequential, in connection with any condemnation or ~ other taking of the property, or part thereof, or for conveyance in lieu of condemnation, an hereby assigned and shag be paid to Lender. 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:Dees, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, then shall be applied to the soma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior b the date of f taking, with the balance of the proceeds paid to Borrower. i if the Property is abandoned by Borrower, or if, after 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 Holies 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 Lendez and Borrower otherwise ague in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and $ hereof or change the amount of such installments. 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 successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time i ibr payment or otherwise modify amortization of the sums secured by this Mortgage by mason of any demand made by theoriginal Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a R?aiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise g 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 fazes or other 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 an distinct and cumulative to any other right or remedy under this Mortgage oi: afforded by taw or equity. and may be ezercisert concurrently, independently oc 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 aucceaaors and assigns of Lender and Borrower, subject 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 covenience only and are not b be used to interpret or define the provisions hereof. 19. 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 Harrower at the Property Address or at such other address as Borrower may designate by notice to Lender as rovided herein, and (b) any notice to Lender shall be 1 P given by certified mail, return receipt # requested,_to Lender's address stated herein or to such other address ae Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Horrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage rnmbines uniform oovenante 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 confliM shall not affeM other provisions of this Mortgage or the Note which can be given effect without the rnnflicting 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 Dopy of the Note and of this Mortgage at the time of execution or after f recordation hereof. 17. Transfer of Ure 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, ezcluding (a) the creation of a lien or encumbrance subordinate to 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 years or less not containing an option to purchase, Lender may. at Lender's 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 pereon 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 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, Lender shall release Borrower from all obligations under this Mortgage and the E Note. E I f Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. tiuch notice shall provide a period of not less than 30 days from the date the notice is trailed within which Borrower may pay the sums declared ' due. If Borrower fails to pay such earns prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ,revoke any remedies permitted by paragraph 18 hereof 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Harrower 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 ee provided in paragraph 19 hereofspecitying: (1) the breach; (2) theaction 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 (9) 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 adefault 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 furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to rnilect in such proceeding all ezpenses 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 Lenders acceleration of the sums secured by this Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforeethis 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 Future Advances, if any, hadnoaocelerationoecurred;(b)BorrowercuresallbrrachesofanyotherrnvenantaoragreementsofBorrowerrnntainedin this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's tmedies as provided in paragraph 18 hereof, including, but not limited b, naeonable a ttotmey'a tees; and (d) Borrower takes each aMion as Lender may reasonably regain to assure that the lien of this Mortgage, Lender's interest i n the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and ewe by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acxeleration had occurred. t 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns 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 to collect and retain such rents as they become due and payable. Upon soceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to emteratpon, take possession of and manage the Property and to collect the rents of the Property, including those past due. AU ants 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 tees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage.The - a receiver shall be liable to account only for those rents actually received. - ft a BtNIK 34i PACE JeJS j i