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HomeMy WebLinkAbout1507 t 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Leader shall give Harrower notice prior to any such inspection specifying reasonable caws therefor related to Lender's interest is the Property. 8. Coademnatioa. The proceeds of any award or claim for damages, direct or consequential. in connection with any eondemnatioa or other taking of the property. o< paK thereof, or for conveyance in lien of ooademnation, are hereby assigned sad shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by thin Mortgage, wiW the e:oass, if any, paid to Borrower. In the event of a partial taking of the Propwty. unless Borrower and Lender otherwire agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as u equal to that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. I I the Property is abandoned by Borrower, or it, 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 notice is mailed, bender is authorised to eoUed 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 Lender and Borrower otherwise agree in writing. any such application of proceeds Lo principal shall act eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of We 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 a:tend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a N?aiver. Any forbearance by Lender in ezerciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the a:excise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender ahaU not be a waiver of Lenders right to accelerate the maturity of the indebtedness second by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thin Mortgage or afforded by law or equity. and may be exercised concurrently, independently or suooesaively. 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 successors and assigns of Lender and Borrower. subject to the provisions of paragraph 1?hereof. AU 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 an 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, (a) any notice to Bosrower provided for in this Mortgage shall be given by mailing such notice by certified mail addreeaed to 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 to Lender ahaU be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as 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 Borrower or Lender when given in the manner designated herein. 15. Uaitorm Mortgage; Governing Law: Severabllity. This form of mortgagecombines uniform oovenanta for national use and non- uniform coy enante with limited variations by jurisdiction to oonatitute 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 rnnflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this end the provisioner 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 ezecntion or after recordation hereof. 1T. Transfer of the Property; Assumption. If all or any par! 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 to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a ~ansfer 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 br leas not. containing an option to purchase, [ender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived ouch 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 cnditof snch ' person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage aha11 be at such rate as Lender shall ~I request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has a:seated a ' written assumption agreement accepted in writing by Lender, Lender shall release Borrower from ail obligations under this Mortgage and the E Note. ! ' 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 thedate the notice is n-.ailed within which Borrower may pay theaums declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Eorrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except ere 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. Leader ~ prior to acceleration shall mail noticeto Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 34 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 furtber 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. It the breach it; 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 a:pareses ottoreclosure, including, but not limited to, reasonable attorney's tees. and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender sacceleration ofthe soma secnred 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 sums which would be then due under thin Mortgage, the Note and notes securing fitture 1 Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other coven ants or agreements of Borrows contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing lice 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 to, reasonable ( attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and core by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 2(l. Assignment of Rents; Appointment of Receiver. As 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 rnllect and retain such rents as they become due and payable. Upon aeoeleration under paragraph l8 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter~pon, take poseeaaion of acid manage the Property and to collect the rents of the Property, including those past due. All Hots collected by the receiver shall be applied first to payment of the costs of management of the Property and collection otrents, including, bnt not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the anme secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. . g~K341 PACE15~5 ~ ~ . _ ~ ~ ~ .-n ~ r