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HomeMy WebLinkAbout0057 8. Inspection. !.ender may make or cause to be made reasonable entries upon and inspections of the property, provided that !.ender shall ytive Borrower notice prior to any such inspection specifying reasonable cause therefor related to l.ende~ s interest in the Property. 9. Condemnation. The pr.+rnede of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to !.ender. !n the event of a total taking of the Property, the proceeds shall be applied to fire soma secured by this Mortgage, with the ezcesa, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and !.ender otherwise agree in writing, 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 sums secured by this Mortgage immediately prior Lo the date of taking bears to the fair market value ottee Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers W make an award or settle a claim for damages, Borrower fails to respond to Lender within :10 days after the date such notice it+ mailed, Lender is authorized W rnltect and apply the proceeds, at Lender's option, either to restoration or repair of the property or to the sums aecurrd by this Mortgage. Unless [.ender and Borrower otherwise agree 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 2 hereof or change the amount of ouch installments. l(1. Borrower Not Released. E xtension of the time for payment or modification of amortization ottee sums secured by this Mortgage Kranted by Fender to any successor in interest of Borrower shall not operate to releru;e, in any manner, the ?iability of the original Borrower and Borrov?•er's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time fur payment or otherwise modiW amortization of the sums secured by this Mortgage by reason of any demand made by theo+iginal Borrower and 13om,wer s successors in interest. 11. Forbearance by Lender Not a Waiver. 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 inauranc:: or the payment of taxes or other liens or charges by Lender shalt not be a waiver of Leuder'e right to accelerate the traturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulwtive. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this \lortrage or afforded by law or equity, and may be exercise.! concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall i,ind, and the rights hereunder shall inure to, the respective aucceasors and assigns of bender and Borrower, subject to the pmviaiona of p:+ragraph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenicnce only and are not to be used to interpret or define the provisions hereof 14. Notice. Except for any notice required under applicable h+w lu be given in another manner, la) any notice to Borrower provided forin 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 Borrower may designate by notice to Lender as pmvided herein, and (b) any notice to !.ender shall 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 forin this Mortgage shall be deemed to have been given to Borrower or !.ender when given in the manner designated herein. 1 L?ni form Mortgage; Governi ng I,aw; Severability. This form of mortKagr combines uniform covenants for national use and non- uniform coven<+nts with limited variations by jurisdiMion to constitute a uniform security instrun+ent 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 Nute conflicts with applicable law, such conflict shall not affect other pmviaiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the pmviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this 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 (.ender s prior written consent, excluding (a? the creation of a lien or encumbrance aulwrdinute to thin Mortgage, Ib) the creation of a purchase money security interest for household appliances, lc) a transfer by devise, descent or by ope: ation of law upon the death of a joint tenant or Id) the grant of any leasehold interest of three years or less not containing an option to purchase, !.ender may, at Lender's option, declare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option W accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be scild or transferred reach agreement in writing that the credit of such person is satisfactory to lender and that the interest payabie on the sums secured by this Mortgage shall be at such rate as Lender shall rf•yuest. If Ixnder has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in interest has executed a writtena.4sumptiunagrerrnentacceptedinwritingbylxnder,LendershallreleaseBorrowerfromallobligationaunderthisMortgageandthe ate. I f lender exercises such option to accelerate, !.ender shall mail Bormwer notice of acceleration in accordance with paragraph 14 hereof. much notice shall provide a period of not less than 30 days from thedate the notice is mailed within which Borrower may pay thesumsdedared due_ If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, ,nvoke uny remedies permitted by paragraph 1K hereof i E tR. 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 hereofspecifying: (1) the breach;(2)theaction required to cure such breach; (3) a date. not less than 3o days from the date the notice is mailed to Borrower, by which such breach must be cured; and l4) that failure to cure such breach on or before the date specified in the notice may cesult 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 aRer 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 curevl on or before the date specified in the notice, Lender at l,ender'a option may declare all of the sums secured by this Mortgage to be immediately due and payable without turtherdemand and may torecloaethis Mortgage by judicial proceeding. Lendershall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's tees, and costa of documentary evidence, abstracts and title reports. 19. Borrower s Right to Reinstate. Notwithstanding I.endei s acceleration of theaums secured by this Mortgage, Borrowerahall have the right to have any praeedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: la1 Borrower pays !.ender all soma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; Ib) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c1 Bormwer pays all reasonable expenses incurred by !.ender in enforcing~he covenants and agreements of Burrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable attorney a tees; and Id1 Borrower takes such action as [.ender may reasonably require to assure that the lien of this 1liortgage, Lender's interest in the Property and Bormwer s obligation to pay the sums secured by this Mortgage shall continueunimpaired. Upon Such paymentand cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as it no acceleration had occurred. 20. 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 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 to 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 to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver a tees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 1 r a~~K34~ p~ ry max. ~ ~ :1 ~ ~_f