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HomeMy WebLinkAbout0166 f 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any ouch inspection apecifjing reasonable cause therefor related to lender's intercet in the Property. 9. Cottdemnatioa. The proceeds of any awanl o: 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 Lender. In the event of a total taking of the Property, the proceeds shall be applied to the Bums secured by this Mortgage, with fiche excess. if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, Were shall be applied to We soma secured by this Mortgage each proportion of the proceeds as is equal to Wat proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to We fair market value of the Property immediately prior to We date of taking, with We balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower W at the condemnor offers to make an award or aetde a claim for damages. Borrower fails w respond to Lender within 30 days after the date each notice is mailed, Lender is authorised to collect and apply We proceeds, st Lender's option, either to restoration or repair of the property or to We sums secured by Wis Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone Wedne date of the monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. !0. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shell 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 for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original8orrower xnd Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. My forbearance by I.endcr in exercising any right or remedy hereunder, or oWerwise 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 chnrgee by Lender shalt 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 are diatinM and cumulative to any other right or remedy under this Mortgage or afforded by taw or equity, and may be exercised concurrently, independently or 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 aucceeaora and assigns of Lender and Borrower, subject W We 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 We pro~zsiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided form 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 torrower 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 Lendei s address stated herein or to such other address ae bender may designate by notice to Borrower as provided herein. My Holier. F•rovided for in this Mortgage shall bedeemed to have been given to Borrower or Lender when given in We manner dceignated herein. i~. 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 rnvering real property. This Mortgage mall be governed by the law of the juriadiMion in which the Property is located. In the event Wat any provision or clause of this Mortgage or the N~:te co;.!iicts ~:1th applicable law, such conflict shall not affect other provisions of this Mortgage or We Note which can be given eNect without the conflicting provision, and to this end the pro~~sions of the Mortgage and the Note are declared to be severable. lo. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of Wis 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 Borrows; without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. tb) We creation of a • purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We deaW of a joint tenant or (d) We grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lende~a option, u' ~ declare all We sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ~I ta the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the creditof such I~ ~ , person is satisfactory to Lender and that the interest pay able on the sums secured by this hortgage shall be at each rate as Lender shall j request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a successor in interest has executed a written assumption agreement accepted in writing by Ixnder, Lender shall release Borrower from all obligations under this Mortgage and the Mote. If Lender exerciaea such option to accelerate. [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than :10 days from the date the notice is :nailed within which Borrower may pay the some declared due. If Borrower fails to pay such sums prior to the expiration of such period, tender may, without further notice or demand on Borrower, mucks any remedies permitted by paragraph IR 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 aMion 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 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 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 1<lortgage to be immediately due and pay able 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 costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding [gender's acceleration of the sums secured by this Mortgage, Borrowershall 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 this Mortgage, the Note and notes securing I~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c1 Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in Wis Mortgage and in enforcing Fender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and Id) Borrower takes each action as [.ender may reasonably require to assure that the lien of this Mortgage. Lender's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon each paymentand cure R by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occuned. ~ 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rentr 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, [.ender shall be entitled to have a receiver appointed by s court to enter-upon, take possession of and manage the Property and to collect the rents of the Property, including Wore past due. All rents collected by the receiver shall be applied first to payment of the rnsta of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver 8 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. 8343 p~E 166 ~ . _ e