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HomeMy WebLinkAbout0156t ` ~ , +~ 8. lnspeetion. 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 such inspection specifying reasonable cause therefor related to Lendei s interest in the Property. 9. Condemnation. The proceeds 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 !or 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 some secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender 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 to the date of taking bears to the fair market value of the Property immediately prior b thedate of taking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnorofters to make an award or nettle a claim fur damages, Borrower fails to respond to Lender within 30 days after the date ouch notice 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 soma secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. F.xtenaion of the time for paymsnt or modification of amortization of the some 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 e auccesaors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time fur payment or otherwise modify amortization of the sums acrured by this Mortgage by reason of any demand made by theoriginal Borrower and 13,-rmwer a auccesaora 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 otor 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 Lender a right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct end cumt:lative to any other right or remedy under this Morn-age or afforded `,y law or equity, and may be exercised rnncurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The rnvenanls and agreements herein rnntained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph I T hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covariance only and are not to be used to interpret or define the provisions hereof. 14. Notice. h xcept for any notice required under applicable law to be Kiven-in another manner, (a) any notice to Borrower provided forin t h i s Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt myueated, to bender's address stated herein or to such other address as Lender may designate by notice to Borrower ae provided herein. Any notice provided forin 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 a,venetnts v: ith limited variations by jurisdiction tt, constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurissiiciion in which the Properly is located. !n the event that any provu+ion orclause of this Mortgage or the tiute conficts v~-itl+ applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting provision, and W 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 rnpy 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 Lender s prior written consent, excluding (a1 the creation of a lien or encumbrance subordinate to thin Mortgage, (b) the creation o! 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 [.ender a option, declare all the sums secured by this Mortgage to be immediately due and payable. [.ender shall have waived such option to accelerate if, prior to 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 person is satisfactory W bender and that the interest payable on the auma 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 I T, and if Borrower s successor in interest has executed a written assumption agreement accepted in writing by I.ender, I.enderahall release liormwer from all obligations under this Mortgage and the ote. It Lender exercises such option G, accelerate, lender shall m:+il Borrower notice of acceleration in accordance with pazagraph 14 hereof. tiuch notice shall provide :+ period r,f not less than :1()daya from thedate the notice is Trailed within which Borrower may pav thesums declared due. if Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without further notice or demand on Borrower. Trucks any remedies permitted by par.+graoh 1K hermC 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the rnvenanta to pay w hen due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (1) the breach; (2) the action required to cure such breach;l3) a date, not lees 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 auma secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclosethis Mortgageby judicial proceeding. Lendershall 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. Ib'otwithstanding Lender s acceleration otthe sumaeecured by this Mortgage, Borrowershall have the right Eo have. any proceedings begun by [.ender to enforce thin Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred 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, including, but not limited to, reasonable attorney a fees; and Id) Borrower takes aucl+ action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower a obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full fpree and effeM as if no acceleration had occtrred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Burrower hereby assigns to [xnder 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 bernme 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 costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver a bonds and reasonable attorney's fees, and then to the sums secured by thin Mortgage. The receiver shall be liable to account only for those rents actually received. coax 344 PacF 156 z,~ ~ _ _~ L • ,y ~~;