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HomeMy WebLinkAbout0891• ~.,,~ . •_ 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 such inspection specifying reasonable cause therefor related to I.endei 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 for conveyance in lieu of rnndemnation, 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 sums 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 soma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by !.ender 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, !.ender 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 !.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due ei:tte of the monthly installments referred to in paragraphs I 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 the aunts secured by this Mortgage -;ranted by bender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower :tnd l3onrower's successors in interest. Lender shall not be required to commence proceedings agxinat such successor or refuse to extend time f..r payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower :,nd Fturn,wei s sucrossors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherv-~se :-fforded 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 t,:tyment of taxes or other-liens or charges by Lender shall not be a waiver of [xnder's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumclative to any other right or remedy under this 11c-rtrage or afforded by law 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 t,ind, and the rights hereunder shall inure to, the respective sumeasora and assigns of Lender and Borrower, subject to the proviaiona 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 the proviaiona hereof. 14. Notice. Except for any notice required under applicable low to be given in another manner, la) any notice to Borrower provided forin - t h is Mortgage shall br given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Itorruwer may designate by notice to Lender as provided herein, and Ib) any notice to Lender shall be given by certified mail, return receipt rt•yuested, to Lender's address stated herein or to such other address as Ixnder 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 bender when given in the manner designated herein. I S. 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 covering real property. This Mortgage shall br governed by the law aflhe jurisdiction in which the Property is located. In theevent tha! any provision orclause of this Mortgage or tt,e Note conflicts with applicable law, such conflict shall not affect other provisions c-f this Mortgage or the Note which can begiven effect ++•ithout the n-nflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. :6. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after rcrordation hereof. 17. Transfer of the Property; Assumption. It all or any part of the Property or an interest therein is sold or transferred by Borrower H-ithout Lender's prior written consent, excluding la- the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, lc) a transfer by devise, descent or by operation of law upon the death of a joint t c•n:tnt or Id) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender s option, cic•clare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate it, prior tc ~ the sale or transfer, Lender and the person 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 sums secured by this Mortgage shall be at such rate as !.ender shall rc•yuest. If Lender has waived the option to am•lerate pmvidcd in this paragraph i 7, and if Borrower's successor in interest has executed a ~+ rit-en assumption agreement accepted in writing by Ixnder, Lender shall release Borrower from all obligations underthis Mortgage and the \i~te. If Ixnder exercises such option to accelerate, Ixnder shall mail lit,rrower notice of acceleration in accordance with paragraph 14 hereo . tiuch notice shall provide a period of not less than alt days from the date the notice is rt:ailcd within which Borrower may pay thesums declared "f Lb~ clue. If Borrower fails to pay such sums prior to the expiration of such pericxl, Lender may. +vithout further notice or demand on Ilorrower, Invoke any remetlies t,ermittcd by paragraph IK hereof. IS. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or :-Kreement of Borrower in this Mortgage, including the covenants to pay when due any sums aerated by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying: (1-the breach;(2) the action 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 nc-n-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or I-c•tore the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be i mmediately due and payable without furtherdemand and may foreclosethis Mortgage by judicial proceeding. I.endershall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and c~-as of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Ixnder's:tcceleration of thesumssecured by this Mortgage, Borrowerahall 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 it: la) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future :ldvances, if any, had no acceleration occurred; Ib) 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 rnvenants 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 :,ttorney's fees; and Id) Borrower takes such action as Lender may reasonably require to assure that thelien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums 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 force and effect as if no acceleration had occurred. `L0. 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 1R hereof or abandonment of the Property, have theright to collect and retain such rents as they become due and payable. Upon acceleration under paragraph IS 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 co11eM the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but not limited to, receiver a tees, premiums on receiver a bonds and reasonable attorney's fe~a, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. _ ao~x 34 4 ~~cE 891