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HomeMy WebLinkAbout1816., ~ ~s;. ~~~~ ~Y. 8. Inspection. Lender may make or cause to bs made reaaonabk entries upon and irupectioru of the property, provided that Lender shall give Borrower notice prior to any such irupection specifying reasoaabk cause therefor related to Leader's intered is the Prrpergr. 9. Condemnation. The proceeds of any award or claim [or damages. direct or consequential. in connection with any ooademnatioa or older taking of the propes~r, or part thereof, or for oonveyanos is lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a told taking of the Property, the proceeds shall bs applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the evert of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing, there shall b applied to the woos 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 in•.mediately prior to the date of taking beure to the fair market value of the Property immediately prior to the data of taking. with the balancer of the proceeds paid to Borrower. Uthe Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor ogee to make an award or sstW a claim for damages. Borrower fails to respond to Leader within 30 days after the date such notice is mailed, Lender is authorized to oolkd and apply the proceeds, at Lender's option, either to restoration or repair of the property or to the sums scented by this Mortgage. Udew Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shaA not eztend or postpone the dw date of the rcenthly installtneats referred to in paragraphs 1 and 2 hweof or change the amount of such installments. 10. Borrower Not Released. Eztenaion of the time for paymsr-t or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liabijitlrof the original Borrower and Borrower's suocesaore in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or otherwise modify amortization of the sums secured by this Mortgage bS- reason of any demand made by the original Borrower and Borrower s aucceseors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercieing any right or remedy fiereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the esercise of any such right or remedy. The procurement of iasuranos or the payment of taxes or other liens or charges by Lender shall 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 duttind and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercised concurrently. independently or suooessively. 13. Sttcoessors and Assigns Bound; Jolnt and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective suoceesore a~-d assigns of Lender and Borrower, subject to the provisions o[ paragraph 17 hereof: All covenants and agreements of Borrower shall be joint and several. The captions and headings of We paragraphs of this Mortgage are for coveaience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manna. (a) any notice to Borrower provided for in 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 provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, to Lender a address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided fo- in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonstitnte a uniform security instrament covering real property. Thin 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 err the Note conflicts with applicable law, such confliM shall not affect other provisions of this Mortgage or the Note which can be given egad without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. lli. 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 I:ereof. 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 (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 transfer by devise, descent or by operation of law upon the deaW of a joint tenant or (d) the grant of any leasehold interest of three years or lees not containing an option to purchase, Lender may, at Lenders option, declare all the same secured by this Mortgage to be immediately due and payable. Lender shall have waived arch option to aooelerste 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 to Lender and that the interest payable on the sums 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 1?, and if Borrower's successor in interest has eiewted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations render this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 her~eoL Such notice shall provide a period of not lean than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrows=, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, spore Borrower's breach of any covenant or agreement of Borrower in thin Mortgage, including the oovenanta to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof spedfying: (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 arms 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•ezistence of a default or any other defense of Borrower to acceleration and foreclosure. It 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 Mortgage to be immediately due and payable without further demand and may foreclose Chia Mortgage_by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not jimited to. reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwith~tandingLender's acceleration ofthe name secured 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 enfortaag this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Fhtare Advances, if any, had no acceleration occurred; (b) Borrower cures al l breaches of any other covenants or agreements of Borrower contained in thin Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreement of Borrower contained in thin Mortgage and in enforcing Lender a 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 b pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and core by Borrower, thin Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender thereata of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or aben_donment of the Property, havetheright to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Leader shall be entitled to have s receiver appointed by a court to enter~pon, take possession of and manage the Property and to collect the rents of the Property, including those past. due. All trots 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's bonds and resaonable attorney's foes, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. .? .: 3..~ - 3 -~vR [