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HomeMy WebLinkAbout2153 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Leader shall give Borrower recline prior to any such inspection specifying reasonable cause therefor related to Lender's interest is the Proper;j-. 9. CoademnaUon. The proceeds of any award or claim for damages. direct or consequential, in connection wild any condemnation or older taking of the property, or pad thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid b Lroder. In the event of a total taking of the Properly, the proceeds shall be applied to the auras secured by this Mortgage, with the excess, gany, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall bs 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 Wis Mortgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balanoa of the proceeds paid to Borrower. If the Property is abapdoned by Borrower, or if, after notice by Lender to Borrower that the wndemnor offers to make an award or settle a claim for damages, Borrower tails to respond to Lender within 30 days after the date such 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 sums secured by this Mortgage. Unless Lender sad Borrower otherwise agree in writing, any such application of proceeds to principal shell not extend or postpone tbs dw date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such inatalbnents. 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the sums secured by this Modgags 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's successors in interest. Lender shall not be required to wmmence proceedings against ouch successor or refuse to a:tend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not.a Waiver. Any forbearance by Lender in a:erriaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the a:excise 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'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 cumulative to any other right or remedy under this Mortgage 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 wntainedahall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs ~ this Mortgage are for wvenience 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 manner. (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 Properly Address or at such other address as Borrower 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 Lender a address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for 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. This form of mortgage wmbines uniform covenants for national use and non- uniform covenants with )invited variations by jurisdiction to constitute a uniform security instrument 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 Note wnfli^ts with applicable law, such conflict 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. 16. Borrower's Copy. Borrower shall be famished a conformed Dopy 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 F prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of 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 Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender 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 credit of such person is eatiafactory to Lender and that the interest payable on the soma secured by this Mortgage shall be al such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers auocesaor in interest here executed a written assumption agreement accepted in writing by Lender, [.ender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is n-,ailed within which Borrower may pay the soma declared due. If Borrower fails W pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrows, invoke any remedies permitted by paragraoh 18 hereof.. I8. Aceeleration; Remedies. Except se provided in paragraph 17 hereof, upon Borrower's breach of any covenant err agreement of Borrower in this Mortgage, including the covenants to pay when due any sumssecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotspecifying: (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 aceeleration 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 furtherdemand and may foreclosethis Mortgageby judicial proceeding. Lendershall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, resaonable attorney's fees, and ceste otdocumentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender a acceleration of the sums secured by thin 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 enforcing this Mortgage it (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing 1?htun Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other wvenante 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, eeasonabls attorney a foes; 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 to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and con by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oocarr+ed. 20. Assignment otRents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender therents 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 wort to enter.upon, take possession of and manage the Property and to collect the rents of the Properly, including those past due. All rents wllected by the receiver shall be applied first to payment of the costa ofmanagementof the Property and wllection of rents, including, but not limited to, receiver a fees, 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 aeoount only for those rents actually received. g~344 ~~E2i52