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HomeMy WebLinkAbout0007 J ~ ~ ~ • . ~ 8. Inspection. Leader may make os caws to be made nasoaable entries upon and inspections of the properly,Provided that Leader shall ~ giw Borrower notion prior b any such inspection specifying reasonable caws thefetor related b Lender's intered is the Propwrw• 9. Condemaadon. The proceeds of any award or claim for damages, airier cr consequential. fe? ooanection with any condemnation or other taking of the properly. a part thereof. or fa oonwyanos in lieu of condemnation, are hereby assigned and shall bs paid b Lender. Ln the event of a btal taking of the Property. the proceeds shall bs applied b the sums secured by thin Mortgage, wiW the ezoesa. if aW?. paid b Borrower. In the scant of a partial taking of We Property. ndea Borrower and Lender otherwise agree in writing. there shall bs applied b the sums secured by this Mortgage such proportion ~ the proceeds as is equal b Wet proportion which the amount of the sums secured by due Mortgage immediately prior b the date of taking bears b the fair market valor of the Property immediately prior b the date of taking. wiW the balanoa of the proceeds paid to Borrower. If We Properly is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails b respond to Leader within 30 days after We date such notice is mailed, Lender is authorised b collect and apply the proceeds, at Lender's option, either to restoration or repair of the property or to We seine secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing. any such application of proceeds b principal shall not eztend or postpone the doe date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment ~ modification of amortisation of We sums secured by this Mortgage granted by L~der to aqy successor in interest of Borrower shall not operate b release, in any manner. the liability of the original Borrower and Borrower's suceeasors in interest. Lender shall not be required to commence proceedings against such successor or refwe to extend time for payment or otherwise modify amortisation of the reins secured by this Mortgage by reason of any demand made by the original Borrower and Borrowds successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezerciae of any such right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lendefs right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumuladve. All remedies provided in this Mortgage an distinct and cumulative to any other right or remedy under this • Mortgage or afforded by law or equity. and may be ezercise~l concurrently, independently or suooeesively. 13 Successors and Assigns Board; Joint and Several Liability; Captions. The covenants and agreements herein contained shall 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 of .?.s,. !4~arteeae $.,n fir mveni~oe only and ere not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing each notice by certified mail addreaeed tq Borrower at the Property Addr+ese or at such other address as Borrower may designate by notice b Lender as provided herein. and (b) any notice to Lender shall be given by certi5ed mail, return receipt requested, to lender's address stated herein or to such other address ae 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; 3everability. This form of mortgage combines uniform covenants for national use and non- nr3ifo7m ~r~+venants with limited variations by jurisdiction b oonstitnte a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jnriedidion in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the wnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of Chia Mortgage at the time of ezecntion or after recordation hereof. 17. Transfer of the Property; Assumption. Lf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. ezcludiug (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 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 Lender's option. declare all the sums securer 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 satisfactory b Lender and that the interest payable on the sums secured by thin Mortgage shall be at such rate ss Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor iri interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fiom all obligations underthis Mortgage and We Note. If Lender ezerciaes such option b accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof: e Such notice shall provide a period of not less than 30 days fiom the date the notice i8 mailed within which Borrower may pay the soma declared due. If Borrower fails b pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. I8. 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 soma 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 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 moat be cured; and (4) that failure to core such breach on or before the date specified in the notice may result in acceleration of the soma secured by this Mortgage, torecloaure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate aRer aooeleratiora and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclas~e. If the bresch is nut cered un or before the date specified in the notice, Lender at Lender's option may declare all of the soma secarred by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's fees. and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration ofthe soma secured by thiaMortgage, Borrower shall have the right b have any proceedings begun by Landes to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Fbtnre 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 ooveaants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph.l8 hereof, including, but not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assays that the lien of this Mortgage, Len er s interest in the Property and Borrower's obligation to pay the some secured by this Mortgage shall continue unimpaired. Upon such payment and core by Borrower, this 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 b Lender the rents of the Property, provided that Borrower shall. prior b aooeleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such yenta as they become due and payable. Upon soceleration 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 fast to payment of the costa of management of the Property and collection of yenta, including, bet not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the soma secured by thin Mortgage. The receiver shall be liable b account only for those rents aMually received. 80tH JUV PAGE .7. a - - - }