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HomeMy WebLinkAbout0019 . ~ , ' 8. lnspectioa. Lender may make or canes to bs made reasonable entries upon and inspectioru of the proparar, provided that Lender shall giw Borrower Horror prior to any each inspection specifying reasonable cause therefor related to Leader's interest in the Property. 8. Condemaadoa. The proceeds of any award or claim for damages. direct or oonspnsntial, in eonnectioa wiW say ooademnatioa or other taking of the propergr, or part thereof. or for ooawyana in lien of oondemaation, an hereby assigned and shall bs paid to Lender. Ia the event of a toW taking of the Property, the prooesds shall bs applied to the sums secured by this Mortgage, with the ezoess, if any. paid to Borrower. In the event of a partial taking of the Propecty. unless Borrower and Lender oWsrwiss agree in writir, "u~ au.~Il be applied to the Bums secured by this Mortgage such proportion of We proceeds a. is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior to the date of taking bean to the fair market value Qf the Property immediately Prior to the date of taking. wiW the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or i>y attar notice by Lender to Borrower that the condemnor offer to make an award or settle a claim for damages, Borrower fail to respond to Fender within 30 days after the date such notice is mailed, Lender is.autborized to collect and i apply the proceeds, at Lender's option, either to restoration or repair of the propergr or to the sums eecared by this Mortgage. Unless Lender and Borrower otherwise agree is writing, any such application of prooseds to principal shall not extend or pwtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such irutslbneats. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of We sums secured by this Mortgage granted by Lender to any successor is interest of Borrower shall not operate to Hisses. in any manner, We liability of the original Borrower :rd SurZgYrer'8 aur_~~+r'a iR intt~st. Lp~drr Shall no! lk required t!+ commertcr gn?ceedinga ngninet e~h wu±r or rrfia*r !e extend titnt for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowefs succeason in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy henander, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insnnnce or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtednew } secured by this Mortgages - 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be ezercised ooncnrrently, independently or saooessively. 13: Suooessors and Assigns Bound; Joint end $evera] Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the rrapectiw anoossson and assigns of Lender and Borrower, subject to the provisions of paragraph 1?hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for covenience only and are not to be used to interpret of 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 Property Address or at each 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 requested, to Lender's address stated herein or to such other address as bender 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 Leader 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- uniform covenants with limited variations by jurisdidioa 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 conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the eonfliding provision, and to this end the provisions of We Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Boaower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecntion or after ~ s recordation hereof. ` 1?. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower t 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 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 soma secured by this Mortgage to be immediately due and payable. Lender shall have waived each 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 thatthe 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 Leader shall request. If Lender has waived the option to accelerate provided in this paragraph 1?, and if Borrowers saeoeesor in interest has ezecnted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note_ If Lender ezercises such option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof: k Such notice shall provide a period of not lees 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 same prior to the ezpiratioa of each period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any same secared by this Mortgage, Leader 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 lees than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; sad (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 1 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. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all otthe sums secured by this Mortgage to be i mmediately due sad payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to Dolled is such proceeding all e:peaees 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. Notwithstanding Lendefsacceleration ofthe sumasecured bythis Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior toentry of ajudgmentenforcing - this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing I~tnre Advances, if any, had no acceleration occurred; (b) Borrower cares 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, inducting, but not limited to, reasonable attorney a fees;and (d) Borrower takes each action as Lender may reseonably require to assure that the lien 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 care by Borrower, this Mortgage and the obligations secured hereby shall main in frill force and effect as if no aeoeleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader 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 tolled and retain such rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to eriter.upon, take poeeeaaion of sad manage the Propertytand 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's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. B~ Boa 19