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HomeMy WebLinkAbout0023 . ~ f3. Inspection. Lender may make os cause to be made reasonable ealries upon and iaapectiona of the propergr, provided that Lander ahsll give Borrows: antics prior to orgy such iaapectioa specibring reasonable cause therefor related to Leader's ir?terat is tbt Property. 9. Coademaatioa. The peoceeds of any award or claim for damages, direct os oonsequeatial, in oonaection with orgy oondemaatioa or other taking of the property. or part thereof. os for eoawyaaos is lien of ooademnatioa, an hereby assigned and shall bs paid to Lander. Ice the avant of a total taking of the Property. the prvoseda shall be applied to the sums secured by this Mortgage, wild the excess, finny, paid to Borrower. Ia We event of a partial taking of the Property, unkas Borrower acct Lender otherwise agree is writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that ~oportioa which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of We Property immediately prior to the dateof taking, wild the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. s~ notice by Lender to Borrower that the ooademaor offers to make as award or settle a claim for damages. Borrower fails to respond to Leader within 30 days aRer the dots such antics is mailed, Lender is authorised to collect and apply We proceeds, at Leader's option. either to restoration or repair of the propertj? or to the sums secured by this Mortgages Udess Leader and Borrower otherwise agree is writing. say such application of proceeds to principal shell not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such iwtallments. 10. Borrower Not Released. Fatensioa of the time for payment or modification of amortisation of the soma secured by thin Mortgage granted by Lender to any suooessor in interest of Borrowrer shall not operate b release, is any manner. the liability of the original Borrower and Borrower's snocessore in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or otherwise modify amortisation of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's aucceeson in interest. 11. 1?orbearaaee by Lender Not s Waiver. Any forbearance by Lender is e:errising any right or remedy hereunder, or oWerwisa afforded by applicable law, shall not be a waiver of or preclude the exercise of any anch right or remedy. The procurement of irunraace or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness secured by this Mortgage. 1Z Remedies Cumulative. All remedies provided is this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercisevl concurrently, independently or suooessively. 13. Sucoessora and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, end the rights hereunder shall inure to, the respective sueoessore and assigns of Lender sad Borrower. anbject to the provisions of paragraph 17 hereof: All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eoveaieace only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required render 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 We Property Address or at such older address as Borrower may designate by notice to Leader 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 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 Borrowet or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform eovenante with limited 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 conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to Chia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecation or after recordation hereof. 1T. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written eoneent, excluding (a) the creation of a lien or encumbrance subordinate to thin 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 yeah or lens not oontainiag as option to purchase, Lender may, at Lenders option, declare all the soma secures by this Mortgage to be immediately due and payable. Lender shall have waived anch 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 creditof such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate sa Lender shall request. If Lender has waived the option to accelerate provided in thin paragraph 17, and if Borrower's auooeasor in interest has executed a ~I written assumption agreement accepted is writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ~ Note. If Lender exercises such option to accelerate, Lender ahaU mail Borrower notice of aooeleration in aeoordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrows fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies pern~itted by paragashh 18 hereof. 18. Acceleration; Remedies. Except ss provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower fn this Mortgage, including the covenants to pay when due any sums secured by thin Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days fiom the date the notice is mailed to Borrower, by which each 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 cared 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 this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses 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. NotwithataadingLander's 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 if: (a) Borrower pays Lender ell sums which would be then due Hader this Mortgage. the Note and notes securing l~ture 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 e:peasea incurred by Lender in enforcing the covenants and agreements of Borrower ? watained in this Mortgage and in enforcing Lender's 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 Borrower s obligation to pay the soma secured by thin Mortgage shall eontiane unimpaired. Upon such payment and care by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. l 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender 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 rnlled and retain ouch 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 enter.npon, take possession of and manage the Property and to collect the rents of the Property, including thaee past due. All rents collected by the receiver shall be applied fu~st to payment of the aorta 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 soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 80AK~ ~ .3