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HomeMy WebLinkAbout1097 8. laspectloaa. Lender may make or cause to be made reuonable eatrias upon and inspections of the property, provided that Landes shall give Borrower notice prior to any such insptction specifying reasonable cause therefor related to Leader's iatereat in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or awnsegtawAtial. in a~ontaeatioa with any oawdemnation or other taking of the proper4y. or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by thin Mortgage, wiW the ezcess, if any, paid to Borrower. In We event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied to We sums secured by this Mortgage such proportion of the prooeeals as is equal to that proportion which the amount of the sums s secured by this Mortgage immediately prior to the date of taking bears to the fair marled value of the Property immediately prior to the date of ~ taking, with the balann~ of the prooesds paid W Borrower. } If the Property is abandoned by Borrows:, or i~ after notice by Lender to Borrower that the condemnor offers to make an award or settle a daim for damages, Borrower fails to respond to Lender within 30 days aRer the date such notice is mailed, Landes is authorised to collect and apply the proceeds. at Lendw's option, either to restoration or repair of the propar~y o: to the sasms secured by this Morigaga. Unless Lender and Borrower oWerwise agree in writing,any such application of proceeds to principal shall rwt errand a postpone the doe date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such irutalhnepts. ' 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the sums secured by this Mortgage ~ granted by Lender to any suaxesaor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's suocesaars in interest. Lender ashall not be required to commence proceedings against asach successor or rsfnse to estead time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower ' and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Arty forbearance by Lender in esercising any right or remedy hereunder. oar otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any and? right or remedy. lbe procurement of insurance or the payment of tares or older liens or charges by Lendasr ashaU not be a waiver of Lender's right to aaxxlerate the maturity ~ the indebtedness secured by this Mortgage. . 12 Remedies Carminative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy render this Mortgage or afforded by law or equity, and may be a:ercise<i concurrently, indep~dcetly or aiuooaeively. 13. Sawoessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements heradn oamtained shall bind, and the rights hereunder shall inure to, the respective asuca~eeaors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereoL All covenantal and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define We 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 such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by easrtified mail, return receipt requested, to Lender's addrew stated herein or to such other address ae lender may designate by notice to Borrower ae provided hereim 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. b 15. Uniform Mortgage; Governing Law; SeveraTiiltty. This form of mortgage combines uniform covenants for national use and non- uniform covenants 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 loaxited. In We event that any provision or clause of this Mortgage or the Note rnntlicta with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effea~ 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 furnished a conformed copy of the Note and of this Mortgage at the time of execution or aRer rernrdation hereof. 17. Transfer of the Property; Assimption. It all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezduding (a) the creation of a lien or eacnmbrance 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-leas not containing an option to purchase, lender may, at Lamder's option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aoaxlerate 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 to Lender and that the interest payable on the sums secured by thins Mortgage shall be at such rate es Lender shall - request. If Lender has waived the option to aeoelerate provided in this paragraph 17, and if Borrower's aiooeasor in interest. has executed a written assaamption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender e:amisea such option to aaxelerate, Lender shall mail Borrower notice of acoleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the soma dedared t due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ?nvoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Mortgage, including the covenants to pay when die any sumssecared by this Mortgage,liendax prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apedtying: (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 cure such breach on or before the date spewed in the notice may result in: ~ acceleration of the scums secured by this Mortgage, foreclosure by judicial proceeding and sale ofthe-Property. The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-eziatence of a default or any other defense of Boirrower to acceleration and forasalosure. If 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 this Mortgage by judicial proceeding. Lender shall be entitled to a~lled 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. NotwithatarsdingLander's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proaxedinga 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 all sums which would be then due under this Mortgage, the Note and notes wearing 1?uture f Advances, if any, had no acceleration occurred; (bj Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the eovenanta 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, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require toasaare that the lien of this Mortgage. Lender's interest ~ in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon suds payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had oecnrred. 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 y to collect and retain such rents as they become due and payable. f Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enternpon, take possession of and manage the Property and to collect the rents of the Property, inducting those past due. All rents collected by the receiver shall be applied first to payment of the costs of managementof the Property and wllection of rents, inducting, but not limited to, r+axeiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma saxared by this Mortgage. The . receiver shall be liable to account only for those rents actually received. Qr.PK ~OZ r 1097 ac, ~_ti.~ _ . _ _ - _ _ ,