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HomeMy WebLinkAbout1114 ' 1 8. Inspection. Lender may make or cause to be made naeonable en es upon and inspections of the property, provided that bander shall give Borrower notice prior to any such inspection specifying reasonab~cause therefor related to Lender's interest is the Property. 9. Condemnation. The proceeds of any award or claim for damag ,direct or consequential, in connection with any condemnation or other taking of the property. or pad thereof, or for conveyaaoe in lieu of condemnation, are hereby assigned sad shall be paid to Lender. In the event of a total taking of the Properly, We proceeds shall be applied to the sums secured by this Mortgage, wild the escess, if any. paid to Borrower. In We event of a partial taking of the Property, unless Borrower and Lender otherwise sgne is writing, there shall be applied Lo theaums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Properly immediately prior to the data of taking, with the balance of the pmcesds paid to Borrower. Pf the Properly is abandotred by Bo:rower, or if; after notice by Lender to Borrower that the oondernnor offers to make an award or aettk a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Leader is authorised to collect and apply the proceeds. at Lender's option. either b restoration or repair of the property or to the sums secured by thin Mortgage. Unless Lender and Borrower otherwise agree in writing. any anch application of proceeds to principal shall not estnd oa postpone the due date of the monthly irutllment referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released.'Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor ir? inter+est of Borrower shall not operate to reteaae, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such su s or refuse to eitend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand ads by the original Borrower and Borrower's successors in interest. 11. Forbearsaoe by Lender Not a R?aiver. Any forbearance by Lender in exercising any right or re hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The p t 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 an distinct and cumulative to any other right or remedy under this Morlgage or afforded by law or equity, and may be exercised ooncurrent~y. independently or euooeasively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective anoceeson 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 this Mortgage are for rnvenience only and are not to be used to interpret or deline 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 older 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 designat by notice b Borrower as provided heron. Any notice provided for in this Mortgage shall be deemed b have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenant for national use and non- uniform covenant 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 Properly 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 this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be funushed a conformed Dopy of the Note and of thin Mortgage at the time of execution or after • recordation hereoL 17. Transfer of the Property; Assumption. ff all or any part of the Properly or an interest therein is sold or transferred by Borrower without Lender's 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 lees not containing an option to purchase, Lender may, at Lender's 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 satisfactory to Lender and that the interest payable on the sums s~cuted by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Aiortgage 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 ie mailed within which Borrower may pay the sums declared due. If Borrower fails to 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. - i ~ 18. Acceleration;-Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of anq covenant or agreement of Borrower in this Mortgage, including the eovenante to pay when due any sums 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 leas 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-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. 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 dema~rd 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 coats of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums eecnred by this 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 all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenant or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lender in enforcing the covenant and agreement 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 a 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 sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, thin Mortgage and the obligations secured hereby shall remain in fail force and effect as if no acceleration had occurred. t 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rent of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right 1 to collect and retie such rent 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 : court to enter-upon, take possession of and manage the Property and to rnllect the rent of the Properly, including those past due. All rent collected by the receiver shall be applied first to payment of the coat of management of the Property and collection of rent, including, but not i limited to, receiver's fees, premiums on receivers 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 rent actually received. - - - B~~K302 ~H~E1114 }