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HomeMy WebLinkAbout1713 8. laspection. Leader may make or cause to be made reasooabie entries upon sad iaspectioas oitbe property, provided that Leaden shall give Borrower notice prior to any such inspection spedtying reasonabk nose therefor related to Lends: s interest is the Property. 8. Condemaatloa. The proceeds of say award or claim for damages. direct a consegoential. in connection with say ooademaation a other; taking of the properq?, or part thereof. or for ooaveyaaoe in lien of ooademnatioa, are hereby assigned and shall be paid to Leader. In the event of s total taking of the Property, the proceeds shall be applied to the same secured by this Mortgage, wild We excess. if any, paid to Borrower. Ia the event of a partial taking of the Property. salsas Borrower sad Lender otherwise agree. is writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds v is equal Oo Wert proportion which the amount of the soma secured by Wier Mortgage immediately prior to the data of taking bears to We fair market value of the Property immediately prior to the date of taking. wild We balance of the proceeds paid to Borrower. If We Property is abandoned by Borrower, or ~ after notice by Leader to Borrower that the eondearnor offers to make an award or settle a claim for damages, Borrower fails b respond to Leader within 30 days after the date such notice is mailed, Lender is authorized to collect sad apply We proceeds. at Lender's option. eiWer to reetoratioa err repair of the property err to the rams secured by this Mortgage. Unless Lender and Borrower old erwise agree is writing. any such appliutioa of proceeds to principal shall note:lead o: pwtpone the due date of We monthly installments referred to is paragraphs 1 sad 2 hereof or change the amount of such iruWlmeats 10. Borrower Not Released. Extension of the time for payment or modification of amortization of We sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. is any manner. the liability of We original Borrower and Borrower's successors in interest. [.ender shall not be required to commence proceedings against arch succesbor or refuse to eztrod time for payment or oWerwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's auoceasors in interest. 11. Forbearance by Lemder Not a Waiver. Any forbearance by Leader in esee+ddng any right err remedy hereunder, err oWerwise afforded by applicable law, shall not be a waiver of or prednde the esercise ~ any each right or remedy. The procurement of insurance or the payment of to:es or older liens or charges by I.enda shall not be a waiver of Leader's tight to aooderate We maturity of the indebtedness t secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct a~ auaulative to any other right or remedy' Hader this Mortgage or afforded by law or equity. and may be e:errisal aoncuneatbr, independently or sneoessively. 13. Suaaessors and Assigae Bound; Joint and Several I3ab[lity; Captions The oovenanta and agreements herein contained shall bind, and We rights hereunder shall inure lo. We respective successors and assigns of Lender sad Borrower. subject to We provisions of paragraph 17 hereof.. All ooveaanta and agreements of Borrower shall be joint and several. The captions sad headings of the paragraphs of this Mortgage are for covenience only and an not to be need to interpret or dd'me 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 farm this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such older address as Borrower may designate by notice to Lender as provided herein, and (b) any aotioe 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 Borro~ter as provided herein. Any notice provided for in W is Mortgage shall be deemed to have been given to Borrower or Leader when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage oombiaes uniform oovenanta for national use and non- uniform covenants wild limited variations by jurisdiction to constitute a uniform security indrnment covering real property. This Mortgage shall be governed by the law of the jnrisdi~on in which the Property is located. In the eveatthat any provision or clause of this Mortgage a We Note conilicte wild applicable law, such conflict shall not affect other provisions of this Mortgage or We Note which can be given effect without We 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 Dopy of the Note and of this Mortgage at the time of ezewtion or after recordation hereof. 17. Transfer of the Property; Assumption. if all or any part of the Property or ate interest Werein is sold or transferred by Harrower without Lender's prior written consent. excluding (a) We creation of a lien or encambranoe subordinate to this Mortgages (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) We grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Leader's option, declare all the auras secured by W is Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if,prior to the sale or transfer, Lender sad the person to whom the Property is to be aok! or transferred reach agreement in writing that We credit of such person is satisfactory to Lender and that We interest payable on the soma secured by thin Mortgage shall be at such rate as Leader shall request. If Lender has waived We option to accelerate provided in this paragraph 17, and if Borrower's snocessor in interest has ezecuted a . written assumption agreement accepted in writing by Lender, Lender shall release Borrov?er from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aooderation in aaoordance with paragraph 14 hereof Such notice shall provide a period of not leas W an 30 days fi~om the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such auras prior to We ezpvation of such period. Leads may, without farther notice or demand on Horrower, invoke any remedies permitted by paragraph 18 hereof. j 18. Acceleration; Remedies. Except as provided in paragraph 17 heteo~ upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due say arms starred by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 days Eros the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to acre such breadr on or before the date specified in the notice may result in ~ acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sod sale otthe 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 acceleration and foreclosure. if the breach is not cared on or before the date specified in the notice, I.ende~r at Lender's option say declare all of the same starred by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, bntnot limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports 19. Borrower's Right to Reinstate. NotwithstandingLender's aecrkration ofthe anma secured by thiaMortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thin Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which world be then doe Hader this Mortgage, We Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower ~ all breaches of any othercoveaants or agreements of Borrower contained in _ Wier Mortgage; (c) Borrower pays all reasonable e:penaes 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, including, bat not limited to, reasonable _ attorney a fees; and (d) Borrower takes such action as Lender may reasonably r+egnire to assure Wert We lien of Wis Mortgage, Lendei s inured in W e Property and Borrowei a obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and We obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Harrower hereby assigns to Lender the rests of the Property, provided Wst Borrower shall, prior to sooeleration render paragraph 18 hereof or abandonment of the Property, have We right to collect and retain such rents as Wey become due and payable. Upon aooeleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receive: appointed by a court to enter.npon, take possession of and manage the Property and to collect the rents of We Property, including Wose past due. All recta collected by the receiver shall be applied first to payment of We costs of management of the Property and collection of rents, including, bat not a limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the rams secured by this Mortgage. The receiver shall be Gable to account only for Wose rents actually received. - ~~~`r~02 ~'~E1l~.3 a _ _ ~ r~: ~