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HomeMy WebLinkAbout1748 ii 8. Inspection. Lender may make or caws to be made reasonable entries upon and iaspectioni of the property. provided that Lender shall Rive Borrower notice prior to any such inspection speci4rinR reasonable cause therefor related to Lendst's }t?terest in the Property. 9. Coademnetioa. The proceeds of any award or claim for damages. direct or consequential. in eonn«,tiaa with any oondwanatioa os older taking of the property. oe part thereof. os for conveyance in lien of condemnation. are hereby awignad and shall bs paid to Lsnde:. In the event of a total taking of We Property, the proceeds shall be applied to We sums secured by thin Mortgage, wild the wows. ff any, paid to Borrower. la the event of a partial taking of the Property, unlea 8orrawer and Lender otherwise agree in writing. there shall bs ' applied to the sums secured by this Mortgage such proportion of the proceeds a. is equal to tbat proportion which the amount of We same secured by this Mortgage immediately prior to We date of taking bean to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. . • If the Prope;ty is abandoned by Borrower. or if, 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 after the date ouch notice is mailed, Lender is authorised to collect and apply the proceeds, at Leader's option. either to sestoration or repair of the properttip err to the sums secured by this Mortgage. Unless Leader and Borrower otherwise agree in writing, any such application of proceeds to principal shall not a:tend or postpone the dw date of the monthly installments referred to in paragraphs 1 and 2 hereof or duu~ge the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lends: to any successor in interest of Borrower shall »ot operate to release, 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 aueoessor or refuse to eztend 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. Any forbearance by Lender in ezerciaing any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or prelude the exercise of say such right or remedy: The procurement of insurance or the payment of fazes a other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by thin Mortgage. 1Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to aqy older right or remedy render this Mortgage or afforded by law or equity. and may be ezercise~l concurrently. independently or sneceasivelq. 13.3uooessorsend Assigns Bound; Joint and fieverel Liwbility; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective aneoesson and assigns of Lender and Borrower, snbjed 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 covenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage shag be given by mailing arch 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 Leader shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as LendeSmay designate bq notice to Borrower ae provided herein. 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. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national we 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 We Property is located. In the event that any provision or lanes 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 dedared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of a:ecntion or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or hBnsferred by Borrower without Lender's prior written consent, e:duding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crcetion of a purchase money aecnrity interest for household appUanoea, (c) a transfer by devise. descent or by operation of law aeon 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 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 each person is eatiafactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at each rate 88 Lender shall request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrower a successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower f rpm all obligations under this Mortgage and the Note. ! If Lender exerciace such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof E 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 name declared f due. If Borrower fails to pay such sums prior to the~ezpuation of such period, Lender may. without further notice or demand on Borrower, ~ invoke any remedies permitted by paragraph IS hereof. • 18. Acceleration; Remedies Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due aqv sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 detiys from the date the notice is mailed to Borrower, by which such breach must be cared; and (4) that failure to care such breach on or before the date specified in the notice may.re~ult 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 agar acceleration and the right to assert in the foreclosure proceeding the non-euatence of a default or any other defense of Borrower to acceleration 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 soma secured bq 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 anch proceeding all expenses 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. NotwithatandingLenders acceleration ofthe eumasecured by thiaMortgage, Borrower shall have the right to have any proceedings began 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 oovenanta or agreements of Borrower contained in this Mortgage; (c) Bon~ovrer pays all reasonable expenses incurred by Lender is enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lenders remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes anch 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, this Mortgage and the obligations eecnred hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph IS hereof or abandonment of the Property. have the right to collect and retain such rents 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 oonrt to enterupon, take possession of and manage the Property and to collect the rents of the Property, inducting those pant due. All rents wlleeted by the receiver shall be applied first to payment of the scats of management of the Property and collection of rents, indading, but not , limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's foes, and then to the soma secured bq this Mortgage. The receiver shall be liable to aceoun! only for those rents actually received. eo~K3U2 ~~~~1748 _ - - j~- ~ _ - a~~~