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HomeMy WebLinkAbout1949 j .8. Inspectloa. Leader may make or cause to be nude reasoruble entries upon and iaspectioru of the property,provided that Lender shall giro Borrower notice prior to nay such inspection specifying reuoaable cause therefor related to Leader's interest iA tlrs Props:ty. 9. Coademaadoa. The proceeds of any award or.claim for damages, direct or consequential. ir. connection with any oondemrution or other taking of the property, ar part thereof, or for onawyeace in lien of condemnation, are hereby assigned and sball bs paid to Leader. Ia the event of a toW taking of We Property. the proceeds shall bs applied to We sums secured by this Mortgage. with the s:oen, if any, . paid to Borrower. In the event of a partial taking of the Propsrgr, unless Borrower and Leader otherwise agree is writing, there shall ba applied to the soma secured by Chia Mostgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by thin Mortgage immediately prior to the date of taking bears to the fan market value of the Property immediately prior to the date of taking, with the bslance of the proceeds paid to Borrower. . If the Propertl is abandoned by Borrower, or if. aRm notice by Lender to Borrower that the oondewao: offers to make an award os settle a claim for damages. Borrower fail to respond to Lender within 30 days aRer the date such notice is mailed, Leader is authorised to collect and aPP11? the proceeds, at Lender's option, either to restoration or repair of the propsrtyor to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend a postpone the due date of the monthly irutallments referred to in paragraphs 1 and 2 hereof or change the amount of such irutallmeats. 10. Borrower Not Released. Extension of the time for paymaat or modification of amortisation of We sums secured by this Mortgage granted by Lender to any auoiwsor in interest of Borrower shall not operate to release, is any manner, the liability of the original Borrower sad Borrower's successors in interest. Leader shall not be required to commence proceedings against suds suoceaaor or refuse to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's auooessore in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerclsiag any right or remedy hereunder, or otherwise afforded by applicable law, shaA not be a waiver of or preclude the exercise of any such right or remedy. The pmcurem~t of insurance ce We paymrot of taxes or other liens or charges by bender shall not be a waiver of Lender's right to acolerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cnmulatiw to any other right or remedy ender this Mortgage or afforded by law or equity, and may be ezercised concurrently, independently or auooessiwly. 13. S»ooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the raspectiw anoceeson and assigns of Leader and Borrower, subject to the provisions of paragraph 17 hereof .All oownants and agreements of Borrower shall be joint and several.'ITre captions sad headings of the paragraphs of thin Mortgage are for covenieace only and are not to be used to interpret or define 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 Biwa by mailing such notice by certified mail addressed to Borrower at the PropertgAddre se or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leadee 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 Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform covenants for national nee and non- uniform covenants with limited variations by jurisdiction to oanstitute a uniform security inatrnment covering real property. This Mortgage shall be governed by the law of the jurisdiction is 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 this end the provisions of the Mortgage and the Note are declared 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 execution or after _ recordation hereof. . 17. Transfer of the Property; Assumption. V all or any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcludirig (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household applianece, (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 less not ooataising an option to purchase, Lender may, at Lender's option, declare all the soma secured by this Mortgage to be immediately due and payable. Leader shall have waived such option to accelerate if, prior to the sale or transfer, Leader and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of arch person ia~ satisfactory b Leader and that the interest-payable on the some secured 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 Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower 5~om all obligations under this Mortgage and the Note. Ij 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 is 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 oa Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Except ae 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 any some severed 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 each breach; (3) a date, not lase than 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to care 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 Bale 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-ezistence of a default or any other defense of Borrower to aeoeleraHon 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 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 tees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration ofthe sumasecured bythis 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 Leader all sums which would be then due wader this Mortgage, the Note and notes securing I~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breacbee of any other eoveaante or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender is enforcing the covenants and agreements of Borrower wntained in thin Mortgage and is enforcing Lender's remedies as provided is 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, Leader's interest ; ~ in the Propertyr and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender therent~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents aa.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 oo~t to enternpon, talcs posseasioa of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the coats 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 aoeount only for those rents actually received. - . a r BGG!(JUZ ~lirf ~9~9 # ~'A..w-. K.- - - - '1