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HomeMy WebLinkAbout1979 • ~ 8. Inspection. Lender may make or cause b be made reasonable entries upon and inapectioru of the property.provided that Lender shall give Borrower notice prior b any each inspection specifying reasonable cause thwefor related to Lendes'a latepst a the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or eonasquential. in connection with say condemnation or other taking o[ the property. or part Wereof. or for conveyance in lieu of ooademnation, are hereby assigned and shall bs paid b Lender. Ia the event of a btal taking of the Property. the proceeds shall be applied b We soma secured by this Mortgage, with the a:oew. if any, paid b Borrower. la the event of a partial taking of the Properts, unless Borrower and Lender otherwise agree is writing. there shall bs applied b We sums secured by this Mortgage such proportion of We proceeds et is equal b that proportion which the amount of the cams secured by this Mortgage immediately prior b the date of taking bean b the fair marled value of the Property immediately prior to the date of taking. with the balanea of the proceeds paid to Borrower. Uthe Property is abandoned by Borrower, or if, aRer notice by Lender b Borrower that the condemnor offers b make en award or settle a claim for damages, Borrower fails b respond to Lender within 30 days after the date such notice is mailed, leader is authorised b collect and apply the proceeds. at Lender's option, either b restoration or repair of the property or to the sums secured by this Mortgage. Udess Lender sad Borrower otherwise agree in writing. any such application of proceeds b principal shall not estend or postpone the due date of the monthly installments pferred b in parag~aphr 1 and 2 hereof or change the amonat o! such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender b any successor in intepst of Borrower shall not operate b please, in any manner, the liability of the original Borrower and Borrower's successors in intepst. Lender shall not be required b wmmence proceedings against such snoceswr or pfuae to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by person of any demand made by the original Borrower and Borrower a auocesson is interest. 1 I. Forbearance by Leader Not a Waiver. Aqy forbearance by lender in ezerc3siag any right or pmedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any such right or pmedy. The procurement of iasursnos or the payment of taxes or other liens or charges by Lender mall not be s waiver of Fenders right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cmm~lative. All pmedies provided in this Mortgage ap distinct and cumulative b any other right or pmedy Hader this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or aneeessively. I3. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenaata and agreements tiepin contained shall bind, and the rights hepunder shall inure to, the respective sncceesors and assigns of Lender sad Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and aeverel. The captions and headings of We paragraphs of this Mortgage ap for covenience only and ap not b be used b iaterppt or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b 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 sa Borrower may designate by notice b Lender as provided herein, end (b) any notice b Lender shall be given by certified mail, rdnm reodpt requested, b Lenders address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. 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; Severabilitq. 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 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 ap decland b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of thin Mortgage at the time of execution or after rernrdation hereof. 1 T. Transfer of the Property; Assumption. U all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b 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 yeap or leas not containing an option to purchase, lender may, at Lenders option, declap all the soma aecnred by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate if, prior b the sale or transfer, Lender and the person to whom the Property is b be sold or transferred reach agreement in writing that the cpditof such person is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Landes ties waived the option b accelerate provided in this paragraph 17, and if Borrowers suonessor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall please Borrower from all obligations under this Mortgage and the Note. 'i If Lender ezercises such option b accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: 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 soma declared due. If Borrower fails b pay such soma prior to the expiration of such period, Lender may, without further nonce or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ 18. Aeoeleration; Remedies Except as provided in paragraph 1? hereof, upon Borrower's breac4 of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any soma secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by.which each breach must be cared; and (4) that failure to cure such breach on or before the date epeciRed 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 aaq other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specified is 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 bq 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 documeatsry evidence, abstracts and title reports 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (s) Borrower pays Lender all sums which would be then due under thin Mortgage. the Note and notes securing I~ture Advances, if any, had no apceleration occurred; (b) Borrower cope all breaches of any other covenants or agreements of Borrower oontaiaed in this Mortgage; (c) Borrower pays all reasonable ezpenaes incurred by Leader in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, bat not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably requip to assup that the lien of this Mortgage, Leader's interest in the Property and Borrowers obligation b pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hepby shall remain in fall force and effect ere if no acceleration had oecnrred. =z 20. Assignment of Rents; Appointment of Receiver. As additional security hepunder, Borrower hepby assigns b Lender the rents of the Property, provided that Borrower shall. prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and plain such pnta ere they become due and payable. Upon acceleration Hader paragraph 18 hepof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enterspon, take possession of and manage the Property and b collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first b payment of the costs of management of the Property and collection of rents, including, bat not limited b, pceiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the sums scented by this Mortgage. The ' receiver shall be liable b account only for those rents actually received. 0 Q BocK~U~G ~acE19?g