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HomeMy WebLinkAbout1992 i 8. InapeMlon. Lender may make or cause to be made reawnable wtries upon sad iaspsctions of the properly, p=ovided Wat Lender shall give Borrower notice prior b any such inspection specifying reasonable caws therefor related to Leader's interest is the Property. 9. Coademnadoa. The proceeds of any award or claim for damages. direct or consequential. is oonnectioa with say oondemaatioa or older taking of the property, or part thereof, or for oonveyaaos in lieu of oondemastion. are hereby assigned and shall bs paid to Lender. Ia the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the ezoess, if say, . paid to Borrower. Ia the event of a partial taking of the Property, unlea Borrower and Leader otherwise agree in writing, there shall bs applied to the sums 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 data of taking bean to the fair market value of the Property immediately prior to the date of felting. with the balance of the proceeds paid to Borrower. If the PropsKy is abandoned by Borrower, or ~ after notice by Lender to Borrower that the oondemaor often to make an award or settle a claim for damages. Borrower fails to respond to Leader within 30 days after the date such notice is mailed. Lender is anthorizsd to collect and apply the proceeds. at Leaders option, either to restoration or repair of the property or to the same secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. say such application of proceeds to principal shall rot extend of postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of We original Borrower and Borrower's successor in interest. Leader shall not be required to oommenoa proceedings against such successor 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 aucceason is interest. . I1. Forbearance by Leader Not a Waives. Any forbearance by Lender in ezerciang any right or remedy hereunder. or oWerwisa afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insnsance or the payment of fazes 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. 1 Z Remedies Camalative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy radar this Mortgage or afforded by law or equity.. sad may be ezercise~l concurrently, independently or suooeaaivcly. 13 Suvoessora and Assigns Bound; Joint and l3everal Liability; Captions. The wvenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective aucceason and assigns of Leader and Borrower, subject to the provisions of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for covariance 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 thin Mortgage shall be given by mailing such notice by certified mail addressed to Bo~rpowe; at)L~ Property Address or at such other address as Borrower may designate by notice to Lender ae provided herein, and (b) any notice to Leader shall be given by certified mail. return receipt requested, to bender'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; 3everability. This form of mortgage combines uniform oovenaata 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 aqy provision or claws of this Mortgage or the Note confUde with applicable law. such rnnflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the aontliding 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 ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein ie sold or transferred by Borrower without Lerder'e prior written rnnsent, ezclp ' c(a~~ation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest:foi ~i~ ap . (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaaghofi~ p~}~e~rs or lees not containing an option to purchase, Lender may, at Lender's option, . declare all the sums secured by this Mostgage 40 ~e imine~isicly 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 satisfactory to Lender and that the interest payable on the soma 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 from all obligations under this Mortgage and the Note. j If Lender exercises such option to 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 to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Ezcept ae provided in paragraph 17 hereof, neon Borrower's breach of any covenant or _ agreement of Borrower in this Mortgage, inclading the covenants to pay when dae any some 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 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 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-esistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cared on or before the date specified in the notice, Leader at Lender's option may declare all oithe same 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 ezpeases 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. Notwithstanding Lender s acceleration of the sums 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 to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all some 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 covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays ail reasonable expenses incurred by Lender in enforcing We covenants and agreements 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's fees; and (d) Borrower takes arch 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 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. ~ 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rests of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof ar abandonment of the Property, have tbe right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment olthe Property. Lender shall be entitled to have a receiver appointed by a court to enter.upon, take posaesaion of and manage the Property and to collect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied fiat to payment of the coats of management of the Property and collection of rents, including, bat not 'e limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for thane rents actually received. Q R lJlf In 1 3C~Ct 1(JJC rh~~.~~ t _