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HomeMy WebLinkAbout2421 t i S. Inspection. Lender may make or cause b bs made reasonable entries upon and irupectiona of the property, provided that Lender shall give Boeeowar notice prior b any such inspection ~pecifyiag reasonable cause Werefor related b Lendstr's iptered in the Property. 9. Conderaaatlon. The proceeds oI any award oe claim for damages. direct or ootuequeatial, in connection with any oondemaation or other taking of the propsrRy, or part Wereot, or for oonvsyaaes in lieu of oondemnatioa, are hereby assigned and shall be paid b Lender. In the event of a total taking of the Property. the proceeds shall be applied b the sums secured by this Mortgage, wild the ezcep, if any. paid b Borrower. In We event of a partial taking of the Propergr, ndep Borrower and Lender otherwise agree in writing. there shall be applied b We sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums se~vred by this Mortgage immediately prior b the date of taking bean b the fair market value of the Property immediately prior b the date of taking. with the balance of the proceeds paid b Borrower. • If We Property is abandoned by Borrower, or if. after notice by Lender b Borrower that the condemnor offers b make an award or settle a claim for damages, Borrower [ails b respond b Leader within 30 days after the date such notice is mailed, Lender is authorized b collect and apply the proceeds. at Lender's option, either b restoration or repair of the property or b the swan secured by this Mortgage. Unless Leader and Borrower oWerwiss agree is writing. any such application of proceeds b principal shall not extend or pwtpone the due date of the monthly installments refereed b in paragraphs 1 and 2 bareof or change the amount of such inutallments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Leader b any sua:eseor in interest of Borrower shall not operate b release. in any manner. the liability of the original Borrower and Borrower's suoceason in interest. Lender shall not be required b commence proceedings against such successor or refuse to eztead time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s suoceason in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtedaees secured by this Mortgages • 12 Remedies Cumulative. All remedies provided in this Mortgage are distiad and cumulative b any other right or remedy under this Mortgage or afforded by law or equity. and may be ezerciserl ooncurreatly. independently or suooeesively. - 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein ooatained shall bind, and the rights hereunder shall inure b, We respective euoca~seon and assigw of Lender and Borrower. subject b the provisions of paragraph 171iereo~ All ooveaanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not b be used b 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 b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may deaignste by notice b Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. b Leader's address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in Win Mortgage shall be deemed b have been given b Borrower or Lender when given in the meaner designated herein: 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform wvenaats wild aimited variations by jurisdiction b oonatitute 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 We event that any provision or clause of this Mortgage or the Note conflicts wild applicable law, such rnnflid shall not affect oWpt provisions of Wis Mortgage or the Note which can be given effect without the conflicting provision, and b this end We provisions of We Mortgage and We Note are declared b be severable. I& Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of Win M_ ortgage at We time of e:ecation or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property'or an interest Wereia is sold or transferred by Borrower w~Wout Lender's prior written consent, excluding (a) We creation of alien 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 We death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option b purchase, Lender may, at.Leaders option, declare all We anma secured by W is Mortgage b be immediately due and payable. bender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory b Lender and Wat We interest payable on We soma secured by Wia Mortgage shall be at suchrate as Lender shall request. If Lender has waived We option to accelerate provided in this paragraph 17, and if Borrower's auacessor 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. If Lender exercises 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 to pay such soma prior b the expiration of such period, Lender may, without further notice or demand on Borrower, E invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept 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 any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower $s provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach moat 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 sauna 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-ezistence of a default or any other defense of Borrower to acceleration 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 alt ezpeases of foreclosure, including, but not limited to, reasonable attorney's fees, and ~ coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLenders acceleration ofthe aumesecured bythis Mortgage, Borrower shall have the right to have any proceedings begun by Lender b enforce thin Mortgage discontinued at any time prior b entry of a judgment enforcing ~ this Mortgage if; (a) Borrower pays Lender all soma which would be Wen due under this Mortgage, We Note and notes securing I~ture - Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older oovenante or agreements of Borrower contained in Wis Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We oovenanta and agreements of Borrower contained in Win Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of W is Mortgage, Lender's interest in the Property and Borrower a obligation b pay We name secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall main 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 b Lender the rents of the Property, provided that Borrower shall, prior to scoeleration under paragraph 18 hereof or abandonment of the Property, have the right to tolled and retain each rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender eh all be entitled b have a receiver appointed by a 1 court b enter•upon, talcs poseeasion of and manage the Property and b collect We rents of the Property, including Wore past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b We sauna secured by Wis Mortgage. The receiver shall be liable to account only for Woes rents actually received. a 3GDK~IV~G YacE24~ -