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HomeMy WebLinkAbout2429 i 8. Inspection. Lender may make or cause to be made naaoaable entries upon sad inspections of We property, provided that Lsadsr shall give Borrower notice prior to any such inapectioa specifying reasonable caws Wepfor related to Leader i interest in the PtropM,. 9. Condemnation. The proceeds of any award or claim for damages. direM or conaequeatial. in conaectiioa with nay oondemaation or ~ other taking of the property, or part thereof. or for coawyance in lieu of oondemaatioa. are hereby assigned end shall be paid to Leader. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by thin Mortgage, with the excess, if any, ' paid to Borrower. In the swat of a partial taking of the Property. salsas Borrower and Lender oWerwiss agree in writing. then shall bs applied to the sums secured by this Mortgage such proportion ~ the proceeds u is equal to that proportion which the amount of the arms secured by Win Mortgage immedutaly prior to We date of taking bean to the fair market value of the Property immediately prior to the date o[ taking, wild We balance of the proceeds paid to Borrower. - If the Propergr is abandoned by Harrower. or if, aRer notice by Leader to Borrowror that the condemnor oQen to make an award or settle a a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date such notice is mailed. Lender is authorised to collect and apply We proceeds. at Lender's option, eiWe: to restoration or repair of the property oar to the sums secured by this Mortgage. Unless Leader and Borrower oWerwise agree in writing. any such application of proceeds to principal shall not extend or postpone the dw date of We monthly installments referred to is paragraphs 1 and 2 hereof or change the amount of such irutallments. - 10. Borrower Not Released. E:tenaioa of the time for paymaut or modification of amortisation of the sums secured by thin Mortgage granted by [.ender to any suooessor in interest of Borrower shall not operate to please. is spy meaner. We liability of the original Borrower and Borrower's suooeeson in interest. Lender shall not be pquipd to commence proceedings against such successor or refuse to extend time for payment or oWerwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower ~ and Borrowei s successors in interest. 11. Forbearance by Lender Not a Niaiver. Any forbearance by Lender in exercising any right or pmedy hengmder, or oWerwiae t afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or pmedy. The procurement of insurance or We payment of taxes or older liana or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness secured by Wis Mortgage. - 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to nay older right ar pmedy ender thin - Mortgage or afforded by law or equity. and may be exercised ooncurpatly, independently or sueoessively. 13. Successors and Assigns Bound: Joint and Several Liability; Captions. The ooveaants and agreements herein contained shall bind, and We rights hepunder shall inure to, We respective auocesson and assigns of Lender and Borrower, subject to We provisions of - paragraph 17 hereof: All covenants and agreements of Borrower shall be joint and severeJ. The captions and headings of the paragraphs of this Mortgage are for covenience only sad ap not to be need to interpret os defies We provisions hepof. - 14. Notice. Except for any notice required under applicable law to be given in anoWer manner. (a) any notice to Borrower provided for in s thin Mortgage shall be given by mailing auch notice by certified mail addressed to Borrower at the Property Address or at auch other address as ~ Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given liy certified mail, return receipt requested, to Lender's address stated herein or to such older address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in Win Mortgage shall be deemed to have been given to Borrower or Lender when giwa in We manner designated herein.. 15..Uniform Mortgage; .Governing Law; Severability. This form of mortgage.oombines 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 Wet any provision or clause of this Mortgage or the Note conflicts wild applicable law, auch conflict shall not affect older provisions of Wis Mortgage or We Note which can be given effect without We conflicting provision, and to Win end We provisions of the Mortgage and We Note ap declared to be severable. ~ j 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of We Note and of Win Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. if ail or any part of the Property or an interest Wepia is sold or transferred by Borrower wtithout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a ~ purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We deaW of a joint tenant or (d) We grant of any leasehold interest of Wree yeah or leas not containing an option to pnrchaae. Lender may, at Lendei a option, declap 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 auch person is satisfactory to Lender and that We interest payable on We sums secured by this Mortgage shall be at auch rate as Lender shall request. If Lender has waived We option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall please Borrower from all obligations under this Mortgage and the Ti ote. If Lender exercises auch 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 W an 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 auch period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragraoh 18 hereof. E f 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 any sums secured by thin Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than all days from the date the notice is mailed to Borrower, by which such - ~ 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-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. It the breach is not cured on or before the date sped .feed in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be R immediately. due and payable without further dewand and may foreclose thin 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 fees, and 3 costa of documentary evidence, abstracts and title reports. a ~ 19. Borrower's Right to Reinstate. NotwithatandingLender s acceleration ofthe 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 sums which would be Wen due under Wis Mortgage, We Note and notes securing I~tup Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants ar agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in-enforcing We ooveaants and agreements of Borrower contained in Win Mortgage and in enforcing Lender's pmedaea ae provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably requip to aasup 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 auch payment and cure by Borrower, this Mortgage and We obligations secured hepby shall remain in full force and effect w if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hepnnder, Borrower hereby assigns to Lender We rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to rnllect and plain auch pate ae Wey 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 court to enterupon, take possession of and manage the Property and to collect We rents of the Property, including Wove peat due. All pate _ 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 i limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to We soma secured by this Mortgage. The receiver shall be liable to account only for Wove Ants actually received. F e _ - - -