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HomeMy WebLinkAbout2636 ' ~ . • - ~ r 8. IaspeMion. Landes may make or causo to be made rauoaabMiaMds upon and inspictions of the property. provided that lender shag give Borrows aotiee prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. CondemnaUoa. The proceeds of any award or claim for damages, direct or consequential, in connection with arty ooademnation or other taking of the property, or part thereof, or fa conveyance in lieu of condemnation, are hereby assigned sad shall bs paid to Leader. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the axoess, If aqy, paid to Borrower. Ia the event of a partial taking of the Property, unlea Borrower and Lender 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 snau secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to We date of taking. with the.balaaoa of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days alts: the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option. either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender sad Borrower otherwise agree in writing. any such application of proceeds to principal shall not retract or pwtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by bender to any successor in interest of Borrower ehaU not operate to release, in any manner, the liability of the original Borrower and Borrower's sutt'essors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend 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 successors in interest, 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inanranoe or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy render this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or suooessivcly. 13.' 3ucoessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein oontaiaed shall bind, and the rights hereunder shall inure to, the respective succesaort? and assigns of Lender and Borrower, subject to the provisions of paragraph 1?hereof. All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience 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 Borrows 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 as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leader j~ap ~e 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 Boir+ower 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. This form of mortgage combines uniform covenants for national use and non- uniform rnveaants 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 confiiM 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. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or aRRr recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written conBent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase•awney 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 years or less not containing an option to purchase, Lender may, at Lenders option, declare 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 transfenred reach agreement in writing that the credit of such patron 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 auoceesor 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 exerciser such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance 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 sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. t 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 oovenanta to pay when due any sums severed by this llostgage, Lender t 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 less than 30 days from the date the notice is mailed to Borrower, by which such i breach must be cured; and (4) that failure to care such breach on or before the date speed in the notice may result in acceleration of the same secured by this Mortgage, foreclosure by judicialproceeding`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-existence 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 atLender'e option may declare all of the soma 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 fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower'a~ Right to Reinstate. NotwithstandingLenders acceleration ofthe sumesecured by thieMortgage, 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 then due under this Mortgage, the Note and notes securing P~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other coven ants or agreements of Borrower rnntained is . this Mortgage; (c) Borrower pays all reasonable e:penees incurred by Lender in enforcing the covenants and agreements of Borrower i contained in this Mortgage and in enforcing Lenders remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as bender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall rnntinue unimpaired. Upon such payment and care by Bonrower, 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. As additional security hereunder, Borrower hereby seaigna to Lender the rents i 3 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 as 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 court to enter"upon, take possession of and manage the Property and to collect the rents of the Property, including those pa8t due. All rents s 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 to, receiver's fees, premiums on receiverb bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aeoount only for those rents actually received. - g0ox rACf ~vi~ e ~ ' - _ - _ - . - r ~ -