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HomeMy WebLinkAbout1417 c ; 4 . ~ - • ~ 8. Iaspectloa. Lender may make or cave to be made reawnable entries upon and inspections of the property,provided that lender shall give Borrower notice price to aqy such inspection specifying reasonable cause therefor related to Lender's interest is the Property. 8. Condemnation. The proasds of say award or claim for damages, direct orconssquaaaal, in connection wild any condemnation or other taking of the property. or part thereat. or for coaveyena in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. Ws proceeds shall bs applied to the sums secured by this Mortgage, with Wee:oess, it aqy, paid to Borrower. la We event of a partial taking of tls ProperRjr, unless Borrower and Lender oWerwiss agree in writing. Were shall be applied to We awns second by Wis Mortgage wch proportion of We proceeds at is equal to Wet proportion which the emonat of the sums secured by this Mortgage immediately prior to We date of taking bean to the fair market vs~lue of We Property immediately prior to the date of taking. with We balance of We proceeds paid to Borrower. - If We Propecgr is abandoned by Borrower, or it. after notice by Lender to Borrower that the condemnor offers to make as award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Leader is authorized to collect and aPPLY ~ proceeds, at Lender's option. eiWer to restoration or repair of the property err to the sums secured by this Marfgage.- Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall rtot eztend or postpone the due date of Ws monthly installments referred to in paragraphs 1 sad 2 hereof or change We amount of such installments. 10. Borrower Not Released. E:tenaion of the time for payment or modification of amortisation of the sums secured by Wis Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner, We liability of Wa original $orrower and Borrower's weoeesora in interest. Lender shag not be required to oommenoe proceedings against wch successor or refuse to eztend time for payment or oWerwise modify amortization of the auras secured by this Mortgage by reason of say demand made by Weoriginal Borrower , and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender is exercising any right or remedy hereunder, or oWeswise afforded by applicable law, shall not be a waiver of or preclude We exercise of any such right or remedy. The procurement of insurance or We payment of terse or older liens or charges by Lender shall not be a waiver of Leader's right to aecelerate the maturity of We indebtedness secured by Wis Mortgage. 1 Z Remedies Cumulative. All remedies provided is this Mortgage are distinct and cumulative to any older right or remedy render this Mortgage or afforded by law or equity, and may be ezercisecl ooncusrently, independently or snooessively. • 13. Soooesaors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the sights hesnader shall inure to, We respective snooeason and assigns of Lender and Borrower, wbject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of W e paragraphs of this Mortgage are for covenienoe only and are not to be used to interpret or de5ne We provisions hereof. - 14. Notice. Ezcept for any notice squired under applicable law to be given in anoWer rganaer, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at We Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certi5ed 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 is this Mortgage shall be deemed b have been given to Borrower or Lender whey given in the manner designated herein. 15. Uniform Mortgage; Governing Law; SeverabiLity. This form of mortgage combines uniform covenants for national use and aon- aniform eovenanta wild 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 We event that any provision or clause of this Mortgage or the Note conflicts wild applicable law, such conflict shall not affect older provisions of this Mortgage or the Note which can be gives effect without the conflicting provision, and to this end Weprovisions of the Mortgage and We Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of We Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption: V all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance anbordinate to Wis 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) the grant of any leasehold interest of Wse years or leas not containing an option to purchase, Lender may, at Leader's option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived wch option to aecelerate if, prior to We 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 wdr person is satisfactory to Lender and that We interest payable nn the sums eearred by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in thin paragraph 17, and if Borrower's waceasor in interest has a:seated a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and the Note. f If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance wild paragraph 19 hereoL Sueh notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared f due. If Borrower fails to pay such sums prior to the expiration of wch period, Lender may, without further notice or demand on Borrower, ! invoke any remedies permitted by paragraph 18 hereof. i 18. Acc:eleratioa; 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 soma warred by this Mortgage, Lender ~ prior to sa~eleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to arre such breach; (3) a date, not leas than 30 days lr+om the date the notice is mailed to Borrower, by which such breach moat be erred; and (4) that failure to acre such breach on or before-the date specified in the notice may result in = acceleration of the same secured by this Mortgage, foreclosure by judicial proceeding and sale otthe 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+ezistehce of a default or any other defense of Borrower to acceeleration and foreclosure. If the breach is not cured on or ! before the date speed 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 i entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender'sacceleration piths aumasecured bythis 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 this Mortgage, the Note and notes securing Ftirtus Advances, if any, had no acceleration oa~urred; (b) Borrower cures all breaches of any older eovenante or agreements of Borrower contained in ' this Mortgage; (c) Bornower pays all 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 IS hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably squis to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay We sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and We obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hesunder, Borrower hereby assigns b Lender We rents ~ of the Property-, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Pro to collect and stain each rents as Wey become due and payable. - pertY.have Weright Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a - court to enterypon, take possession of and manage the Property and to collect the rents of the Property, including thane past due. All rents x•. collected by the sc~eiver shall be applied first to payment of the poets of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to aeoount only for those sofa actually received. 800 (e~ PACE f ' 14i6 s _ - - - - _ -