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HomeMy WebLinkAbout1426 4 8. InspeMioa. Leader may make or cave b bs made reasonable entries upon end inspections of the propKbr; p~o~de~ Wet Leader shall give Borrower notice prim to say such iaspedioa specifying reasonable cause therefor related b s interest hr tits Property- 9. Condemnation. The proceeds of any award or claia? for damages. direct or ooasequentisl, in connection with aqy condemnation or ocher taking of We property, or pari thereof. or for oonwyaacs in lien of condemnation, an hereby assigned sad shall be paid b Lender. In the event of a toW taking of the Property. the proceeds shall bs applied b the creme secured by thin Mortgage. with the excess. if any, paid b Borrower. Ia the event of a partial tskiag of the propertyy, unless Borrower and Lender otherariss agree in writing, tben shat bs applied to the sums secured by this Mortgage such proportion of the proceeds u is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bean to the fair market value of the Property immediately prior b the date of taking. with the balance of the proceeds paid to Borrower. V the Property is abandoned by Borrower, or ~ aMr notice by Lender b Borrower that the condemnor offers b make as award or settle a claim for damages. Borrower fails to respond b Lender within 30 days after the date such notice is mailed, Lender is authorized to collect sad aPPIY the Pr'~s• at Lender's cation. either to restoration ~ repair of the property or b the sums secured by this Mottgaga Unless Leader and Borrower oWerwise agree in writing.any such application of proceeds b principal shall not a:lead or pwtpoae the due date of We monthly installments referred to in paragraphs 1 and 2 hereof os 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 Leader to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's aueoesson in interest. Lender shall not be required to oommeace proceedings agairut such successor or refuse b eztend time for payment or otherwise modify amortisation of the soma secured by this Mortgage by mason of any demand made by We original Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a Wsiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any anch right or remedy. The prpcnrement of iasursnee 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 indebtednew secured by this Mortgage. 12 Remedies Cumulatlve. AU remedies provided in this Mortgage are distinct and cumulative b any other right or remedy Hader this Mortgage or afforded by law or equity. sad may be e:ercisai ooncurrent~jr, independently or suooessively. 13. Suooeasors and Assigns Bound; Jolnt and $everal Llabillty; Captions. The covenants and agreements herein contained shall bind. and We rights hereunder shall inure b, the respei~tive anocesson and assigns of Lender 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 We paragraphs of _ this Mortgage are for coveaience only and are not to be wed b interpret or define the provisions hereof. L4: Notice. Except for any notice required under applicable law b be gives in another manner, (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 stench oW er address as Borrower may designate by notice b Lender ere provided herein. and (b) any notice shall. be given by certified mail, return receipt requested, to Lender's address stated herein or to arch other address w Lendermay ate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given is the manner designated herein. 15. Uniform 1llortgage; Governing Law; Severabillty. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b eonstitnte a uniform security instrument covering real property. This Mortgage shall be governed by We law of the jurisdiction in which the Property ialocated. In the event that any provision or clause of this Mortgage or the Note rnnllids wiW applicable law, such conflict 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 s conformed copy of the Note and of this Mortgage at the time of execution or after 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 Lenders prior written consent, excluding (a) the eseation of a lien or encumbrance subordinate to 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 the death of a joint tenant or (d) the grant of any leasehold interest of three years or lees not containing an option to~purchase, bender may, at Lender's option, - declareall the snma secured by this Mortgage b 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 thecredit ofsuch - pereon is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at anch rate as Lender shall request. If Lender has waived the option b accelerate provided in this paragraph 17, end 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. I~ 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 tirom the date the notice is rr:ailed 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 ' 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 eovenanta to pay when due any sums secured by this 1ortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required b cure such breach; (3j a date, not less 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-eustence of a delanlt or any other defense of Borrower to acceleration and foreclowre. If the breach m 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 all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's tight to Reinstate. NotwithstandingLender's acceleration of the soma 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, hsd no acceleration occurred; (b) Borrower curse all breaches of any other oovenante or agreements of Borrower contained in this Mortgage; (c) Borrower pays all seasonable ezpeneea incurred by Lender in enforcing the 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 b, reasonable attorney's fees; and (d) Borrower takes such action sa Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and care 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. As additional security hereunder, Borrower hereby assigns to bender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right to tolled 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 b 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 those past due. All yenta collected by the receiver shall be applied firs! b payment of the costa of management of the Property and eolledion of rents,including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and.then b the sums secured by thin Mortgage. The receiver shall be liable to account only far those rents adpally received. I Bo K 303 PA~E1425 . _ - - _ - . ,