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HomeMy WebLinkAbout1860 8. InapeMloa. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Leader shall # give Borrower aoties prior to any such inspection specifying reasonable caws tllsretor r~iatsd Lender's iateeest is the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct os consequeati~ is connection with any ooademnation or ~ other taking of the property, or part thereof. or far conveyance is lieu of eondemaation, are hereby assigned and shall be paid to Lender. } Ia We event of a total taking of the Property, the proceeds shall be applied to t}?e coma secured by this Mortgage, with the excess, if any, paid to Borrower. la the event of a partial taking of the PropsrRy, udess Borrower sad Lender otherwise agrees is writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds u is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair marled value of the Property immediately prior to the date of taking, with the balances of We proceeds paid to Borrower. If the Property is abaadoaed by Borrower, or if, aRer notice by Lender to Borrower that the condemnor ogee to make en award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Leader's option, either to restoration or repair of the ~operRy or b the sums secured by this Mortgage. Unless Lender sad Borrower oWerwiae ague in writing, say each application otprooeeds to principal shall not extend or pwtpoae the due date of the monthly installments referred to in paragraphs 1 sad 2 hereof or change the amount of such iastalhnents. 10. Borrower Not Released. Eztenaoa of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Leader to any successor is interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower { and Borrower's suecesson in interest Leader shall not be required to commence proceedings against such suoressor or refuse to estend time t for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrowefs succeesan in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in eze:<aaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exeriase of any such right or remedy. The procurement of insurance or the payment of tares or other liens or dnarges by Leader shall not be a waives of Leader s right to accelerate the maturity of We iadebtednew secured by this Mortgage. ~ ` 12 Remedies Cumulative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or affgded by law or equity, and may be exercised ooncnrrently, independently or snooessively. 13. Sueceasors and Assigw Bound; Joint and Several Liability; Captions. Tha covenants and agreements herein contained shall bind, and the rights hereunder shall iaare to, the respective successor and es;igns of Leader and Borrower. subject to We provisions of pangrapii 17 hereof. All rnveaants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of ~ this Mortgage are for coveaienee only and are not to be used to interpret or define the provisions hereof. E 14. Notice. E:eept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in - this Mortgage shall be given by mailing inch 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 shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other addr+eee as Lender may designate by notice to Borrower 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 oovenanta for national nee and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage F shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any provision or dauee of this Mortgage or ~ the Note conilids with applicable law, such rnnflict shall not aged other provisions of this Mortgage or the Note which can be given effect i without the conflicting provision, and to this end the provisions of the Mortgage and We Note are declared to be severable. lfi. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof: 17. Transfer of the Property; Assumption. U all or any part of the Property or an interest therein is Bold or transferred by Borrower without Lender s prior written consent. e:duding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase awney security interest for household appliances, (e) a transfer by devise, descent or by operation of law upon the death of a joint f tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lender's 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 end the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person 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 Borrower's 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 :vote. - - If Lender e:erasea such option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereoL 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 i due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, mucks any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided is paragraph 17 hereof, upon Borrower's breads of any covenant or agreement of Borrower in this Mortgage, including the eovenante to pay when due any sums secured by this Iortgage,Lender prior to acceleration shall mail notice to Borrower as 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 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 P'rop~erty. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the t non-existence of a detauk or any other defense of Borrower to acceleration and foredosure. 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 soma secured by this Mortgage to be immediately due sad payable without further demand and may forecla~se 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 Right to Reinstate. NotwithatandingLender's aeoeleration 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 then due under this Mortgage, the Note and notes securing Ftiture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorgey's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest i in the Property and Borrower's obligation to pay the soma secured by this Mortgage 8ha11 continue unimpaired. Upon such payment and care ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect ae if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to tolled and retain ouch rents as they become due and payable. 6 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 past due. All rents ~ collected by the receiver shall be applied fiat to payment of the costs of management of the Property and collection of rents, indading, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then tD the sums secured by thin Mortgage. The receiver shall be liable to account only for those rents actually received. oR ~I sooK303 PACE18~