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HomeMy WebLinkAbout2125 8. Inspection. Lender may mats or cause b be made seasonable entries upon and inspectioru of the propergr. provided that Lander shall give Borrower notice prior b any such inspection specifying reasonable cause theretoe related b Lender's interest is the Property. 9. Condesasudoa. The prooseds of any award or Claim fo:damages. direct or eoasequential. in eonaection wild aglr oondemnadon or other taking os the propergr, or part Wereof, or for oonwyanp is lien of condemnation, sn hereby assigned and shall be paid b Leader. Ia the event of a total taking of the Property. the pspoeeds shall b applied b the arms secured by this Moef~age,with the a:Doss, if any, paid b Borrower. Ia the event of a partial taking of the Proper+y, unlew Hoaower and Leader oWerwiss ogres is writing, there shall be applied b the rums secured by this Mortgage anc6 Proportion d the proceeds as is equal b that proportion which tbs amount of the 4ueos secured by this Mortgage immediately prior b the date of taking bean b the fair market vales of the Property immedutely prior b the date of taking. with the balaaee of the pspceeds paid b Borrower. If the Property is abandoned by Borrower. os ~ site: notice by Leader b Borrower that the condemnor ogee b make an award os settle a daim for damages, Borrower fails b respond b Lender within 30 days attar the date arch notice is mailed, Leader is antborised b collect and apply the proceeds, at Leaded option. either b s+etoratioa or repair of the property or b the sums secured by thii Mortgages Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b prindpal shall sot eztend or postpone the due date of the monthly inutallments referred b in paragraphs 1 and 2 hereof or dsange the amount of such installments. 1Q Borrower Not Released.lszteaaioa of the time for payment or modification of amortisation of We enms secured by this Mortgage granted by Lender b any successor in interest of Borrower shall act operate b release. in any manner, the liability of the original Borrower and Borrowar'a anocesaon in interest. Leader shall not be required b commence proceedings against ouch successor or refuse b eztead time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by We original Borrower sad Borrower's snocesson in interest. 11. Forbearance by Leader Not a Waiver. Arty forbearance by Lender is e:es+casing any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or products the ezercise of any such right or remedy. The procurement of inamrance or the payment of fazes or other liens or charges. by Lender shall not be a waiver of Lenders right b aeoelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumnladve. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy Hader this . Mortgage or afforded by law or equity. and may be ezercise~i concurrently, independently or sneoessivdy. 13. Suooeasors and Assigns Hound; Joint and Several Liability; Capdons. The covenants and agreements herein contained shall bind, and the rights hereunder. shall inure b, the respective enoaeeaon and assigns of Leaden and Borrowrer, subject b the provisions of paragraph 17 hereoL All oovensata sad agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for oovenience only sad are not b be used b interpret or define the provisions hereof. 14. Nodce. Bxcept for any notice required under applicable law b be given in another manner, (a) any notice b Borrower this Mortgage shall be given by mailing such notice by certified mail addnaaed b at Provided for is Borrower may designate by notice b Lender as provided herein, and (b) any notioe~~r~ or at such other addr~aa as . .given by certified mail, r~etarn receipt requested, b Lenders address stated herein or b such older address as Lender may designate by notice b Borrower ea provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage oombinesnniform oovenante for national use and non- uniform covenants with limited variations by jnriadidion b constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which We Property le located. In the event that any provision or dawe of this Mortgage or the Note conflicts with applicable law. ouch caafiict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note an declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a ooaformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumpdon. If all or aqy part of the Property or sa interest therein is sold or transferred by Borrower wiWont Lenders prior written consent, e:duding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a pusrhaee money security interest for household appliances, (c) a transfer by devise, dessert or by operation of law upon the deaW of a joint tenant or (d) the grant of any leasehold interest of Wree years or leas not containing an option b purrhaae, Lender may, at Lender's option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b aooelerate if. prior to the sale or transfer. Lender and the person b whom the Property is b be sold ar transferred reach agreement in writing thatthe credit of such person is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at ouch rate as Lender shall request. If Lender has waived the option b aooelerate provided in this paragraph 17. and if Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligatioaa under this Mortgage and the Note. ! If Lender exercises such option b accelerate, Lender shall mail Borrower notice of aooeleration in accordance with Paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails b pay such soma prior b the expiration of such period, Lender may, without further notice or demand oa Borrower, ~ invoke any remedies permitted by paragraph 18 hereof. f ' 18. Aooeleration; Remedies. Ezcept as provided in paragraph 17 hereof, spore Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to sooeleration shall mail notice to Borrower ce provided is paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not leas than 30 demos hom the date the notice i. mailed to Borrower, by which such breach mast be cured; and (4) that failure to care such breach on or before the date specified in the nodce may remit in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sad 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 roe-ezistence 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 at Lender's option may declare all of the same 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 ezpessses of foreclosure, including, but not limited to, reasonable attorney's fees, end ~ costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's aeoeleration of the soma secured by this Mortgage, Borrower shall have s the right b have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays Leader ail soma which would be then due ender this Mortgage, the Note and notes securing l~ture ` Advanon, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in - this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in eafoning the covenants and agreements of Borrower i r contained in this Mortgage sad in enforcing Lender's remedies as provided in paragraph 18 hereof; indnding, but not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Lenders interest Y in the Property sad Borrower s obligation b pay the soma secured by this Mortgage shall continue unimpaired. Upon each payment and care 1 by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Asaigament of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Lender the rents ~ of the Property, provided that Borrower shall, prior b aooeleration under paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain such rents as they become due and payable. t Upon acceleration under paragraph 18 hereof or abandonment of the Property, Leader shall be entitled b have a receiver a ~ court b enterapon, take possession of and manage the Property and b collect the rents of the Pro ppomted by a i collected by the rtoeiver shall be a hod first to PAY. including those peat due. All rents ~ pp ' payment of the coots ofmanagement of the Property and collection of rents, inducting, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable atbrney's fees, and then b the sums eecared by this Mortgage. The receiver shall be liable b account only for those rents actually received. - U R SOOII ~ PACEz1~ ~ a