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HomeMy WebLinkAbout2605 , ' 8. InapeMion. Lender may make or cause b be made nasonabls entries upon aced inspections of the property. provided that Lender ahaU giw Borrower notice prior to aqy ouch inspection specifying eessonabk cause therefor elated to Lsndar'a iatereat io tlu Property. 9. Coademnatioa. The proceeds of any award or claim for damages, direct a rnneegnential, in eonnectioa with any oondamnatipn or other Wring of the property. or part thereof, or for conwyaaa is liw of oatdemnatioa. era hereby assigned and shall bs patd to Lender. In the event of a total taking of the Propedy. the peooasds shall b applied to the sums assured by thin Mortgage, with tbs ernes, if any, paid to Borrower. In the event of a partial taking of the Properly. nnlas Borrower and Landes otherwise ogres in writing, there shall bs applied to the soma secured by thin Mortgage such proportion of the proceeds as is equal to that proportion which the amount o[ the sores secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the PropeeRy immediately prior to the date at taking, with the baleen of the proaeda paid to Borrower. _ If We Property is abandoned by Borrows:, or if, ages notice by Lendw to Borrower that the condemnor oRen to make an award or settle a claim for damages„ Borrower fins to respond to Lender within 30 days after the date such aeries i,a mailed, L>:rtder is authorized to oolleet and - apply the proaeds.'at Lenders option, elWer to redoratioa or repair of tM propwV.a to tbs soma secured by Chia Moetgage. Unless Lender end Borrower oWerwias ages in writing. any such application of proceeds to principal shall not extend err postpone the due date of tine monthly instalments referred to in paragraphs 1 and 2 hereof or change the amount o[ sncb instellaoeats. 10. Borrower Not Released. Extension of the time for payment or modifkation of amortization of the soma aecnred by this Mortgage granted by Lender to any snocessor in interest of Borrower shall not operate to release. in aqy manner, the liability of the original Borrower and Borrower's sna~eswn in internat. Lender ahaU not be required b commence prooeedinga against such enecessor. or refnae 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 a suooeaaon in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercidng any right or remedy hereunder. ar.otherwiae afforded by appUcabk law. shall not be a waives of or preclude the exercise of any such right or remedy. The procurement of insnrancs or the payment of taxes err other liens err charges by Lender shall not be a waiver of Leader's right b aaxlerate the maturity oaf the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this 1Mlartgage are distinct sad cmm~latiw to arty other right or remedy under this Mortgage or afforded by law or equity, and may be exercised ooncurrent~jr, independently or suooeadvdq. 13. Snooessors sad Assigns Bound; Joint and Several Liabiliq?; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to, the teapectiw snooenors and aesigru of Leader and Harrower, subject b the provisions of paragraph 17 hereoL All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ooveniroa only and are not to be used to intez~at or define the provisions he:eot - 14. Notice. Except for any notice required under applicable law to be given fin' another manner, (a) any notice to Borrower provided for in thin Mortgage shall be given by mailing arch notice by certified mail addressed to Borrower at the Property Addrea or at such other addrea as Borrower may deaignate•by notice to Lender as provided herein, and (b) any notice to Leader ahaU be given by adi5ed mail, return receipt requested, to Lender's address stated herein or to such other address as Leader may designate by notice to Bornuwer as provided herein. Any . notice provided for in this Mortgage shall be deemed to haw been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage rnmbinea uniform oovenanta for national use and non- uniform covenants 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 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 We provisions of the.Mortgage and the Note are declared to be severable. lli. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of We Property; Assumption. If all or nay pad of the Property or as intend therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encnmbrana sabordinate to this Mortgage, (b) the creation of a purchase money security interest for.household appliances, (c) a trander 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 yeah or less not containing an option to pnrrhaae, Lender may, at Lender's oprion, declare all the sums 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 transferred reach agreement in writing that the creditof such . person is aatiafactory to Lender and that the interest payable oa the sums secured by tnia Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to socelerate provided in this paragraph 17, and if Borrower's aucoeesor in intered has exewted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezerciaes such option to accelerate, Lender shall mail Borrower notion of aooeleration is accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days [rom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fella to pay such name prior to the expiration of ouch period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. f 18. Acceleration; Remedies. Except ss provided in paragraph 1? hereof, upon Borrower's breach of nay ooveaant or agreement of Borrower in this Mortgage, inch~ding the oovenanb to pay when due amy same secured by this Mortgage, Lender prior to aceeleration shall mail notice to Borrower as provided in paragraph 14 hereotspedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 days trom the date the notice is mailed to Borrower, by which arch 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 aewred by this Mortgage. foreclosure by judicial proceeding and sale of the Property: The notice shall ~ further inform Borrower of the right to reinstate aRer acceleration and the right to assert is the foreclosure proceeding the non-existence of a default or any other defense .of Borrower to acceleration and foreclosure. It the breach is 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 thb Mortgage by judicial proceeding. Lender shall be i entitled to collect in such proceeding all expenses of foreclosure, including, bet not limited to, reasonable attorney's fees, and f ~ costs of documentary evidence, abstracter and title reports.. 19. Borrower's Right to Reinstate. NotwithstandingLenders acceleration ofthe aumssecured bythis Mortgage, Borrower shall have the right to have any pr+oceedinga 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 ail soma which would be they due ender thin Mortgage, the Note and notes securing 17htun Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in 1 this Mortgage; (c) Borrower pays all reasonable e:penaee incurred by bender 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 attorney's fare; and ld) Borrower takes sneh action as Lender may reasonably require to assure that the lien of thin Mortgage, Lender's intered E in the Property and Borrowers obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon each payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had ooculrred. ' 20. Assignment of Recta; Appointment of Receiver. Aa additional security hereunder, Borrower hereby aasigrus to Lender the rants of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof err abaodonmrot of the Property. have the right to rolled and retain such recta as they become due and payable. ' Upon acceleration under paragraph 18 hereof oz abandonment of the Property, Lender shall be entitled to have a receiver appointed by a t s eonrt to enterarpon, take poeaession of and manage We Property end to collect the rents of the Property; including those peat due. All rents ooUecKed by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, bet not limited to, receiver's fees, premiums on receiver's bonds and reasonable attomey'a fees, and then to the enma secured by this Mortgage. The receiver shall be Uable to account only for those rents actually reoeived_ a i } _ } sooK ~3 ?~Ar,E~01 k t I E _ _ .?+a°~ ~ ; - - ,