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HomeMy WebLinkAbout2885 8. Inspection. Lender may make or cause to be made nasonabb entries upon and iaspsctions of the property,provided that Lander shall give Borrower notice prior to aqy such uupection apeci(ying reasonable cause therefor related to Lendei • interest is t1u'Pt~rb?. 9. Candemnadon. The proceeds of any award or claim for damages. direct or consequential, in connection wild any oondemaation or other taking of the property. or Part thereof. or far oonveyaace in lien of condemnation, ors hereby assigned and shall bs paid to Lender. In the event of a total taking of We Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. In the event of a partial fairing of tM Properyr, inlesa Borrower and Lender otherwise agree in writing, then shall bs t applied to the sums secured by this Mortgage each Proportion of the proceeds as is equal to that proportion which the amautt of the sums ~ second by this Mortgage immediately prior to the date of tskiag bean to We fair market value of We Properly immedutely prior to tbs date of i taking. with the balance of We proceeds Paid to Borrower. If the Property is abandoned by Borrower, or ii, after notice by Lender to Borrower that the ooademnor offen to make an award or settle a , claim for damages. Borrower fails to respond to Lender within 39 days ages We date such notice is mailed, leader is authorized to collect and apply the Proceeds. at I.ender'. option, either to r+estosation ar repair of the property or to the luau secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend a pwtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ouch inatallmants. 10. Borrower Not Released. Extension of the time for paymsat or modibcatioa of amwrtisation of the soma secured by this Mortgage f granted by Lender to any anocessor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower i and Borrower s auoceeson in interest. Lender shall not be required to commence prooeedinga against ouch suaxesor or muse to eztend time ~ for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s auocessore in interest. , 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:er+asing any right or remedy hennnder, or oWe:arisb afforded by applicable law, ahaU not be a waiver of or preclude We ezer+ciss of any ouch right or remedy. The procurement of insirance or the payment of fazes ar other liana or charges by Lender shall not be a waiver of Leader's right to aoonlerate ttie maturity of the indebtedness 12d Remedies Camulattve. AU remedies provided in this Mortgage an distinct and cumulative to any older right o' remedy ender this Mortgage or afforded by law or equity. and may be exercised eoncirrentlj?, independently or snotxeeively. ~ 13 $uecesaon and Aaeigns Bound; Joint and Several Liability: Captions. The covenants and agreements herein contained shall ~ bind, and the rights hereunder shall innn to. We respective auooesson and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereoL AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin } this Mortgage shall be given by mailing such notice by cerli5ed mail addressed to Borrower at the Property Address or at each other address as d{ Borrower may designate by notice to Lender as provided herein. and (b) any notice to I~ndett shall be given by cerli5ed mail, return receipt s requested, to I.ender'a address stated herein or to such other address 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 We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national nee and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be goverped 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 thin 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 a conformed copy of the Note and of this Mortgage at We time of ezecution or after recordation hereof. a 17. Transfer of the Property; Assumption. ff all or any part of the Property or an interest therein is sold or transferred by Borrower a without bender s prior written consent, a:chiding (a) the creation 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 lean not containing an option to purchase, Lender may, at I,endera option. declare all the sums secured by thin 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 credit of ouch person is satisfactory to Lender and that the interest payable on the sums 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 13orrowers suooessor in interest has executed a written assumption agreement accepted in writing by [.ender, Lender shall release Borrower from all obligations under this Mortgage and the 'i Note. } ` If Lender e:erciaes such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: j 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 auras declared 1 due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, t i invoke any remedies permitted by paragraoh 1S hereof. ; ~g 18. Acceleration; Remedies Ezcept as'provided in paragraph 17 hereof, upon Borrower's breach of any covenant or a i agreement of Borrower in this Mortgage, including the eovenanta to pay when due any sums secured by this Mortgage. 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 1 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-ezistence of a default or say other defense of Borrower to soceleration 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 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 Buch proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's face, and i coats of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinstate. NotwithstandingLenders acceheration of Wes~ma secured by this Mortgage, Borrower shall have p the right to have any proceedings began by bender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thin Mortgage if: (a) Borrower pays Lender all name which would be then due under this Mortgage, the Note and notes securing fl~tnre ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other oovenante or agreements of Borrower contained in this Mortgage; (c) 1orrower pays all reasonable e:pensea incurred by Lender in enforcing the covenants and agreements of Borrower t contained in this Mortgage and in enforcing Lender's remedies as provided in Paragraph 18 hereof, including, but not limited to, reasonable attorney a fees; and (d) Borrower takes arch action as Leader may reasonably require to assure that the lien of this Mortgage, I.endera interest _ in the Property and Borrower's obhigation to pay the some secured by this Mortgage shall continue unimpaired. Upon each payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceheraUon had occurred. ; Zll. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents a of the Property. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right - to collect and retain such rents as Way become due and payable. ~ Upon acceleration ands paragraph IS hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a - court to enteraipon, take possession of and manage We Property and to collect We rents of the Property, including Wore past due. All rents collected by the receiver shall be applied first to payment of We coats of management of the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the name secured by this Mortgage. The receiver shall be liable to account only for those yenta aduaUy received. RK3U5 ~~s,E2879 _ ~ -