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HomeMy WebLinkAbout2897 •t ~ ~ i~ :.f 8. inspection. Leader may make or cause to be made reuonable eatrias upon and irupectioas of the property, provided that Lender shall give Borrower notice prior to say such iaspsction specifying reasonable cause therefor related b Lender's intetest in the Propergr. 9. Condemnation. The proceeds of any award os claim to: damages. direct or consequential. in connection with any oondemaation or other taking of the Property. or part thereof, or [or conveyance is Ueu of condemnation, are hereby assigned sad shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secwred by thin Mortgage. with the escesa, if any. paid to Borrower. In the event of a partial taking of the Property, udea Borrower and Lender otherwise agree in writing. there shall bs applied to the sums secured by this Mortgage such proportion of ehQ proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to We fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Prope:b? is abandoned by Borrower. or if, aRer notice by Leader to Borrower that the oondemaor offers to make as award or setae a clans for damages, Borrower fails to respond to Leader within 30 days aRer the date such notice is mailed, Lender is authorised to collect and apply the proceeds. at Lenders option. either to restoration or repair of the properly or to the sums secured by this Mortgage. Unlep Leader and Borrower otherwise agree in writing, arty snch application of proceeds to principal shall rat extend or postpone the dne date of the monthly installments referred to is paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or moditicatioa of amortization of the auras secured by this Mortgage granted by Leader to any successor in interest of Borrower shall not operate to please, in any meaner. the liability of the original Borrower and Borrower's auecessora is interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or otherwise modify amortization of the sums eetvred by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising say right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of inanrance or the payment of tares or older liens or charges by Leader shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness t secured by this Mortgage. 12 Remedies Cumaladve. AU remedies provided is this Mortgage are dutind and cumulative to any other right or remedy Hader this Mortgage or affert+ded by law or equity. and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and 3evaral Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall innn to, the respective- snooeeaors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereoL All oovenaats and agr~eementa of Borrower shall be joint and several. The captions and headings of the paragraphs of + this Mortgage are for oovenience 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 for in this Mortgage shall be given by mailing such notice by certi5ed mail addressed to Borrower atthsProperty Address or at arch other address as , Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt regneated, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower ere 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 lYortgege; Governing Law; Severability. This form of mortgage combines uniform oovenante 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 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 the provisions of the Mortgage and the Note are declared to be severable. 1 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion 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 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 less not containing an option to purchase, Lender may, at Leaders option, declare all the soma 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 ie to be sold or transferred reach agreement in writing that the credit of each 1 person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate Sd 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, Leader shall release Borrower from all obligations under this Mortgage and the Note. If Lends: exercises 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 ~ days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without farther notice or demand on $orrower, ~ mucks any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon 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 E prior to aeceleratioa shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care snc6 breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach moat 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 aRer acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured oa 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 i mmediately 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 Right to Reinstate. NotwithstandingLenders acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thin Mortgage discontinued at any time prior to entry of a judgment enforcing r this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, We Note and notes securing I~ture 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 wntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's intersect - in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon arch 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 Lenderthe r+eats - 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 such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterarpon, take poseeasion of and manage the Property and to collect the rents of the Property, including those past due. AU rents µ collected by the receiver shall be applied first to payment of the 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 sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. g~R~3U5 ~~~~2891 _ _ ~