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HomeMy WebLinkAbout1136 - ' ~ 8. Inspection. Lender may make or cause b bs made reasonable entries upon and inspections of the properRy. provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in connection with arty condemnation or other taking of the property. or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid b Lender. In the event of a total taking of the Property. the proceeds shall be applied b We sums secured by this Mortgage. with the ezoess, Uany. paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums second by this Mortgage such proportion o[ the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bean b the fair market value of the Property immediately prior b the date of - taking. wiW the balance of the proceeds paid b Borrower. If the Property is abandoned by Borrower. or ii. after notice by Lender b Borrower that the condemnor offers b make as award or settle a claim for damages, Borrower fails b respond b bender within 30 days after the date such notice is mailed. Lender is authorised b collect and apply the proceeds, at Lenders option, either b restoration or repair of the property or b the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds b principal shall not extend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Estension of the time for payment or modi5cation of amortization of the sums secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner, the liability of We original Borrower and Borrower's suecessora in interest. Lender shall not be required b commence proceedings against such successor or refuse b eztend 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 Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbeanmce by Lender in ezertasing any right or remedy hereunder, o: otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any such right or remedy. The procunmeat of insurance or the payment of fazes or other liana or charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and atmnulative b any other right or remedy under this Mortgage or afforded by law or equity. and may be e:ercisal concurrently, independently or sueoeesively. 13.3uceeseoraand Assigns Bound; Joint and Several Liability; Captions. The covenants and agrcements herein contained shall bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Borrower, subject b the provisions of - paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for covenieace only and are not b be used b interpret or de5ne the provisions hereo% 14. Notice. Ezcept for soy notice required under applicable law b be given in arwther manner, (s) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certi5ed mail addressed b Borrowerattbe Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certi5ed mail, return receipt requested, b Lender s address stated herein or b ouch other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in thin 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 combines uniforms covenants for national use and non- uniform rnvenants with limited variations by jurisdiction b 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 rnnflicte with applicable law, such conflict shall not affect other provisioner 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 are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. U all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate b 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 lees not containing an option b purchase, Lender may, at Lenders option, { declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory b 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 b accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a j written assumption agreement accepted in writing by Lender, Lender shall release Borrower tom all obligations under this Mortgage and the f Note. i If Lender exercises such option b accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof ' 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 sums prior b the ezpiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Percept as 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 ~ prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof specifying: (1) the breach; (2) the action 1 required to cure each breach; (3) a date, sot less than 30 days from the date the notice is mailed to Borrower, by which such m 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 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-ezietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach b not cured on or i before the date specified in the notice, Lender at Lender'8 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 ehall be entitled to collect in such proceeding all ezpensea of foreclosure, including, but not limited to. reasonable attorney's fees, and g costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have ~ 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: (e) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Ftiture Advances, if any, had no aooeleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaea incurred by Lender in enforcing the covenanter and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable - ~ attorney's fees; and (d) Borrower takes such action as Lender may reasonably regain b assure that We lien of this Mortgage, Lender's interest in the Property and Borrowers obligation b pay the soma secured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure 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 Renter; Appointment of Receiver. Ae additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right _ to collect and retain such note as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enter.npon, tape possession of and manage the Property and b rnllect the rents of the Property, including those past due. All rents collected by the receiver shall be applied 5rst b payment of the costs of management of the Property and collection of rents, including, tint not limited b, recrivei s fees, premiums on receiver's bonds and reasonable atbrney'a fees, and then b the sums second by this Mortgage. The receiver shall be liable b account only for those rents actually received. - ' ~ R 3~fi PACE 1135 guoK ' _ a - - . . _ _ - ~ Y