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HomeMy WebLinkAbout2826 i 8. Inspection. Leader rosy make or cause to be made reasonable entries upon and iaspectioru of the propergr, provided that Leaden shall give Borrower aoties prior to say such iaspectioa specifying reawnabk cauw therefor related to Lender's iateresl in the Property. 9. Coademoation. The proceeds of say award or claim for damages, direct or oonasqueatial, in coanectioa with any owedemnatioa or other taking of the property. or part Wereof, or fa ooaveyaace in lieu o! oondera»ation. an benby assigned and shall be paid to Lender. to the event of a total taking of the Property, the proceeds shall be applied is the sums assured by this Mortgage, with the excess, ff say, paid to Borrower. Ia the event of a partial taking o! the Property, ualeas Borrower and Lreader otherwise agree in writing. tbers chap bs applied to the soma secured by thin Mortgage sw;h proportion of the proceeds at is equal to that proportion which the amount of the inms secured by this Mortgage immediately prior to the date of taking bears to the fair market value olthe Property immediately prior b the date of taking, with We balance os the proceeds paid to Borrower. It the Proper4y is abandoned by Borrower. or i~ after notice by Lender to Borrower that the condemnor offe» to make as award or settle a claim for damages, Borrower fait to respond to Lender within 30 days aRer the date such notice is mailed, Leader is suthori:ed to collect and apply the proceeds, at Lender's option. either to restoration or repair of the property or to We sums secured by thin Mortgage. Unless Leader sad Borrower otherwise agree is writing, any such application of proceeds to principal shag not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such irutapmenta. 10. Borrower Not Released. Extension o! the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Leader to any successor in interest of Borrower chap not operate to release, in any manner, the liability of the original Borrower and Borrower's suoceasors in interest. Lender shall not be required to oommeace proceetings against such successor or refuse 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 suoeessors in interest. 11. Forbearance by Lender Not a R/aiver. Any forbearance by Leader is exercising any right or remedy hereunder, ce otherwise afforded by applicable law. shag sot be a waiver of or preclude the exerriee of any such right or remedy. The procurement of insurance or We payment of tares or older liens or charges by Lender shag not be a waiver of Lenders right to sooelerate the maturity of We indebtedness secured by this Mortgage. 12. Remedies Cumulative. All r~etnedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or suooeasively. 13. Suooessors sad Assigns Bound; Joint and Several Liability; Captioaa. The covenants and agreements herein contained shall bind, and the rights hereunder shag inure to, the respective suocesson and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. Ap rnvenants and agreements of Borrower chap be joint sad 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 arather manner, (a) any notice to Borrower provided for is this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower at the Property Address or at ouch 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 requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for is this Mortgage shall be deemed to have been given to Borrower or Leader when given ire the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage rnmbinee uniform covenants 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 rnnfliM 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. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. If al! or any part of the Property or an interest therein is sold or transferred by Borrower without I.endera prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (>r) 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 leas not containing an option to purchase, Lender may, at Lender a 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 We Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable oa 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 Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fiom cep obligations under this Mortgage and the Note. If Lender e:erciaes such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is rraailed within which Borrower may pay the some declared due. If Borrower fails to pay such soma prior to the experation of such period, Lender may, without further notice or demand on Borrower, ~ envoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. B:cept 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 ere provided is 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; end (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 thin 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-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specifed 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 thin Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpense~s of foreclosure, including, but not limited to, reasonable attorney's fees, and g costs of documentary evidence, .abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLsnder's acceleration of the sums secured by this Mortgage, Borrower shall have ~ the right to have any proceedings 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 all name which would be then due under this Mortgage, the Note and notes securing Ftieture e Advances, if any, had no aaleration occurred; (b) Borrower cures all breaches of any other rnvenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:penaea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable f attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of thin Mortgage. Lender's interest in the Property and Borrower's obligation to pay the Bums secured by this Mortgage shall continue unimpaired. Upon such payment and sure by Borrower, thin Mortgage and the obligations secured hereby shall remain in full force and eflect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Ace additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandorernent of the Property, Lender chap be entitled to have a receiver appointed by a s court to enteraepon, take poaeeasion of and manage the Property and to collect the rents ottee Property, including those peat due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The ~ receiver shall be liable to account only for those rents actually received. f s BOGK JUU PAGE 2822 3 4' r Ufa'.-- sz