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HomeMy WebLinkAbout2921 ~ , 8. Inspection. Leader may make or cause to bs made rsasoaable entries upon and iaspectioru of the property, provided that Lender shall give Borrower notias prior to say such inspection specifying reasonable cause therefor related to Lender's interest in We Property. 9. Condemaadon. The proceeds of any award or daim for damages, direct or ooassqueatial, is connection with say auademnatioa ar other taking of the property, ce part thereof, or for ooavsyaace in lieu of ooademnation, are hereby assigned sad shall be paid to Leader. In the event of a total taking of the Property, the prooesds shall be applied to the sums secured by this Mortgage. with the excess, if say, paid to Borrower. Ia the event of a partial taking of the Property, pales Baerower and Lender otherwise agree in writing, then shall bs applied to We sums secured by this Mortgage sucb proportion of the proceeels 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 the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or ~ after notice by Lender to Borrower that the oondemaor offer to make as award or settle a claim for damages, Borrower fail to respond to Lender within 30 days ages the date snch notice is mailed, Lender is authorised to collect sad apply the preceeds. at Lender's option. either to restoration o: repair of the properly or to the sums secured by this Mortgage. Unlew Lender sad Borrower oWerwise agree is writing,any such application of proceeds to principal shall not astead oe postpone the due date of the monthly installments referred to in paragraphs 1 sad 2 hereof or duu~ge the amount of such instnUments. 10. Borrower Not Released. Ezteasion of the time for payment or modification of amortization of the sums second by this Mortgage granted by Lender to any successor in interest of Borrewer shall not operate to please, in any manner. the liability of the original Borrower and Borrower's auceeasore in interest. Lender shall not be required to commence proceedings against such successor or refuse to eitend 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's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder. or otherwise affozded by applicable law, shall not be a waiver of or preclude the ezercise of say such right or remedy. The pr~ocunmeat of iwnrance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to aeoelerate the maturity of the indebtedness secured by this Mortgage. - 12 Remedies Cmm~lative. All remedies provided in this Mortgage an distinct and cmm~lative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be exercised ooncnrreatly, independently or saoassivdy, 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective suoeessore and assigns of Leader and Borrower, subject to the provisions of paragraph 17 hereoL All covenants and agreements 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 need to interpret or define the provisions hereoL 14. Notice. Except for any notice required under applicable law to be given iq another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing ouch notice by certified mail addressed to Bortt)erk=attire Property Address or at each 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, b Lender's address stated herein or to such other address as Lender may designate by notice to Borrower ea provided herein. Any notice provided for is this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uaitorm Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform eovenanta with limited variations by jurisdiction to constitute a uniform security instrument covering pal 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 rnnflicta with applicable law, arch conflict shall not affect other provisions 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 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 execution or after recordation hereof. 17. Transfer of the Property; Assnmpdon. U all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, e:duding (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 deaW of a joint tenant or (d) the grant of say leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived each 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 arch person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at arch rate as 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, Lenderahall release Borrower from all obligations underthia Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aeoeleration in aeoordance with paragraph 14 hereoL ' I; 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 sums declared due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Facept as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sums secured by this Mortgage, Lender k 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 cared; and (4) that failure to care 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 cad 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 any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or s before the date specified is the notice, Lender at Lender's option may declare all of the sums secured by thin Mortgage to be immediately due sad payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be € entitled to collect in such proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees, sad coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's aooeleration ofthe 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 thin Mortgage if; (a) Borrower pays Lender all soma which world be then due under this Mortgage, the Note and notes securing Pyrture Advances, if any, had no acceleration occurred; (b) Borrower cope all breaches of say other ooveaanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in thin Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including. but not limited to, reasonable 's attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to aaeup that the lies of this Mortgage, Lender a interest ' in the Property and Borrower s obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. } Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lenderthe recta of the Properly, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Pro to collect and retain such rents es they become due and payable. ply. have theright Upon aooeleration under paragraph 18 hereof or abandonment of the Property, header shall be entitled to have a receiver appointed by s oonrt to enterapon, take posaeasion of and manage the Property and to collect the pate of the Property, inducting those past due. All rents ! 3 collected by the receiver shall be applied first to payment ofthe costa of management of the Property and collection of yenta, inducting, 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. 's goy ~ X291?