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HomeMy WebLinkAbout2936 • ~ c. 8. Inspection. Lender may make or cause to bs made reasonable entries upon and iaapectioas of the properly, provided that Lender shall giw Borrower notice prior to any such inapectioa speei(ying reasonable cause therefor related to Lender's interest is the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct a consequential, in connection wild any condemnation or older taking of the properRy, or part thereof. or for oonwyanos in lien of condemnation, are hereby wigned and shall bs paid to Lender. Ice the event of a total taking of We Property, the proceeds shall bs applied to the sums secared by this Mortgage, with the ezoess, if any, paid to Borrower. Ice the event of a partial taking of the Pmpesgr, anlsss Borrower and Lender otherwise agree is writing, there shell bs applied to We sums secured by this Mortgage such psoportioa d the proceeds as is equal to that proportion which the amount of the sums second by this Mortgage immediately prior to the date of taking bean to the fair market value of the Propsrgr immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Proper4y i• abandoned by Borrower. a if, aRer notice by Leander to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fail to respond to Leader within 30 days atkr the date such notice is mailed, Lender is authorised to collect and i apply the proceeds, at Leader's option, either to rertoration or zepair of the preper4Y or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise ague in writing. any arch application of proceeds to principal shall not extend or postpone the due date of the monthly inatsallmenta referred to in paragtaplu 1 and 2 hereof or change the amount of arch installments. 10. Borrower Not Released. Batenaion of the time for paym3rrt err modification of amortisation of the sums secured by this Mortgage granted by Lender to any suoreswr in interest of Borrower shall not operate to release. in any manna, the liability of the original Borrower and Borrower's suocesson in interest. bender shall not bs required b commence proceedings against such suocesaor or refuse to eztead time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrows and Borrower's suoceeson in interest. 11. Forbearance by Lender Not a Waiver. Arty forbearance by Leader in exercising any right or remedy henunde:, or othe:v.iss afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right err remea~y. The procurement of inanrance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender s right to eoaelerate the maturity of the indebtedneea secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be ezercieed concurrently, independently or sneoesaively. 13.8uceessors 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 snoc~eesors and assigns of Leader and Borrower, subject to the provisions of paragraph 17 hereof All covenantor and agreements of Borrowm shall be joint and several.'!be captions and hwdings of the paragraphs of this Mortgage an for covenience only and are not to be used to interpret os define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) say notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such older address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ihall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other sddreas 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 11[ortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- . uniform covenants with limited variations by jurisdiction to oonatitute 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 ehaB 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& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after recordatioA 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 Lender's prior written rnnsent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purcha8e money security interest for household appliances, (c) a transfer by devise, descent or by operation of law opon 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 Lenders option. declare all the soma 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 agrcemeat in writing that the credit of such person is satisfactory to 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 to accelerate provided in this paragraph 17, and if Borrower a successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. 1f Lender ezercises such option to accelerate, I.enda shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ' 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 soma declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, i invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. F.zcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the oovenanta to pay when due any soma secured by this l4ortgage, Lender i prior to eoceleration shall mail notion to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; the action required to cure such breach; (3) a date, not leas 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 fume secured this Mo s by rtgage, foreclosure by judicial proceeding and sale of the Property. The aotiee 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.aoceleration and foreclosure. If the breach is not cured on or i ~ before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this Mortgage to be { immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be i t entitled to collect in such proceeding all e:pensea of foreclosure, including, but not limited to, reasonable attorney's fees, and 1 costa of documentary evidence, abstracts and title reports. 3 19. Borrower's Right to Reinstate. NotwithstandingLeaders aeceieration ofthesums secured by this Mortgage, Borrower shall have i 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 sums which would be then doe under this Mortgage, the Note and notes securing l~rtun Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other eovenante or agreements of Borrower rnntained in i this Mortgage; (c) Borrower pays all reasonable expenses 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, inclading, bat not limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrowers 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 occarred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby asaigna to Lender the rents of the Property, provided that Borrower shall, prior to acceleration Hader paragraph 18 hereof or abandonment of the Property, have the right to collect end retain each rents as they become due and payable. Upon aceekration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a } court to enter~rpon, take possesaioa of and manage the Property attd to collect the yenta of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of yenta, including, but not limited to, receiver's fear, premiums on receiver's bonds and reasonable attorney's fees, and then to We sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 's BOOK e~V~ PAGE~9~ 'r i