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HomeMy WebLinkAbout2952 _ e S r • - { C `f. 8. Inspection. Lender may make or cause to be made reawaable entries upon sad irupectioru of the property. providgd that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's intered is the Property. 8. Condemnatlon. The proceeds of any award or claim for damages. direct or ooasequeatial. in oonaectioa with aqy oondemnatioa or older taking of the propsrtyy, or part thereof. os for ooawyaace in lieu of ooademnation, are hereby assigned and shall be paid to Leader. Ia the event of a total taking of the Property. the proceeds shall bs applied to the sums secured by this Mortgage. with the excess. if aqy, paid to Borrower. Ia the aural of a partial taking. of the Property. unhss Borrower sad leader oWerwise agree in writing, there shall bs applied to the same secured by this Mortgage such proportion of the proceeds a. is equal to that proportion which the amount d the sums secured by this Mortgage immediately prior to the date of taking bean to the fair marled value of We Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abaadoaed by Borrower, er ~ after notice by Landes to Borrower that the oondemaor offsn to make as award or settle a claim for damages, Borrower fails to respond to Leader within 30 days aft~sr the date such notice is mailed, Leader is authorised to collect and aPPIY We proceeds, at Lender's option. either to restoration or repair of the peoperty ~ to the sums secured by this Mortgage. Unless Leader and Borrower oWerwiss agree in writing, any such application of proceeds to principal shalt rwt eztend ar pwtpone the due date of the monthly installments referred to is paragraphs 1 and 2 hereof or change the amount of such irutallmeata. 10. Borrower Not Released. Extension of We time for payment or modibcatioa of amortisation of We auras secured by this Mortgage granted by Linder to any sua~asor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. bender shall not be required to commence proceedings against such successor or refuse to eztead time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. 11. Fosbearance by Lender Not s Waiver. Any forbearance by Leader in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any each right or remedy. The procurement of inanraace o• the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of We indebtedness secured by this Mortgage. - 12 Remedies Cumnletlve. All remedies 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 ooncnrrently, independently or suooeeaiwly. ; 13. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective snooessore and assigns of Leader and Borrower. subject to the provisions of ( paragraph 17 hereof. All wvenanta and agreements of Borrower shall be joint and several.'1Le captions and headings of the paragraphs of $ this Mortgage are for ooveaience only and are not to be used to interpret or define the provisions hereof. 14. Notlce. Ezoept for any notice required under applicable law to be given in aao~ar~aanner, (s) any notice to Borrower provided for in this Mortgage shall be gives by mailing such notice bycerti5ed mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be giver 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 in this Mortgage shall be deemed b have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national ose and non- uniform oovarants with limited variations by jurisdiction to oonatitute a uniform security indrnmeat covering real properly.This Mortgage shall be governed by the law of We 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 gives 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 Co Borrower shall be famished a conformed o0 of the Note and of this Mo py. py rtgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of We Property or an interest therein is sold or transferred by Borrower ) without Lender's 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 say leasehold interest of three years or lees not containing an option to purchase, Lender may, at Lenders option, declare all We sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aooelerate 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 such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall beat such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers snooceeor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezercisee arch option to accelerate, Lender 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 sums 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, mucks any remedies permitted by paragraph 18 hereof 1 18. Acceleration; Remedies. Ezcept 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 aeoeleration 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 leas than 30 days from the date the notice is mailed to Borrower, by which such 3 4 breach moat be cured; and (4) that failure to cure such breach on or before the date specified is the notice rosy result in acceleration of the sums secured by this Mortgage, foreclosare 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-ezisteace of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on 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 r immediately 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 costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums 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 due under this Mortgage, the Note and notes securing I~4rture 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 ezpensee incurred by Lender in enforcing the covenants and agreements of Borrower s contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat 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, Leader's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure s by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. r 20. Assignment of Bents; Appointment of Receiver. As additions) security hereunder, Borrower hereby assigns to Lender the rents ~ of the Proprrty. provided that Borrower shall, prier to acceleration under paragraph 18 hereof or abandonment of the Property, haw the right to Dolled and retain such r~eate 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 enter-upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by We receiver shall be applied first to payment of the caste of management of the Property and collection of rents, including, but not s limited to, receivei s foes, premiums on receiver's bonds and reasonable attorney's foes, and then to the sums secured by this Mortgage. The receiver shall be liable to aceonnt only for those rents actually received. BOOK JVV PAGE~9~ • C _ _ _ _ _ F€F.