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HomeMy WebLinkAbout2965 _ J ~ , • t . ~ • v 8. Inspection. Lender may make or cause to be made rauonable entries upon and iwpections of tbt p~+operfjr, t Lauler shall giw Borrows: notice prior to any such inspection specib?iag reaeortable cause therefor related to Lender's ~terest~i~lhs~. 9. (`.oademnation. The proceeds oI any award or claim for damages, direct or consequential. is ooanection wild any eondemaatioa or other taking of the property, err part thereof, os far conwyaaoe is lien of condemnation. are hereby assigned and shall bs paid to Lender. In the event of a total taking of tM Property. the proceeds shall bs applied to the sums sscnred by this Martgsger with the esoess, it say, paid to Borrower. In the event of a partial taking of the Property. naless Borrower and Leader otherwise agree in writing. there shall be applied to We sums secured by this Mortgage such proportion of the proceeds e. is equal to that Proportion which the amoant a[ the soma secured by this Mortgage immediately prior to the date of taking bears to the fair market valae of the Properly immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or ~ alter notice by Lender to Borrows: that the condemnor offer to make as award or seals a daim for damages, Borrower fails to respond to Lender within 30 days ages the date such notice is aPPIY ~ proceeds. at Lenders n+~• Lender is anthoritded b collect sad option, either to restoration a repair of the propeety or to the sums secured by this Mortgage. Unlew Lender and Borrower otherwise agree is writing, any such application of proceeds to principal shall rateztead er postpone the due date of We monthly installments referred to in paragraphs 1 sad 2 hereof or diange the amoant of suds installments. 10. Borrower Not Released. Bactension of the time for payment or modification otamortisation of the sums secured by this Mortgage granted by Leader to any sueccesor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's snooessors is interest. Leader shall not be required to commence proceedings agaiwt sash suooessor or refuse to eztend time for payment or ot>jarwise modify amortisation of the same secured by this Mortgage by reason of any demand made by the original Borrows: and Borrower a sucoeseors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezertasing any right or remedy hereuadet, or cth~iae afforded by applicable law, shall not be a waiver of or preclude the ezercise of any sndr right or remedy. The procur+emeat of iwmanoe or the payment of taus a other liens or charges by bender shall not be a waive: of Lender's right to accelerate the maturity of the indebtednea scented by this Mortgage. . 12 Remedies Cmm~lative. All remedies provided is this Mortgage are distinct aced cumulative to any other right or remedy Hader this Mortgage err afforded by law or equity, and may be ezerciserl ooncnrrently, independently or suooessively. 13. Saceesaors and Assigns Bound; Joint and Several Liability: Gptions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Larder and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shah be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret ~ define the provisions hereof 14. Notice. Except for any notice required under applicable law to be given in snotbey m+gaer. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bo'eowerat the Property Address or at arch other address en 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 Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This loan of mortgage combines uniform covenants for nations) use a~ non- uniform covenants with limited variations by jurisdiction to constitute a uniform eecnrity instrument covering real property. This Mortgage shall be governed by the larv of the jurisdiction in which We Property is located. In the event that any provision or clause of this Mortgage err the Note conflicts with applicable law, such conflict shall not aged older provisions of this Mortgage or the Note which can be given egad without We 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 Dopy of the Note and of this Mortgage at the time of e:ecation or after recordation hereo! 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Sorrower without Lenders prior written content, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, tb) the creation of s purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law neon 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, bender may, at Larders option, declare all the same secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate if, prior to We sale or transfer, bender and the person to whom the Property is to be sold or transferred reach agreement in writing that the creditof sack person is satisfactory to Lender end that the interest payable on the sums secured by this Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers euceeasor in interest has ezecated a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aoeeleration in aeoordance with paragraph 14 hereoL inch notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums dedared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, wiWont Earths notice or demand on Borrower, invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mo rtgage, including the covenants to pay when dae any snma secured by this Mortgage, Lender j prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) Rhe breach; (2) the action required to cure such breach; (3) a date, not less than 30 days frrom the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may re~salt in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding a~ 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 l non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is note~n 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, bender shall be entitled to collect in each proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's tees, and 3 cotta of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLenders acceleration ofthe anmssecured by lhiaMortgage, Borrower shall have the right to have any pnooeedinga begun by bender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all some which would be then due under this Mortgage, the Note and notes securing gature ~ Advances, if any, had no aeoeleration occurred: (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable e:penset incurred by Lender in enforcing the eoveaanta and agr+eementa of Borrower contained in this Mortgage and in enforcing Lender's remedies ae 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, Lendds interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care r by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aeoelagtion had occurred. 20. Assignment of Rents; Appiointment of Receiver. As additional security hereunder, Borrower hereby assigns to header the rents 4 of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the ~ to Dolled and retain each rents as they become due and payable. Propaty.havetheright Upon acceleration under paragraph 18 ha~eof or abandonment of the Property, Lender shall be entitled to have s receiver appointed by a : court to enteraipon, take possession of and manage the Property and to collect the rents of the Property, inducting those past due. All rents ` collected by the receiver shall be applied faBt to payment of the costa of management of the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage_ The a receiver shall be liable to account only for those rents actually received. ) F f SOUK JVU PAGE~~1. _ _ ~