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HomeMy WebLinkAbout2988 . ~ , r~~ ~ ~ • • ~'wt- 8. Inspectloa. Leader may make or cause b bs made ressonabls entries upon and irupectioaa of the property.Provided that Lender shall giw Borrower aotias prior b aqy such iwpection specifying »asoaable cause the»far »lated b Leader's iat~»d is the Property. 9. Corrdemaatloa. The proceeds of any award or claim for damages, direct or conasqueatial, is connection wild aqy oondemaation ar older taking of the Property. ~ Part Wereot. or for oonwyana in liw of oondemnatioa. a» he»by assigned and shall be paid b Leader. In the event of a btal taking of the Property, the proceeds shall bs applied to the suau secared by thin Mortgage, wild the esoea, if any. paid b Borrower. In We swat of a'partial taking oI the Properf3r, unless Borrower sad Leader otherwise agree is writing, there shall bs applied b the same secured by thin Mortgage such proportion of the pr+ooeeds to is equal b that propmtion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears b the fair market value of the Property immediately prior b the date of taking, with the balance of the proceeds paid b Borrower. If the Proper4y is abandoned by Borrower, ~ u after notion by Lender b Borrower that the condemnor offers to make an award or setae a claim for damages, Borrower fails b »spoad b Lender within 30 days site: the date such notice is mailed, Lender is authorised b collect and aPP1Y ~ proceeds, at Leader's option, either b »storation or repais of the property or b the auras eecnred by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not eztend or postpone the due date of the monthly installment referred b in peragtaplu 1 and Z he»oI or change the amoant of such installment. 10. Borrower Not Released. Extension of the time for payment or modi$cation of amortization of the soma secured by this Mortgage granted by Lender b any suoceswr in interest of Borrower shall not operat b release, in any manner, the liability of the original Borrower and Borroww'a snocesao» in interest. Lender shall not be required b oommenoe proceedings against such successor or refuse b eztnd 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 aueceeso» in interest. 11. Forbearance by bender Not a Waiver. Any forbearance by Larder in ezerrasing any right or »medy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inauraaee os the payment of tares ar other liens or charges by Lender shall not be a waiver of Lender's right b accelerat the maturity of the indebtedness secured by this Mortgage. 12 Remedies Camnlative. All remedies provided in this Mortgage a» distinct and cmm~lative b any other right or remedy under this Mortgage or afforded by law or equity, and may be e:eriaeed eoncnrrently, independently or saooeesiwly. 13. Sncoesaors and Assigns Bound; Joint and Several Liability; Captions. The covenant and agreement herein contained shall bind, and the right hereunder shall inn» to, the respective aueoeeao» and assigns of Lender and~Borrower, subject b the proviaioru of paragraph 17 hereof All covenant and agreement of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not b be used b interp»t ~ define the provisions hereof. 14. Notice. Ezcept for any notice required under applicable law b be given in another saann~, (a)way notice to Borrower provided for in thin Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice b Leader as provided herein, and (b) any notice b 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 b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin fora of mortgage combines uniform covenant for national use and non- uniform covenant with limited variations by juriadidion 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 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 b be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of We Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer_ of the Property; Assumption. ff all or any part of the 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 b 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 any leasehold interest of three yea» or less not oontsining an option b purchase, Lender may, at Lendefa option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satiafadory b Lender sad 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 b aecelerate provided in this paragraph 17, and if Borrower's successor 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 b accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereoL Sack 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 I due. If Borrower fails b pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. 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 anjr sums secured by this Mortgage, Lender prior to aeoleration 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 horn the date the notice is mailed to Borrower, by which such I breach must be cured; and (4) that failure to cure each breach on or before the date specified in the notice may result in ~ acceleration of the wme secured by this 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-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured 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 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 coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender'sacceleration ofthe sumasecured by thiaMortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage discontinued at say time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays bender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenant or agreements of Borrower contained in ~ thin Mortgage; (c) Borrower pays all reasonable ezpeases incurred by Lender in enforcing the covenant and agreements of Borrower contained in this Mortgage and in' enforcing Lender 8 rrmediea as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's fees; and (d) Borrower takes anch action as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property sad Borrower's obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure j by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no ac~eteration had occurred. r Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rent ~ of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, haw the right to rolled and retain such rent as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enter.npon, take possession of and manage the Property and to collect the rent of the Property, including those past doe. All rent p collected by the receiver shall be applied fi»t to payment of the cost of management of the Property and collection of rent, including, but not limited to, receiver's fees, preminme on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be liable b aeooant only for those rent actually received. s BOOK JW QIIGE~.~7Vz i + -