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HomeMy WebLinkAbout2992 - •I r. •.l~.~ 8. Inspection. Leader may make or caws to be made reasonable entries apoa and inspections of the properq~. provided that Lender shall give Borrower notice prior to aqy wcb inapectioa apeciiying reuoaable cause therefor related to Leader's intend in the Property. 9. Coe?demaatloa.'1Le proceeds of any award or claim for damages, direct or ooasequential, in connection wild any condemnation oe older taking of the property, or part thereof, or foe oonwyanee in lieu of eatdsmnatioa, are hereby assigned and shall be paid to Leader. In the event of a told taking of the Property. the proceeds ahaU be applied to the luau secured by this Mortgage, with We ezoees, if any, paid to Borrower. In the event of a partial taking of the Propeegr, nnlees Borrower and Lender otherwise agree in writing, there shall be applied to the soma secured by this Mortgage such proportion of the proceeds u is equal to that proportion which the amount of the snau secured by this Mortgage immediately prior to the date of taking bean b the fair market value of the Property immediately prior to the date o! taking. with the balance of the proceeds paid to Borrower. . If the Property is abandoned by Borrower, or if, after notice by Leader to Borrower that the condemnor offers to make an award or esttk a claim for damages. Borrower fails to respond to Leader within 30 days aftee the date such notice is mailed, Lender is authorised to collect end apply the proceeds. at Leader's option, tither to redoratioa oe repair of the property oe to the sums secured by thin Mortgage. Udew Lends: and Borrower otherwise ague in writing, any such application of prooseda to priacipel shall not eztend or postpone the due date of the monthly uutallments referred b in paragraphs 1 and 2 hereof or change the amount of such iastaUmeata. 10. Borrower Not Released. E:teaaion of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower ahaU not operate to oleos, in nay manner, the liability of the original Borrower sad Borrower's saecesson in interest. Lender shall not be required to commence proceedings against snch successor or refuse to estend time for payment or otherwise modify amortization of the suau secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower s successor in interest. 11. Forbearaaoe by Lender Not a Waiver. Any forbearance by Leader in ezerciaing any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any snch right or remedy. The procurement of insurance or the payment of razes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedneu secured by this Mortgage. 12 Remedies Cumulative. AU remedies provided in thin Mortgage an distinct and cumulative b any other right or remedy render this Mortgage or afforded by Iaw or equity. and may be ezercised concsrrently, independently or snceessively. 13 Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure t0. the respective sueoesson sad assigns of Lender sad Borrower, subject to the provisions of paragraph 17 hereof: All oovenanta sad agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenieace only and are not to be need to interpret or define We provisions hereof. 14. Notice. Except for any notice required under applicable law to be given is another manner, (a) any notice to Borrower provided foi in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at snch other address as Borrower may designate by notice to Leader u provided herein, and (b) any notice to Deader shall be given by certified mail, ntnrn receipt requested. to Leader's address stated herein or to snch other address as Lender may designate by notice to Borrower u provided herein. Any notice provided for in this Mortgage ahaU be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; $everabWty. This form of mortgage rnmbinee uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to ooastitute 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 dense of this Mortgage or the Note cwnt litre with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which csa be given effect 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 copy of the Note and of this Mortgage at the time of execution or after recordation 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 Leaders prior written consent, ezduding (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 any leaaelrold interest of Wree years or leas 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 snch option to accelerate if, prior to the sale or transfer, bender and the person to whom the Property is to be sold or transferred reach agreement in writing that the creditof snch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate u 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, Lender shall release Borrower fiom all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Leader shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: 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 sums prior to the expiration of such period, Leader may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except se provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eovenante to pay when due any some secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ere provided in paragraph 14 hereof specifying: (1) the breach; (2) the action i required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which snch breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration otthe some secured by this Mortgage. foreclosure by judicial proceeding sad 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 t 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 sad payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all ezperues of foreclosure, including, but not limited to, reasonable attorney's fees, and s costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstaudingLender s aeceleratioa ofthe sumasecured bythis 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 'ud ~ gment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Pti?ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in s _ 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 Leader's remedies ae provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a fees; sad (d) Borrower takes such action u Lender may reasonably require to assure that the lien of this Mortgage, bender's interest in the Property and Borrowers obligation to pay the auma secured by this Mortgage shall eontisue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations eecnred hereby shall remain in full force and effect as if no acceleration had occurred. ; 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rests of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rests 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 enterupon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents ~ collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiwns on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. r z g001(~V PACE~9p0 - _ ~ - ~ J _