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HomeMy WebLinkAbout2558 • ~ .r 8. Irtspectlon. !.ender may make or cause to be made reasonable entries upon and iaapections of the property, provided that Lender shall give Borrower notice prior to any such inspection specijyiag reasonable cause therefor related to Lender's interest in We Property. ~ 9. Condemnatton.'il~e proceeds of any award or claim for damages, director consequential, in connection with say condemnation or other taking of the property. or part thereof, or for eoaveyance in Ueu of ooademaation, are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, wild the excess, itany, paid to Borrower. In the event of a partial taking of the Prope:gr, unless Borrower and bender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of the sums i secured by this Mortgage immediately prior to the date of taking bears to We fair market value of We Property immediately prior to the date of taking, with the balance of We proceeds paid to Borrower. If the Property is abandoned by Borrower, o: if, aRer notice by Lender b Borrower that the condemnor offers to make as award or settle a claim for damages, Borrower fail to respond to Lender within 30 days after the date such notice is mailed, Leader is authorized to collect and apply the proceeds. at Lender's option, Wither to restoration or repair of the properq? or to the sums secured by this Mortgage. Unless Lender and Borrows: otherwise agree in writing, any such application of proceeds to principal shall sot extend or pwtpoae We due date of the monthly iastaUmeats referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the some secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower ~ and Borrower's successors in interest. Lender shall not be required to commence proceedings against each successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theorigiaal Borrowers and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader is exercising say 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 insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thin . Mortgage or afforded by law or equity, and may be e:ercise~i ooncurreatly, independently or sueoeasively. 13.3uccessors and Assigns Bound; Joint and Several Liability; Captions. The eoveaaats and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective suooeesors and assigns. of Leader and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not to be used to interpret or de5ne the provisions hereof. 14. Notice. Ezeept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certi5ed mail addressed to Borrower at the Property Address or at each other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to bender shall be given by certified mail, return receipt requested, to Leader's address stated herein or to such older address 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 the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgagecoml;ines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real prdperty. 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 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 rnnfonned copy of the Note and of this Mortgage at the time of ezecution or aRer 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 Lender's prior written consent, ezcluding (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 leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender a option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such 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 agreement in writing that the credit of such f person is satisfactory to Lender and that the interest payable on the sums 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's successor in interest has executed a - written assumption agreement accepted in writing by Lender, LenderahaU release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL _ Such notice shall provide a period of not leas than 30 days from the date the notice is n-,ailed 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, ~ invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. Except ae provided in paragraph 1'7 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 acceleration 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 lees than 30 days from 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 result in acceleration of the sums 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 none:istence 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 shell be entitled to collect in such roeeedin all e: p g pareses 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. NotwithstandingLender's acceleration of the soma secured by this 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 judgment enforcing ~ this Mortgage if: (a) Borrower pays !.ender all sums which would be then due under this Mortgage, the Note and notes securing Ftiture l 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 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, including, but 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, Lender a interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon ench payment and care by Borrower, this Mortgage and the obligations secured 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 rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right t to collect and retain such rents ae 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 eater-upon, take possession of and managt the Property and to collect the rents of the Property, including those peat due. All rents x rnUected by the receiver shall be applied fu~st to payment of the coats of management of the Property and collection of rents, including, but not i limited to, receiver's fees, premieims oa receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. r s c 3t,~~ • k X08 X558 i R