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HomeMy WebLinkAbout0236 i ~ i ~ • i. & Igspection. Lender may make or cause to bs made reasonable entries upon and iaspsctiow of the property, provided that Lender shall give Borrower notice prior to any such iaapectioa spedfying reasonable cause therefor related to Leader's interest in the Property. 9. Condemnation.'lLe proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or older taking of the propsrtp, a part thereof, or for conveyance in lieu of oondemaation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, We proceeds shall bs applied to We sums secured by thin Mortgage, with the ezoess. g any, paid to Borrower. In the event of a partial taking of the Property, udess Borrower and Lander otherwise agree in writing, there shall be applied to the sums secured by this Mortgage sack proportion ~ the proceeds as is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the prooesda paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender b Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender writhin 30 days after the date such notice is mailed. Lender is authorised to collect and apply the proceeds, at Lender's option, either to restoration err repair of We property or to the soma secured by this Mortgage. Udess Lender and Borrows: oWerwiss agree in writing. any such application of proceeds to prinapal shall not extend ~ postpone the due date of We monthly installments nfe:<ed to in paragraphs 1 and 2 he+ceof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment ~ modification of amortization of the sums secured by this Mortgage granted by Leader to any suoceasor is interest of Borrower shall not operate to please, in any manner, the liability of the original Borrower and Borrower's suooassors in interest. Lender shall not be required to commence proceedings against such successor or refuse to e:trod time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. . 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:errising any right or remedy hereunder, or otherwise afforded by applicable law, shall sot be a waiver of or preclude the ~ercise of any such tight or remedy. The procurement of insurance or the payment of razes or other lieru err charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtednew second by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage ce afforded by law or equity, and may be ezerciaed eoncurnntly, indepe~nd~tly or snecesdvely. 13. Suoeeasora and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successon and assigns of Lender and Borrower. subject to We provisions of paragraph 17 hereof: All covenants and agnemeats of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for covenieace only and an sot to be need to interpret or define the provisions hereof. 14. Notice. Except 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 certified mail addressed to Borrower at the Property Address or at anch other address as Borrows 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 arch other addreaa as Lendce 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; Severability. This form of mortgage combines uniform covenants for national use and non- uniform oovenaata with limited variations by jurisdiction to oonatitnte a aniform eecnrity instrument covering pal 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 aged other provieiona of this Mortgage or the Note which can be given effect without the eontUcting 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 famished a conformed copy of the Note sect of this Mortgage at the time of ezecution 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 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 any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lender's option, declare all the coma 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 anch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ere Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted 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 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 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 llorrowce, invoke any remedies permitted by paragraph 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 Mortgage, knclnding the covenants to pay when due any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ee provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care 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 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 costs 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 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 sad notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other eovenante or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:penaea 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 Gee of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect ae if no acceleration had occurred. _ 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aaeigns 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 to collect and retain such rents ae they become due and payable. Upon aeoeleretion 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 posaeeeion.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 fast to payment of the costs of management of the Property and collection of rents, including, but not limited to, receivers fees, premiums 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,14 PacE ~s a x -