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HomeMy WebLinkAbout0585 ~ : , 8. Inspection. Lender may make or cause to be made reeuonabk entries upon and inspections of the property, provided that Lender shall give Borrowee notice prior to any such inspection specifying reasonably cause therefor elated to Lender's intered in the Ptoperfy. 9. Condemnation. The proceeds of any award or claim for damages. director consequential. in rnnnection wiW any condemnation or other taking of the property, or part thereof, or foe conveyance in lien of condemnation, are hereby assigned and shall be paid to Lender. In We event of a total taking of the Properly, the proceeds shall be applied to the sums secured by thb Mortgage, with the excess, it any, paid to Borrower. In the event of a partial taking of We Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to We date of taking. with We balance of the proceeds paid to Borrower. If the Property i. abemdoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds, at Lenders optioq either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall sot extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. ' 10. Borrower Not Released. E:tenaion of the time for paymar,t or modification of amortisation of the some secured by this Mortgage ~ granted by Lender to any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower 1 and Borrower's successors in interest. Lender shall not be required to commence proa~edings against such suecesaor or refuse to eztend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrows and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. AnX forbearance by Lender in exercising any right or remedy 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 insurance or the payment of taxes or other liens or charges by Lender shall not be a waives of Leaders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cmm~lattve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded bylaw or equity. and may be e:ercisevl concurrently, independently or successively. • 13 Successors and Assigns Bound; Joint and Several Liability; Captions. The wvenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender 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 covenience only and are not to be used 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 addr~eased to Borrower at the Property Address or at such other address as 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 a address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any _ i notice provided for in this Mortgage shall be deemed to have been given b Borrower or Lender when given in the manner designated herein. ~ 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage sh all 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. 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. It all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender a 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 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 sa Lender shall ' request. If Lender has waived the option to accelerate provided in this paragraph I7, and if Borrower's successor in interest has executed a ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ' Note. If Lender ezercisea such option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less 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, . mucks any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of sny covenant or agreement of Borrower in this Mortgage, including the eovenanta 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 epecifying•. (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less 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 I further inform Borrower of the right to reinstate after aeceleration and the right to assert in the foreclosure proceeding the non-eustence of a default or any other defense of Borrower to soceleration and foreclosure. if the breach m not cured on or a before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be X ~ i mmediately 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. NotwithatandingLender s seoeleration ofthe aumssecured bythis Mortgage, Borrowerahall 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 and notes securing PLture 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's interest € in the Pro and Borrowers obli ation to ~ petty g 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 fall force and effect as if no acceleration had occurred. } Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents E 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 arch rents as they become due and payable. g Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a i court to enter.upon, 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 fast to payment of the costs of managementof the Pro ~ petty and collection of rents, including, bet not limited to, r+eceiver's 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. l suuK 314 PAS 583