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HomeMy WebLinkAbout0946 i t ~ ~ , ' ~ _ ~ 8. Inspedioa. Lender may make or cave to be made reasonable entries upon and irupectiona of the property, provided that Lender shall give Borrower notice prior to any such inspection apeci>;yiag reasonable cause Werefor related to Lender's interest in the Property. 9. Condemnation. The preessds of any award or claim for darnagee, direct as consequential, in tt?rlnecfion with any condemnation or oWe: taking of the property, or part thereof, os for conveyance is lieu of oondemnatioa, are hereby assigned and shell bs paid to Lender. In the event of a toW taking of the Property, We proceeds shall bs applied to the soma secured by this Mortgage, with the szoess, ff aqy, paid to Borrower. Ia We event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, then shall be applied to the sums secured by this Mortgage such proportion of the proceeds w is equal to that proportion which We amonnt of the sums secured by this Mortgage immediately prior b We date of taking bean to the fair market value of W e Property immediately prior to the date of taking. with We balanw ~ the proceeds paid to Borrower. Ii We Property is abandoned by Borrower, ar if, after notice by Lender to Borrower that the ooademnor offer 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 Lender's option. eiWer to r+edoratioa ~ repair of the propargr or to the sums secured by thb Mortgage. Unless Lender and Borrower otherwise ague in writing, say such application otprooeeds to principal shall not eztend or pwtpone the due date of the monthly irutallments referred to is paregraplu 1 and 2 hereof os change the amount of such irutalbaeats. 10. Borrower Not Relesaed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any suooeswr is interest of Borrower shall not operate to please. in any manner, We liability of the original Borrower and Borrower's successore in intepst. Leader shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by mason of any demand made by theoriginal Borrower and Borrower''s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:erdaing any right or remedy hereunder, ~ othe:«riss afforded by applicable law, shall sot be a waiver of or preclude the esercise of say such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by Leader shall not be a waiver of Lender's right to accelerate the maturity of the iadebtednew secured by this Mortgage. 12 Remedies Cnmalative. All remedies provided is this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be esercise<l ooncurreatly, independently or suooeasively. 13 Suooeswrs and Assigns Bound; Joint and Several Liability; Captions. The ooveaants and agreements herein ooataiaed 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 ottee paragraphs of this Mortgage are for covariance only and are sot to be wed to interpret or define the provisions hereof. 14. Notice. Ezcept 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 arch other address as Borrower may designate by notice to Lender as provided herein, and (b) say notice to 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 to Borrower as provided herein. Aay notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. lb. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national we and non- uniform covenants with limited variations by jurisdiction to oonatitnte 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 We event that any provision or clause of this Mortgage or the Note conflicts with applicable law, ouch rnnfUd shall not affect other provisions of this Mortgage or the Note vrhich 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 furaiahed a conformed Dopy 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 Bold 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 yeap or leas not ooateuaing 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 creditof each 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, 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 6ereot I 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 I due. If Borrower fails to 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. Aeoeleration; 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 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 cnre snch breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrowsv, by which such breach must be cnred; 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 aoceleretion and foreclosure. It the breach is east cured on or before the date specified in We 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 Mort$age by Judicial proceeding. Lender shall be entitled to celled in such proceeding all ezp~enses of foreclosure, including, but not limited to, reasonable attorney's fees. sad costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender eacceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have any prooeedirrgs 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 mature 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 oovenante 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 ices; and (d) Borrower takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Prope:<'y and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon each payment and care 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 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 to tolled and retain such rents 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 enter.npon, take poaseaeion of and manage the Property and to celled 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 tn, recxiver's fees, premiums on receiver's bonds end reesoneble 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. $~x3i4 P~~f 943 -