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HomeMy WebLinkAbout2169 i j ~ fl. ~ Inspection. Leader may make or cause to be made reasonable entries upon and inspections of the property. provided that Lender shall giw Borrower notice prior b any such inapectioa specifying reasonable cause therefor related b Lender i interest in the Property. 8. Condemnation. The proceeds of any award or Maim for damages. direst qr oonsequeatial, is eoaaection with any ooademaation or other taking of the Property. or part thersot. or for ooawyagaln Hen oPp~gtioa, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the p:ooe6ds shall be a Hied to the sums secured by thin Mortgage. with the excess, if any, paid to Borrower. In We event of a partial taking of the Property, salsas Borrower and Lender otherwise agree in writing, there shall be applied to the suau secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of We suau secured by this Mortgage immediately prior b the date of taking bears to the fair marled value oithe Property immediately prior to We date of taking, with the balance of the proceeds paid b Borrower. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the ooademnos 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 Lender's option. either to restoration or repair of the property or to the sums secured by this Mortgage. Unlea Leader sad Borrower otherwise ogres in writing. nay such application of proceeds to prindpal ahaU not extend or po~tpoae the due date of the monthly installments referred to is 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 amortisation of the soma secured by this Mortgage granted by Lender to any successor is interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's snocessors is interest. Lender shall not be required to commence proceedings against such successor or refuse to extaid time for payment or otherwise modify amortisation of the surpa 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 Lander in exerrasing any right or remedy hereunder. or otherwise afforded by applicable law, shall not be s waive: of or preclude the exercise of any ouch right or remedy. The procurement of insurance or the payment of taxes or other Gans or charges by Lender shall not be a waiver of Lenders right to accelerate the maauity of the indebtedness secured by this Mortgage. 12. Remedies Cuaannlatlve. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy ender this Mortgage or afforded by law or equity. and may be exercised eoncprrently, independently or aneoessively. 13. Sureoessors and Assigns Boumd; Joint and Several Liability; Captions. The oovenanta and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective snooesaors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrows shall be joint and several. The captions and headings of We paragraphs of this Mortgage are for covenience only and are not to be need to interpret or de5r?e.th} provisions hereof; 14. Notice. Except for any notice required under applicable law to be given in another manna, (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 Addreea or at such older addsees as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail, retain receipt requested. to Lends's address stated herein or to such other address ae Lender may designate by notice to Boaower 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 manna designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform eovenanta with limited variations by jurisdiction to constitute a uniform security instrument covering real propertyr. Thin 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 rnnflicts 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 Dopy of the Note and of this Mortgage at We time of ezecution or after recordation hereof. I T. 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) We creation of a Gen or enwmbrance 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's option, declare all the soma secured by thin Mortgage to be immediately due and payable. Lender shall have waived such option to aecelerate 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 person is satisfactory to Lender and that the interest payable on the some secured by this Mortgage shall be at such rate ss 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 firom all obligations under this Mortgage and the Note. If Lender exercises such option to accelaate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL j Such notice shall provide a period of not less than 30 days from the date the notice is wailed within which Borrower may pay the soma declared due. If Borrows fails to pay such soma prior to the expiration of such period, Lender may, without Earths notice or demand on Borrower, ~ invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Escept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenaat or agreement of Borrower is 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 spedfyiag: (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 moat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result is 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-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured oa 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 costa of documentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. Notwithstanding I.ender'a acceleration ofthe awns secured by this Mortgage, Borrows 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 Lends all some which would be then due under thia Mortgage, the Note and notes securing l~iture Advances, if any, had no acceleration occarred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrows pays all reasonable experiaee incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing Lends's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney i fees; and (d) Borrows takes such action as Lender may reasonably require to assure that the Uen of this Mortgage, Lenders interest in the Property and Borrower's obligation to pay the some secured by this Mortgage shall continue unimpaired. Upon such payment and care g by Borrows, this Mortgage and the obligations secured hereby shall remain in full force and effect as if ao acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrows hereby asaigna to Lends the rents of the Property, provided that Borrows shall, prior to accelsation under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration ands paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receive appointed by a court to enter~upon, take possession of and manage the Property and to collect the rents of the ProEerty, including those past due. All rents eolle+cted 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 t0. receive a fees, premiums oa receiver s bonds and reasonable attoniey'a fees. and then to the soma secured by this Mortgage. The reoeivs shall be Gable to account only for those rents aMually re.-eived. BO~KJ1~ ?!IGE~~