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HomeMy WebLinkAbout2468 t - „f~ ~ 8. Inspectlou. Lender may make or caeess b bs made reasonable entries upon sad iaspxtiona ottM property, provided that Leader shall give Borrower notice prior to say such inspection specifying reasonable cause therefor related to I.ender'~ interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or ooaaequential. in eoaaectioa with any ooade~nteation or other taking of the properq?, or past thereof, os for ceaveyaace is lieu of eoadsmaaBon, are hereby assigned sad shall be paid to Lander. Ia the event of a total taking of Ws Property. the proceeds shall be applied to the suau secured by this Mortgage. wiW the eutoas, if say, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree is writing, there shall be applied to the sums secured by this Mortgage such proportion of the prgoeeda as is equal to that proportion which the amount of We sums secured by tl?is Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediats~y prior to flee date of taking. with the balance of the proceeds paid to Borrower. - If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offer to make an award or settle a claim for damages, Borrower fail to respond to Lender within 30 days after the date such notice is mailed. lender is authorised to collect sad apply the.proceeds, at Dander's option. either to restoration or repair of the property or to We sums secreted by this Mortgage. Unless bender and Borrower otherwise agree is writing,any such application of proceeds to principal shall not extend or pwtpone thedue date of the monthly installments referred to is paragraphs 1 and 2 hereof or change the amount of such iastalimeate. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the auras secured by this Mortgage granted by Lender to any successor in intecest of Borrower shall~not operate to release. in any manner, the liability ottee original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse b eztend time for payment or otherwise modify amortisation of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's euoseesors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or oWerwiae afforded by applicable law. shall not be a waiver of or preclude W e exercise of say such right or remedy. The procurement of insurance or the payment of taxes oz other liens or charges by Lender shall not be a waiver of header's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to say other right or remedy under this MoriPage or afforded by Law or equity, and may be exercised ooacurrently, independently or suooeasively. 13. Suooeseore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein oontaiaed shall bind, and the rights hereunder shall inure to, the respective successors and asaigree of Lender and Borrower, sabject to the provisions of paragraph 17 hereof. All covenants and agreements of torrower 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 pmviuc. for in this Mortgage shall be given by mailing such notice by certified mail addressed 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 re9eipt requested, to Lender's address stated herein or to Such other address ae 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; 8everability. This form of mortgage rnmbines uniform oovenanta for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instraneent covering real property.This Mortgage shall be governed by the Iaw 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 Iaw. such rnnflict shall not affect other provisions of this Mortgage or the Note which can be given effect withoat the oonllicting 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 Mort~aB4 at the time of~eti4µ or after recordation hereof. r.' s:.cL . = ~ - I7. `i~ansfer of the Property; Assumption. If all or any part of the Property or an intermit tlieieue is sold of Eran4ferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subbrdiAate ~o 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 ail the sums secureG 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 of transferred mach agreement in vrriting that the credit of such 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 hereof. Such notice shall provide a period of not less than 30days from the date the notice is n-,ailed within which Borrower may pay the soma declared due, If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, envoke 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, 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 hereofapeeitying: (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 soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shalt 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 soceleration and foreclosure. If the breach is not cured on or before the date specified in We notice, Lender at Lender's option may declare all otthe sums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lendershal! be entitled to collect in such proceeding all expenses of foreclosure, including, but not tiatited to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender'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 and notes aeceerng ~eture Advances, if any, had no acceleration occurred; (b) Borrower come all br~eachee of any other wvenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incierred by Lender in enforcing the oovenante and agreements of Borrower contained is 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 arch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's 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 as it no acceleration had occurred. 20. Assignment otl3ents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to bender 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 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 enteraepon, take possession of and manage the Property and to collect the rants of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to thesums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 314 p~~E 2461 vu'rr, vi a ~ ti av~/ s~- q