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HomeMy WebLinkAbout0237 i ' i 8. Inspection. Lender may make or cause to be made reasonable eatria upon and irupections of the property, provided that Lender shall give Borrower notice prior to say such iaspeotioa specifying reasonable caws therefor related to Lender's interest in the propergr. 9. Condemnation. The proceeds of say award or claim for daa?ages, director consequential. is oonnectioa with say ooademnation or other feting of the property. or part thereof. os for conveyance in lieu of oondsmnation, are hereby assigned and shall bs paid to Leader. In the event of a tots! taking of the Property. the proceeds shall b applied to the cams secured by this Mortgage, with the ezoess, it say. paid to Borrower. In the event of a partial taking of the Propeety, anlesa Borrower and Lender otherwise agree in writing. these shall be applied to the sums secured by this Mortgage sucb proportion of We proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of talnng, with We balance of the proceeds paid to Borrower. If the Property is abaadoned by Borrower. or ~ after notice by Lender to Borrower that the condemnor offer to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after We date such erotica is mailed. Leader is authorised to collect and apply the proceeds. at Lender's option. either to restoration or repair of the proper4y or to the evens secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone the ties date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instaWnenta. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the auras secured by Chia Mortgage granted by bender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Bosrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or otherwise modify amortiaatioa 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 ezercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any each right or remedy. The procarement of inswance 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 indebtedness secured by this Mortgage. 12 Remedies Cwnulative. All remedies provided in this Mortgage are distinct and cnnaulative to say other right or remedy Hader this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or sueceesively. 13. Suceessore and Assigns Bound; Joint and Several Liability; Captions. The rnvenants and agreements herein contained shall bind, and the sights hereunder shall inure to. the respective auoceeson and assigns of Lender and Borrower. subject to tLe 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 eovenience only and are not 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 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, retnra receipt requested, to Lender's address stated herein or to such other address ae Lender may designate by notice to Borrowce 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 covenants with limited variations by jurisdiction to eonatitute a uniform aecnrity instrument covering real 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 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 farniahed a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 1~ 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 a prior written consent, excluding (a) the creation of a lien or encumbrance anbordinate 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 sums secured by this Mortgage to be immediately due and payable. Lender shall have waived ouch 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 person is satisfactory to Lender and that the interest payable on the soma 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 sueceasor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tiom all obligations under this Mortgage and the I Note. If Lender ezercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL 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 Borrower, invoke any remedies permitted by paragraoh 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 soma severed b3? 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 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 resell 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 soma secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader 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 Right to Reinstate. Notwithstanding Lender'eacceleration ofthe sumasecured by thiaMortgage, 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 soma which would be then due under this Mortgage. the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other ooveaants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreernenta of Borrower s contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but Hat limited to, reasonable attorney's foes; and (d) Borrower takes such 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 soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and dfecl as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa 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 collect and retain arch 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~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 first to payment of the costs 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 the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ~~~~K315 PaGE 2~3~-_-_--------_