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HomeMy WebLinkAbout0280 t 8. Iaspectlon. Lender may make or caws b be made reasonable entries upon and inapectioru of the property, provided that Lauder shs11 giw Borrower notice prior b aqy ouch irupectoon apecifyins reasonable cause therefor related b Lender's interest is the Property. 8. Coodemnadon.'lUs proceeds of any award or claim for damsgea, direct or oonsegwntial, in connection with any coademaadon or other taking of the property. or part thereof. or for ooavsyanoe in lieu of oondmnnatioa, are hereby assigned and shall be paid b Lender. In the event of a btal taking of the Property. the proceeds shall be applied b the soma secured by this Mortsase, with the corpse, if any, paid b Borrower. In the event of a partial taking of the Propertj, odes Bosrower and Lender otherwise agree is writins, there shall be applied b the sums secured by this Marfsage such proportion of the proceeds w is equal b that proportion which the amount of the sonar ee~vred by thin Mortgage immediately prior b the date of taking bears b the fair market value of We Property immediately psior b the date of talons. wild the baLna of the proceeds paid b Borrower. Ttthe Property is abandoned by Borrower. or i>~ aRer notice by Lender b Borrower that the condemnor offers b make an award or settle a claim for damages, Borrower fails b respond b Lroder within 30 days after the date such notice is mailed, Lender is authorized b collect and applyr the pooesds, at Leaders option, either b restoration or repair of the property or b the sums secured by this Mortgage. Unkp Lends: and Borrower oWerwiss agree in writing. any such application of proceeds b principal shall not extend or postpone the due date at the monthly inatallnaeats referred b in paragsaphs 1 and 2 hereof or change We amount of such iaaWlmenta. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender b aqy aneceasor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's successors in interesk Lender shall not be required b commence proceedings against such successor or refuse b eztend time for payment or otherwise modify amortization of the soma aerated by this Mortgage by reason of any demand made by the original Borrower and Borrowei a sua~eesora in intermt. 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or We payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right b sooelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Camoladve. AU remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, and may be ezcrcisc+i concurrently. independently or snooeseively. j 13 Soooessora and Assigns Board; Joint and Several LisbUlty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. subject b the provisions of paragraph 17 hereof AU covenants and agreements of Borrower shall be joint sad several. The captions and headings of the paragraphs of this Mortgage an for eovenieace only and are not b be used b interpret or define the provisions hereof. 14. Nodce. Ezoept for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such older address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail. return receipt requested, b Lender's address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15.. Unifo~m)1[ortsage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b constitute a uniform security instrument covering real property. This Mortgage i 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 j the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note vrhich can be given effect ~ without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. lli. Borrower's Copy. Borrower shall be famished a conformed copy of the Note and of this Mortgage at We time of execution or after recordation hereoL 17. 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) the creation of a lien or encumbrance subordinate b 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 teasnt or (d) the grant of any leasehold interest of three years or lees not containing an option b purchase, Lender may, at Lender's option, declare all the soma secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall ~'i request. If Linder has waived the option b accelerate provided in thin paragraph 17, and if Borrowers successor in interest has ezecuted a f 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 b accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is rsailed within which Borrower may pay the sums declared due. If Borrower fails b pay such soma poor b the expiration of such penod, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this 1Mortgage, including the oovenanta 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 care arch breach; (3) a date, not lees than 30 days from the date the notice is mailed to Borrower, by which such breach must be awed; and (4) that failure to cure such breach on or before the date specified in the notice may result in a~ceeleration 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 aa~leration end the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. I[the breach is not erred 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. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure. including, but not limited to, reasonable attorney's fees, and costs of documentary evidena~ abstracts and title reports. 19_ Borrower's Right to Reinstate. Notwithstanding tinder s acceleration ofthe sums second by this Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage iL (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes seatring I~tun ~ Advances, if any, had no acceleration oocurr+ed; (b) Borrower curry al l breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpeasea incurred by Lender in enforcing the oovenanta and agreements of Borrower contained in this Mortgage and on enforcing Lender s remedies as provided in paragraph 18 hereof. including, but not limited b, reasonable attorney's fees; and td) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation b pay the sums secured by this Mortgage aball oontinne unimpaired. Upon such payment and cure _ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ZU Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Lender the rests of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right b collect and retain such rents as they become due and payable. Upon acceleration ender paragraph IS hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a ooort b enter~npon, take possession of and manage the Property and to collect the rents of the Property, including those peat due. AU yenta collected by the n~oeiver shall be applied 5rst b payment of the poste of management of the Property and collection of rents, including, but not limited b, receivers fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the some secured by this Mortgage. The receive: shall be liable b account only for those rents actually received. j~?~K315 pa~E 2`79