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HomeMy WebLinkAbout0713 y i . , 8. Iaspecxion. Lender may make or csnse to bs made eeasoaable entries upon and inspections of the property, provided that Iwnder shall gibe Borrower nodes prior tD any each iaspedion specalying reasonable caass therdcr related to Lender's interest is the Propeeyr. . 9. Caidemnation.'il~e proceeds of any award or claim for damages. direct or ooneegneatial, is connection with espy condemnation err other taking of the property, a part theeeot, or for oonveyanos is lien of aoademnatioa, are hereby aeeigaed and shall bs paid to Leader. In the event of a 1ota1 taking d the Property, the proceeds chap bs applied to the cams secured by this Mortgage, with the excess, it any, paid to Borrower. In the event of a partial taking of the Propeegr, unless Borrower and Lender otherwise agree in writing. tbars shall be applied b the snaro secured by this Mortgage such proportion of the proceeds as ie equal to that psopoetion which tbs amount of the sums ee~vred by this Mortgage immediately prior to the date of taking bears to tiro fair market val~ro of the Property immediately prior to the date of taking. with the ba4aos o[ the proceeds paid to Borrower. Tt the Property i• abandoned by Bo:rower. or it, alter notice by Leader to Borrower that the oond~nos offers to make an award or settle a claim for damages. Borrower fail to respond to Leader within 90 days afkr the date such notice is mailed. Leader is authorised to edlect and apP1Y ~ p'~s. at Lenders option, either to restoration m repair of the propertl? or to the sums secured by this Mortgage. Ualea Lend and Borrower otherwise agree is writing, any such application of proceeds to principal shall not extend ac posgwns the due date of the monthly iastallaronb referred to in paragraphu 1 and 2 hereof or dcangs the amount of such inatallnnrots.~ 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Leads to espy successor in interest of Borrower shall not operate to seleese, in any manner. the liability of the original Borrower and Sortower's sneoessora in interest. Leader shall sot be required to commence proceedings against arch successor or refuse to extend time for payment or otherwise modify amortization ofthe soma secured by this Mortgage by reason of any demand made by We original Borrower and Borrower's saocessors in interest. 11. Forbearance M Leader Not :Waiver. Any forbearance by Leader in exercising say right or remedy hereunder, or otherwise off ~rded by ap~ica<ble law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procarernent of insnranes or the payment of uses or other liens or charges by Lender shall not be a waiver of Leader's right to accelerate the matntity of We indebtedness secured by this Mortgage. 12 Remedies Cmm~lative. All remedies provided in this Mortgage are distinct and cumulative to any othw right err remedy under this Most~age or afforded by law or equity, and may be eser+cised ooacnrrentlir, independently or saeoessivtly. 13. Successors and Assigns Hound; Joint arm Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective snoceswrs and assigns of Lender sad Borrower, subject to the provisioner of Paragraph 17 hereof: All oovenante and agreements of Borrower shall be joint and several. The captions and headings of We paragraphs of this Mortgage are foe oovenieace only and are not to be used to interpret or define the provisioner 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 sndi 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 Leader shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as I.ender may designate by notice to Borrows: as provided herein. AnY notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given is the manner designated herein. lb. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national nee sad non- unifona ooveaants wiW limited variations by jurisdiction to constitute a uniform aecwrity instrument covering real property. Thies Mortgage shall be governed by the law of the jnriedidion in which the Property is located. In the event that any provision or dauee of this Mortgage or the Note conflicts wiW applicable law, such wnflict shall not affect other provisions of this Mortgage or the Note which can be given eHed without the conflicting provision, and to this end the provisions of the Mortgage and We Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fnmiehed a rnnformed Dopy of the Note and of this Mortgage at the time of ezecntion or aftce recordation hereof. 17. Transfer of the Property; Assumption. llr all or any pad of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writt~i cotiseat, ezduding (a) the creation of a lira or encumbrance enbordinate 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 lees sot containing an option to purchase; Leader may, atLendeYs optien, - declareall the sums secnrea by this Mortgage to be immediately due sad payable. Lender shall have waived such option to accelerate if, prior to the sale os transfer, Lender and the person to whom the Property ie to be sold or transferred reach agreement in writing that the creditof such person is satisfactory to Lender and that the interest payable on the cremes 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 enocesaor in interest has ezecuted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender ezercisee such option to accelerate, Lender shall mail Borrower notice of acceleration in sooordance wiW paragraph 14 hereof: j 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 hereoL 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 eoveaants to pay when due any some seciired by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ore provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to sure 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 sure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, toredosnre by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinstate aRer eeoeleration and the right to assert in the foreclosure proceeding the non-erietence of a default or espy other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Leader at Lender's optioai may declare all of the same secured l+y this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to soiled in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, end costs of documentary evidence, abstracts and title reports. a 19. Borrower's Right to Reinstate. Notwi Watanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage diaoontinned at any time prior to entry of a jndgmeat enforcing a this Mortgage ii (a) Borrower pays bender all anme which would be then due ender this Mortgage, We Note and notes securing Ptiiture 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 ezpensee incurred by Lender in enforcing the covenants and agreements of Borrows 9 contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof. indnding, bat not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that We lim of this Mortgage, Lenders interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall eontinne unimpaired. Upon such payment and care . by Borrower, this Mortgage and the obligations secured hereby shall remain in frill fora and effect as if no acceleration had occurred. fi 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borroww hereby assigns to Leader 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 soiled and retain such rents as they become due and payable. Upon aoceieration ender paragraph 18 hereof or abandonment of the Properly. Lender shall be entitled to have a receive: appointed by a oocut to eaterupon. take posaeesion 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 costa of managementof the Property sad oolledion of Teats. induding, but not limited to, receiver s fees, premiums on receiver's bonds and reasonable attorney's face, and then to the sums secured by this Mortgage. The receives shall be liable to sooonnt only for those rents actually received. ~~~K315 PaGE 7i1 -