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HomeMy WebLinkAbout0895 { ~~l ~ ' 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of the propesrf~r, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause Waefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct ce consequential. in connection wlth any condemnation or other taking of the propesty, or Part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. ~ Pis shall be applied b the soma secured by thin Mortgage, with the excess, ff any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender oWerwiss agree in writing. there shall bs applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior to the date of taking beers to the fair market valve of the Property immediately Prior to the date of taking. with the balanoa of the proceeds paid to Borrower. - Ifthe Property isabandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor 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 Dolled and apply We proceed0. at Lender's option, either to t~ration or repair of the property or to the same secured by this Mortgage Unless Lender and Borrower otherwise agree in writing. any each appUcation of proceeds to principal shall not eztend or pwtpone We dne date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Facteasion of the time for payment or modification of amortization of the soma secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's nuoceseora in interest. Lender shall not be required to oammence proceedings against such successor or refuse to eztend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrows: and Borrower's aua~eesorn in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exorcising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezacise of any such right or remedy. The procarement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the matarfty of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. AU remedies provided in this Mortgage are distinct and cumulative to arty other right or remedy ender this Mortgage or afforded by law or equity, and may be ezercisecl onncurrent)wy, independently or successively. 13. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective enooeesors and assigns of Lender and Borrower. subject to the 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 covenience only and are not to be used to interpret or define the provisions 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 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, retain receipt requested. to Lenda's address stated herein or to each 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; $everability. Thin form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ie 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, end to this end the provisions of the Mortgage and the Note are dedared b be severable. • lfi. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. If s]1 or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (a) the creation of a lien or encumbrance 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 17ae1~F?at~f~'~ df~ire- .late or lras not containing an option to pnrchaee, Lender mays at Censer's option. - declare all the sums secured bjrth~lil~~~~>~ ~yr~ and payable. Lender shall have waived such option to accelerate if, prior to the Bale or transfer, Lender arid!flfd~son to whom the Property is to be sold or transferred reach agreement in writing thatthe credit of ouch 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 ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note_ - - - - - j If I.endez c~cerciaee such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL • Such notice shall provide a pc~iod of not less than 30 days from the date the notice is wailed within which Borrower may pay the some 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, ~ invoke any remedies permitted by paragraph 18 hereof. f E 18. Acceleration; Remedies Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or I agreement of Borrower in this Mortgage, including the oovenante to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by wh~h sash breach must be cured; and (4) that failure W cure such breach on or before the date specified in the notice may result 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-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare sU of the soma warred 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 ezpensea of foreclosure, including, bat not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the soma secured by this Mortgage, Borrower shall have s the right to have any proceedings begun by Lander 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 Hader this Mortgage, the Note and notes securing Fhtore a Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other oovenanta or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable ezparaea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies sa provided in paragraph 18 hereof. including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lenda's interest } in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and prre by Borrower, thin Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oocarred. 20. Assignment of Rents; Appointment of Receiver. As additional security her+eimder, Borrower hereby ensigns to Lender the rams of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain inch 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 recdva appoir?ted by a court to enterapon, take posseaaion of and manage the Property and to Dolled the rents of the Property, including these past dne. All rams collected by We receiver shall be applied first to payment of the costs of management of the Property and collection of rams, including, bat not limited to, receeiver'n fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by thin Mortgage. The receive shall be liable to aeoount only for those rents actually received. a~~X3~5 ~acE