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HomeMy WebLinkAbout1747 _ jr- - 8. Inspectlon. I.snder may make or caws to be made reasonable entries upon sad iasPectioas othee property. provided that Lender shall give Borrower notice prior to any such Inspection specifying reasonable caws therefoe related to Lendw's interest in the Property. S. Condsmnatlon. The proceeds of any award o: claim for damages. direct or consequential, in connection with nay ooademoatioa or other taking of the property, or pact theraot. oe [a conveyance is lieu of ooAdannation, are hereby assigned and shall bs paid to Leader. In the event of a total taking of the Property. We proceeds shall ba applied to the sums secured by this Mortgage, with the e:oas„ it orgy. paid to Borrower. In the event aE a partial taking of the Property, ndep Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such 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 bears to the fair market unfree of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lander to Borr~owes that the condemnor offers to make an award or settle a claim for damages. Borrower faib to respond to L~der within 30 days after the date such notice is maik~d, Leader is authorised to collect and apply the proceeds, at Lender's option. eiWer to restoration or repair of the propert~r or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly insWlmeata referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztensioa of the time for payment or modification of amortization of the sums 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 successors in interest. Lender shall not be required to commence proceedings against each snooessor or t+efuse to extend time for payment or otherwise modify amortisation of the soma secured by thin Mortgage by reason of any demand made by the original Borrower and Borrower's auocessors in interest. I1. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercidng any right or remedy hereunder, ce otherwise afforded by applicable law, shall not be a waive of or preclude the exercise of any each right or remedy. The procurement bf insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lendetre right to aeoelrrate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Comdatlve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may ba exercised concurrently, independently or snooassively. 13 Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective ancceesore and assigns of Lander and Borrower, subjee+, 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 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 shell be given by mailing such notice by certified mail addressed to Borrower atthe Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any native to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address ore Lender may designate by notice to Borrower as provided herein. Any notice provided for is thin 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 oovenanta for national use and non- uniform_covenanta with limited v_SristitQtra.by jurisdiction to constitute a uniform security inatrnment ooveringreal property. This Mortgage shalI 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 aeverable_ 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of thin Mortgage at the time of e:ecntion or after recordation hereof. 17. Transfer of We Property; Assumption. Tf all or any part of the Property or an interest therein is sold or transferred by Harrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for houael?oW 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 all the anms aecnreo 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 or transferred reach agreement in writing that the credit of each 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 suoceasor 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 a:erciaea such option to accelerate, Lender shall mail Borrower notice of aeoel~ation in sooordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days fmm the date the notice is rrailed within which Borrower may pay the soma dedared 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. 18. Acceleration; Remedies Except as provided in paragraph 17 hereof, aeon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when due any soma severed by this Mortgage, Leader prior to eoceleratioa shall mail notice to Borrower ore provided iri 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 each breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice may result in acceleration of the same secured by this AloKgage, foreclosure by judicial proceeding and sale of the Property. T'he notice shall further inform Borrower of the right to reiaatate after acceleration and the right to assert in the foreclosure proceeding the non-existence 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 sums 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 expenses of foreclosure. including, bat not limited to, reasonable attorney's fees, and costs of do~mentary evidence, abstracts and title reports. 19. Borr'ower's Right to Reinstate. Notwithstanding Lendei aacceleration ofthe sums secured by thin 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 securing Ptiutnre Advances, if any, had no eaxleration ocenrred; (b) Borrower cures all breaches of any other covenants ce agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees;and (d) Borrower takes such action as Leader may reasonably require to assure that We lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the snma secured by this Mortgage shell continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aoeeleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As 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 snc6 rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property. Lender shall be entitled b have a receiver appointed by a court to eaterupon, take poseesaion of and manage the Property and to collect the rents of the Property, including those poet due. All recta collected by the receiver shall be applied first to payment of the oats of management of the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and flan to the sums secured by this Mortgage. The receiver shall be liable to aeoaant only for those rents actually received. IIR ~~.~r.3~5 P~cE1?44 ~ _