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HomeMy WebLinkAbout1962 ..an. ---_w... . - ~ - _ - ~ - i~ 8. Inspection. Lender may make os caress to bs made reasonable entries upon and inspections of the property, providd that Lender shall give Borrower notice prior to say such inspection specifying reasonable cause therefor slated to I.endear's interest in Ws Property. 9. Condemnation. The pe~a~seds of any award ar cLim for damages. direct or consequential. in connection with arty condemnation ar other taking of tbs property. oe part thereof, ar for oonveyanos is lien of condemnation, are herby assigned and shall be paid b Leader. In the event of a total taking of the Property. the proceeds shall bs applied to the erns secured by this Maetgase, with the axaess, if aqy, paid to Borrower. In the event of a partial taking of the Property, ndess Boszowes and Leader otherwise agree in writing. theme shell be applied to the sums secured by this Matctgags such peopo~rtion of the proceeds a• is equal to that proportion which the amount of the same secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediats~y prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or i~ after notice by Lender to Borrower that the condemnor offers to make an award os settle a claim for damages, Borrower fail to respand to Lends: within 30 days after the date such Holies i. mailed. Lender is anthorisd to collect sad aPp1Y the peoeseds, at Lender's option, either b restoration or repair of the property es to the sums seemed by this Moetgaga Unless Lender and Borrower otherwise agree in writing, any such application of peooeeds to principal shall not eatead or postpone the due date of the monthly inataltments referred to in paragraphs 1 and Z hemeef ar change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Landes to any suooesaor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's snooeesore is interest. Lender shall not be required to commence prooeedinga against sack auccesaos or refuse to errand time for payment or otherwise modify amortisation of the some secured by this Mortgage by reason of any dmnand made by the original Borrower and Borrower's anacessora in interest. 11. Forbearance by Caroler Not a Waiver. Any forbearance by Lender in exercising any right ar remedy hereunder. ar otherwise afforded by applicable law. shall not be s waiver of or preclude the exercise of any each sight or remedy. Tile procnr~ent of inanrance 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 second by this Mortgage. 12. Remedies Cumulative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy render this Mortgage ar afforded by law or equity, and may be ezercised concurrently. independently ar sttooeseively. 13. Suooe~sors and Assigns Bound; Joint and Several Liability; Captions. The oovenanta and agreements herein contained shall bind, and the rights heretmder shall inure to. the respective successors and assigns of Leader and Borrower. subject to the provision of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are foe oovenience only and are not to be used to intempret ar define the provision hereof. 14. Notice. Ezoept for any notice required under applicable law to be given in atwther 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 Fender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested, to Lender's address stated herein or to such other address as 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; 3everabiliq?. This form of mortgage combineb aniform covenants for national use and non- uniform covenants wiW limited variations by jurisdiction to constitute a uniform secarity instrument o~vering real property.This Mortgage shall be governed by the law of the jnriadiction in which the Property is located. In the event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such cenflict 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,provisiona of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execatioa or after recor3ation hereof. l7. Traa~efer of We Property: Assumption. U all or any part of the Property ar an interest therein is sold or transferred by Borrower without Lender's prior written eonsettt, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a pur+c_hase money security interest for household applianoea, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant ar (d) the grant of any leasehold interest of three years or leas not oonlainiag an option topurr-base, Lender may, at Lender's option, declare all We sums aecurett by ll»a Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale ar transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the creditof each person is aatiafactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ere Leader shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s suocesaor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower.5rom all obligations ender this Mortgage and We Note. . If Leader ezercisea such option to accelerate, Lender ahaD mail Borrower notice of aooeleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not lees than 30 days fiom the date the notice is trailed within which Borrower may pay the arms dedared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice ar demand on Borrower, invoke any remedies permitted by paragraph I8 hereof: 18. Acceleration; Remedies. Ezcept sa provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Mortgage, including the oovenenta to pay when due aqy soma secured by this Mortgage, Lender prior to aeeeteration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice may result is acceleration of the some secured by this Mortgage, foreclosure by jndicisl proceeding and sale otthe Property. T'he notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezisteace of a default or any other defense of Borrower to acceleration end foreclosure. If the breach is not eared on or before the date specifted in the notice, Lender at Lender's option may declare all otthe same 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 asperses of foreclosure, including, bat not limited to, reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration ofthe aumasecured by this Mortgagt, Borrowerahallhave the right to have any prooeedinga begun by Lender to enforce this Mortgage disoontinned at any time prior to. entry of a judgment enforcing this Mortgage if• (a) Borrower pays Leader all soma which would be then due ender this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants ar 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 ae 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. Leader's interest in the Property and Borrower's obligation to pay tbe soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations aeatred hereby shall t+emain in fnU force and effect as if ao accelastion had oocarred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder. Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shaD, prior to acceleration render paragraph 18 hereof or abandonment of the Property. have the right to collect and retain such rents as they become due and payable. Upon aooeleration Hadar paragraph 18 hereof or abandonment of the Prooperty, Lender shall be entitled to have a receiver appointed by a oonrt to enter~npon, take possession of and manage the P'rope:ty and to collect the rents of the Property, indnding those pest due. All teats collected by the receiver shall be applied fast to payment of the costs of tnanagementof the Property and collection of rents, inducting, but not limited to, receivers fees, preminma on receiver's bonds and reasonable attomey'a fees, and then to the sums severed by this Mortgage. The receiver shall be liable to amwunt only far those rents actually received. BOOK3~5 PA~E19~i9 F.