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HomeMy WebLinkAbout2031 t.,, • 4 C' } •r 8. Inspection. Lender may make or caure to be made reawnable entries upon and inspectioru of the prop. provided thatL~geier ,hall give Borrower aotios prior to aqy such inapedioa specifying sesaoaabls cause therefor related to IAnder'a tercet in tM Prop~ei~,y. 9. Co~emnatloa. The proceeds of any award or Claim for damages, direct or oonsequeatial, in connection wild eiRl? ooadNanatioa ere other taking at the property. or part thereof. or far conwyanos is lien of condemnation, are hereby aasignsd and ahaU b paid to Latder. In the avert of a total feting of the Property, the proceeds shaA be applied to the soma secured by this Mortgage, with the axosss, ff aqy, paid to Borrower. In the event of a partial feting of the Propert<jr, anise Borrower and Leader otherwise agree in writing. thsrs shall be applied to the sums secured by this Mortgage such proportion of the proceeds e. is equal to that proartion which the amount of the acme secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediate)y prior to the date of taking. with the bahwce of the procesda paid to Borrower. V the Property i• abandoned by Borrower, oc i~ after notice by Lender to Borrower that the condemnor ogee to make an award or settle a claim for damages, Borrower fails to respond to bender within 30 days after the date such notice i. mailed, Lender is sathorised to collect and aPPIY the proosetL, at bender's option, dthsr to redoralion or repair of the property or to the arms aecared by this Mortgage. Unleaa Lender and Borrower otherwise ogres in writing,any such application of prooeedato principal shall not estrod or posgwaethedne date of the monthly inatallmrots referred to in paragraphs 1 and 2 hereof or change the amount of arch irutallmaata. 10. Borrower Not Released. ismtension of the time for payment or modification of amortisation of the soma secured by this Mortgage granted by Lender to any sueceaaor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's suooeseors in interest, Lender shall sot be required to commence proceedings against arch suecasor or nfitse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's enccessore in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by I:ender in exercising any right or remedy hereunder, err otherwise afforded by applicable law. shall not be a waiver of or preclude the esercise of any arch right or remedy. The procurmaeat of insurance o9r the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to decelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cnmalative. All remedies provided in this Mortgage are distinct and cumulative to any other right as remedy ender this Mortgage or afforded by law or equity, and may be ezerciee~l concurrently, independently or successively, 13. Sua~eaaors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder ,hall inure to, the respective sneceasors and assigns of Lender and Borrower, ,abject 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 oovenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. $xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided form this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at arch 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, Haan receipt requested, to Lender's address stated herein or to such other address as Lends 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 ar Lender when gives in the manner designated herein. 15. Uniform lljortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national nee and non- uniform covenants wild 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 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 gives effect without the eonfiicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execatioa or after recordation hereof. 17. Transfer of the Property; Assumption. If all os any part of the Property or sn interest therein is sold or tranaferr+ad by Borrower 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 household applianoea. (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 less not containing an option to purchase. Lender may, at Lender's option, declare all the soma aecvrea 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 agreementin writing that the credit of sncli person is satisfactory b Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate ere Lender shall requeeR. If Lender has waived the option to accelerate provided in this paragraph i7. and if Borrower's successor 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 exercises such option to accelerate, Lender shall mail Borrower notice of aooderaaon in accordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay theaums declared due. If Borrower tails 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 paragraph 18 hereof. 18. Aooeleration; Remedies. $:dept as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ere provided in paragraph 14 hereotspedfying: (1) the breach; (2) the action required to cure snc6 breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such breach moat be cured; and (4) that failure to Bare such breach on or before the date speciRed in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. T'he notice shall further inform Borrower of the right to reinstate alter deceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosures If the breach is not cured oa 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 cc?llect is such proceeding all espenaes of foreclosure, including, but 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 ofthe snore secured by this 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 Fbtare Advance,, if any, had no aooeleratioa occurred; (b) Borrowercuree all breaches of any othercovenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower wntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's foes; and (d) Borrower takes such action as Lender may reasonably require to assure that We lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall oontinne unimpaired. Upon such payment and cure by Borrows, this Mortgage and the obligations secured hereby shall remain in frill force and effect as if no acceleration had occurred. Zll. Assig~nmeat of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assign, to Leader the rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph I8 hereof or abandonment of the to collect and retain such rents as they become doe and payable. Property,havetheright Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enteraepon, take poesesaion of and manage the Property and to collect the rents of the Property,~inclading those past due. All rest, collected by the receiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but not limited to, reoaver'a fees, premiums on reoeiver'a bonds and reasonable attorney's fees, and then to the anma aecared by this Mortgage. The receiver shall be liable to account only for those rent, actually received. goox 315 P~~E 218