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HomeMy WebLinkAbout2036 . ~ 8. inspection. Leader may make or canes to be made reasonable entries upon and inrpectiona of the property, Provided that Lender shall give Borrower notice prig b nay wch inspection specii~?ing reasonable cause theedor related to Lender's interact in the Property. 8. Condeaenatioa. The peooeeds of aqy award or claim for damages, direct or consequential, in oonaection with aqy oondemaation or other taking of the property. ar part thereat. or for ooaveyanos in lied of oondemnatioq are hereby assigned and shall bs paid to I.sader. In the event of a total talons of the Property, the proceeds shall be app8ed to the same secured by this Mortgage, with the a:asss, ff any. paid to Borrower. In the event of a partial talons of the Property. uatess Borrower and I,sndec otherwise agree in writins. there shalt be applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the a~onat o[ the sums secured by flue Mortgage immediately prior to the date of taking bears b the Lir market vales of the Property immediately prior to the date of talons. with the balance of the proceeds paid to Boteower. If the Property is abandoned by Borrower, or it; after notice by Leader to Borrower that the condemnor offers to make an award or settle a claim for damages, Boreoww fills to respond to Lender within 80 days after the date such notice is mailed, Lender is anWorised to collect and apply the peoeeeds, at Lceder's optioq either to restoration or repair of the property or to the sums secured by this Mortgage. Udesa Leader and Borrower otherwise agree in writing, any sut~ application of poossde to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or diaage the amount of such iaatallmeats. 10. Borrower Not Released.l~.utenaion of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any aueoeesor in interest of Borrower shall not operate to release, in say manner, the liability of the original Borrower and l~.orrower'a successors in interest. Lender shall not be required to commence proceedings against such sueceesor or refuse to sztced 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 Barmwetra anooessors in interest. 11. 1?orbearanee by ]Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the a:errase of any eucl~right or remedy.'ILe pr+ocare~meat of insurance or the payment of fazes or oWe: ]ices or charges by Lender shall not be a waiver of Lender s right to aooeierate the maturity of the indebtedness secured by this Mortgage. 12 Remedier Gtirmalative. 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 bs ezerciserl concurrently, indepcedcetly or snooesdvely. 1& Suooessors and Assigns Hound; Joint and Several Liability; Captions. The oovceanta and agreements herein contained shalt bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. Alt covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for oovenicece only and are not to be used b interpret or define the provisions hereof. 14. Notice. S:Dept for any notice required under applicable law to be givce in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certi5ed mail addressed to Borrower at We 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, return receipt requested, to Lender's address stated herein or to each 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 bece given to Borrower or Lender when given in the manner designated herein. 15~ Unifo sage; Governing Law; Severability. Thin form of mortgage combines uniform covenants far national ass and non- uniform co ~W limited variations by jurisdiction to constitute a uniform security inatrumcet covering real property.This Mortgage shall be law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the No wiW applicable law, each conflict shall not affect other provisions of this Mortgage or the Note which can be givce effect wiWou e _ provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. w py, Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecntioa or after record n f ~ ` I7. r of the Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without eo~sent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the croation of a purchase 'iiterq~tt for household appliances, (c) a transfer by devise, d¢scent or by operation of law upon the death of a joint tenant or (d) leasehold interest of three years or lase not containing an option to purchase, Lender may, at bender's option, declare all the soma reu by this Mortgage to be immediately doe and payable. Lender shall have waived arch option to accelerate M~ prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreemcet in writing that the creditof 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 shalt request. If Lender has waived the option to accelerate provided in this paragraph 17. end if Borrowez s auooesaor 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, ].ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hmeot Such notice shall provide a period of not teas than 30 Jaya from the date the notice is rGailed 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 paragraph 18 hereof. 18. Acceleration; Remedies lT,zcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or 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 ae provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to care 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 care 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 aAer 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 cared on or before the date specified in the notice, Lender at Lender's option may declare all of the soma eerured by this Mortgage to be immediately due and payable without further demand and may foreclosethid Mortgage by judicial proceeding. Lender shalt be entitled to collect in each proceeding all expenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's ]tight to Reinstate. Notwithstanding I..ende~s acceleration of the soma secured by thin Mortgage, Borrower shall have the right to have any proceedings begun by Leader to enforce thin Mortgage diacontinned at any time prior to cetry of a judgment enforcing this Mortgage if; (a) Borrower pays Lender all anms which would be then doe ender thin Mortgage We Note and notes aecaring l?bture Advances, if any, had no aosxleration octvrred; (b) Borrower cares ail breaches of any other covenants or agreemceta 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, bat not limited to, reasonable attorneys s fees; and (d) Borrower takes such action as tender may reasonably require to assure that the lice of this Mortgage, bender's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment end care by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and died as if no accelezation had oocan+ed. 20. Assignment of Rents; Appointment of Receiver. Ae 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 abandoamcet of the Property, have the right to collect and retain anch rents as Way become doe and payable. Upon acceleration ands paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oonrt to ceter.npon, take poseeasion of and manage the Property and to coped the rcete of We Property, including those past doe. AU rents collected by the receiver shall be applied first to payment of the costs of management of the Propezty and collection of r+re?ta, including, bat not limited to, receivers tees. premiums on reoeivds bonds and nasonable attorney's fees, and Wen to the sums secured by thin Mortgage. The reoriver shalt be liable to account only far those rents actually received. a~~K315 Pa~E2~~33