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HomeMy WebLinkAbout2040 1 ~ ~ c, - ` t ) ~~-f-y? - 8. Inspection. Lender may make or cause to be made reasonable eatria upon and inspections of the property, provided that Lender shall give Borrower aotios prior to aqy such inspection specifying reasonable cause theeefar related to Lender's interest in the Propettir. 9. Coademaadoa. The proceeds of any award or claim for damages, direct or oonssquential, is connection with any condemnation or older taking of We property. or part thereof, os for conveyance in lien of condemnation. are hereby assigned and shall bs paid to Eructs:. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage„ with the a:ass„ itany. paid to Borrower. In tlse event of a partial taking of the Property. unless Borrower and Lender otherwise ague in writins, there shall bs applied to the sums aecu:ed by this Mortgage such peopoetion of the proceeds as is equal to that propo~rktion which the amount d the snms secured by this Mortgage immediately prior to the date of taking been to the fair market value of the Fioperty immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property i. abandoned by Borrower, m ~ niter notice by Lender to Borrower that the condemnor offms to make an award os settle a claim for damages„ Borrorror fails to respond to Lender within 30 days after the date such notice is mailed, Lander is authorised to collect and apply the proceeds, at Laadee's option, either b restoration or repair of the properttiy or to the soma secured by thin Mostga~ge. Uplas Lender and Borrower otherwise ogees in writing, any such application of proceeds to principal shall not extend or postpone thedw date of the monthRjr instaltmeata refert+ed to in paragraphs 1 and 2 hereo! or tbs amount of such installments. 10. Borrower Not Released. Extension of the time for pgymsnt os modification of amortisation of We sums secured by this Mortgage granters by Lender to any snocessor in interest of Borrower shall not operate to release, in any manner. the liability tithe original Bore~ower and Borrower's snoaeaon in interest. Leader shall not be required to commence pcooeedinga against each auoceasor or refuse to extend time ' for payment or otherwise modify amortization of the name secured by this Mortgage by mason of any demand made by the original Borrower anti Borrower's ancceeson in interest. 11. Forbearance 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 exerriee of any such right orremedy. The procurement of insnranee or the payment of tares ce other liens or charges by Lender shall not bs a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right m remedy ender this Mortgage or afforded by law or equity. and may be exer+aasd ooncurreatly, independently qr soooep2vsly. 13.3nccessorsand Assigns Bound; Joint and Several Liability;Captions. Tie covenants and agreements hernia contained shall bind, and the rights hereunder shall inure to. the respective'suceesson and assigns of Lender and Borrower, subject to the providans of paragraph 1? hereof AU covenants and agreements of Borrower shall bs joint and several. The captions and headings of the paragraplu at this Mortgage are for eoveaiceoe only and are not to be used to interpret or define the pe~ovidons 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 shall be given by mailing each notice by certified mail addressed to Borrower at the Property Addreea or at snob other address as Borrower nay designate by notice to Lender as provided herein, and (b) any notice to Leader shall be given by certified mail. :arum receipt requested, to Lender's address stated herein or to each other address as Fender may designate by notice to Borrower as provided herein. Any notice U vided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~~tgrtgage; Governing La?w; Severability. This form of mortgage combines uniform covenants for national nee and moo- uaifo ~n wwith limited variations by jnriadidioa to oonstitnte a uniform aecnrity instrument covering real property. This Mortgage shall law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the ~ wi 'cable law, such conflict shall not affect other provisions of this Mo rtgage or the Note which can be given effect wi ut a bonflicting vision, and to this rod the provisions of the Mortgage and the Note are declared to be severable. a .~I~orrower shall be fnrniahed a conformed Dopy of the Note sad of this Mortgage at the time of e~zecution or after star of th pprty; Assumption. If all or any part of We Property or an interest therein is sold or transferred by Borrower wi a ~ consent, ezclnding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the cr+mtioa of a p~ ` t for household appliances, (c) a transfer by devise, descent or by operation of law upon the deaW of a joint tenant o leasehold interest of three years err leas not oontaiaing an option to purchase, Lender may. at LendaT's option. declare all red by this Mortgage to be immediately due and payable. Lender shall have waived such option to aealerate if, prior to the sale or transfer. Lender and the person to whom the Properly is to be sold or transferred reach agreement in writing that the credit ofa~uch person ie satisfactory to Lender and that the interest payable oa 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 19, and if Borrower's snoeessor in interest has e:ecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from aU obligations ender this Mortgage and the Note. If Lender ezercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph i4 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma 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 paragraoh 18 hereof. . 18. Acceleration; Remedies Except as provided is paragraph 17 hereof, upon Borrower's breach of 8~ny covenant or agreement of Borrower in this Mortgage, including the oovenartte to pay when tine any sums secured by this lliortgage, Lewder prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lees than 30 days from the date the notice is mailed to Borrower, by which such breach must be cared; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of We soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the P~r+operty. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezistenoe of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the sums severed by thin Mortgage to be immediately due and payable without turtherdemaad and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees. and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lende~a acceleration of the rams 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 soma which would be then tine Hader this Mortgage, the Note and notes securing 1?btnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the ooveaanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 herea~ 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, Lender's interest in the Property and Borrowei s obligation to pay the sums secured by this Mortgage shall eontinne unimpaired. Upon such payment and care by Borrows. this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aeoeleration 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 aoeeleratioa under paragraph 18 hereof or abandoamwt of the , to eolled and retain such rents as they become tine and payable. ~'o~y havetheright Upon acceleration Hader paragraph 18 hereof or abandonment of the Property, bender shall be entitled to have a receiver appointed by a court to enter~apon, take poesea[ion of and manage the Property? and to collect the rents of the Property, including those past due. All rents collected by the recxiver shall be applied first to payment of the coats of managementof the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen to the sums secured by this Mortgage. The receiver shall be liable b aocoant only far those rents adnauy received. 3~5 P~~E2037