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HomeMy WebLinkAbout2048 - - - - - - ~ _ .rr ( r 8. Inspection. Lender may make or cause to bs made reasonable entries upon and inspections of the proparfJr, provided that Lendw shall give Borrower notice pricer to any such inspection spec~?ing reasonable cause Werefor related to Lender's interest in the Property. 9. Condemaadon. 7Ue proceeds of any award or claim for damages, direct or consequential. in connection with say condemnation or older taking od the property, ar part thereof. or for conveyanos in lien of condemnation, are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the soma aecnred by this Mortgage, with the excess. ff any. paid to Borrower. In the event of a partial taking of tbs Property, udess Aorrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the snore secured by this Mortgage immediately prior to the date of takung bears to We fair market value of the Ptopergr immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. Tf the Property is abandoned by Borrower. os i~ after notice by Lendw to Borrower that the oondamor offer to make an award or settle a claim for damages. Borrower fails to respond to Lender within 90 days after the date such notice is mailed, Lender is anthodzed to collect and aPP>,1? the psooeeds, at Lenders option. either b relocation oz repair of the property or to the snore secured by thin Mortgage. Unless Lender and Borrower otherwise agree in writing, any ouch application of proceeds toprincipal shell not a:toad or postpone We due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released.l3gttadbn of the races for payment or modification of amortisation of We same secured by thin Mortgage granted by Lroder to any suooessor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in iatereaR Lender shell Nrt b? required tiu commepp~psooeedinga against such auoceasor or refuse 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 euccessora in intered. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e~zercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or praclnde the exercise of any sack right or remedy. The procan~ment of inanrance ce the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 1Z Remedies Cumulative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortrage or afforded by law or equity. and may be ezezciae~l concurrently. independently or suooessively. 13. Snooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, enbject to the provisions of paragraph 17 hereof All covenants and agreements of Borrower shall be joint and several'1Le captions and headings of the paragraphs of this Mortgage are for eoveaience Drily and are not to be used 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 shall be given by mailing such notice by certified mail addressed to Borrowerat the Property Address or at such other address as Borrower may designate by notice to Lender ae 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 Borrowce or I.ender when given in the manner designated herra~a. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Thin 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 given effect without the conflicting 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 execution or after rernrd lion hereof. 1 ~~aaefetr of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without'~.endtt's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, tb) the creation of a put c~sse money security interest for )3opaehppliances, (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 interea of three years or less not containing an option to pnrchaee, Lender may, at Lendels option, declare all the soma securer by this Mortgage to be immediately due and payable. Lender shaft have waived such option to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property is to besold or transferred reach agreement in writing thatthe creditof Bach pen9on is satisfactory to Lender and that the interest payable on the soma 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 successor in interest has e:ecnted a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower floor all obligations under this Mortgage and the Note. If bender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days floor 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 arch period, Lender may, without further notice or demand on Borrower, invoke any ranediea permitted by paragraph 18 hereof. 18..Acceleration; Remedies. Except ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement. of Borrower in this Mortgage, including the oovenanta to pay when due any sums secured by this Mortgage, Lender prior to aa;eleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days f3rom the date the notice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to arcs such breach on or before the date spedfted in the notice may resalt in acceleration of the same secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate 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. It the breach is not cared on or before the date specifted in the notice, Lender at Lender's option may declare all of the soma seemed by this Mortgage to be immediately doe 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, but not limited to, reasonable attorney'B fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLeader's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedingB begun by Lender to enforce this Mortgage diaeontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes Securing lfitnre Advances. if any, had no acceleration occurred: (b) Borrower cures all breaches of any other covenants or agreements of Borroweroontaiaed 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. 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 Borrower's obligation b pay the sums secured by this Mortgage shall eontinne nnimpsired. Upon each payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oecnreed. 20 Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, 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 acceleration render paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a recover appointed by a court to eater.upon, take possession of and manage the Property and to collect the rails of the Property, including those pad due. All rents collected by the receiver shall be applied first to payment of the owta of managementof the Property and oolledion of rents, including, bat not limited to, recove:'s fees, premiums on receiver's bonds and reasonable attorney's fees. and then to the sums secured by this Mortgage. The receiver shall be liable to aeoonnt only for those rents actually received. B~~K 315 p~GE2045