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HomeMy WebLinkAbout2052 i .w• ~ ~ ` t . 8. Inspection. Lender rosy make or cause to be made reasonable entries upon and inspections of the property, provided that Leader shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any sward or Maim for damages, direct oe oonsaquential. W connection with say eondamaation os other taking of the property, a part Wereof, or for cenwyance in lien of condemnation, are hereby assigned and shall bs paid to I.ender. In the event of a total taking of the Property, Ws proceeds shall bs applied to the anms secured by this Morytage, with the sears. ff any. paid to Borrower. In the event of a psrtial taking of the Property. unless Baerower and Lsndee oWerwies agree in writing. there shall be applied to the snnu secured by thin Mortgage anch proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair marled value of We Property immediate~jr prior to the date of taking. with the balance of the proceeds paid to Borrower. If We Propergr is abandoned by Borrower, or i>:,~aiter notice by Lender to Borrower that the condemnor o[fers to make en award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender i• authorised to collect and apply the proceeds. at Lender's option. either bo redodation or repair of the property or to the sums aecnred by this Mortgage. Udess Lender and Borrowerr otherwise agree in writing, any sndr application of proceeds to principal shall not estend or postpone the dns date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of We sums secured by thu Mortgage granted by Lender to any suooessor in ingest of Borrower sbaII not operate to release. is any manner, the liability of the original Borrower and Borrower's sueoessors in interest. Lender shall not be required to commence prooeerlings against such successor or refuse to ez<end time for p~ymeAt or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers suocesaore is interest. I1. Forbearanoa by Lender Not a Waiver. Any forbearance by Lender in ezercising any right a remedy hereunder, c: oWarwiss afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of iruuranee or the payment of fazes err other liens or charges by.Lender shall sot be a waiver of Lender's right to sooelerate the maturity of the indebtednew secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgsga are distinct and aimnLHve to any other right or remedy Hader this Mortgage err afforded by law or equity. and may be ezercisal concurrently. independently or snocessively. 13. Saeoessors and Assigns Hound; Joint and Several I.iahiUty;Captions. The oovenanta and agreemcets herein contained shall bind, and We righb hereunder shall inure to. the respective suooessore and assigns of Lender and Borrower, subject to the provisions ~ paragraph 17 bereot All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oov~iea~ce ody and an not to be used to interpret or define the provisioaa hereof. 14. Notice. Ezcept fm any notice required under applicable law to be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower atthe Property Address or at snob 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 Lenders address stated herein or to sack other address as Lender may designate by notice to Borrower as provided herein. Aay 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; Severability. Thiaform of mortgage combines uniform covenants for national use and non- uniform eoveaants with limited variations by jurisdiction to oonstitate a nnifonm security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In We event that any provision or clause of this Mortgage or the Note conflicts wi W 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 Wis end We provisions of the Mortgage and the Note an 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 e:ecntion os after recordation hereoL 17.1`raasfer of the Property; Assumption. If all or any part of We Property or an interest therein is sold or transferred by Borrower wiWont Lender's prior written consent, excluding (a) the czeation of a lim or encwnbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) We grant of any leasehold interest of three years or lees not containing an option to purchase, Lender may, at Leaders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aeoelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the creditof such ~I person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shell request. If Deader has waived tbe option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecnted a written assumption agreement accepted in writing by Lender, Landes shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to socelerate, Lender shall mail Borrower notice of aocelerarion in aooordance 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 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 oa Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in thL Mortgage, including the covenants to pay when due any some secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days 5 om the date the notice is mailed to Borrower, by which wch breach must be cured; and (4) that failure to care such breach oa or before the date specified is 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 aRer acceleration and the right to assert In the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in fhe notice, Lender at Lender's option may declare all of the Sams secured by this Mortgage to be immediately due and payable without farther demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in such 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. NotwithstandingLender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proecedinga begun by Lender b enforce this Mortgage dieeontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage. We Note and notes securing Fhtnre Advances, if any, had no acceleration oecarred; (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 eoveeants and agreements of Borrower contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, bat red limited to, reasonable attorney's fees; and (d) Borrower taken each action ere Leader may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay We sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration 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 b acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rer?ts as Way become due and payable. Upon acceleration render paragraph 18 hereof or abandonmcet of the Property, Lender shall be entitled to have a reoeivQ appointed by a court b enternpon, take possession of and manage the Property and to collect We rents of the Property, including Wose pest due. All r+eats collected by the receiver shall be applied first to payment of the coats of management of the Property and collection of rests, including, bet not limited to, receivers fees, premiums oa receiver's bonds and reasonable attorney's fees, and Wen to We sums secured by thin Mortgage. The receiver shall be liable to acoonnt only for those rents actually received. a~~x 315 PbcE 2049