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HomeMy WebLinkAbout0070 • t' ; ~ ~r _ V ! , ..c . i ' ~ ~ - 1 8. Inspection. Lender may make or cause to be made reasonable entries upon and inapedioru of the property. Provided that Lender shall give Borrower notice prior to any such inspection spea~ying reasonabk cause thereoo: related to Lendm's interest in the Prnper4y. 9. Coademnatioa. The proceeds of any award or daim for damages. direct or oonsequentiel, in connection witb any con boa or other taking apt the property. or part thereof, or fo: conveyanos in hen of condemnation. are hereby assigned and shall be Lender. ~ . In the event of a total taking of the Property, the proceeds shall bs applied to the sums secured by this Mortgage, wiW the excess, if any, paid to Borrower. In the event of a partial taking of the Propec~y. udess Borrower and Lender otherwise agree in writing, there shall be ; applied to the sums secured by this Mortgage such;,proportion of the proceeds ere 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 market value of the Property immediately prior to the date of taking, wiW the balance of the proceeds paid to Borrower. If We Property is abandoned by Borrower, or ii; after notice by Lendw to Bonuwer that the ooetdemnoroff~s to make an award araettlsa claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to oollectand apply the proceeds, at Lender's option, tither to restoration or repair of the property or to the auma secured by this Mortgage. Unless Lender and Borrower othezr~se agree in writing, any such application of proceeds to principal shall not e~ztend or postpone thedue date of the monthly installments referred b in paragraphs 1 and 2 hereof or duurge the amount of such irutallments. 10. Borrower Not Released. Eztsnuon of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by bender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borroww and Borrower's aucceeeors in interest. Lender shall not be required to commence proceedings against such successor 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 successors 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 exercise of any such right or.remedy. The procurement of insurance or the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender's rigbt 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_~.ny other right or remedy under this Mortgage or afforded by law or equity, and may be ezercise,l concurrently, independently or euoceesively, I3 Saooeesors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agr+eernents herein contained shall bind. and the rights hereunder shall inure to. the respective saooeesora and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereol: 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. Ezeept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage s~?ell begiven by matting such notice by certified mail addressed to Borrower at the PropertyAddresa Drat 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 hereid or to such other address as Lender may designate by notice to Borrower as provides herein.Any notice provided for is 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. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jusiadidion to oonatitute a uniform security ~inatrument covering real property, This Mortgage shall be governed by the law of the jurisdiction is which the Property is located. In the event that any provision or dense of this Mortgage or the Note conflicts wild applicable law, such conilid 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 N_o_te ass declared to be severable. 16. Barrower'a Co y. Borrower shall be famished a conformed o0 p py of the Note and of this Mortgage at the time of execution or esker recordation hereof. 17. T~;ansfer of the Property; Assumption. U all or any part of the Property or an interest therein is sold or transferred ld Borrower without Leaders 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 appliances, (c) a transfer by devisg, dxsceat or by operation of law upon the death of a joint tenant or (d) the grant of say leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the auma eecurea by this Mortgage to be immediatdy due and payable. Lender shall have waived such option to accelerate if, prior to We sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has ezecnted a written asanmption 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, Fender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not leas than 30 days from the date the notice is Trailed within which Borrower may pay the soma dedared due. If Borrower fails to pay such snores prior to the expiration of such period, Lender may. without further notice or demand on liorroveer, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agrc~ment of Borrower in this Mortgage, including the oovenanta to pay when due any same severed by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ss provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure sock breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which ands 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 oithe sums secured by this Mortgage, foreclosure by judicial proaceding end sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration sad 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 cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to 6e immediately tine and payable without further demand and may foreclose this Mortgage by judicial procecdiag.Lender 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. NotwithatandingLsnder's acceleration of the auma secured by this Mortgage, Borrower ahaU have the right to have any pr~ooeedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforang this Mortgage iF. (a) Borrower pays Lender all same which world be then due ender this Mortgage. the Note and notes securing t~ture Advanee~a, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (cj Borrower pays all reasonable expenses incurred by Lender in enforcing We 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 Properly and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon arch payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no soceIeration had occurred. 20. Assignment of Rents; Appointment of Receiver. Ag additional security hereunder, Borrower hereby assigns to Lender the recta of the Property, provided that Borrower ahaU, poor to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain each rents as they become tine and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterapon, take possession of and manage the Property and to coiled the rents of the Property, indnding those past tine. All rents collected by the receiver shall be applied first to payment of the costa of managementof the Property and ooltection of vents, iadndiag, but not limited to, receiver's fees, preminma on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. sow 4'78 P~cE2442 SIX1(~~ P~ ~ 1U