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HomeMy WebLinkAbout0205 _ J i 8. Inspection. Lender may make or cans to bs made reasonable entries aeon sad inapectiona of the property, provided that Leader ahaU give Borrower actin price to any arch inspection apeci(ying reasonable caws therefor related to Lender's interest in the Progrty. 9. Coademnation.lUe peooeeda ofany award or Claim for damages. direct or oonsegnential, in oonaectioa with any condemnation or dher taking of the propeety, or part thereof. or for ooaveyanos in lien of aoademnation, are hereby assigned and shall be paid to Lender. In the avast of a total taking of the Property. the proceeds shall bs applied to tbs awns secured by this Mortgage, with the sasses. if aqy.. _ _ paid to Borrower. In the avast of a partial taking of the Propargr, unless Borrower and Lander othenviae ogres in writing. there ahaU bs applied to the sums secured by thin Mortgage ouch proportion of the proceeds sus is equal tD that propwrtioa which the amount d the same secured by this Mortgage immediately price to the date of taking bears to the fair market valve of the Prropsrty immediate>3r prar to the date a[ 4='~tZ' ~1u >ul~~..r ~t ~t~ Frc•~+1~ t~• Ae,~rK. If the Propergr is abandoned by Borrower, or ~ after notice by Lender to Borrower that the condemnor offers to make as award or settle a claim for damages. Borrower fail to respond to Lender within 9l) days after the date such notice is mailed, Leader is anthoriaed b collect and apply the proceeds, at Lender's option. either to natoration or repair of the psopeety or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise ogres in writing. any Bach applicationof proceeds to principal shall not erctead o: postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1Q Borrower Not Released. Szteasion of the time for paymaat or modification of amortisation of the soma secured by this Mortgage granted by Fender to any snooessor is interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's wccessora in intesbst. Lender shall not be required to commence proceedings against such suoceeear or refuse to eztend time for payment or otherwise modify amortisation of the soma secured by this Mortgage by reason of say demand made by the original Borrower and Borrower's suooessors in interest. 11. Forbearance by Loader Not a Waiver. Any forbearance by Landes in e:er©sing any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or prednde the e:ercisa of any such right or remedy.The procurement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right tD accelerate the maturity of the indebtedness _ secured by_thia Mortgage. 12 Remedies CumaLtive. AU remedies provided in this Mortgage are distinct and cnmalative to any other right or remedy nndar this Mortgage or afforded by law or equity, and may be ezerciaed ooncusrently, independently or anocessively. 13 Snooeseora and Assigns Bonnd;.lotnt and Several Liability; Captions. Tine oovenanta and agreements herein wntniaed sl,ail bind. and the sights hereunder shall inure to. the respective aaooessore and assigns of Lender and Borrower, subject to the provisioaa of paragraph 17 hereof All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ooveaience only and are not to be used to interpret or define the provisions hereof 14. Notice. Szoept for any notice required ender 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 oestified mail addressed to Borrower atthe Property Address or at such other address as Borrower may designate by notice to Leader 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 arch other address as Lender may designate by notice to Borrower w provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herds. 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 eonstitnte a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jnriedidion in which the Property is located. In the event that any provision or clause of this Mortgage err the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be gives effect without the conflicting provision, and to this end the provisions of the Mostgage and the Note are declared to be severable. ll% Borrower's Copy. Borrower shall be fnsaiahed a amformed copy of the Note and of this Mortgage at the time of a:ecation or after recordation hereof. 17.'ltiraaafer of the Property; Assumption. H all or any past of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written ooneeat, ezcinding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b)thecreation of a purchase mo~fey 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) the grant of ray leasehold interest of three years or ices not containing an option to purchase, Lender may, at Leader's option, declare all !be snm6 secu o ro and payable. Fender shall have waived arch option to accelerate if, prior to the sale ce transfer. to be sold or transferred reach agreement in writing thatthe creditof each person is satisfactory to ~ ° ;sums secured by this Mortgage shall be at arch rate ae Lender shall request. If Lender has w e ovid paragraph 1T, and if Borrower's successor in interest has ezecuted a writtw assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender esercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof Such notice shall provide a period of not leas 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 aspiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by parsgraoh 18 hereof. 18. Acceles~ation; Remedies. Szcept as provided in paragraph 17 hereof, np~on Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenaats to pay when due say same eecared by this Mortgage, Leaden prior to acceleration shall mail notice to Borrower ere provided in paragraph 14 hereof apedfying: (1) the breach; (2) the action required to cure each breach; (3) a date, not less than 30 days fi^om the date the notice is mailed to Borrower. by which each breach must be cared; end (4) that failure to care each breach on or before the date speciReli in the notice may reanlt-in acceleration of the same secured by this Mortgage, foreclosure by 3adicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after aeoeleration and the right to assert in the foreclosure proceeding the non-eziatence of a default or say other defense of Borrower to sooeleration and foreclosure. If the breach is not cured on or before the date spedfied in the notice, Lender at Lender's option may declare all of the soma secured by thin Mortgage to be immediately due and payable without further demand end may foreclose this Mortgage by judicial proceeding.Lender shall be entitled to Dolled in arch proceeding all ezpenses 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 proceedings began by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays bender all sums which would be then doe Hader Chia Mortgage. the Note and notes securing Phtnre 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 a:pauses incurred by Lender in enforcing the eoveoante and agreemrota 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 each action as Lender may reasonably require to assure that the lien of this Mortgage, I.ender'a interest in the Property end Borrower's obligation to pay the sums secured by this Mortgage shall eontinne unimpaired. Upon each payment and cure by Borrower. this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aooeleratioa had oocnsred. 20. Aasignm~t of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the seats of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to collect and retain arch rents as they become due and payable. Upon acor]eration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a coact to enterupon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied fast to payment of the costa of managemeatof the Property and collection of rests, including, but not limited to, receiver's fees. premiums on recever's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aooonat only for those rents actually received. g~3is PEE ~ -