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HomeMy WebLinkAbout0654 - ss. - l_ 1 8. Inspection. Leader may make or cause to be made rewonabls entries upon and irupectiaas of the property. Provided that Lsndsr shall giw Borrower notice price to aqy such inspection specifying reasonable cause theretar related to Lender's interest in tbs Property. 9. Coademaadon. The peoossds of any award ar claim for domc~ce, dir-c! ~ coasegnential. in connecUen sit. any c+endrm~et~ or ~ - oWer taking of the ProPmtY. or P~ thereof, or foe conveyance in lies of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taping of the Properbr, the proeesds shall bs applied to the souse secured by thin Mortgage, with the recess. ff any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower 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 sums secured by this Mortgage immediately prior t+o the date of taking bears to the fair market value of the Propertyr immediately priorto tbs date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or i~ aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to r+espoad to Lender within 30 days after the date such notice is mailed, Lends is authorized to collect and aPPl3? the pe~ooeedi, at Leader's option; either to restoration or repair of the property or to the sums secured by this Mortgage:-- Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of We soma secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any meaner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such anooesaor or refuse to eztend 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 Borrowers euooeeaors in interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in eser~asing any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any each right or remedy. The procurennent of inemrewce or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to sooelerate the maturity of We indebtedness secured by this Mortgage. 12. Remedies Cnmuladve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity. and may be ezercise~i concurrently, independently or aueeeesively. 13. Sueceseors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof: All covenants sad agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eovenience only and ar8 not to be need to interpret or define the provisions hereof. 14. Notice. Ezcept for any notice required render applicable law to be given in anoW er manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such noticeby certified mail addressed to Borrower at the Property Address or at such other address ae 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 herein or to~ach-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 Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage oom)3ines uniform oovenante 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 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, each 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. lli. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof. 1T. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, ezcluding (s) the czeation 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 devise, descent or by operation of law neon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lees not containing an option to purchase, Lender may, at Lenders option, declare all the enma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate 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 credit of such person is satisfactory to Lender and that the interest payable on 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 17. and if Borrowers suooessor in interest has ezecuted'a written assumption agreement accepted in writing by L.ender, Lender shaA release Borrower from ell obligations under this Mortgage and the M Note. If Lender ezercieea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 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 sums declared due. If Borrower fails to pay such sums prior to the ezpiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any eovenant e agreement of Borrower in this Mortgage, including the covenants to pay when tine any some secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the adioar required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice may result is 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 after acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to soceleration and foreclosure. If the breach ie not wretl 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 be immediately due and payable without further demand and may foreclose this Mortgage by Judicial proceeding. Lender shell be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Caudate acceleration ofthe sumesecured by this Mortgsge,Borrower ahallhave 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 due under this Mortgage, the Note and notes securing Phtnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other oovenante or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:penaes 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 lira of this Mortgage. Lenders interest in the Property and Borrowers obligation to pay We some secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in frill force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional eecarity hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof a<abandonment of the Property, have the right to collect and retain such testa as they become tine and payable. Upon acceleration Wade paragraph I8 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take possession of and manage the Property and to collect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not limited to, reoavers 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 aeoount only for those rents actually received. 800K~~U PAGE