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HomeMy WebLinkAbout0666 ~ , 8. Inspeetlon. Lender may make or caws to be made reasonable entries upon and inspectioru of the prope:fy. provided~that Lender shall give Borrower notice prior to aqy such inspection specifying rwwnable cave therefor related to Lender's iritered in ihi ~4~bperty. 9. Condemnation. The psoossds of any award or claim for damages. direct o: oonsegwntial, in connection with nay condemnation or other taking of the propesgr, or Part thereof. or for conveyanos is lien of ooademnation. are hereby assigned awe shall bs paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage. with the ezoess, if any, paid to Borrower. In the event ~ 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 od 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 market valor of We Property immediately prior to the date of taking. with the balance of the proceeds Paid to Borrower. If the Property is abandoned by Borrower, ar if, alter notice by Lander to Borrower that the condemnor offers to make an award or settle a claim for damages„ Borrower fails to respond to Lender within 30 days after the date arch notice is mailed, Lender isauthorised tocollectsad - - aPP1Y ~-P. at Leader's option, either to.testoratioa or repair othee property or to tae sums secured by thin Mostgaga Unless Lender and Borrower otherwise agree in writing. any andr application of proceeds to principal shall not eztend or postpone the dae date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztenaion of We time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any suooeeaor in interest of Borrower shall not operate to release, in any manner. We liability of the original Borrower and Borrower's successors is interest. Leader shall not be required to commence proceedings against such successor or refuse to catered time for payment or otherwise modi~jr amortization of the soma secured by thin 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 Corder in exercising any right or remedy hereunder, ar otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or the payment of fazes or other Leas or charges by Leader shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness - secured by this Mortgage. . 12 Remedies Cumdative. All remedies provided in Chia Mortgage are distinct and cumulative to aqy other sight or remedy ender this Mortgage or afforded by law or equity. and may be e:er+cised ooncurrentiy, independently or asooesaively. 13. Sneoessors and Assignee Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective anocessora and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof: AU eovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eovenience only and are not to be used to interpret or define the provisions hereoL 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in thin Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreea or at such other address sa Borrower may designate by notice fo Leads= as provided herein. and (b) any notice to Lender shall be given by certified mail, returnreceipt - requested, to Leader'8 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 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 jurisdiction to oonatitnte 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. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of thin Mortgage at the time of e:ecntion or after recordation hereof. 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's,prior written consent, ezcludiag (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 devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, Leader may, at Lender's option, declare all the soma secures by this Mortgage to be immediately due sad 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 creditof such person is satisfactory to Leader and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall I'~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suocesaor in interest has ezecuted a j written aesamption agreement accepted in writing by Lender, Lender shall release Borrows 5rom all obligations under this Mortgage and the C Note. If Lender e:erciaes each option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not lean than 30 Jaya from the date the notice is mailed within which Borrower may pay the anma 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 paragraoh 18 hereof: 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, aeon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any soma secured by thin Mortgage, Lender . prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lean 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 in acceleration of the sums secured by this Mortgage, foreclosure by judicial prooceding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after aoceleratton and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration surd 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 be immediately dae and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracter 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 begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage ii: (a) Borrower pays Lender all soma which world be then due ender this Mortgage, the Note and notes securing Pbtnre 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 expenses incurred by Lender in enforcing the ooveaanta and agreements of Borrower contained in this Mortgage and in enforcing Leader's remedies es 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, Leader's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall oontinne unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect ea if no acceleration had occurred. Z0. 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 to acceleration under paragraph 18 hereof or abandonment of the Property, have We right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oomrt to enter~rpon, take poeeeasion of and manage the Property? and to Dolled the r+arts of the Property, including those peat dae. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secar+ed by this Mortgage. The receiver aball be liable to account only for those rents actually received. s~K3~s PEE ass