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HomeMy WebLinkAbout0679 .r. • • • i ~ 4 . "1.' '1 1.~ •t . ~ 8. Inspection. Leader may make or cause to b roads reasoruble entries upon and inspections of the property. provided thwt Leader shall give Borrows: notice prior to ar;y such inspection spedfying reasonable cause therefor related to Lendw's interest is the Properfq. 9. Condemnadon. The peooeeds of nay award or Maim for damages. direct or consequential, in connection with nay condemnation az other taking of the propee4y. oe part theeeof. o: for conveyance is lieu of ooadannation, are hereby assig~aed and shall b paid to Lender. In the event of a told taking of the Property. the proceeds shall b applied to the sums secured by this Moct6a60. with the excess, it any. paid to Borrower. In the event ~ a partial taking of the Peopsrty, unless Boemwer and Lender otherwise agree in wdtiag, there shall b applied to the sums secured by thin Mortgage sack proportion of the proceeds as is equal to that proportion which the amount of the suau secured by this Mortgage immediately prior to the data of talung bears b the fair market vah?e of the Property immediately prbrtothe date of taking. wild the balance of the proceeds paid to33orrower. Tf the Property is abandoned by Borrower, or it; after notice by Lender to Borrower that the oondemnos offers to make as award or seals a claim for damages, Borrower fails to reapoad to Lender within 30 days after the date sncb notice is mailed, Lender is snthorisad tQcollectand apply the proceeds, at Lender's option, either to rertoradon or repair of the pm~eCfy os to the sums secured by this Mortgages Unless Lender and Borrower otherwise agree is writuig, any such application of proceeds to principal shall not eurtend_ or postpone the duo date of the monthly installments referred to in paragraphs 1 and 2 hereof or ~ the amount of such installments. 10. Bo~osver Not Released, Eztenrion of the time for payment oz modification of amortisation of the sums secured by this Mortgage granted by Leader to any successor in interest of Borrower shall not operate to release, in any meaner. the liability of the original Borrower and Borrower's auoceseors in interest. Lender shall not b required to commence proceedings against such auoressor or r~fnee 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 auccesaora in interest. 11. Forbearance by Lender Not a Waiver. Aqy forbearance by Lender in a:er~cising any right or remedy hereunder. or otherwise afforded by applicable law. shall not b a waiver of or preclude the exercise of any such right or remedy. The proc~uement of insurance or the payment of tares or other liens or charges by Lender shall not b a waiver of Lender's right to accelerate the maturity of the indebtedness aerated by due Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and me~y be exercised concurrently, independendy or sueaasively. 13. Successors and Assigns Bound; Joint and Several Liability; Capdons. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective anoeeesors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof AU 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. Bxcept for say notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower atthe Property Address or stanch older address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahaU be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Leader 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 Larder when given in the manner designated herein. lb. Uniform Mortgage; Governing Lew; Severability. Thin form of mortgage combines „~;e~ covenants for national use and non- uniform covenants with limited variations by jnriadiction to constitute a uniform security instrument eov~ing real property. This Mortgage - ahall begoverned by the law of the jarisdidion in which the Property is located. In the event that any provision or clause of dais Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the hole which can be given effect without the conflicting provision, and to this end the provisions of We Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a ooaformed copy of the Note and of this Mortgage at the time of ezecation or after recordation hereof. 17.'Iiraasfer of the Property; Assumption. If all or any part of We Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to due 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~ny leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the anms secured by this Mortgage to be immediately due and payable. Lender shall have waived arch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be eoM or transferred reach agreement in writing that the credit of each person is satisfactory to Leader and that the interest payable on the anma 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 Borrower's auooeaeor in interest has executed a written assumption agreement accepted in writing by under, Lender ahaU release Borrower frora all obligations under this Mortgage and the Note. If Lender ezerciaes such option to accelerate. Lender shall mail Borrower notice of aooeleration in accordance 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 on Borrower, invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies Ezcept as provided in paragraph 17 hereof, np!on Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any some secured by this Mortgage, Lender prior to ea~eleratioa shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not Iesa than 30 days from the date the notice ie mailed to Borrower. by which each breach mast be cared; and (4) that failure to crate 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 proceeding ~1 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-eziste:nee of a default or any other defense of Borrower to acceleration and foreclosure. Ii the breach. is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this >Nortgage to be immediately due and payable without further demand sad may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all expenses of foreclosure,.including, bat not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwith~tandingLender's aeoeleration ofthe sums secured by this Mortgage, Borrower shall have the right to have say 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, then Note sad notes securing Fhtnre Advances, if any, had no aeoeleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained is this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lender in enforang 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 arch action as Lender may reasonably require to ensure that the lira of this Mortgage, Lender's interest in the Property and Borroarer'a obligation to pay the names secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower. dun Mortgage and the obligations secured hereby shall remain in full force and effect as if no aoceleratioa had occurred. Z0. Assigameat of Rents; Appointment of Receiver. Ace additional security hereunder, Borrower hereby assigns to Leader the seats of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18hereof or abandonment of the Property, have the right to rolled and retain anch rents as they becwane 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 oomt to eater~apon, take posseseuon of and manage the Property and to culled the rents of the Property, including those past due. All rents collected bq the receiver shall be applied fast to payment of the costs of managementof the Property and oollectioa of yenta, incittding, but not limited to, receiver's fees. premiums on receiver's bonds and reasonable attorney's fees. and then to the soma secured by thin Mortgage. The receiver shall be liable to account only for those rents actually received. sox 3~6 P~~ 679