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HomeMy WebLinkAbout0687 • ~ ~ t, . , 8. Gupsctioa. Lender mqy make or cause to bs made reasonable entries neon and inspectioru of the pe~opse~y provided that L.endw shall give Borrower notice prior to say such irupection sped(ying reasonable caws therefor related to Leader's interest is the Propee4Y. 9. Condemaatlon. Ths proceeds of soy award or claim for damages, direct a ooasegneatial. in connection wiW aqy oondemnatioa or other taking of the property, os part thereof. or for ooawyaaas is lien of oondemaation, are hereby asdgaed and shall bs paid to Leads:. Ice the event of a total taking of the Properly. the proceeds shall be applied to the sums second by this Mortgage, with the ex~oe~s. ii any, paid to Borrower. Ice the event of a partial taking of the PropeAy, unless Borrower cad Leader otherwise agree in writing, then shall bs applied to the some secured by this Modgags such proportion of the proceeds as is equal to that proportion which the amount of the smas secured by this Mortgage immediately prior to the dab ~ taking bears to the fair market value of the Property immediately prior to thedate of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or i~ otter notice by Lender to Borrower that the oondsmnor oSere to make an award or seals a claim. for damages, Borrower fails to nepbnd to-Lender within 30 days aRer the date such notice is mailed, Lender ie authorized b collect sad apply the proceeds. at Leaader's option, either to restoration os repair of the property or to-the rams seeared by-this Mortgage. - - Udea Leader aced HorroMrer otherwise agree in writing, any such application of proceeds to prindpal shall sot extend or postpone the due date of We monthly installments referred to in paragraphs 1 aced 2 hereof or diange the amount of anch installments. 10. Borrower Not Released. Extension of the time for paymurt or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's sneceseore in interest. Leader shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modi$? amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor is interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in ezerdsing 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 ar remedy. The procurement of insurance or the gaymea_t_of taxes or_other liens. or charges by bender shall not be a waiver of bender's right b accelerate the maturity of the indebtedness secured by this Mortgage. - - - _ - - - 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to aqy other right or remedy Hader this ~ Mortgage or afforded by law or equity, and may be ezerciaed eoncnrrently, independently or suooessively. 13. Srreoessors erect Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall ~ bind, and the rights hereunder shall inure to, the respective sneeesaore and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereof. All covenants end agreements of Borrows! shall be joint and several. The captions and headings of the paragraphs of 'this Mortgage are for oovenience only and are not to be need to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) say notice to Borrower provided for is this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower at the Property Address or at each 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, setasn receipt requested, to Lender's address stated herein or to such other address as header may designate by notice to Borrower as provided herein. Any notice provided for in flue Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 8everability. Thin form of mortgage combines uniform covenants for national use and non- uniforan covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real propesrty. Ibis Mortgage shall be governed by the law of the jariediction in which the Property is located. In the event that any provision or clones of this Mortgage or the Note cwnflicta with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect wi*.hont *.he conflicting provision. and t~+ this end- the provisions of the MortgagA end the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed espy of the Note and of this Mortgage at the time of ezecution or otter recordation hereof. 17. Traasfer 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, excluding (s) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a per+clrase 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`grnat of any leasehold inter+eat of three years or lees not containing an option to purchase. Lender may, at Lender's option, declare all tbQ sums eecarea by this Mortgage to be immediately due and payable. Lender shall have. waived such option to accelerate if, prior to the saleortranafer, Lender and theperson to whom theProperty is to be sold or transferred reach agreementin writing thatthe creditof such prlaon is satisfactory to Lender and that the interest payable on the arms secured by flue Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in thin paragraph 17, sad if Borrower's successor in interest has executed a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower fiom all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days fiom 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 paragraoh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of say covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due aqy same 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 action required to cure such breach; (3) a date, not lees than 30 days from the date the notice ie mailed to Borrower, by which each breach moat be cured; and (4) that failure to cure such breach on or before the date speciffed in the notice may result in acceleration of the soma 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 aeoeleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. It 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 Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. 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. NotwithstandingLender'sacceleration ofthe aumssecured by thiaMortgage, 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 if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing 1?'ntnre 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 ezpensea incurred by Lender in enforcing the aovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, inducting, bat 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 Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and due by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aceleration had oexvrred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Fender the Hats of We Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the 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 coact to enterupoa, take possession of and manage the Property and to collect the rents of We Property, including those pad due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rests, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by thin Mortgage. The receiver shall be liable to acoouat only for those rents actually received. BOOK 71 ~ PAGE