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HomeMy WebLinkAbout0692 i' 8. Irrspeetioa. Lender may make or cause to be made reasonable entries upon and irupectioas of the property, provided that Loader shall give Borrower notice prior to aqy such irupedioa apeci(ying reasonable cause therefor related to Lender's interest is the Property. 9. Coademnatlon. The pFOCeeds of any sward or claim for damages, direct or consequential, in oonnectioa with any ooademnation or other taking ~ the property, or part !hereof, w for courevanee in lieu of oondamnation. are her~sby assigned and shall bs paid to Lander. In the evrot of a total talong of the Property. the proceeds shall bs applied to the sums secured by this Mortgage, with the axceaa. if aqy, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Deader othen?ise ogres in wilting, there shall be applied to the sums secured by this Morfgsge such proportion o[ the proceeds as is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior to We date of taking bears to the fair market value of the Property imaq~ediateljr prior to the date os taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Leader to Borrower that the oondemnos offers to make an award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after the date such notice is mailed, Leader is suthorired to collect sad aPP13? the proceeds, at Lender's option; either to-restoration or repair of the property or to the sums secured by this Mortgage: - - UnlessLenderand Borrower otherwise agree in writing. any each application of proosedsto principal shall rwteztend or postpone the due date of the monthly installments referred tD in paragraphs 1 and 2 hereof or change the amount of such installments. 1Q Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by thin Mortgage granted by Lender to aqy suoeeesor in interest of Borrower shall not operate to release, in any manner, We liability of We original Borrower and Borrower s auoceeeors is internat. Lender shall sot be required to commence proocedings against such successor or refuse to extend time for payment or otherwise modify amortisation of the some secured by this 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 forbcerance by Lender in ezerciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy.The procurement of inemance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumnlatlve. All remedies provided in this Mortgage are distinct and camnlative to any other sight or remedy Hader this Mortgage or afforded by law or equity. and may be e:~ciserl concurrently, independently or snooessively. 13. Suooeasors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shell inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereof All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eovenieace only and are not to be used to interpret or define the provisions hereof. 14. Notice. E:Dept for any 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 at such 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, reuun receipt requested, to Lender's 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 meaner designated herein. 15. Uniform lllortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jarisdiction to eonatitute a aniform 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 rnntlicts 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. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution 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 Lenders prior written consent, excluding (a) We creation of a lien or encumbrance anbordiaate to this Mortgage, (b) the creation of a purrhase 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 less not containing an option to purchase, Lender may, at Lender's option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the Bale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of each person is agtisfactory to Lender and that the interest payable on the soma 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 successor in interest has executed a I written assumption agreement accepted in writing by Lender, Lender shall release Borrower from 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 II Such notice shall provide s 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 soma prior to the ezpiration of such period, Lender may, without further notice or demand on Borrows, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept ere provided in paragraph 17 hereof, upon Borrower's breach of any covenant ar agreement of Borrower in this Mortgage, including the oovenante to pay when due any soma secured by this >Irtgage, Lender ii 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 less than 30 days from the date the notice ie mailed to Borrower, by which each breach must be cured; and (4) that failure to cure such breach on or before the date epeciffed in the notice may resalt in acceleration of the sums secured by this Illortgage, 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-eziatence of a default or any other defense of Borrower to acceleration and forecioenre. If the breach is not cured on or before the date specified in the notice, Lender at bender's option may declare eU of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this)Ilortgage by judicial proceeding. Lender shall be entitled to collect in such 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. NotwithatandingLenders acceleration of We soars secured bythisMortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tf me prior to entry of a judgment enfortang this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Fhtare 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 e:peasea incurred by Lender in enforcing the ooveaants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies ae 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 lies 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 sad sure by Bon~ower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aoeeleratioa had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby aesigas to Lender the rents of the 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 became due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oornK to eaterarpon, take possession of and manage the Property and to eolled the rents of the Property, including those past due. All rests collected by the receiver shall be applied first to payment of the costs of managementof the Property and oollectioa of rents, including, bat not limited to, receivers fees, premiums on receivers bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. s~ 3~s PEE ~z