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HomeMy WebLinkAbout0696 _ -.i - _r._ • ; ~ ,~i 8. Inspection. Lender may mate or cause to be made reasonaable entries upon and irupedions of tbs propeKy, provided that Lender shall give Borrower notice prior to any such isaspedion spsdfying reasonable cause therefor related to Lender's interest is the Property. 9. Condemnation. The proceeds of any award or claim fos damages. direct oar consequential, m connection with any condemnation or other rating of the Property, or Pact Wereof. or for oonveyanoe in lien of condemnation are hereby assigned and shall be paid to Leader. In the airrnt of a total tsrtiag of the Property, the Proc~ds shall ba applied to the anms secured by this Mortgage, with the ezoess, if any, paid to Borrower. In the event of a partial rating of the Properrty. unlea Borrower and Lender otherwise agree in writing, there shall bs applied to the anms secured by this Mortgage such proportion of the proovals as is equal to that proportion which the amount o[ the sums .eaired by this Mortgage immediateijr parlor to the date of rating bears to the fair market valve of the Property immediately prior to the date of ~ talring, wiW the balance of the proceeds paid to Borrower. If the Properly is abandoned by Bosrower, or it; after notice by Lender to Borrower that the condemnor often to matean award or nettle a claim for damages, Borrower fails to respond to Lender within 90 days after the date such notice is mailed, Lender is authosised to collect and aPPl3? ~ Pi's, at Lender's option, either to redoraLion oar repair of the propea<iy or to the snore secured by this Mortgage. Unless Lender and Borrowers otherwise agree in writing, any such application of proceeds to principal shall aotextend or postpone the due _ _ date of the monthlsr installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the same secured by this Mo>tgage granted by Lender to any sno»easor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's enocesson in interesk Lender shall not be required to commence pro~oeedings against each successor or refuse to extend time for payment or otherwise modify amortisation of the some secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's auoaxesors in interest. 11, Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerciaing any sight or remedy hereunder, ar otherwise afforded by applicable law, shall not be a waive of or pr+eclnde the exercise of any each right os remedy. The procurement of inanrance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of We indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under Chia Mortgage or afforded by law or equity, and may be exerciae~l eoncnrrent>.y, independently or successively. 13. Suooessors 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 aneoessors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenieance only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except fns 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 noticeby certified mail addressed to Harrower atthe Property Address or at such other address as Borrower may designate by notice to Lendee as provided herein, and (b) any notice to Lender shall be given by certifed mail. return 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 givdh to Borrower or Leader when given in the manner designated heron. 15. Uniforq Mortgage; Governing Law; Severability: This form of mortgage combines uniform covenants for national use and non- uniform wvenants with limited variations by jurisdiction to eonstitate a uniform security instrument covering real property.This Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, anch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the wntliding provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrowers-shall be furnished a wnformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 1?. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Bonowez without Lender's prior written consent, excluding (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 less not containing an option to purchase, Lender may, at Lender's option. declare all the sums secureu 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 reachagreement inwritingthat thecredit ofeach - person is satisfactory to bender and that the interest payable on the same 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 ezeamted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lenders 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 3(1 days from the date the notice is mailed within which Borrower may pay the arms dedared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph I8 hereof_ 18. Acceleration; Remedies. Szcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any soma secured by this Mortgage, Lender prior to soceleration 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 leas than 30 days from the date the notice is mailed to Borrower, by which each breach moat be cured; and (4) that failure to care such breach on or before the date specified in the notice me~y result in acceleration of the sum$ secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further infonrp 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 acceleration and foreclosure. If 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 thin Mortgage to be immediately due and payable without furtherdemand 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 comets of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender''s acoleration of the sums secured by this Mortgage, Borrower shall have ' the right to have any proceedings begun by Lender to enforce this Mortgage diswntinned at say time prior to entry of a judgment enforcing this Mortgage if• (a) Borrower pays Lender all sums which would be then due nnde7 this Mortgage, the Note and notes securing Fntnre Advances. if any, had no acceleration oocarred; (b) Borrower cures all breaches of any other covenants or agteemezats of Borrower contained in `:ris 141or+.g~e; (c) B!?sr+wo_. nays all ren_ wonable ezpenses incurred by Lender in enforcing the oovenante and agreements of Borrower contained in thin Mortgage and in enforcing Lender's remedie~a as provided in paragraph IS hereof, including, bat not limited to, reasonable attorney's fees;and (d) Borrower takes such adios as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma eerured by this Mortgage shall eontinne unimpaired. Upon such payment and carr+e by Borrower, this Mortgage sad the obligations secured hereby shall remain in full force and effect as i[ no acceleration had occurred, 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration ender 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 receive: appointed by a wort to enter.upon, fate possession of and manage the Property and to collect the rents of the Property, including those past due. All rents wllecte] by the receiver shall be applied first to payment of the wale of managementof the Property and wlle~ctioa of rents, including, but vat limited to, receiver's fees, premiums on recsver's bonds and reasonable attorney's tees, and then to the sums secured by this Mortgage. The reoeivtt shall be liable to account only fos those rents adnaily received. Boo J~s PAGE