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HomeMy WebLinkAbout0700 _ - - - - . _ _ _.~i__~ _ _ _ ..n. t 8. Inspection. Leader may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection speaab?iag reasonable cause thereto: related to Lender's intend is tbs Propee4y. 9, !^~•d•e•••.t#c~n.'11~a ee~eeseda of any award or adaim for dama3awres. direct or conaeaaential. in connection with aqy oondemaatioa oar other taking of the property, car past thereof. or far conveyance in lien of oondemaation, are herby assigned and shall be paid to I.ender. In the event of a total taking of the Property. the proceeds shall be applied to the enrol secured by this Mortgage. with the ezoess, if any. paid to Borrower. Ia the event of a partial taking of the Pmpergr, Hales Borrower sad Lender otherwise agree in writing, there shall be applied b the sums secured by thin Maetgsge such proportion of the proceeds ea is equal to that proportion which the amount of the sums secured by thin Mortgage immediately prior to the date of taking bears to the fair market valve of the Property inomedutely prior to the date of taking. with the balartce of the proceeds Paid to Borrower. If the Property is abandoned by Borrower, or i~ after notice by Leader to Borrower that the condemnor ogee to make an award or settle a claim for damages, Borrower fail bo respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apPlrthe~rooeedpLat L,a~aer's oQtioa, ~t~~ to raaoA ~:ep~_~r-~ ~r to the an~aa ae~urea by thin Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to princapel shall sot eztend car postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or diange the amount of such inetallment~. 10. Borrower Not Relea~ed.l'sztension of the time for paym~t or modification of amortisation of the sums secured by thin Mortgage granted by Lender to aqy successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's suocesaore in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or otherwise modify amortization of We soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrowe~e auccessora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezer~tieirag any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or predade the ezercise of any arch right or remedy. The procurement of insurance or the payment of fazes or other liana or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by thin Mortgage. 1Z Remedies Camnlative. All remedies provided in this Mortgage an distinct and ~vmnlative to any other right or remedy aades this Mortgage or afforded by law or equity, and may be exercised wacnrrently, independently or auooesaively. 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 snoceseora and assigns of Lender and Borrower. anbjed to the provisions of Paragraph 1? hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covariance only and are not to be used to interpret or define the provisions hereof. 14. Notice. E:cept for any notice required render applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing arch notice by certified mail addressed to Borrower at We Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, retarn receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Aay 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 covenantal for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inatnunent covering real property. This Mortgage shall be governed by the law of the jnriadidion in which the Property is located. In We event that any provision or clause of this Mortgage or the Note conf lids with applicable law, arch 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. _ lti. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecation or after recordation hereof. - 1?.1`ransfer of the Property; Aesumptioh. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, secluding (a) the creation of a lien or eacambrance 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, Lender may. at Lende~a 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 sale or transfer, Lender and the person to wbom the Property is to be sold or transferred reach agreement in writing thatthe creditof arch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at arch rate as Lender shall requesk If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's saocesaor in interest has e:ecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations udder this Mortgage and the Note. If Lender e:errisea 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 lean than 30 days from the date the notice is rr,ailed within which Borrower may pay the sums declared due. If Borrower fails to pay such soma prior to the expiration of auc6 period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. I 18. Acceleration; Remedies. Except ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Bora~ower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgaige, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfyinge (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach mast be cured; and (4) that failure to cure each breach on or before the date specified 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 acceleration 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. 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 same seasrred 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 each proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration ofthe same secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enfor~oe this Mortgage dieoontinned at any time prior to entry of a judgment enforcing this Mortgage if: (s) Borrower pays Lender all soma which would be then due ender this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration oocarred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in thin Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, 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, Lendaa's interest in the Property and Borrower's obligation to pay the sums natured by this Mortgage shall continue unimpaired. Upon each payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect 88 if no acceleration had oocarred. Z0. Asaignmen# of Reate; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lendertherents of We Property, provided that Borrower shall, prior to aa~eleration under paragraph 18 hereof or abandonment of the Property, have theright to Dolled and retain such rents an 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 court to enterapon, take poaeesaion of and manage the Property and to collect the rests of the Property, including those past due. All rents collected by We reodver shall be applied first to payment of the costa of management of the Property and collection of rents, including, bat not limited to, receivers fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the arms secured by this Mortgage. The receiver shall be liable to aeoonnt only for those rents actually received. 800K316 PACE