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HomeMy WebLinkAbout0704 J _ ___...r. _ I'.. _ • ~ 4 8. Iaapeation. Leader may make or caws to be made reasonable entries upon and inspections of the properly, provided that Leader shall give Borrower notice price oo nay such inspection speci~j?ing reasonable caws therefor related to lender's interest in the Property. 3. Cuituv~iuaauva. Z ~a t.:.no :s of pas aww.. 3T .~w"+'ar+ .~vr a~.~++"'••°s°~~ •i~w.! .~v~ ~n;:~~liil~ i~ E~C+?!!f!~E rrl~ any eAlld~lnakleA O! other taking of the property. oc part thereof, or for conveyance in lien of condemnation, are hereby assigned and shaD bs paid to Lander. 1n the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage. with the ezosss, if aqy, paid to Borrower. In the event of a partial taking of the Propergr, ndess Borrower and Lender otherwise agree in writing. these shall be applied to the sums secured by this Mortgage such Proportion of the proceeds ae is equal to that proportion which the amount of the sums aecnred by this Mortgage immediately prior to the date of taking beers to the fair market valor of the Proporty immediately prkorto the date of taking, with the balance of the proceeds paid to isorrowm. If the Property is abandoned by Borrower. or i~ aRer notice by Lender to Borrower that the cendemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days aR~r the date such notice is mailed, Lender is authorised to collect and aPP1Y the proceeds, at Lender's option, either m restoration w repair of the property or to the soma secured by this Mortgage. Unless Leader and Borrower otherwise agree in writing. any such application of proosods to P~aP~ shall ratestend or postpone the dw date of the monthly installments referred to in paragraphs 1 and Z hereof or change the amount of such installments. 10. Borrower Not Released. Fattenaion of the time for payment ar modification of amortisation of the sums secured by this Mortgage granted by Lceder to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's suoceeaors 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 the soma 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 forbearance by Lender in ezercising any right or remedy hera~mder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any each right or remedy. The procurement of insaranee 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 the indebtedness secured by thin Mortgage. 12 Remedies Cmm~lative. All remedies provided in this Mortgage are distinct and cumulative to any other right ar remedy under this Mortgage or afforded by law or equity. and may be ezercise~l concurrently. independently os enotxasively. 13. Suooeesora and Assigns Boned; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure t0. the respective successors end assigns of Lender and Borrower, anbject b the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except fo~ny 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 ouch notice by certified mail addressed to Borrower atthe Properly Address or at each other address ae Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt . requested, to Lender's address stated herein or to such other addreea as Lender may designate by notice to Boaower as provided herein. Any notice provided for in this Mortgage shall be dcemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform wvenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform 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 rnnflicta 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 ezecutioa or after recordation hereof. 17. Transfer of the k?roperty; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written rnnsent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household applianoea, (c) s transfer by devise. descent or by operation of law upon We death of a joint tenant or (d) the grant of any leasehold interest of three years or lees not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived ouch option to acolerate if, prior to the sale or transfer, Lender and the person to whom the Property? is to be sold or transferred reach agreement in writing thatthe credit of each person is satisfactory to Lender and that the interest payable on the sums 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 snccesaor in interest has e:ewted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender e:erciaea 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 paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept ae 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 sums secured by this Mortgage, Leader 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 is mailed to Borrower, by which each breach must be cared; and (4) that failare to cure such breach on or before the date specified in the notice mqy resalt in aeoeleration of the same secured by this Mortgage, foreclosure by judicial proceeding and sale of the 1?roperty. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezisteace 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 secured by this Mortgage to be immediately due and payable without farther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all e:penaes 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. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any prooeedinga begun by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due ender this Mortgage, the Note and notes securing Phtnre 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 covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but red limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to sesnre 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 care by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the recta of the Property, provided that Borrower shall, prior to acceleration Hader 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 court to enternpon, take poeseaaion of and manage We Property and to collect the vents of the Property, including blase peat due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, bntnot limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ` BQOK 316 PAGE 7'O4