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HomeMy WebLinkAbout0708 ~ ~ 8. Inspection. Leader may make or cause to be made nesoaable eatria upon and iaspectioru of the ~operty, provided that Loader shall give Borrower notion prior to say such inapedion speci~jring reasonable cams therefor related to Leader's intend in the Property. L - - C(1i~YrtiiiDYYUa.'l`trit y~suiw~cw of iuly YWdcu Ju wsutu out +~auwjtw. 0.i u'i a~uisoyiroiat"i- iIi wuua.wuu R~tu a?T,ji wutteiuiariiuu v~ other taking of the property, a pert thereof, or for ooaveyanoe in lies of cor?demnation, are hereby assigned and shall bs paid to Lender. In the event of s total taking of the Property. the proceeds shall be applied to the sane secured by thin Mortgage. with the azoea. if any. paid to Borrower. In the event of a partial tskiag of the ProPw4Y. adess Borrower and Lender otlrerwiat agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking bean to We fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or sedtle a claim for damages, Borrower fails to respond to Lender within 90 days after the date arch notice is mailed. Lender is anthoriud to cdleet end apply the proceeds, at Lsnder'~ option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agresin writing. any such application of proceeds to principal shall not eztend or patpoae thedue date of We monthly instellrneats referred to in paragraphs 1 and Z hereof or change the amount of such installments. 10. Borrower Not Released. $ztensioa of the time for payment or modification of amortisation of the sums second by this Mortgage granted by Lender to any suooessor in interest of Borrower shall not operate to release, is any manner, the liabiUty of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or oWerwiae modify amortisation of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's auecesson in interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender is ezercising 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 insuraaoe or We payment of torso 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. 1 Z Remedies Camalative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy render this Mortcage or afforded by law or equity, and may be ezerciseri eoncnrrently, independently or suooeesively. 13. Srrcoessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein ooatained shall bind, and the rights hereunder shall inure to, the'respective aneoeason and assigns of Lender and Borrower. sabjed to the provisions of paragraph 17 hereof AU 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 an not to be used to interpret or de5ne the provisions hereof. 14. Notice. Ezcept for any notice required undue applicable law to be given in another manner, (a) any notice to Borrower provided for is this Mortgage shall begiven by mailing each notice by certified mail addressed to Borrower at the 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, return receipt requested, to Leader'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 manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform oovenante for national use and non- uniform covenants with limited variations by jurisdiction to ooastitute a uniform security instrument covering real propegrty. 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, 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 e:ecntion 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 Lender's prior written consent, ezcluding (a) the creation of a lien or encumbrance auboedinate 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 lavic upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or lean not containing an option to purchase, Lender may. at Lender's option, declare all the same secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate if, prior to the sale or transfer, Lender and the person to whom the lsiroperty is to be sold or transferred reach agreement in writing that We credit of arch person is satisfactory to Lender and that the interest payable on the soma secured by thin Mortgage shall be at such rate as Lender shall i request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's saocessor in interest has ezecated a 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. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due_ If Borrower fails to pay such sums prior to the ezpiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Aa:eleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when doe any some secured by this Mortgage, Lender prior to acceleration shsdl mail notice to Borrower ae 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 mom the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to care such 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-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 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 ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the auma secured by this Mortgage, 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 soma which world be then dne Hader this Mortgage, the Note and notes securing Phtnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing tbe covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as 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 lien of this Mortgage, Lender's interest in the Property and Borrowez's obligation to pay the sumo secured by this Mortgage shall oontinne unimpaired. Upon arch payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect ae if no aooeleratioa had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns 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 Dolled and retain sndr rents as they become due and payable. Upon acceleration render paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a receiver appointed by a ooart to enterapon, take poeeession of and manage the Property and to collect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied first to payment of the costs of managementof the Property and collection of rents, including, bnt not limited to, receeiver'a fees, premiums on receiver's 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. BOOK J~V PAGE