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HomeMy WebLinkAbout0712 R: ~w• ` i s - 8. Inspection. Landes may make or cause to be made reasonable entries upon and inspections of the property, provided thst Lender shall give Borrower notice prior to nay such inspection specifying reasonable caws therefor related to Lender's interest in the Property. 8. Condemnation. The proceeds of nay award or Claim for damages, direct or consequential. in a,nus~twa wllh any condemnation or other taping of the ProPmb?. or P~ thersot, or for conveyance in lien of osndannation, are hereby aaigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the ezoas, ff aqy, paid to Borrower. In the event of a partial taking of the Propecty, unlea Borrower and Lends: otherwise agree in writing, there shall be _ applied to We sums secured by this Mortgage such proportion of the proceeds as i. equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of _ taking. with the balance of the Pads Paid to Borrower. If the Property is abandoned by Borrower. or if, after notice by Leader to Borrower that the condemnor offers to make an award or seals a ..tetra fi?r ~n+ag•~, Borrower falls b respond to Leader within 30 days attar the date such notice is raniled, Lwder is anthorimd to collect and apply the proceeds, at Lender's option, either m restoration or repaiur of the properq? or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any each application of proceeds to principal shall not eut~d or postpone the dw date of the month>,r installments referred bo in paragraphs 1 and Z hereof or change the amount of sack installments. - 10. Borrower Not Released. Ezt$naion of the time for payment or modification of amortisation of the some secured by thin Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's suocesaors in interesk Lender shall not be required to commence proceedings against such suooesaor or refuse to eztend time for payment or otherwise modify amortization of the auras secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's auooeeaora in intereak 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in exertdairtg any right or remedy hen+mder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezertiase of any each right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cmm~lative to any other right or remedy under thin iviortrage or affin.Iai by law ar equity. and may be ezercised concurrently, independeat),y or sneoeesively. 13. Sncoessors and Assigns Hound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective anooeeaors and asaigna of Lender and Borrower. subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions sect headings of the paragraphs of this Mortgage are for eoveaience only and are not to be wed to interpret or define the previsions 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 snd? notice by certified mail addressed to Borrower at the Property Addreea or at such older address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leader shall be given by certified mail, return receipt reque~ated, to Lender's address stated herein or to arch 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 is the manner designated herein. 15. Uniform Mortgage; Governing Law; $everability. This form of mortgage combines uniform covenants for national nee and non- uniform covenants with limited vpriatione by jurisdiction to oonatibtte a uniform security instrument covering real property.'I4~is 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. c~a 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 copy of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17. Transfer of the Property; Assumption. If aU or any part of We Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. ezclnding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crretion of a purchase money aecarity interest for houaehokl applianoea, (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 lees not containing an option to purchase, Lender may, at Lender's option, declare all the aurae eeCureQ by this Mortgage to be immediately due and payable. Lender shall have waived arch option to accelerate if, prior to the sale or transfer, Lender vend the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall ~ requesk If bender has waived the option to accelerate provided in this paragraph 17, and if Borrower's saeceseor in interest has ezecated a written assumption agreement accepted in writing by bender, Lender shall release Borrower from all obligations under this Mortgage and the ; Note. If Lender ezerciaes such option to accelerate, Lender shall mail Borrower notice of aoceleratioa in accordance with paragraph 14 hereof: Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the soma dedared due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may. without Earths notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or { agreement of Borrower in this Mortgage, including the wvenante to pay when due any sums secured by this Mortgage, Lender ~ prior to acceleration ehaU mail notice to Borrower ss provided in paragraph 14 hereof epedfying•. (1) the breach; (2) the action ~ required to antra each breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such ~ breach must 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 snma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.The notice shall further inform Borrower of the right to reinstate suer acceleration and the right to assert in the foreclosure proceeding the non-eziateace of a default or any other defense of Borrower to acceleration sad 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 cams 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 e:pensea 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 same secured by thin Mortgage, Borrower shall have the right to have any proceedings 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 auras which would be then due Hader this Mortgage, the Note and notes securing Ptittnre Advances, if any, had no acceleration occurred: (b) Borrower cures all breaches of any otheroovenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaea incurred by Lender in enforctng the oovenanta and agreements of Borrower contained in this Mortgage and is enforcing Lenders remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes arch action as Lender may reasonably r+egnire to assure that the lien of thin Mortgage, Lender's interest in the Property and Borrower's obligation to pay the same secured by thin Mortgage shall continue unimpaired. Upon arch payment and care by Borrower, thin Mortgage smd the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional aecarity hereunder, Borrower hereby ensigns 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 anch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Landes shall be entitled to have a receiver appointed by a court to enteratpon, take poeseuion of and manage the Property and to collect the rcets of the Property, including those past due. AU rests collected by the receiver shall be applied first to payment of the costa of managementof the Property and collection of rents, including, bat red limited to, reoeiver'e foes, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums severed by this Mortgage. The receiver shall be liable to account only for those rrets actually received. t c B~K J~~. PdCE ~~z