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HomeMy WebLinkAbout1088 i• _ •r • • V r `i~ 8. Inspection. Fender may make or cause to be made reasonable entries upon and inspecQioru of the pmpesty, provided thatLender shall give Borrower notice prior to any such inapedioa epeciiying reasonable cause therefor related to Lender's interact in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, ore part thereof, or for oonveyancs in lion of condemnation. ors hereby assigned and shall bs paid to Deader. In the event of a total taking of the Property. the proeseda shall be applied to the sums aecared by this Mortgage, with the cacaos, if any. . paid to Borrower. In the event of a partial taking o~ Lhc Property. anless Borrower and Lender otherwise agree in writing, there shall bs applied b 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 Mostgags immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the dateof taking. with the balance of the proceeds paid to Borrower. Tf the Property is abandoned by Borrower, or ~ after notice by Lender to Borrower that the condemnor offer to make an award or settle a claim for damages, Boi rower fails to respond to Lender within 30 days ate We date each notice is mailed. Lender is authorised to collect and apply the proceeds, at Lender's option, eiWer to restoration or repair of the pr~opettyr oe to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, anysuch application of proceeds to principal shall act extend or postpone the due date of the monthUr irutallanents referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tenaion of the time for payment or modification.of amortisation of the sums eecnred by this 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 sucoeseora in interest. Lroder shall not be required to commence proceedings against such euocemor or refuse to extend time ~ for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrows: and Borrower's suoceseora in interest. . 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procuremart of inanrance or the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender's right to aooeleratc the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cnmalative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy order this Mostrage or afforded bylaw or equity, and may be ezerrise~l concuxrently, independently or suooeesively. 13 fiuooessors and Assigns Bound; Joint and f$everal Liability; Captions. The covenants and agreements herein oontsined shall bind. and the. rights hereunder shall inure to, the respective enoasasors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereoL 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 are not to be used to interpret or define the pmviaions 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 such notice by certified mail addressed to Borrower at the PropertyAddreas 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, retarn receipt requested, to Lender's address stated herein or to each other address as Lender may designate by notice to Borrower ore 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 1lfortgage; Governing Law; Severability. This form of mortgageoombines uniform covenants 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 conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be gives effect without the oonIIicting provision, and to this end the provisions of the Mortgage sad 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 ezecutioa 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, excluding (a) the creation of a lien or encumbrance anbordinate 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 tbe 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 aecnre4 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 flee person to whom the Property is to be sold or transferred reach agreement in writing thatthe creditof such person is satisfactory to Lender and that the interest payable on the sums secured b_ y 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 hoe ezecuted a written assumption agreement accepted in writing by Lender, Lender ahaII release Borrower from all obligations under this Mortgage sad 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 ahaA 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 ouch sums prior to the expiration of such period, Lender may, without fnrth~ notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, apon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach moat be cured; and (4) that failare to cure such breach on or before the date specified is the notice racy result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Prop~etty. The no+~rce shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-eriatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not dread on or • before the date specified in the notice, Lender at Lender's option rosy declare all of the sums severed by this ]llorfgage to be immediately due and payable without farther demand and may foreclose this lllortgage by judicial proceeding. Lender shell be entitled to collect in such proceeding all ezpenaea of foreclosure, including, but not limited to, reasonable atWrney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLcnder's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued af: any time prior to entry of a judgment enforcing this Mortgage if; (a) Borrower pays bender all sums which would be then due under this Mortgage, the Note and notes eecaring 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 ail reasonable expenses incorrect 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, b~ not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to aesnre that the lice 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 Bill force and effect ae if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional eecnrity hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18hereof or abandonment of the Pro to collect and retain such rents as they beiwme due and payable. P~3?. have the right Upon ewoeleration Hader paragraph 18 hereof ce abandonment of the , court to enter.aPon, take poeeeasion of and y Lender shall be entitled to have a receiver appointed by a collected b the receiver shall be a ]rod pmt rage the Property and to Dolled the rents of the Property, including those past due. All rents Y pp ' payment of the coats of managementof the Property and celledion of rents, including, bntnot limited to, receiver's 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. ao~~3~s Pac~1~8