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HomeMy WebLinkAbout1096 . ' ' N ~1~ 8. Inspection. Leader may make or caws to be made reasonabk entries upon aadiospectiona of the property, provided that Lendarahall give Borrower notice prior Oo any arch inspection apecalying reasonable caws thwefoe related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or ooasegarotial, in connectioa with aqq condemnation or older taking of the propertyy, or part thereof or fa oonveyanos is lien of condemnation, are hereby assigned and shall be paid do Leader. Ia the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgages with the ezoess, if any, paid to Borrower. In the evmnt of a partial taking of the Peoperty, ndees Borrower and. Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion o[ the proceeds as is 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 thedate at taking. with the balance of the proceeds paid to Borrower If the Property is abandoned by Borrower, or ~ after notice by Lender to Borrower that the oondemnoroffers to make an award or settle a claim for damages. Borrower fail to respond to header within 30 days after the date such notice is mailed, Lender it authorised to coAect and aPPll? tbs proceeds, at Leader's option, either b restoration or repair of the property or to the sums secar+ed by thin Mortgage. Udess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall rat extend or postpone the due date of the monthly installments referred bo in paragraphs I -and 2 hereof or d~ange the amount of e~nch instalimeats. _ 10. Borrower Not Released. Sxteneion ~ the time for pe~ymaat or modification of amortisation of the sums secured by this Mortgage granted by Lends: to say succeswr in interest of Borrower shah rwt operate to release, is any manner, the liability of the original Borrower and Borrower's auooeesors in interest. Lender shall not be required to commence proceedings against such encoessor or refuse to estend time for pe~yment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's sncceeson in interest. 11. Forbearance by Lender Not a Waiver. Any forbwrance by Leader in exeriaaing any right ar 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 procurement of iasaranoe or We payment of taxes ar other lieru or charges by Lender shaA not be a waive! of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12, Remedies Camnlative. All remedies provided in this Mortgage are distinct end cumulative to any other right or remedy ender this MOrtgage or Su -viuai lYy i8W Vi ayiuy, aT,Y ,;.qj w ^~^'~s^'~*!'!'lt1S'.'-"L~!~M~!dps?dV Or eaooEAalvely. I3. Sacceasors sad Assigns Bound; Joint and $everalLiability; Ceptions.The coveaanb sad agreementeherein-contained shall bind, and the rights hereunder shall inure to, the respective suoceasors and assigns of Lender and Borrower, subject to the provisions of - paragraph 1? hereoL All covenants and agreements of Borrower shall be joint and several. The captions and hcedings of the paragraphs of this Mortgage are for coveaieace only and are rot to be need to interpret or define the proviaiona hereof.. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) say notice to Borrower provided for in this Mortgage shall be given by mailing each notice by certified mail addressed to Borrowerat the Property Address oral each otheraddress as Borrower may designate by notice to Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address ea header 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 Leader when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform ooveaants formational use and non- uniform oovroants with limited variations by jurisdiclioa to constitute a uniform security instrument wvering 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, each conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without We conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. i& 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, excluding (a) the c;e+eation of a lien or encumbrance 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 less not containing an option to purchase. Leader may, at Lender's option, declare all the sums eecuren 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 whom the Property is to besold o: transferred reach agreement in writing that We credit of each 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 request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's anecessor in interest-has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower 5rom all obligations under this Mortgagesnd the Note_ If Lender ezercises 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 leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails tv pay such soma 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. Acceleration; Remedies l:zcept as 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 soma secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ss provided in paragraph 14 hereof specifying: (1) the breach; (Z) the action required to care each breach; (3) a date, not leas than 30 days from the date We notice is mailed to Borrower, by which such breach mast 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 same secured by this 11lortgage, foreclosure by judicial proceeding and saleof the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to a8eert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to soceleration 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 jadiciai proceeding. Lender shall be entitled to collect in each proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of dowmentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any praceedinga began by bender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any. had no acceleration occurred: (b) Borrower cures all breaches of any other covenants or agreements of Borrowercantained in this Mortgage; (c) Borrower pays all reasonable ezpenees incurred by Lender in enforcing the oovenanta 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 assure that the lien of this Mortgage. Lender's interest in the Property and Borrower's obligation to pay the anms secured by this Mortgage shall continue unimpaired. Upon each payment and cox+e by Borrower, this Mortgage and the obligations ee~cured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18hereof or abandonment of the Propa~ty, have the right to collect sad retain such yenta as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a comrt to enter.npon, talcs possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of managementof the Property sad collection of rents, including, bat not limited to, receiver's fees. premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by thin Mortgage. The receiver shall be liable to account only for those rents actually reomved. BOOK J~U PAGE~O~