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HomeMy WebLinkAbout1524 1 ' ~ ) 8. Lupection. Lender may make or caws to be made reasonable entries upon and inspections of the property, provided that header shall give Borrowetr notice price to say arch inspection gm;i}ying reasonable cave therefor related to Lender's iatsred in the Propeef<y. 9. Condemnation.'lleeproceeds ofany award os claim for damages, direct a ooasequential. in connection with aqy condemnation or - other tak+*~ of the nrowrty. or part thereof, os for conveyance in lien of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the property, the proceeds shall bs applied to the sums ~ecared by thin Mortgage, with the ezoea, it any. paid to Borrower. In the event of a partial taking of the propergr, anlep Borrower and bender otherwise agree in writing, there shall bs 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 of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance ~ the proceeds paid to Borrrower. Tf the Property is abandoned by Borrower, or i!; after notice by Lender to Borrows: that the condemnor ogee to make an award or settle a claim for damages, Borrower fail to respond to Lender within 30 days otter the date such notice is mailed, Lender is authorized to collect and appi}}r the proceeds, at header's option, either to restoration or repair of the property os b the sums secured by, this Mortgage. Udess Lender and Borrower otherwise ogres in writing, any arch application of proceeds to principal shall sot extend or postpone the dw date of the monthly insiatiments referral t4 in paragraphs 1 and 2 hereof or change the amount of such inetalhnenta. 1Q Borw+rwar Not Released. Szteneioa of the time for paym~at or modification of amortization of We sums second by thisMortgage - - granted by Leader to any saooesaor in interest of Borrower snail no's operaia a0 , ::.:.ay sooner, the liability of the original Borrower and Borrower's snocessors in intereak Lender shall not be required to oommenoe proceedings against ouch successor or refuse to a:tend time for payment or otherwise modify amortisation of the soma secured by this Mortgage by mason of any demand made by the osiginal Borrower and Borrowes a suooesson in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy henuader. or otherwise afforded by applicable law, shall not be a waiver of or preclude We ezercise of any such right or remeeiy. The procurement of insurance or the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness aecvr+ed by this Mortgage. 1Z Remedies Cnmalative. All rceaedies provided in this Maetgage an distinct and camalative to any other right or remedy under this Mortgage or afforded by-law or equity, and may be ezercised ooncurieat~y, independes4tly_ or eyoceeaively. 13 Suooessors and Assigns Bound; Joint and t3everal Liability; Captions. The covenants and agreements herein containedshall - biad, and the rights hereunder shall inure to, the respective saoeeesors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreea?ents_of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ceveaience only and are not to be used to interpret os define the provimons hereof. 14. Notice. Ezcept far any notice required under applicable law to be given in anoWer manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bcerower atthe Property Address or at each other address se 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 ouch old er address as bender 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; l3everability. This form of mortgage combines uniform ooveaante for national see and non- uniform covenanke with Iunitefivariaiioas by juriadtctioa to-wnadtnte a uniform security iasirua~ent covering real property. This Mwrtgage - _ _ _ 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 given effect without the ooatlicting provision, and so tuffs eau' the provisions of the Mortgage and the Note an declared to be severable. 16. Borrower's Copy. Borrower shall be furnished s conformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aeaurnption. If all or any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (e) the creation 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 leas not containing as option to purchase, Lender may, at Lender's option, declare all the soma secured 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 We Property ie to be Bold or transferred Hach agreement in writing that the credit of arch person is satisfactory to Lender and that the interest payable on the awns secured by this Mortgage shall be at such rate as Lender shall requeak If Lender has waived the option to accelerate provided in this paragraph 17, and if $ormwer's successor in interest has ezecuted a written assumption agreement accepted in writing by Lender. Leader shall release $orrower from all obligations under this Mortgage and the Note. If Lender ezerciaee such option to aaaelerale, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days frrom the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragrauh 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 oove?nante to pay when due say some severed by this Mortgage, Lender prior to sooeleration 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 leas than 30 days from the date the notice is mailed to Borrower, by which each breach mast be cared; and (4) that failure to cure such breach on or before the date specified in We notice may result in acceleration of the same secured by this Mortgage, foreclosure by jadicial proceeding and sale of the Properly. The notice shall further inform Borrower of the right to reinstate after acceleration end the right to assert in the foreclosure proceeding the non-eziatence 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 ail of the same se~cared by this Mortgage to be immediately doe and payable without further demand and may foreclose this Mortgage by jndiciaa proceeding. Lender shall be entitled to collect in such proceeding all ezpenaea of foreclosure, including, bat not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwith~tandingLender's acceleration ofthe sums secured by this Mortgage, Borrowershsll have the right to have any proceedings begun by Lender to enforce thin Mortgage discentinaed at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Leader all soma which would be then due under this Mortgage, the Note and notes securing I~tare Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreemeata of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaes incurred by Lender in enforcing the oovenante and agreements of Borrower - oontained in this Mortgage sad in enforcing Lender's remedies as provided in paragraph I S hereof including, but sot 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 Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aooeleration had occurred. 20. Assignment of Rests; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader 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 celled and retain arch rests as they become due and payable. Upon aeoeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ooart to enter•apon, take possession of and manage the Property and to celled the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the coats of management of the Property and oolledion of rents, including, but not limited to. receiver's fees. premiums on receiver's bonds and reasonable attorney's fees, and then to the same secured by this Mortgage. The receiver shall be liable to account only for ffiose rents actually received. ~~,~~31s PbGE1523