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HomeMy WebLinkAbout2978 • ~ ___.~~~_~._~r... ' \ M , ` , (V' 8. Inspsdion. Lender may make os cause to be made reasonable entries upon and irupectioru of the property. provided that Lends: shall giw Borrower notice prior to orgy arch inspection apecibring reawnabie cause therefoe related to Lender's interest in the Property. 9. Condemnation.'lLe pcooeals of any award or claim for damages, director conaequsntial. is connection with any condemnation or other taking of the property, or part thereof. or foe oonwyauos in lien of oondemaaiion, are hereby aaaigned and sball be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage, with the eacoeas. if any, paid to Borrower. In the event of a partial taking of the Propsrbr, unless Borrower and Lender otherwise agree in wilting. there shall be applied to the some secured by ibis Mortgage each proportion of the proceeds as is equal to that proportion which tbs amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of rho Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If We Property is abandoned by Borrower. a if. alter notice by Lender to Borrower that the oondemaoroffers to make an award or aettls a claim for damages. Borrower fails to respond to Lender within 30 days ages the date such notice is mailed, Lender i. authorised to collect and apply the pe~ooeeds, at Lendee's option, either b restoration or repair of the property or to the arms secured by this Mortgage Uriless Lender and Borrower otherwise ague in writing, any such application of prooesda to principal shall noteztend o: postpone the ilea date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Sztension of the time for payment or modification of amortisation of We soma secured by this Mortgage granted by Leader to any encoesaor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence prooeedinge against such aneoeseor or refuse to ezter?d time for payment or otherwise modify amortization of the soma eeaued by this Mortgage by reason of any demand made by We original Bestows: and Borrowds successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or pr+ecinde the ezercise of any such right or remedy. The procurement of insurance oz We payment of fazes ce other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness escorted by thin Mortgage 12 Remedies Cnmalative. All remedies provided in this Mortgage era distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be ezercaserl ooncurreatly. independently or enooeeaively. 13. Saooesaors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective anecessors and assignor of Lender and Borrower, subject to.the provisioru of paragraph 17 hereof All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for cevenience only and are not to be need to interpret or deffae the provisions hereof. 14. Notiee.l'sscept for any notice required Hader applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be givro by mailing arch notice by certified mail addressed to Borrower atthe Property Addc+ees 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 Lendds 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. This form of mortgage combines uniform oovenanta for national nee and non- uniform ooveaants with limited variations by jurisdiction to eonstitnte a uniform security instrument wveriag 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 err the Note conflicts with applicable law, arch 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. 1& Borrower's Copy. Borrower shall be fnrniahed a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof. 17. Transfer of the Property; Aesampt~on. If all or any part of the Property or an interest therein is sold or transferred by Bosrower without Lender's prior written consent, ezdudiag (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) We creation of a pnrehase 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 as option to purchase, Lender may, at I.ender'a option, declare all We same secures by this Mortgage to be immediately doe 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 ~o be sold or transferred reach agreement in writing that the creditof such person is satisfactory to Lender and that the interest payable on the anma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to aecelerate provided in this paragraph 17, and if Borrowda successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezercisea each option to aooslerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL 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 soma prior to the ezpiration of such period, Lender may. without farther 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 covenants to pay when due any sums secured by this Mortgage, Lender prior to ar~eleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to carte 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 cared; and (4) that failure to care each breach on or before the date specified in the notice may reanlt in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and wile of the Property. The notice shall further inform Borrower of the right to reinstate after aooeleration and the right to assert in the foreclo~sare proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared oa or before the date specified in the ~tice, Lender at Lender's option may declare all of the soma 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 Dolled in such proceeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration ofthe snmssecured bythisMortgage, Borrower shall have the right to have any proceedings began 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 due under this Mortgage, the Note and notes securing Fhture Advances, if any, had no acceleration occurred; (b) Borrower cm+ea all breaches of any other covenants or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage end in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, r+easanable attorrney's fees; and (d) Borrower takes such action as Lender may reasonably require to assets that the lien of this Mortgage, Lendds interest in the Property and Borrowds obligation to pay the sums secured by this Mortgage shall oontinne unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. 20. Assignment o! Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall. prior to sooeleratioa Hader paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such vents as they become doe and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court to enteraipon, take possession of and manage the Property and to Dolled the recta of the Property. including those pest doe. All teats collected by the receiver shall be applied first to payment of the costa of managementof the Property and collection of rents, including, bored limited to, receivda fees, premiums on receiver's bonds sad reasonable attorney's fees, and then to the soma secured by this Mortgage'1Le receiver shall be liable to account oily for those rents actually received. BO~K~~~ P1lff~.~71 1