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HomeMy WebLinkAbout0386 _ .w* t - t ~ 1- '.f ti; . t t~11~ _ . 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that I shall give Borrower notice prior to any such inspection specifying r+maonable cause therefor related b Lender's intesed in the Property. 9. Condemnation. The prooe~eds of any award or claim for damage!, ,i±*~ os consequential. in wnnection with any ooa~deannation or other taking of the property, or part thereof, or for conveyanos in lien of condemnation, are hereby assigned and shaA be paid to header. In the event of a total taking of the Property, We proceeds shall be applied to the sums secured by this Mortgage, with the ezoess, if any, paid to Borrower. In the event of a partial taking of the Peoperq?, unless Borrower and Lender otherwise agree in writing, there shall be applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amoant of the snnu secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of + taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Bormwe~r, or ~ slier notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lenders option. either to restoration or repair of the property or to the sums secured by this Mortgage, Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone thedne date of We monthly installments referred to is paragraphs I and 2 hereof or dnange the amount of such installments. 10. Borzower Not Released.-Extension of the time for payment or modification of amortization of We sours secured by this Mortgage granted by Lender to any euceeaeor 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 proceedings against suds aueoeseor or refuse to eztsad time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, orotherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any each right or remedy. The procurement of insnranoe or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness secured by this Mortgage. - 12 Remedies Cumulative. All remedies provided in this Mortgage are diatinM and cumulative to any other right or remedy enderthis Mortgage or afforded by taw or equity, and may be ezerciserl concurrently. independently or anooeeaively. 13. Sncoeasora 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 auc~essors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All wvenants wind agreements of Borrower shall be joint and several. The captions sad headings of the paragraphs of this Mortgage are for covenience only and are noL to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall begiven by mailingauch notice by certified mail addtessedto Borroweratthe Property Addressorat such otheraddress 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 Lender's 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 use end 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 douse of this ?;ortgage 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 conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower sllgil be famished a rnnformed copy of the Note and of this Mortgage at the time of e:ecntioa or after recordation hereof. 1?. 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, eadnding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the aeation of a purchase money security interest for household appliances, (c) s transfei 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,Lender may, at Lenders option, declare all the sums eecureu by this Mortgage to be immediately due and payable. Lender shall have waived wch option to aecelerate if, prior to the sale or transfer, Lender and the person to whom the Property ie to be sold or transferred readti agreement in writing that thecredit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall beat such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has ezewted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note.- IfLender exercises 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 less than s0 days from the date the notice is rnailed within which Borrower may pay the soma dedared due. If Borrower fails to pay such sums prior to the expiration o_ f such period, Lender may, vr-ithout further notice or demand on Iorrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay whey dueany sums secured by thisMortgage,I.ender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying. (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which sacb breach must be cured; and (4) that failure to care arch breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and~the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this 1lortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. NotwithstandingLender'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 diseoatinned at any time prior to entry of a judgment enforcing this Mortgage ifi (a) Borrower pays Lender all some which would be then due under this Mortgage, the Note and notes securing Phtnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other eovenants or agreements of Borrower ooatained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 1 S hereof, indndiag, but not limitrid to, resaonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lies of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and core by Borrower, this Mortgage and the obligations secured hereby shall remain in fall foroe~md effect as if no acceleration had occnrr~ed. 20. Assignment otltents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns to Linder thereats of the Propwty, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain each rents as they become due sad payable. Upon acceleration under paragraph IS hereof or abandonment of the Property, L•.nder shall be entitled to have a receiver appointed by a court to enter.npoa, take possession of and manage the Property and to collect the rents of the Property, indnding those past due. All rents onllected by the receiver shall be applied first to payment of the costa of management of the Property and oolledion of rents, indnding b~not limited to, reeeivere fees. premiums on receiver's bonds and reasonable attorney's fees, and then to the earns secured by this Mortgage. The receiver short be Gable to atoonnt only far those yenta actually received. B(xiKJ~7 PAGE