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HomeMy WebLinkAbout0545 • - i :~r+ ~ _ .f 8. In4pectioa. Lender may make or cause b be made reasonable entries upon and iaspectioas of the property, provided that Lender shall give Borrower notice prior to say such inspection specilying reasonable cause Werefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, director coasbyuentiel, in wnnectioa with any oondetnnation os ! other taking of the property, ce part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. II In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by Chia Mortgage, with the excess, if any. t paid to Borrower. In the event of a partial taking of the Property. urileea Borrower and Lender otherwise agree in writing, there shall be i1 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, wiW the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the eondemaor offers to make an award or settle a claim for damages, Borrower fails to respond to Landes within 30 days aftw the date such notice is mailed, Lender is authorized to collect and j apply the proceeds, at Lender's 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 entered or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any euccesaor in interest of Borrower shall not operate to release, in any manner, the liability of the original Boa+ower and Borrower's successors in interest. Lender shall not be required to commence proceediaga against such successor or refuse to extend time • for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. _ 11. Forbesranoe by Lender Not a Vi?aiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of say arch right or remedy. The procurement of insurance or the payment of tares or other liege or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of We indebtedness . secured by this Mortgage. 12 Remedies Cumulative. AA remedies provided in this Mortgage are distinct and ewnulative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be ezerc~eerl concurrently, independently or sneoessively. 13. Successors and Assigns Boned; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All oovenanta and agreemeats of Borrower shall be joist and several. The captions and headings of We paragraphs of this Mortgage are for oovenience only and are not 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 be given by mailing such notice by certified mail addressed to Born.~wer at the Property Address or at such otleeraddreas as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leader shall be given by certified mail, return receipt requested, to Lender a 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 ofmortgagecombine~s uniform oovenanta formational useand non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the Iaw of the jurisdiction in which the Property is located. In the event that any provisioa or clause of this Mortgage or the Note conilicta with applicable law, arch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect i without the oonllicting 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 execution 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 ~.ende_*'s prior written consent, excluding (a) the creation of a lien or encumbrance aubordinste to this Mortgage, (b) the creation of a ppn~happ *noney security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint irnant o. (d), We grant ofany 1 tea e) _ retaining an option to purchase, Lender may, at Lender's option, declare su the g;roa secured by ~ a} payable. Lender shall have waived such optics to accelerate if, prior to the sale or trttnafer, Lender an ~ alto, ld or transferred reach agreement in writing that the cred'et of such perigee is satisfactory to Lender th~ e interest pays ~ ttie secured by this Mortgage shall be at such rate as Lender shall s requeat_ 1f Lender has waived the option to accelceate provided in this paragraph 17, and if Borrower's auccesoor in interest has eze~cuted a _ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the T:ote_ If bender eaercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 her+eot. Such notice shall provide a period of not less than 30 days from the date the notice is n•,ailed within which Borrower may pay the soma dedared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice_ or demaad on Borrower, invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. Except 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 acceleration shall meal notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure each 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 i further inform Borrower of the right to reinstate after acceleration and 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 cured 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 judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses 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. Notwithstanding i.ender'a acxeleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diacontinned at any time prior to entry of a judgment enforcing this Mortgage i£ (a) Borrower pays Lender all sums which wou)d 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 this Mortgage; (c) Borrower pays all reasonable ex agreements ofBorrowereontainedin pareses incurred by Lender in enforcing the eovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable 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 aha:l continue unimpaired. Upoa such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oocnrred. 20. Assignment of Rents; Ap_oointment of Receiver. As additional security hereunder, Borrower hereby assigae to Lender the ante of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property , have the right to collect and retain such rents as they become due and payable. Upon acceleration ands paragraph 18 hereof or absndonraent of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take possession of and manage the Property and to collect the vents of the Property, including those past due. All Trots collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, bet not limited to, receivers fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums aecar+ed by this Mortgage. The receiver shall be liahle to succorer only for those rents actually received. B'1[iK ~ PAGF t54~