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HomeMy WebLinkAbout0829 - , . _ ~ 8. Inspection. bender may make or cause to bs made reasonable entries upon and inspections of We property, provided that Lender shall give Horrovror notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of say award or daim for damages, direct or consequential, in connection with any ooademnation or ~ other taking of the pmper4t?, or part thereof. or for conveyance in lieu of oondemaatior~ are hereby assigned and shall be paid to Lender. 1 Ia the event of a total taking of the Property, We proceeds shall be'applied to the soma secured by this Mortgage, with the eacoess, if any, paid to Borrower. Ia the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall bs } applied to We sums secured by this Mortgage such proportion ~ the proceeds as is ognal 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 We date of taking, with the balance of the proceeds paid to Borrower. i If the Property let abandoned by Harrower, or if, after notice by Lender to Borrower that the oondemnoroffers to make an award or settles claim for damages, Horrower fail to respond to Lender within 30 days after the date such notice is mailed, Lender is authotrized to collect and ~ apply the proceeds, at Lender's option, either to restoration or repair of the property or to the soma secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal ehal! not a:tend 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. Eztenaioa of the tune for payment or modification of amortisation of the auras secured by this Mortgage granted by Lender to any auooeasor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's suceeesors in interest. Lender shall not be required to commence proceedings against such anocessor or refuse to extend time for payment or otherwise modify amortization of the some secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's suoeeesors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearanos by Lender in e:ercaeing any right or remody hereunder, or otherwise afforded by applicable law, shall sot be a waiver of or preclude the ezerrise of any each right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secui+eri by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage'are distinct and cumulative to aaq other right or remedy ands: this Mortgage or afforded bq law or equity, and may be ezerciserl concurrently, independently or sneoesaively. 13. Suooessore and Assigns Hound; Joint and Several Liability; Captions. The covenants sad agreements herein contained shall bind, and the rights hereunder shall inure to, the respective suc+ceesora and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covetuence only and are not to be used to interpret oz define the provisions hereoL 14. Notice. E:oept for any notice required under applicable Iaw to be given in another manner, (a) any notice to Borrower provided forin this Mortgage shall begiven by mailing such noticeby certified mail addn~ased to Borrower atthe Property Address or at such other address as Borrower may designate by notice b bender as provided herein, and (b) any notice to Lender shall be given by certi5ed mail, return receipt requested, to Lender's address stated herein or to such other address a8 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 wvenants for national use and non- uniform covenant8 with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the taw of the jurisdiction in which the Property is located. In the eves! 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 gives 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 shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecation or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein~ia sold or transferred by Borrower ! without Lender's prior written consent, ezduding (a) the creation of a lien or eacnmbrance subordinate to this Mortgage, (b) the creation of a i p~4iilflbe 4NneYaAcmrity+imDteraaLforhoayghoW appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint _ tenaeit rt1r dd)~e grantafany laaeehoid•hiterest of three years or lees not containing an option to purchase, Lender may, at Lender's option. dseler+aalltl<e IKp;ft~ to be immediately due and payable. Lender shall have waived each option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing thatthe creditof such person is s3tiafactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ae Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest ha$ e:ecated a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage andthe - Note. - If I.ceder ezercisea such option to accelerate, Lender shall mail Borrower notice of soaeleration iut aooordsnce 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 awns declared due. If Borrower fails to pay such sums 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 Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower is this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae prnvided in paragraph. 14 hereof apedfying: (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 vti+hich sac6 breach rarest be cured; and (4) that failure to care such breech on or before the date specified in the notice may result in acceleration of the soma secured by this Mortgage, foredosure by judicial proceeding and sale of the Property. T'he notice shall further inform Borrower of the right to reinstate after acceleration end the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense o~ Borrower to acceleration and foreclosure. If the breach ie 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 judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpeases of foreclosure, including, but not limited to, reasonable attorney's fees, sad costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender'8 aeoeleration ofthe some secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diseontinned at any time prior to entry of s judgment enforcing this Mortgage iL (a) Borrower pays Lender all soma which would be then due ender this Mortgage, the Note and notes securing I?bture Advances if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrows: pays all reasonable ezpenaes incurred by Lender in enforcing the oavenants and agreements of Borrower contained in this Mortgage and in enforcing bender's remedies as provided in paragraph 18 hereof. indading, but not 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 fall force and effect as if no acceleration bad occurred. Assignment of Rents; Appointment of Receiver. As- additional security hereunder, Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration Hader paragraph 18 hereof or abandonment of the Property, have theright to eolled and retain such rents ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment 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 rents of the Property, inducting those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, indnding, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees. and rhea to the sums secured by this Mortgage. The receiver shall be liable to account only far those rents actually received. - BOOR J~ / PAGE O~?~