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HomeMy WebLinkAbout0835 ' _ ~ ~ ~r ) - 1 / j - t 8. Iwpeetion. Lender may make or canoe to be made reasonable eatria upon and irupections of the pmpe~jr, provided that Lender shall give Borrower notice prior to any each inspection speciiying reasonable cause therefor related to Lender's interest is the Property. j 9. Coridcmnsdon. The proceeds of say award or claim foe damages, direct or ooneequeatial, in ooanectioa with any oondemaation or other taking of the propsrtys or past thereof. or for oonvayancs 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 be applied to the sums secured by this Mortgage, with the esoess, if aqy, paid to Borrower. In the event of a partial taking of the Pmpertvy, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to Wet proportion which the amount of the soma ' secured by this Mortgage immediately prior to the date of taking bears to the fair market value ofthe Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. ~ If the Property is abandoned by Borrower, or ii; afler notice by Lender to Barrows: that the oondemaor offers to make an award or settle a claim for damages, Borrower fail b respond to Lender within 30 days after the date ouch notice is mailed, Leader is authorised Lo collect and apply the pr'ceeeds, at Lender's option, either to restoration or repair of We property or to the sums aecared by this Mortgage. Udees Lender and Borrower otherwise agree in writing, any each application of proceeds to principal shall noteztend or postpone the dne date of the monthly u?stallmeats referred to in paragraphs 1 sad 2 heseot of ~e tl?e amount of ouch installments. - 10. Borrower Not Released. Extension of the time for payment or modi8catioa of amortization of the some secured by this Mortgage granted by bender to any successor is interest of $orrower shall not operate to release, in any manner, the liability of the original Borrower Y and Borrower's successors in interest, bender shall not be required to commence prooee~dinge against ouch successor or refuse to extend time for payment or othervriae modify amortization of the sums secured by this Mortgage by reason of say demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbceranoe by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or prelude We exercise of any such right or remedy. The procurement of inanranee or the payment of fazes or older liens or charges by Leader shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and camnlative to any other right or remedy Hader this Mortgage of afforded by law or equity, and n>ay? be ezercisevi ooncuurrent~y, independently or aaooesaively. 13 $ceoessors 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 successors and assigns of Leader and Borrower, subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shalt be joint and several. The captions and headings of the 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 Borrower atthe Property Address or at ouch other address ea . Borrower may designate by notice to Lender_aa provided herein, and (b) any notice to Lender shall be given by certified mail. retnm receipt requested, to Lender's address stated herein or to ouch older 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 We manner designated herein. i 15. Uniforas Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- ~ uniform covenants with limited variations by jurisdiction to constitute a unifona 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 clause of this Mortgage or - - - - t the Note conflicts with applicable law, each 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 shall be fnntished a oonfonmed Dopy 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 We Property or an interest therein is sold or traasfared by Borrower without Lender's prior written consent, excluding (a) the creation of a lira or encumbrance subordinate to this Mortgage, (b) the creation of a _ purchase money security interest for hoaeehold appliances, (c) a transfer by devises 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 sot containing an 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 the Property is to be sold or tranaferr+ed reach agreement in"writing that thecreditof such pennon is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as bender shall request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interest has executed a written assumption agreement accepted iu writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, 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 Bon»wer fails to pay such sums prior to the expiration 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 grovided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when dne any sums seprred by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action - regaired to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach must be cared: and (4) that failure to care such breach on or before the date specified in the notice Wray result is acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Pro perty.The notice shall further inform Borrower of the right to reinstate after acceleration sad 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 dared 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 fnrtherdemand and may foreclose*his)rlortgageby judicial prooe~ding.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 do.~umentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration ofthe sums secured by this Mortgage, Bonrowershall have the right to have say proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a jndgmeat enforcing this Mortgage it: (a) Borrower pays Lender all soma which would be then dne under this Mortgage, the Note and notes securing I~tnre ~?dvances, if any, had no acceleration occurred; (b) Borrower cures e11 breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable exper?sea incurred by Lender in enforcing the covenants and agreements of Bon^oiver 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 Leader may reasonably require to assure that the lien of this Mortgage. Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain is fall force and effect as if no acceleration had acenrred. 20. Asaignmeot of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to aa:eleration ender paragraph 18 hereof or abandonment of the Property, have the right to collect and retain ouch rents as they become doe and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receive: appointed by a Dom t to enter~pon, take possession of and manage the Property and to Dolled the rents of the Property, including 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, including, but not limited to, receiver's fees, premiums oa receiver e bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. a(,~3~7 834