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HomeMy WebLinkAbout0844 ~j ~ , • r ! 8. Iaspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the property. provided that Lender shall j give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in We Property. 8. Condemnation. The proceeds of a~sy award or claim for damages. direct or consequential. in connection with any condemnation os other taking of the property. or part thereof, or for conveyance is lieu of condemnation. are hereby assigned and shall bs paid to Leader.. i In the event of a total taking of We Property. the proceeds shall be applied to the sums secured by this Mortgage, with the ezcess, if aqy_, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be 4 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 We date of taking baste to the fair market value of the Property immediately prior to the date of taking. with the balance of-the proceeds paid to Borrower. i If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor offers to make as award or settle a ~ claim for damages. Borrower fails to respond b Lender within 30 days after the date such notice is mailed, Lender is authorised to tolled sad apply the proceeds. at Lenders 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 procveds to principal shall sot eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or ~.hange the amount of each installments 10. Borrower Not Released. E:tenaion of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower a successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend 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 a sua,~esaors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerciaing any right or remedy hereunder, or otherwise 1 afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or older liens or chaxgea by bender 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 cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be ezercise~l concurrently. independently or auooessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. Ths covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective succeasore and assigns of Lender and Borrower, snbjed to the provisions of paragraph 17 hereof. All covenants 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 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 such other address ae - 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 and non- uniform covenants with limited variations by jurisdidion to oonatitute 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 clause of this Mortgage or the Note conflicts with applicable law, such rnnflict 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 furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecutioa 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 Lender's prior written rnnaent, excluding (a) thecreation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a _ purchase 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 an option to purchase, Lender may, at Lender's option. declare all the sums secures 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 transferred reach agreement in writing that the creditof such person is satisfactory to I:ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted a o eandthe w from all ob ' ations under this M written assumption agreement accepted in writing by Lender, Lender shall release Borro er hg rtgag rote: - If Lender exercises such option to accelerate, Lendez shall mail Borrower notice of acceleration in aeoordance 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 Boaower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, f invoke any remedies permitted by paragraph 18 hereof. - 18. Acceleration; Remedies. Ezcept as provided rn paragraph 17 hereof, neon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any Bums Secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (I) 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 such breach must be cured; and (4) that failure to cure such 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-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or _ _ before the date specified in the notice, 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 collect in such proceeding all espensea 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.endersacceleration ofthe sums secured by this Mortgage, Borrower shall have f the right to have any prooeedinga begun 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 sums which would be then due ender this Mortgage, the Note and notes securing i?Ysture 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) 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, l8 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 lien of this Mortgage. Lenders interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon 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 occurred. i 2Q. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the trots of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right to tolled and retain such rents as they become due and payable. Upon acceleration under paragraph 18 has eof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a ' court to enter.npon, 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 poets of management of the Property and collection of rents, including, but not limited to, receiver's fees. premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by thin Mortgage. The receiver shall be liable to account only for those rents actually received. 6~GX ~ P4GE ~~J _ J