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HomeMy WebLinkAbout1934 v_.______.._.-..._._._--_--- . 8. Inspection. Lender may make or cases to bs made reasonable entries upon sad inspections of the ~operty,provided that Lender shall give Borrower notice prior to any such inspection specfying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any sward or claim foe damages, direct or oonsequengal, is connection with any condemnation or - other talong of the Property. or part thereof, or for conveyance in lies of condemnation, are hereby assigned and shall bs paid to Lendaar. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mo:tgag0. with the ezoess, ff any. paid to Borrower. In the event of a partial taking of the Property. tmlea Borrower and Lender otherwise a fc~e~e is westing. there shall be applied to the soma secured by this Mortgage sash propartioa 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. with the balance of the proceeds paid to Borrowm. - _ - IftheProperty isabandoned by Borrower, or if, after 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 aRer the date each notice is mailed, Lender is anthorizetl to ooUect and app).y 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. say such application of proceeds b prin~apal shall noteztend ore postpone the doe Sate of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Ezteasion of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any snooeasor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's suooeasore in interest. Lender shall not be required to commence proceedings against such saooeesor of refuse to eztend time _ for payment or otherwise modify amortization of the auras secured by this Mortgage by reason of any demand made by the orginal Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbceranoe by Lender in ezercaeing any right or remedy heresmde:, or othe:arise afforded by applicable law, shall not bra a waiver of or preclude the ezercise of any each right or remedy: The procurement of insurance or the _ payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. - 1Z Remedies Cmm~lative. All remedies provided in this Mortgage are distinct and cnmalative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or snocessively. 13. Saoceseore 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 anoceseors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof AU oovenaata and agreements of Borrower ahaU be joint and several. The captions and hcedings of the paragraphs of this Mortgage are for eovenience only and are not to be need to interpret or define the provisions hereof 14. Notice. Ezoept for any notice required Hader applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such noticeby certified mail addressed to Borrower atthe Property Address or at each other address as Borrower may designate by notice to Lender ore provided herein. and (b) any notice to Lender shall be given by.osrtified 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 W Borrower ar Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform ceveaante far national nee and 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 clause of this Mortgage or the Note conflicts with applicable law, each conflict shall not affect other provisions of this Mortgage or the Note which can begiveneffect - without We conflicting provision, and to this end the,proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fnmiahed a conformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. - ' 17.1~ansfer of the Property; Assumption. If all or any part of the Property~r an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money eecarity 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 lees not containing an option to purchase, Lender may, at Lender's option, declare all the soma secures by this Mortgage to be immediately due and payable. Lender shall have gvaived 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 credit of each person is satisfactory to Lender 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 is this paragraph 1?, and if Borrowela suooessor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and the 4 Note. If Lender exercises each option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof 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 dedared due_ If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Ezcept ore provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when doe any soma secured by this Mortgage, Leader - prior to acceleration shall mail notice to Borrower ore provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care each breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by which each breach moat be cured; and (4) that failure to care 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 aooeleration and the right to assert in the for~ecloeure proceeding the non-existence of a defsalt or aav other defense of Borrower to aecelerataon and foreclosure. If the breach is not cared on or before the date specified in the notr^, `.ender at Lender's option may dedlare all of the sums secured by this Mortgage to be immediately doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leafier shall be entitled to eolled 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. No*withstanuingLender's acceleration ofthe~ame secured by this Mortgage, Borrower ehallhave - - theright tohave any proceedings 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 soma which would be then due Hader this Mortgage, the Note and notes securing Phtare Advances, if any, had no acceleration occurred: (b) Borrower cures all breaches of any other eovenante or agreerpenta of Borrower wntained 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 18 hereof, including. but not limited to, reasonable attorney's fees; and (d) Borrower takes arch action as Lender may reasonably require to assure that the lien of this Mortgage, Leaders inteieet in the Property and Borrower's obligation to pay the soma segued by this Mortgage shall continue unimpaired. Upon each paymens and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ZO. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower herby assigns to Lends the rents of the Property. provides that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to collect and retain arch rents ore they become doe and payable. Upon acceleration ender paragraph 18 hereof or abandonment of We Property. Lender shall be entitled to have a receiver appointed by a oomt to enterapon, take possession of and manage the Property and to collect the rents of the Property, including thaee past due. All rents eolleded by the receiver shall be applied first to payment of the costs of managementof the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney`s fees, and then to the sums secured by this Mortgage. The rooeiver shall be liable to aocoant only far those rents actually received. 8f10KJ~~ PAGE~c~1