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HomeMy WebLinkAbout2196 i . .aw. ~V~ ~ - t.s~~~~ t~icV~L1~ 8. Inspection. Lender may make or cause to be made reasonable entries upon sect inspections of the property. provided that Lender shall give Borrower notice prior to aqy such inspection specifying reasonable cause therefor related to Lender's interest in the Propergr. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. is coanedion wiW any oondernnation or other taking of the property, or part thereof. or for oonveyeaee in lien of oandemnation, are hereby assigned and shall be paid to Leader. Ia the event of a total taking of the Property, the proceeds shall be applied to the same secured by this Mortgage, with the ezoess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Leader otherwise agree in wilting, there shall bs applied to the sums secured by this Mortgage such proportion of the proceeds re is equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedats of taking. with the balance oS the proceeds paid to Borrower. Uthe Property is abandoned by Borrower. or i~ agar notice by Lender to Borrower that We onndemaor offers to make an award os settle a clean for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option. either to restoration or repair of the properly or to the sums secured by this Mortgage. Udess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztead or postpone the due date of the monthly installments referred to is paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:t$naion of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any aueceesor in interest of Borrower shall not aperate to release, in any manner, the liability of the original Borrower and Borrower's suoceeaore in interest. Lender shall not be required to commence proceedings against wch suoeeeaor or refuse to eztend 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.-Forbearance by Lender Not a Waiver. Any forbearance by Lender in exereasing nay right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any each right or remedy.The procurement of iaenranee or the payment of tares or other liens or charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the indebtedness seciued by this Mortgage. 12. Remedies G~rmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this _ Mortgage of afforded by law or equity. sad may be exercised ooncnrrently, independently or auccesaively. 13.3uoceasore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agree~aents 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 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and hcedinga 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 each notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt request,°'1; to Lender's address emoted herein or to each 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 covenantsfor national use and non- uniform eovenanta 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 clauaa of this Mortgage cr the Note conflicts with applicable law, such eontlict 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 copy of the Note and of this Mortgage at the time of esecutioa or after reoorda^on hereoL - 17. Transfer of the Property; Assumption. If all or any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the 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 name 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 transferred reach agreement is writing thatthe creditof 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 in this paragraph 17, and if Borrower's aucceasor in interest has ezeeuted a. written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender aliall mail Borrower notice of aeoeleration 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 same declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand~on Borrower, invoke any remedies permitted by paragraph 18 hereoL 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in thin Mortgage, including the Dover. ants to pay when due any soma secured by thin Mortgage, Lender prior to acceleration shall mail 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 lean than 30 days from the date the notice ie mailed to Borrower, by which each breach moat be cared; and (4) that failure to cure such breach on or before the date speciRed in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of theProperty. 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 nay other defense of Borrower to acceleration and forecloenre. If the breach is not curod on or before the date epeci6ed in the notice, Lender at Lender's option may declare all of the sums natured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts sad title reports. 19. Borrower's Right to Reinstate. Notwithstand.ng Lender's acceleration ofthe nonce secured bythisMortgage, Borrower shall have 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: (s) Borrower pays Lender sA sums which would be then die Hader this Mortgage, the Note and notes securing )brags Advances, ifany, had as acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the eoveaanta and agreements of Borrower contained in this Mortgage and in eafoning Lender's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower takes each 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 same secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had oocnrr+ed. 20. Assignment of Rents; Appointment of Receiver. As additional eecarity hereunder, Borrower hereby assigns to Leader the recta of the Property, provided that Borrower shall, prior to aocaleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents ae they become due and payablr. Upon aoeeleration under paragraph 18 hereof ar abandonment of the Properly, Lender shall be entitled to have a receiver appointed by a court to enternpon; 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 costs of managementof the Property sad eolledion of rea*.a, including, hus,wt limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney'd fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rests actually r+eoeived. 80~~317 PA~E2193