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HomeMy WebLinkAbout2200 _ . - 8. Inspection. Lender may make or caaies to bs made reasonable aatries upon and inspectiotu of the property, provided that Loader shall give Borrower notice prior to any such iaspedioa speca~ring reasonable cause therefor related to Lender's interest in the Propcety. 8. Condemnatlon. The proabeds of nay award or claim fps damages, direct or consequential, in oonnedion with any condemnation or other taking of the properq?; or part thereof, or for ooaveyaace 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 bs applied to the sums secured Ly thin Mortgagq, with the ezoess, if nay, paid to Borrower. In the carrot of a partial taking of the Propsrtj?, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by thin Mortgage such proportion of the proceeds as is equal b 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 priorto the date of taking. with the balance of the proceeds paid to Borrower. - IftheProperty isabandoned byBorrower, or ~ aRer notice by Lender to Harrower that the ooademnoroffers to make an award or setae a claim for damages, BorFOwer fails to respond to Lender within 30 dayre after the date~snch notice is mailed, Leader is authorised to collect and apply the parooeeds, at Lenders option,_either to restoration or repair of the property or to the sums secured by thin Mortgages Unless Lender sad Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone thedne date of the monthly? installments referred to in paragraphs 1 and 2 hereof or chango the amoaznt of such installments. 10. Borrower Not Released. Ezteasioa of the time for payment or modification of amortisation of We soma secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any meaner, We liability of the original Borrower sad j8orrower's successors in interest. Lender shall not be required to commence pr~oeedings against such successor or refuse to estend time for t+ayment or otherwise modJy 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 Leader Not a Waiver. Any forbcerance by Lender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezeraase of any such right or remedy. The procureaoneat of insurance oar the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right b 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 Hader this Mortgage or afforded by law or equity, and may be ezeraasetl concurrently, independently or snooessively. 13. Succeseoats 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 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 an for oovenience ody and are not to be used to interpret or de5ne the provisions hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) nay notice to Borrower provided for in this Mortgage shall be given by mailing sack notice by certified mail addressed to Borrower atthe Property Address or at each 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 requested, to Lender's address stated herein or to arch 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 covenants formational use and non- uniform covenants with limited variations by juriadidion to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jnrisdidioa 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 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 We provisions of the Mortgage and the Note are declared to be severable. 1& Borrowgr'e Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecation or after recordation hereof. 17. Transfer of the P•roperiy; Assumption: If all or any part of the Property cr an interest thereigia eoki or transferred by Borrower without Lender's prior written consent, e:clnding (a) the creation of a lien or encumbrance subordinate to this Mortgage; (b) the creation of a purchase money security interest for household appliana~s, (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 leas not containing an option to purchase, Lender may, at Lender's option, declare all the same secures, by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate i~, 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 credit of each person is satisfactory to Lender and that the interest payable on the soma severed by this Mortgage shall be at such rate as Lender shall 'I request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecated 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 shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL 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 sums declared 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 as 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 due any same secured 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 required to cure such breach; (3) a date, not leas than 30-days from the date We notice is mailed to Borrower, by which each 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 some secured by this Mortgage, foreclosure by judicial proceeding and sale of We 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-e:iateace 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 same 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 is such proceeding all ezpenses of foreclosure, including,-but not limited to, reaeon$ble attorneys fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender'sacceleration ofthe soma eecared by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diacontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which world be then due under this Mortgage, the Note and notes securing Fatnre Adc ancea, if an3 , had no acceleration occun~ed; (b) Borrower cures all breaches of any other ooveaants 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 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, Lender's intered in the Property and Borrower's obligation to pay the same secured by this Mortgage shall continue unimpaired. Upon arch payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional eecarity her~mder, Borrower herby ssaigna to Leader the rents of the Property, provided that Borrower shall, prior to sooeleration under paragraph 18 hereof or abandonment of the Property. have the right to culled and retain each rents as 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 enteropon, take possession of and manage the Property and to Dolled the rests of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and oolledion of rer ts, including, bntnot - 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. - s~~x3~~' ~A~E21~7