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HomeMy WebLinkAbout2204 - - _ Y 8. Inspection. Lender may make of cause to be made ruaeoaable entries upon and inspections of the property, provided that Leader shall give Borrower notice prior to anf such inspection specifying reasonable ce?uss therefor related to Lender's interest in the Proper4j?. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any oandemnation os other taking of the propergr, or Part thereof. or for conveyance in lien of ooademnatio0. are hereby assigned and shall be paid to Lender. Ia the event of a total taking of the Property. the proceeds shall bs applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall bs applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to thatgroportion which the amount of the snau seorred by this Mortgage immediately prior to the date of taking bears b the fair market value of the Property immediately prior to thadate of taking. with the babrnoe of the proceeds paid to Borrower. - IftheProperty isabandoned by Borrower, or ~ after notice by Lender to Borrower that t:'~e condemnor offers to make an award or settle a claim for damages, Bor. ower fails to respond to Lender within 30 days after the date such ;~~tice is mailed, Lender is authorised to collect and apply the proceeZa, at Lender's option, either to restoration or repair of the property or to We sums secured by this Mortgage. Unlace Lender and Borrower otherwise agree in writing. any such agplic8tion of proceeds to principal shall not extend or postpone thedue date of the monthly installments referred to is paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. fiztension of the time for paymsttt or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor is interest of Borrower shall not operate to nleaseLin any manner, the liability of the original Borrower and Borrower's aucoessors in interest. Lender shall not be required to oammence proceedings against such suooessor or refuse to extend time for payment or otherwise modify amortization of the sums aecurcd by this Mortgage by reason of any demand made by the oriy:?~ al Borrower and Borrower's successors is interest. 11. Forbearance by Lender Not a R/aiver. Any forbearance by Lender in exercising any right or r8medy hereunder, or otherwise 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 fazes or other liens or charges by Lender shall not be a wai~-er of Lender's right to accelerate the maturity of the indebtedness aecared by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively. - _ _ - 13. Snooessors 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 snoceesors and resigns of Lender and Borrower. subject 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 covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrows provided for in this Mortgage shall be given by mailing such 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 certiSed mail, return receipt regneated, to Lender's address stated herein or to each other address ere Leader may designate by notice to Borrower as provided herein. flay 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; Severabillty. This form of mortgage combines uniform covenants for national use and non- uniform rnvenants 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 We 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 be given effect without the oorrdlicting provision, and to this end the provisions of the Mortgage and We Note are declared to be severable: lli. Borrower's Copy. Borrower shall be furnished a conformed Dopy of We Note and of this Mortgage at the time of eze~:ution or after recordation hereof. - - 17.15ransfer 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 wneeat, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money aecarity interest for household appliances, (c) a transfer by devise, descent or by opuation 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 sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to sorelerate if, prior ~I to the sale or transfer, Lender and the person to whom the Property ie 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 secured by this Mortgage shall be at such rate as Lender shall request. If bender has waived the option to acoel~ate provided in this paragraph 17, and if Borrower's sua~essar in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender e:ercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance 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 awns dedared due: If Borrower 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 paragrauh 18 hereoL _ 18. Acceleration; Remedies. Except as provided in paragraph 17-hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when doe any sums eerarred by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to care each 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 crxe such breach on or before the date specified in the notice may result in aooeleration 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 end the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to soceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option rosy declare all of the sums 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 expenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's flight to Reinstate. Notwithstanding Lender's acceleration of the sums aecared by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a jndgmentenforcing - thia Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes securing Phtare Advances, if any, had no acceleration occurred: (b) Borrower cures all breaches of any other oovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing tbe oovenanta sad agreenneate of Borrower. contained in this Mortgage and in enforcing Lender's remedies as provided is Paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower taken such 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 soma secured by this Mortgage shall continue unimpaired. Upon such payment sad care by Borrower, this Mortgage and the obligations secured hereby shall remain is full force and effect. as if no acceleration had oocuured. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Bo-rower hereby assigns to Lender the Trots of the Property, provided that Borrower shall, prior to acceleration Hader paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such rents as they become due sad payable. Upon acceleration under paragraph 18 hereof or abandonment of the Properly, Lender shall be entitled to have a receiver appointed by a court to enteratpon, take possession of and manage the Property and to Dolled the rents of the Property, including those peat due. All Wrote collected by the receiver shall be applied first to payment of the poste of managementof the Property and collection of Teats, including, but not limited to, receiver's fees. premiums oa receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to soaonnt only for those tents actually received. 6~~ J~7 P~CE2~~Oi,