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HomeMy WebLinkAbout2343 _ ~ • ~ 8. Inapeetlon. Lender may make or caws to bemade reasonable entries upon anduupections of the property, provided that Lender shall give Borrower notice prior to any such inspection specaiying reasonable caws therefoa• related to Lender's interest in the Property. 9. Conndemnation. The proceeds of aqy award or claim for damages„ direct or consequential, in connection wiW any condemnation or other taking of the property, or part thereof. or for convsyanoe in lien of condemnation. are hereby assigned and shall bs paid to Leander. In the event of a total taking of the Property. the proceeds shall bs applied to the same secured by this Mortgage. with the ezoess, ff any. paid to Borrower. In the event of a partial tslrirag of the Property, anises Borrower end Lender otherwise ague in writing, there shall bs applied to the arms secured by this Mortgage such proportion of the proceeds as is equal tD that proportion which the amount of the sums secured by this Mortgage immediately prior to We 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 Borrower. If the Property is abandoned by Borrower, or ~ after notice by Lender to Borrower that the condemnor offers to make an award or sedtle a claim for damages. Borrower fails to respond to Lender within 90 days after the date such notice is mailed, leader is authorized to collect and apply the proceeds, at Lender's option, Bather b restoration or repair of We property or to the awns eecared by this Mortgage. Udees Lender and Borrower othm~rise agree in writing. any such application of proceeds b principal shall not a:tend ce postpone the die date of We monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of each installments. 10. Borrower Not Released. Eztenaion of the time for payment or modification of amortisation of the sums second 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's successors in interest. Lender shall not be required to commence proceedings against such snooeasor 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's successors in interest. - - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:er+caaing any right or remedy henander, 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 ipean:aace or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to aoaelerate the maturity of the indebtedness secured by this Mortgage. . 12 Remedies Cmm~lative. 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 ezercise~I concurrently, independently or eneoesaively. 13. $uocessore and Assigns Bound; Joint and Several Liability; Captions. The oovenante and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective anoceseors and assigns of,Leaader end 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 eovenience only and an not to be used to interpret or define the provisions hereof. 14. Notice. Bzcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin 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 certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower ae provided herein.Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender whey given in the manner designated her~eira. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform ooveaante for national use and non- uniformcovenants with limited variations by jurisdiction to oanatitnte a uniform security instrument covering real property.This Mortgage shall be governed by the law of the jurisdiction is which the Property is located. In the event that any provision or claws of this Mortgage or the Note rnnflicts 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 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 ezecation 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 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 rears or less not containing an option to purchase; Lender may, at Lender's option, declare all the sums securer by this Mortgage to be immedis~.ely due and payable. Lender shall have waived such option to socelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred Hach agreement in writing that the credit of such arson is satisfactory to Lender and that the interest payable on the same 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 written asanmption agreement accepted in writing by Censer, Lender shall release Borrower from all obligations under this Mortgage and the Note. If lender ezercises such option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph. l4 hereof 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 Bor-over 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 hereof. 18. Acceleration; Remedies Ezcept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eovenanta to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall meal notice to Borrower as 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 is mailed to Borrower, by which each breach must be cured; and (4) that failure to care uch 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-e~dstence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach m not cured 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 in such proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees,and - costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding~ender's acceleration of the sums secured 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 judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due reader this Mortgage, the Note and notes securing Futon Advances, if any. had no aooeleration ocxnrred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable eapenees incurred by Lender is enforcing the covenants and agnemente of Borrower - contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but red limited to, reasonable i attorney's fees; and (d) Borrower takes 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 sums secured by this Mortgage shall continue unimpaired. Upon such payment and care ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aoeeleration had occurred. ~ 20. Assignment of Rents; Appointment of Receiver. As addiBonal security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to aooeleration wader paragraph 18 hereof or abandonment of the Property, have the right i to collect and retain such rents as they become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.apon, take possession of and manage the Property and to collect the rents of the Property, including those past die. All rests collected by the receiver shall be applied first to payment of the costs ~+f managementof the Property and collection of rents, including, bntnot ' limited to, receiver's foes, premiums oa receiver's bonds and reasonable attomey'a fees, and then to the same secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. _ _ ~t ~~n ~ eooK3~.~ PaGE2,crtu i