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HomeMy WebLinkAbout1158 ' ~ _ _ ' ~ , 8. Inspection. Lender may make of cause b be made reasonable tntries upon and inspections of the property.Provided that Lender shall give Horrower notice Prig b aqy such inspection specifying teaaoaable cause therefor related b t tinder's interest in the Property. 9. Coodeiooaatioa. The proceeds of any award or claim for damages, direct or eoaaegnential, in connection with any oondemnttion or other felting of the propetgr, a part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. Izt the evert of a btal taking of the Property. the proceeds shaII be applied b the sums secured by this Mortgage, with the a:teas. if any. paid to Borrower. Ia the event of a partial taking o[ the Property. unless Dornwe: and Leader otherwise agree in writing, there shall be applied b the some aecared by this Mortgage such proportion of the proceeds as is squat W that proportion which the amount of t?ne sums secured by this Mortgage immediately prior to the date of tskit~g bears b the fair market value of the Property immediately prior b the date of taking. wiW We balance of the proa~eds paid to Borrower. If the Property is abandoned by Harrower. or if, after notice by Lender b Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails b respond to Lendce within 30 days after the date such notice is mailed, Lender is authorised b collect and aPP1,Y the p0. at Leadw's option, eiWer b restoration or repair of the property or b the sums secured by this Mortgage. Unless Lender sad Borrower oWerwise agree in aritiag. any such application of proceeds b principal shall not a:tend or postpone the dos date of the monthly installmrota referred b in paragraphs 1 and 2 hereof or change the atnoaat of such installments. lu. Borrower Not Releaser:: 3:tension of the time for paym~t or modi.5catioa of amoriiiization of the sums secured by~hia Marigage granted by Lender b any aucceaeor in interest of Borrower shall not operate to release, its any manner, the liabiUty of the original Borrower and Borrower's suooeasora in interest Lender shall not be required b commence proceedings against such auoceesor or refuse to extend time for payment or otherwise modify atttortisation of the sums secured by this Mortgage by reason of any demand made by the original Sc+nower and Borrower a snccessora in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:erriaing any right or remedy hereunder, i~r oWerwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such rid 3t or remedy. The procurement of insurance or We- payment ~f fazes or other liens or eharges by bender shall not be a waiver of Lender's right b accelerate the maturity of We indebtedness secured by this Mortgage. 12 Remedies Cmm~lative. All remedies provided is tt?is Mortgage are distinct and cuanulative b any other right or remedy Hader this Mortgage or afforded bylaw or equity, and may be exercised eoncurrcntly, independently or aueoeeaively. 13. Successors aLtd Assigns Bound; Joint and Several Liability; Captions The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective anocessors and assigns of Deader and Borrower, subject to the provisions of paragraph 17 hereof. All cvvenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for cevenience only. and are not b be used b interpret or define the provisions hereof. - 14. Notice. Except for any notice required under applicable )aw to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by maiW~g such notice by certified mail addressed b Borrower at the Properly Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice b Lender shall be given by certified mail. return receipt regLceted, b Lender's address stated herein or b such other address as Lender rosy designate by notice to Borower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. laUniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and son- " uniform rnvenanta with limited variations by jurisdiction to constitute a uniform security inatnutient covering real property. This Mortgage = shall be governed by the taw of the jurisdiction in which the Property is located. In the event that any provit+ion or cranes of this Mortgage or the Note conflicts with applicable law, such conflict shall not aired other provisions of this Mortgage or the Note which can be given effi~r#. without the conflicting provision, and b this rod the provisions of the Mortgage sad rye Note are declared to be severable. • - 1& .Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. _ 17. Transfer of the Property; Assumption. U all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encnmbraace subordinate to this Mortgage, (b) the creation of a purchase money seeurity.interest for household appliances, (c) a ~ansfer 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 pnrcltase, [,~Ier may, at Lender a option, declare all the soma secured by this Mortgage to be immediately due and payable_ Lender shall have waived Su,;ee option to accelerate if. prior to the save or transfer. Lender and the person b whom the Property is to be sold or transfer ed reach agt+eement in writing that the credit of such person is satisfactory b !.ender 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 successor 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 l ttole. If Leader ezercises such option to accelerate. Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period ofnot less than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrows fails b pay each sums prior b the expiration ofsuch-period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragraph 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 due any some secured by this Mortgage, Lender i prior to acceleration shall mail notice to Borrower as prnvide:i in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure 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 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 t further inform Horrower of the right to reinstate after aa~eleration and the right to assert in the foreclosure proceeding the } non-existence 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 sums secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be ' entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and ~ costa of documentary evidence, abstracts and .title reports _ 19. Borrower's Right to Reinstate. Notvrithataading Lender's acceleration of the yarns securedby this Mortgage, Borower shall have the right b have any proceedings began by Lender b enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which world be then due render this Mortgage, the Diote and notes securing Future Advances, if any, had no acceleration orarred; (b) Borrower cures all breaches of any other oovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expent~es incurred by bender in enforcing the covenants Bad agrxempats of Borrower ( cnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph I8 hereof, including. but not limited to, reasonable? attorney's fees; sad (d) Borrower takes such action as Lender may reasanabty require to assure that the lien of ttsis Mortgage, Lreadei'a interest ( ~ in the Property and Borrower's obligation b pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations aecnred hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the yenta of the Property, provided tbat Borrower shall, prior b acoeleraiion render paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon aooeler~;,.m under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ court b enteT~gon, take possession of and manage the Property and-to collect the rentarof the Property. including those past due. All rents oallected by the receiver shall be applied first b payment of the costs of managementof the Property and collection ofrents, including, but not limited to, receivers fees, premiama on receiver's bwids and reasonable atbraey'a fees. and then b the sums secured by this Mortgage. The _ ~ tieaeiver shall be liable b account only for those rents actually reerived. . QR .q a ~~.~324 PaGE3.15