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HomeMy WebLinkAbout1344 a. ~ y . 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of tla peoperiy, prow ided that Lsnde: shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related b Lender's interest in flee Propettyy. , 9. Cwsdemnation. Ths proceeds of any award or claim for damages, direct or ooasequential. in oonnactioa with aqy oondepaaation or ntYaar taking of the property. or pail thereof. or for oonveyanos in lieu of ooademnation, are hereby assigned and shall be paid b Leader. In the event of s total taking of the Property. the proceeds shall be applied b the sums secured by this Mortgage, with the e~tcess. if any. paid to Borrower. In the avmtt of a partial taking of the Property: nnlesa Borrower and bender oWetwiae agree in writing. there shall be applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums seaued by this Mortgage immediately prior b the date of taking bean b the fair market valuer of the Property iaamediateijr prior b the date of taking. with We bauusoa of the prooeedr. Laid b Burrower. - If WeProperty isabandoned by Borrower. or ~ afl~er notice bX Lwsder to Borrower that the condemnor offers b make an award or sattie a . claim for damages. Borrower fails b respond to Leader within 30 days after the date such notice is mailed. Lender is authorised b collect and apply the proceeds, at I~sder's option. either b. restoration or repose of the property or b the sums second by this Mortgage. Unless Leader and Borrower otherwise agree in writing, any arch application of preoeeds b principal shall not extend or postpone the due date of the monthly instalirnents referred b in paragraphs land 2 hereof or change the amount of such installments. 1Q Borrower Not Released. Extension of the time for paym~st or modification of amortixatian of We sums eacnred by thin Mortgage - grauted by Lender b ary successor in interest of Borrower shall rat operate to release, in any manner. the liability of the original Borrower ~ and Borrower's sueceasors in interest. Lender shall not be required b commence prooeedinga against such sua~easor or refuse b extend time fm payment or otherwise modify ausortization of the sums secured by this Mortgage by re?vson of any demand made by the original Borrower and Borrowa'a sueceseore in interesk 11. Forbearance by Lender Not a Waivvr. Any forbearance by Leader in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any arch right or remedy. The procurement of inanrance or the payment of taxes or other liens of charges by Lender ahaA not be a waiver of Lender's right b sooekrate the maturity of the indebtedness , aecnred by this Mortgage. - 12 Remedies Camnlative. AU remedies provided in Wis Mortgage are distinct and cumulative b any other right or remedy Hader this Mortgage or afforded by law or equity. and .may be eitenaae+l ooncarrently, independently or suceeasively. - 13. t3ucceaeors and Assigns Bouad; Joint and l3everal Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective 8aceeeaore and assigns of Lender and Borrower, subject to the provisions of - paragrap617 hereoL All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not b be need b'interpret or define the provisions hereof. 14. Notice. except for any notice required under applicable law b be given in another manner, (a) any notice to Borrower provided form this Mortgage shall be given by mailis;g such notice by certified mail addressed to Borrower atthe Property Address or at arch other address as Borrower may designate by notion b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested. to Lender's address stated herein or b sods 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 bees given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; l3everability. This form of mortgageecmbines uniform covenants for national nee and non- uniform covenants with limited variations by jutisdiction to conatitnte p uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In :he event that any provision or donee of this Mortgage or iho Note conflicts with applicable law, arch conflict shall not affect older 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 b beseverable. - 1 & Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of e:ecntion or after recordation hereof. - ' 17. Ttiranefer 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. ezduding (a) the cYeation of a lien or encumbrance subordinate b this Mortgage. (b) the ~*eaison of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of Iaw upon the death of a joint ' tenant or (d) the grant of any leasehold interest of three years or leas not containing an opti~sn to pnndiaae, Lender may, at Leaders option, ~ ~ dec~sare all the soma secured by this Mortgage to be immediately due and payable. Lends: shall have waived such option b socelerate if, prior Ill ~ to the sale or transfer, Lender and the person to whom the Property is to be::old or transferred reach agreement in writing that We credit of ands . ~ person is satisfactory b Lender and that the interest payable on the snma secured by this Mortgage shall be at arch rate as Lender shall request. If Lender has waived the option to aooe;erate provided in thin paragraph 17, and if Borrower a aueoesaor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and the \ Note. ' If Lender exercises such option to aeoelesate, Lender shall mail Borrower notice of aeeeieration in aocordanoe with paragraph 14 hereof Such notice shall provide a period of not less than 3(1 days from the date the notice is mailed within winch narrower may pay the arms declared due_ If Borrower fails to pay such sums prior to the expiration of arch period. Lender may, without further notice or demand on $orrower, invoke oily remedies permitted by paragraph 18 hereof. 18. Aoceleratioa; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oove><ant or agreement of Borrower in this Mortgage, including the covenants to pray whets due any sums eewred by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the adior- 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 cure 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 preceding and sale of the Properly.T'he notice shall further inform Borrower of the right to reinstate after acceleration and the rlght to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or befor+a thedate specified in the notice, Lender at Lender's optics may dedare.all of the earns 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, but not limited to, reaspnable attorney's fees, and cos'.s of documentary evidence,-abstracts end title reports. 19. Borrower's Right to Rein_atate. NotwithstandingLenders aooeleration ofthe sumesecured bythis Mortgage. Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing Llsia Mortgage if (a) Borrower pays Lender all ssms which wonkl be then due under this Mortgage, the Note and sores securing Future Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreemmta of Borrower contained in this Mortgage: (c) Borrower pays ail reasonable expenses incurred by Lender in enforcing the covenants and agreements of Eosrower - contained in this Mortgage avd in enforcing Lendei a remedies as provided in paragraph 18 hereof; including. but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Moztgage, Lender's interest in the Property and Borrower's obligation to pay the same secured by this Mortgage shall continue unimpaired. Upon suds payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had oocnrred. - ?f'. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower he. eby assigns to I.end~ the recta of the Property. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right tc Dolled and retain ands rents ae they bernme due and payable. Upon aooeleration render paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receives appointed by a some! b entersspon, Lake possession of and manage the Property and to collect the rents of the Property. indutiing those past due. All recta collected by the receiver shaD be applied first to payment of the costa of management of the Property and collection of rceta, indnding, bat red limited b, reodver's fees, premiums on ieceiver's bonds and reasonable attorney's fees, and then b We sums aecazed by this Mortgage. The receiver shall be liable to account only for those rents acmaZly received. g~ 324 ~~E Z343 - -