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HomeMy WebLinkAbout0035 ~ a, ~ ~ ~ / 8. Inapeetioa. Lender may make or canes b be made reasonable entries upon and iaapections of the property, provided that Lender shall give Borrower notice prior b any such inapeotioa ap«ab?ing reasonable caws therefor related b Leader's interest in the Property. 9. Condemrudoa. The proceeds of any award or cLim for damages, direct ar eoneequential, in connection wiW any condemnation or older taking of Wa property, or Part thereof, or for oonwyaaoe in lien of oondemne?tion, ors hereby assigned and shall bs paid to Leader. _ In the event of a btal taking of the property, the proceeds shall be applied b We sums secured by this Mortgage, wild the e:osss. irony, paid b Borrower. In the event of a partial taking of the Property. unless Borrower sad Lender otherwise ogres in writing, there shall be applied b the sums secured by this Mortgage such proportion of the prooseds as is equal b that proportion which the amoral of the error secured by this Mortgage immediately prior b the date of taking bean b the fair market valae of the Propect~r immediately Prior b the date of tailing. with the balanoa of the proceeds Paid b Borrower. if the Property is abandoned by Borrower, or if; after notice by Lender b Borrower that the condemnor offers b make as award or settle a claim for damages, Borrower fails b respond b Lender within 30 days aRer the date each notice is mailed, Lender is antlwrised b collect and aPPIY the prooesds, at Lender's option, either b restoration or repair of the property or to the rams secured by this Mortgage. Unless bender and Borrower oWenvise agree in writing, any swh application of proceeds b principal shall not extend or postpone the doe date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for pa~~aant or modification of amortisation of the soma secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rdease, in say manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required b commence proceedings against ouch sueceasor or refuse b eztead time for payment or otherwise modify amortization of the some secured by this Mortgage by reason of any demand made bS? the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by bender in exercising any right or remedy hennnder, os otherwise afforded by applicable law, shall not be a waiver of or preclude the ezer+ciee of any arch right or remedy. The procurement of insurance or the payment of lases or older 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. AU remedies provided in this Mortgage are distinct artd auanlative b any other right or remedy ender this Mortgage or afforded by law or equity. and may be ezer+casdi ooacnrrerrtly, independently or snocessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions.'Phe covenants and agreements herein contained shall :,ind, and tAa Yigl'iis ll~uder shall inure to. the respective suceemors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 henaoL 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 b be wed to interpret ce define the provisions hereof. 14. Notice. Except for any notice requiied under applicable law b be given in another manner. (a) any notice b Borrower provided for in this Mortgage shall be given by mailing each notice by certified mail addressed b Borrower at the Property Addressor at arch other address sa Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail. return receipt requested, b Lender's address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been gives b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform eovenante for national nee and non- uniform covenants with limited variations by jurisdiction to oonstitnte a uniform security instrument covering real property-This Mortgage shall be governed by the law of the jurisdiction 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 b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be fnrniahed a conformed copy of the Note and of this Mortgage at the time of execution or aRer 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 iender'8 prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a i ~ par^chaee money security interest for hoasehold appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint j tenant or (d) the grant of any leasehold interest of throe years or less not containing an option to parchsee. Lender may, at Lender's option, ~ ~ declare all the soma secured by this Mortgage b be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at arch 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 assumption agreement accepted in writing by Lender, I.enderehall release Borrower from all obligations underthis Mortgage and the Note. If Lender exercises such option to aoceierate, Lender shall mail Borrower notice of acceleration in aeoordance 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 sums declared due. If Borrower fails b pay such soma prior b the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. 13zcept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Lender prior to aot;eteration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (31 a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach moat 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 soma 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-euatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not tarred on or before the date specified in the notice, Leader at Lender's option may declare all of the some 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, but not limited to, reasonable attorney's tees, sad costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the some secured by this Mortgage. Borrower shall have the right b 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 render Chia Mortgage, the Note and notes securing Phtnre Advances, if any, had no acceleration occurred; (b) Borrower curse all breaches of any other covenants 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 sad is enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's fees; and (d) Borrower takes such action ae Lender may reasonably require b assure that theliea of this Mortgage. Lender's interest in the Property and Borrower's obligation b pay the soma secured by this Mortgage shall continue unimpaired. Upon each payment and core by Borrower, this Mortgage and the obligations secured hereby shall remain is full force and effect as if ao acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security henruunder, Borrower hereby assigns b Leader therenta of the Property. provided the?t Borrower shall, prior to aaxleration under paragraph 18hereof ce abandonment of the Property, have the right ~ to collect 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 b have a receiver appointed by a court to enter~upon, take possession of sad manage the Property and b collect the testa of the Property, including those past doe. All rents collected by the receiver shall be applied first b payment of the coats of mansgemeatof the Property and collection of rests, including, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the arms secured by this Mortgage. The receiver shall be liable b aooonnt only far those rents actually received. ac~ic~~J tact 4