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HomeMy WebLinkAbout0881 _ _ if . ~ f~ ' . 8. Iaspectloa Lender may make or caws to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable caws therefor related to Lertdar's intered in the Peopertj?. 9. Condemaatlon. The proceeds of any award or claim for damages. direct of oonsegwatW,~in connection wiW any condemnation or other taking of the property, or part thereof, or for oonveysnoe in lien of condemnation. are hereby assigned and shall be paid to Leader. In the event of a total taking of the Peope:ty, the proceeds shall be applied to the sums secured by this Mortgage, wiW 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 the sums secured by this Mortgage such proportion of the proceeds a.u equal to that proportion which We amount of the sums secured by this Mortgage immediately prior to the date o[ taking bears to We fair marled value of We Property immediately prior to the date of taking, with Wa balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondernno: often to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after We date such notice is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option, either to restoration or repair of the properq? or b the arms secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the aawunt of such installments. 10. Borrower Not Released. lixtension of the time for payment or modification of amortization of the sums second by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, is any manner, the liability of We original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortisation of the soma 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 ezercasing any right or remedy 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 tares or other liens or charges by Lender shall not be a waiver of L$nder"s right to aeoelesate the maturity of the indebtedness secured by this Mortgage. 1 Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and cwnulative to any other right or remedy under this Mortgage os afforded by law+ or equity, and may be exercised ooacurrently, independently or suooessivety. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, We respective sncceaeors and assigns 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 eovenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. ls':Dept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall begiven 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 w provided herein. and (b) any notice to bender shall be given by certified mail. return receipt requested, to Lender's address stated herein or to arch other address as Lender may designate by notice to Borrower es provided herein. Any notice provided for in this Mortgage shall be deemed to have bcen given to Borrower or Lender when given in the manner designated herein. 15. Unrform Mortgage; Governing Law; Severability. 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 the Property is located. In the event that any provision or clause of this Mortgage or the Note rnnflicta 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 an 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 execution or after recordation hereof. 1 Z Transfer o! 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, ezcinding (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 des W of a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase, bender may, at Lender's option, declare all the some eecureu by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as bender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance wiW paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days firom the date the notice is mailed within which $orrower may pay the sums declared 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 paragraph 18 hereof. 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, neon Borrower's breach of any covenant or agreement of Bor7ower in this Mortgage, including the oovenante to pay when due any sums secured by this Mortgage, Lender prior to aooeleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas 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 breads on or before the date specified in the notice may result in acceleration of the some secured by this Mortgage, foreclosure by judicial proceeding sad 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-existence of a default or any other defense of Borrower to acceleration and foredosure. If the breach is not cured 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 llortgageby judicial proceeding. Lender shall be entitled to collect in such prw~eeding all e:penaea 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 Lender'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 some which would be then due under this Mortgage, the Note and notes securing FSutun Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incureed by Lender in enforcing the covenants and agreements of Borrower oontaiaed in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including. bat not limited to, reasonablE attorney's fees; and (d) Borrower takes such action ae 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 each payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Beats; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lceder the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain arch rents as Way 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 oonrt to entera~pon, take possession of and manage We Property and to collect the rents of the Property, including Wase past due. All rents . collected by the receiver shall be applied first to payment of We costs of management of the Property and collection of rents, including, but not limited to, receiver a fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen to the sums secured by this Mortgage. The receiver shall be liable to aoDOUnt only for those rcets actually received. BCOK PAGE ~ ` i