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HomeMy WebLinkAbout1084 J l i• i ~j' ~ • o ! fi. Inspection. Lender may mike os caws to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection epecafying reasonable cause therefor elated to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or ootuequential, in connection with any oondemnatioa or other feting of the property, or part thweof, or for conveyance in lien of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total feting of the Property, We proceeds shall be applied to the sums secured by this Mortgage, wiW the a:Dees, if say, paid to Borrowei. In the event of a partial !sting of the Prope:4jr, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of toting bears to the fair market value of the Property immediately prior to the date of taking, with the balance of We proceeds paid to Bcuower. If the Property is abandoned by Borrower, or if, after notice by bender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aftes the date such notice is mailed, Lender is authorized to collect sad apply the proceeds. at Lender's option; ether to restoration os repair of the propertvjr or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend ce postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nqt Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of We original Borrower and Borrower's suocessore in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower i and Borrowei a aucceasore in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such sight or remedy. The procurement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness secured by this Mortgage. 1 Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and camulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be e:erciee~i concurrently, independently os aueoessively. 13 Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective sueoeseors and assigns of LendeY and Borrower, subject to the provisions of paragraph 17 hereof. AU 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. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided form 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 b such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in thin Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitute a uniform security insttwuent 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 to thin 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 execution or after recordation hereof. 17. Tvansfer 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, excluding (a) the creatioa of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (e) 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 yeare or less not containing an option to purchase, Lender may, at Lender's option, declare all the soma secured 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 creditof such person is satisfactory to bender and that the interest payable on the soma 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 suoce8sor in interest has ezecnted a ~ written assum Lion : p agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the f Note. f If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: s Such notice shall provide a period of not leas than 30 days from the date the notice is p;siled within which Borrower 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. i 18. Acceleration; Remedies. Ezcept ae 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 same secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action f required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such ~ j 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 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-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. 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 i mmediately 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 costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.ender'sacceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diarnntinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing P~ture 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 incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bet not limited to, reasonable ~ attorney's ices; 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 Borrowers obligation to pay the some secured by this Mortgage shall continue unimpaired. Upon such payment and cure 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 Rents; Appointment of Receiver. Ae additional security hereunder, Borrower hereby assigns to Lender We ants of the Property, provided that Borrower shall, prior to acceleration under 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 under paragraph 18 hereof or abandonment of the Property, bender shall be entitled to have a receiver appointed by a court to enter.upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents ! collected by the receiver shall be applied first to payment of the costa of managementof the Property and collection of rents, including, bet not a limited to, receiver's fees, premiums nn rrrriver's heeds sad rwaennwble nttnrnay'w fnPa, wed thorn to the.n.no owrn_~ ~a Wtnef$ro ,The receiver shall be liable b aeoount only for those rents actually received. ~ - ~ ~ enax~5 PAGE~O78 - - _