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HomeMy WebLinkAbout1974 i ~ ~ ~ i ~ 8. Inspection. Lender may make or cause to be made reasonable entries upon and inapsctiona oit~re pt+opsrly. provAllil t~t Lender shall give Borrows: notice prior tp aqy such irupedion apecii~?ing reasonable caws therefor related to Lender's interest is tbs Property. 9. Coerdemaadon. Ths prpcaeds of any award or claim for damages, direct a consequential. in connection wiW any condemnation or other taking of the property. or part thereof, or for oonveyaaos is lien of oondemnatioa are hereby assigned and shall bs paid to I,ender. In the evmrt of a total taking of the Property. the proceeds shall bs applied to the sums secured by thin Mortgage, with the success, if aqy, paid to Bosrower. In the aveat ~ a partial taking of the property, unless BorroMrar and Lender otherwise agree in writing, there shall bs applied to the soma secured by thin Mortgage such proportion of the prooaeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to We date of taking bears to the fair market valor of We Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notiae by Lender to Borrower that the condemnor ofiena to make an award or settlo a claim for damages, Bortpwer fails to respond to Lender within 30 days after the date such notice is mailed. Leader is anthorirsd to collect and apply the proceeds, at Lenders option. either to redoration or repair of the properly or to the soma secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any each application of proceeds to principal shall not eztend or postpone the dne date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of each installments. 10. Borrower Not Released. Eztenaion of the time for payment or modification of amortisation of the same secured by Chia Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's sucoeasors in interest. Lender shall not be required to commence proceedings against such successor or refuse b eztend time for payment or otherwise modify amortization of We sums secured by this Mortgage by reason bf any demand made by the original Borrows: and Borrower's suofleeaore in interest. - 11. Forbearance by Lender Not a VYaiver. 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 exercise of any such right or remedy. The procurement of insurance or the payment of to:es or other liana or charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the indebtedneea aerured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and rpay be e:ercise~l concurrently, independrotly or successively. - 13 Suooesaors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained stroll bind, and the rights hereunder shall inure to, the respective successors and assigns of Fender and Borrower, subject to the provisions of paragraph 17 hereof All covenants and agreements of Borrower shalt be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience 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 manure, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at each 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 to such 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 been given to Borrower or Landes when given in the manner designated herein. 15. Uniform lortgage; Governing Law; 3everability. Thin form of mortgage combines uniform oovenanta for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument 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 provision or clause of this Mortgage or the Note cor?ilicta 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 are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after - recordation hereof. - 17. Transfer of the Property; Assumption. V all or any part of the Property or an interest therein is sold or transferred by Borrower I without Lender a prior written consent, excluding (a) the creation of a lien or encumbrance anbordinate to this Mortgage, (b) the creation of a pur~haee money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any le~aeehold intere~at of three years or leas not containing an option to purchase, bender may, at Lender's option, declare alt the soma secured by this Mortgage to be immediately due and payable. Leader 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 agteeme~nt in writing thatthe credit of such person is satisfactory to Lender 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 successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lendershall release Borrowerfrom ell obligations underthis Mortgage and the Note. - If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aocelaration in accordance with paragraph 14 hereoL 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 soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 181~ereoL 18. Acceleration; Reaiediea. Ezcept as-provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this lllortgage, including the covenants to pay when dne any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (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 such 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 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-e,ziatence 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 irf the notice, Lender at Lender's option may dee;lare all of the eurms secured by this Mortgage to be immediately due and payable without further demand and may foreclose this 1ortgage by judicial proceeding. Lender shall be i entrtled to collect in such proceeding all ezpenaes of foreclosure, including, bat not limited to, reasonable attorney's fees, and k! caste of documentary evidence, abstracts and title reports. i 19. Borrower's Right to Reinstate. NotwithstandingLenders acceleration of the some 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 1 this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage. the Note and notes securing l~rture Advances, if any, had no aoneleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea 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, bat not limited to, reasonable ~ attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that tlie lien of this Mortgage, Lender a interest in the Property and Borrowers obligation to pay the soma eecared by this Mortgage shall continw unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if ao acceleration had oocarred. r 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Fender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18hereof or abandonment of the Property, have the right to collect and retain such rents as they become dne and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take possession of and manage the Property and to collect the rents of the Properly, including those past doe. All rite collected by the receiver shall be applied fast to payment of the costa of management of the Property and collection of rents, including, but not limited to, receivers foes. premiums on receiver's hoods and reasonable attorney's fees, and then to the sums secured by this Moztgage. The receiver shall be liable to acooant only for thoe~e rents adually_received. 800 (c~t~J tb6E~e~?