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HomeMy WebLinkAbout0412 . ti ~ t - ' 8. Inspection. Lender may make or cattae to be made reasonable entries upon and inspections of the propergr, provided that Lender shall hive Borrower notice prior to any such inspection specifying reasonable cause therefor related to Leader's interest in the Property. ~ 9. Condemnation. Ths proceeds of any award or claim for damages. director consequential. in connection with any condemnation or $ other taking of the property. or part Wereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. t In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the e:ceea, it any, ~ paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. Wen shall be 1 applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which We amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediatey? prior to We date of taking, wild We balanoa of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower Wat the condemnor offers 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 authorirsd to collect and apply We proceeds. at Leader's option. either to restoration or repair of the property or to We sums secured by this Mortgages 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 monWly installments nferrod to in paragraphs 1 and 2 hereof or change We amount of each installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured by this Mortgage Kranted by Lender to-any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower ' and Borrower's successors in interest. Lender shall not be required to commence pra~eedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by Wis 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 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 inanrance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by Wis Mortgage. 12 Remedies Cumulative. All remedies provided in Wis Mortgage are distinct and cumulative to any other right or remedy under Wie Mortgage or afforded by law or equity, and may be ezercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective suci~essors and assigns of Lendes and Borrower, subject to We provisions of paragraph 17 hereof. All rnvenants 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 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 for in 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 Lenders 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 Lender when given in the manner designated herein. 15. [,uiform Mortgage; Governing Law; Severability.,Thia form of mortgage combines uniform oovenanta for national use and non- uniform covenants wild limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by We law of the jurisdiction in which the Property is located. In We event Wat any provision or clause of Wis Mortgage or the Note conflicts wild applicable law, such rnnflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end We provisions of the Mortgage and We Note are declared to be severable. 16. BoPrower's Copy. Borrower shall be furnished a conformed rnpy of the Note and of Wia Mortgage at the time of execution or after recordation hereof. - .7. Transfer 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 (s) the creation of a lien or encumbrance Rut?ordinate 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 We deaW of a joint tenant or (d1 the grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lenders option, declare all the sums secureu by Wis 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 such Y rson is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall nest. If Lender has waived the option to accelerate provided in Wis paragraph 17, and it Borrower's successor in interest has executed a written assumption agreement accepted in writing by [.ender. Lender shall release Borrower from all obligations under this Mortgage and the ote. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance wild paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date ihenotice is n-.ailed within which Borrower may pay fhesums declared due. If Borrower tails to pay such sums prior to the expiration of such period, Lender may, without furWeq notice or demand on Borrower, invoke any remedies permitted by pazagraoh 18 hereof. I8. Acceleration; Remedies. Ezcept as provided in paragraph 17 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 acceleration 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 ie 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 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 foreclceure proceeding the non-existence 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 immediately due and payable without furtherdemandandroay foreclosethis Mortgage by judicial proceeding. Lender shall be entitled to collect in such.proe+eeding 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 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 soma which would be then due under Wis Mortgage; We Note and notes securing Future i Advances, it any, had no acceleration occurred; (b) Borrower cures all breaches of any older rnvenante or agreements of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We oovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable 1 attorney's fees; and (d> Borrower takes such action as Lender may reasonably require to assure that the Gen of Wia Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma secured by Wis Mortgage shall rnntinue unimpaired. Upon such payment and cure by Borrower, Wia Mortgage and We obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender 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 such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonmentotthe Property, Lenderahall beentitled to have a receiver appointed by a court to enter~upon, take possession of and manage the Property and to collect We rents of the Property. including Wose peat due. All rents collected by the receiver shall be applied first to payment of the costs otmanagement of the Property andcollection of rents, including. but not limited to, receiver's fees, premiums on receiver a bonds and reasonable attorney's fees, and Wen to We soma secured by this Mortgage. The ' receiver shall be liable to aoDOUnt only for those rents actually received. - BCOK JJ7 PAGE ~,2 - -