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HomeMy WebLinkAbout0151 8. Inapectloa. Lender may make or cause b be made reasonable artries upon and iaspectiow of the property. Provided that Lender shall give Borrower antics prior b any such inspection aperafying reasonable cause therefor related b header's interest in the Property. 9. Caademaatioo.'!Le p~ooeeds of any award or deem for damages. direct or ootrsequential. in connection with aqy condemnation or older taking o[ the property. a part thereof. or for owrveyaace in Tien of oandemnation, an hereby aaigned and shall bs paid b Lender. In the event of a total taking of the Peoperty, the proceeds shall be applied b the sums encored by this Mortgage, wild the senses, if any, paid b Borrower. In the event of a partial taking of the Property. ndees Borrower and Larder oWerwise agree in writing. there shall be applied b the sums secured by this Mortgage each proportion o[ the proceeds as is equal b that proportion which the amount of the sums secured by this ltlortgage imosediatdy prior b the date of taking bears b the fair market value of the Property immediately Prior b the date of taking, wild the bslano~r of the proceeds paid b Borrower. If We Property is abandoned by Borrower. err i>: after notice by Leader b Borrower that the oandemnor offers b make an award or settle a claim far damages, Borrower fails to respond b Lender within 30 days after the date such notice is mailed, Lender is authorized b collect and apply the proceeds. at Lender's option, tither b recbration or repair of the property or b the sums secured by this Mortgage. Unless Leader and Borrows otherwise agree in writing. any each application of proceeds b principal shall sot extend or postpone the dos date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. IQ Borrower Not Released. E:tensiar of the time for paym~rt or modification of amortization of the sums secured by this Mortgage granted by Lender b any suotrssor in interest of Borrower shall not operate b release. in any manner, the liability of the original Borrower and Borrower's suoceasors in interest. !.ender shall not be required b commence proceedings against such auooessor or refuse b extend time for payment or otherwise modi~p amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest_ 11. Rorbearanoe M Lender Not a Waiver. Any forbatrance by Lender in exercising any right or remedy hereunder, or oWerwise afforded by applicable law, shall net be a waiver of or preclude the exercise of any each right or remedy. The procurement of in8uranee or the payment of tares err other 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 t^amnlative. All remedies provided in this Mortgage are distinct and cumulative b any otherright or remedy under this Mortgage err afforded by law or equity, and may be exercised eoncnrrently, indepardeatly or suooessively. - 13 Sreeoessors 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 aueoessors and assigns of Lender and Borrower, subject b the provisions of paragraph 17 hereof: All covenants and agreements of Borrower shall be~oirrt and several. The captions and headings of the paragraphs of this Mortgage are for eovenierrce only and are not b be used b interpret or define the provisions hereof. l4. 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 b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt - requested, bLender'~ address stated herein or to each other address ae Lender may designate by notice b Borrower ae provided herein. Any notice provided for in this Mortgage shall be deemed b have barn given to Borrower or Lender when given in the manner designated herein. la. Uniform Mortgage: Governing Law; Severability.7liia form of mortgage combines uniform covenants for national use and non• uniform covenants with limited variations by jurisdiction to oonstitnte a uniform security instrument eovaing real property. This Mortgage shag 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 she tints conflicts with applicable law, each conflict shall not aged other provisions of this Mortgage or the Note which can be given effect w~thont the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shaA be fnnvshed a rnnfonned copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assermption. 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 creation of a lien or encumbrance subordinate b 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 death of a joint ten ant or (d) the grant of any leasehold interest of three years or less not containing sn option b purchase. Lender may, at Lender's option, declare all the soma secnrea by this Mortgage to be immediately due and payable. Lender shall have waived such option b accelerate if. prior to the sale or transfer, Larder and the person to whom the Property is to be solo or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums 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 executed a written assumption agreement accepted in writing by I.ender, Lender shall release Borrows from all obligations under this Mortgage and the tiote_ If Lender ezaziaes each option to accelerate; Lender shalt mail Borrower notice of acceleration in accordance with paragraph I ~ 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 soma 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 paragradh 18 hereof. t 18. Aeoeleration; Remedies. E:orpt as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any soma secured by this Mortgage,.Lender prior to aeoeleration shall mail notice to Borrower a8 provided in paragraph l4 hereof specifying: (1) the breach; (2) the action required to care each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach moat 6e cared; and (4) that failure to care such breach on or before the date specified in the notice may result in - aceeleration ofthe same secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. Tfie 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 cared on or before the date speQfied in the notice, Lender at Lender's option may declare all of the same secured by this Mortgage to be immediately tine and payable without fartherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all a:pensea of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts anti title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders aecelaation of the soma secured by this Mortgage, Borrower shall have the right b have any proceedings begun by Linder b enfor+oe this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Larder all sums which would be then doe under this Mortgage, We Note and notes securing Future Advances, if any, had no sooderation occurred; (b) Borrower cares all breaches of any other oovenaats or agreements of Borrower contained in - this Mortgage: (c) Borrower pays all reasonable expanses incurred by Lender in roforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Larder's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's fees; and ldl Borrower takes soch action as Larder may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation b pay the sums 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 oocun~ed. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right r to eolled andretain such rents as they become dm and payable. Upon aotxleration ands: paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a wart b eaterapon, take possession of and manage the Property and b eoUect the rents of the Property. including those peat due. AU renter ~ oolletted by the reoriver shall be applied first b payment of the costs of managanentotthe Property and collection of rents. inducting, but not limited b, receiver's fees, pr+eminms on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The t receiver shall be liable b aononrrt only far those rents actually received. e.o~~ i5~ OOK p~ $ -