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HomeMy WebLinkAbout1244 •C 8. Inspection. Leader may make os cause b be made reasonable entries upon and irupections of the property. provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related b Lender's interest in the Propergr. 8. Condemnation. The pooeeds of any award or claim for damages. direct a consequential. in connection with any ooademaation os other taking of We propergr, or part thereof. or far oonveysace in lieu of condemnation, are hereby assigned and shag be paid b Landes. In We event of a btal taking of the Property, the proceeds shall be applied b the sums secured by this Mortgage, with We ezoess. if any, paid b Borrower In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by thin Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediately prior b the date of taking. wild the balance of the proceeds paid b Borrower. If We Property is abandoned by Borrower. or if, after erotica by Lender b Borrower that the condemnor offers b make an award or settle a claim for damages, Borrower fails b respond b Lender wiUtin 30 days after the date such notice is mailedt Lender is authorized b collect and apply the proceeds. at Lender's option, alder b restoration or repair of the property or b the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing.any such application of proceeds b principal shall not eztend or postpone the due date of the monthly installments referred to is paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time for paymsnt or modification of amortisation of the sums secured by this Mortgage granted by Lender b any sua~eseor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower acrd Borrower s anocessors in interest. Lender shall not be required b commence proceedings against such auocesaor or refuse b eztend time for payment or otherwise modify 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. Forbearance by Lender Not a Rlaiver.-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 tares or older 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 Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be ezerciserl rnncurrently, independently or successively. 13 3ucceasora 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 successors and assigns of Lender and Borrower, subject b the proviaiona 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 rnvenience only and are not b be used to interpret or define the provisions hereof. 14. Notice. Ezcept 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 ere Borrower may designate by notice to Lender as provided hereiri,~and (b) any notice b Lender shall be given by certified mail, return receipt requested, to [.enders address stated herein or b each other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given to Borrower or [.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national zees and non- uniform covenants with limited variations by jurisdiction to rnnatitute a uniform security instrument covering real property. This Mortgage shat! 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 rnnfiicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. I & Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recor[lation hereof. ~ , 17. Tiranster of the Property; Assumption. If all or any part of We Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding Ia) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a pun~hase 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 leasehold interest of three years o~ leas not containing an option to purchase, Lender may, at Lender's option, declare all the sums aecurett by this Mortgage to be irmediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer, Lender and the person b whom the Property is to be sold or transferred reach agreement in writing that the creditof 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 Borrowers successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations underthia Mortgage and the \'ote_ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not leas than 30 days from the date the notice is nailed 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 Iorrower, invoke any remedies permitted by pazagraoh 18 hereof. ~ 18. Acceleration; Remedies. Except 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 ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a data, not less 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, torecloaure by judicial prooeedtng 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-eziatence of a default or say other defense of Borrower to acceleration and foreclosure. If the breach ie 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 further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to. reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender sacceleration of Wesumasecured by thiaMortgage, Borrowerahallhave the rightto have any proceedings begun by [.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays [.ender all sums which would be then due under this Mortgage, the Note and notes securing l~tture Advances, if any, had no aoeeleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea incuried by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Caudal a remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable ' attorney's fees; and (d) Borrower takes such action as [.ender may reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall rnntinue 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. Z0. Aasigoment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Lender We rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right , s to collect and retain such rents as they become due and payable. Upon ameleration under paragraph IS hereof or abandonment of the Property, Lender ahallbe entitled to have a receiver appointed by a court b enter~npon, take poese8aion of and manage the Property and to collect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied first b payment of the 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 b the sums secured by this Mortgage. The receiver shall be liable b aewunt only for those rents actually received. 8338 P~1242