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HomeMy WebLinkAbout1252 . ~ ~ ~ 1 ~A f f" 8. inspection. Lender may make or cause to be made reasonable attila upon and inspections oithe propergr,providedthatLeader shall - ~ give Borrower notice prig to say such iriapection specifying reasonable cause therefor related to lender's interest in the Propertyy. 9. Condemnation. 7lte proceeds of any award or claim foe damages, direct or consequential. in connection with any condemnation or other taking of the property, or part theeeot, or for oonveyaaos in lieu of oondemnatioa, are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by thin Mortgage. with the a:oas, if aqy, paid to Borrower. In the event of a partial taking of the PtopsrRy, udess Borrower and Lender otherwise agree in wilting, there shall bs applied to the sums secured by thin Mortgage such proportion of the proceeds as is equal to that proportion which the amount ~ We arms secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately Prior to the date of 3 taking, with We balance of the proceeds paid to Borrower. If the Propergr in abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Landes within 30 days after the date such notice is mailed. Lender is authorised to Dolled and aPP1y the proceeds, at Lender's option, either to restoration or repair of the property or to the suau secured by this Mortgage. Unlea Lender and Borrower otherwise agree in writing. any endt application oiproceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instdlmenta. 10. Borrower Not Released. Extension of the time for paym~t or modification of amortisation of the awns secured by this Mortgage granted by Lender to aqy successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors is interest. Lender shall not be required to commence proceedings against such auecessor os refuse to extend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower s sutt~eason in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise afforded by applicable law, shag not be a waiver of or preclude the exercise of any such right or remedy.The procurement of iwurance or the payment of taxes or older liens or charges by Lender shall not be a waiver of Lender a right to accelerate the maturity of the indebtedness secured by this Mortgage. - - 1Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and. cumulative b any other right or remedy ender thin Mortgage or afforded by law or equity. and may be exercisal ooncureently, independently or suooesaively. i 13. Snceessors sad Assigns Boned; Joint and Several Liability: Captions. The covenants and agreements herein contained shall S bind, and the rights hereunder shall inure to, the respective suceesson and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereoL All 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 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 Lender'8 address stated herein os to ouch 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. 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 constitute a uniform security instrument 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 wild applicable law, such conflict shall not affect other provisions of this Mortgage or the Note gthich can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and We Note are dedared to be severable. 16. Borrower's Copy. Borrower shall be fnrniahed a conformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate 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 the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aocderate if. prior 3 to the sale or transfer, Lender and the person to vrhom the Property is to be sold or transferred reach agreement in writing Wat 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 Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note_ ' If Lender exercises arch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 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 soma prior to the expiration of such period. Lender may, without further notice or demand on Borrower, ~ mucks any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Ezoept 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 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 otthe sums secured by this Mortgage, torecloaure by judicial proceeding and sale otthe 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-ezistenoe of a default or any other defense of Borrower to acceleration and toreciosnre. 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 soma secured by this Mortgage to be i immediately due and payable without further demand and may foreclose this Mortgage by judicial prooceding. Lender shall be ~ entitled to collect in such proceeding all expenses otforecloaure, including, but not limited to, reasonable attorney's fees, and ~ costs o! documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration ofthe 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 sums which would be then due render this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any otl?er 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, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that We lien of this Mortgage, Lender's interest : in the Property and Borrowers obligation to 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 ea if no acceleration had occurred. Z0. Assignment otRents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rails of the Property, provided that Borrower shall. prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to tolled and retain such rents as they bernme due and payable. Upon acceleration render paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a , court to eatermpon, take possession of and manage the Property and to eoUed the rent of the Property, including those past due. All rents rnllected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents. including, bet not limited to, receiver's fees, pnurtiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The ~ receiver shall be liable to aceonnt only for those rents adnallykeceived. ~ ~