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HomeMy WebLinkAbout1260 'ra+ 1 t i `~ti t 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the propeegr, provided that Lender shall give Borrows: notice prior b any such inspection specifying reasonable cause therefor related to Lender's inbrest in the Property. $ 8. Condemnation. Ths peooeeds of any award or claim for damages. direct or consequential, in connection with aqy oondemnabion or ' other taking of the property. or part Wereof, or for conveyanos in lieu of condemnation, are hereby assigned and shall bs paid to Lender. 1 In the event of a btal taking of the Property. We proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borroww and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the Bums secured by this Mortgage immediately prior b We dab of taking bean b the fair market value of the Property immediately prior to the dab of taking, with the balanat of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offer to make an award or settle a claim for damages. Borrower fails b respond to Lender within 30 days after the dab ouch notice is mailed, Irende: is authorised to collect and ~ apply the proceeds, at Lendes~s option, eiWer to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any sud? application of proceeds b principal shall not exbnd or postpone the due date of the monthly inataUmenb referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured by this Mortgage granted by Lender to any successor in inbreat of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successor in interest. Lender shall not be required to commence proceedings against such successor or refuse to exbnd time for payment or otherwise modify amortization of the soma 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 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 insurance or the payment of taxes or older liens or charges by Lender shall not be a waive: of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 1Z Remedies Camulative. 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 may be exercised ooncnrrentiy, independently or suooessively. 13.3ucceesorsand 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 to the provisions of paragraph 17 hereof. AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of :his Mortgage are for covenience only and are not to be used to inbrpret 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 form this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at arch other address as Forrower may designab by notice to Lender as provided herein. and (b) any notice to Lender shal! be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address ae Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b 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 rnvenants with limited variutioria by jurisdiction to eonatitute a uniform security instrument covering real property. This Mortgage sh all be governed by the law of the jurisdiction in which the Property is located. In the event that any pfiovision 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 conflicting provision, and to this end the provisions of the Mortgage and the Nob are declared to be severable. 16. Borrower's Copy. Borrower shalt 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. If all or any part of the Property or an interest therein is sold or transferred by Bono~~rer without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation o7 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 lees not containing an option to purchase, Lender may. at Lender's option. declare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerab 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 arch 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 ~I request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has a=ecuted a i written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance 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 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 Borrower, invoke any remedies permitted by paragraph 18 hereof. t 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 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 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 foreclosure proceeding the non-ezietence 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 further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding 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 Lenders 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 soma which world be then due under this Mortgage; the Nob and notes securing l~ture ( Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agr~eemenb of Borrower contained in ' this Mo e, (c) Borrower penaes incurred by Lender in enforcing the oovenanb and a ; rtgag pays all reasonable ez greementa 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 the lien of this Mortgage, Lender's inbreat in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure i by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aeceleratiofi 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 ee they become due and payable. Upon acceleration under 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 Property, including those past due. All rents collected by the receiver shall be applied first to payment of the cosh of management of the Property and collection of rents, including, bnt not ~ limited to, receiver 8 fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the auras secured by this Mortgage. The receiver shall be liable to aonoant only for those rents actually received. ~ BOfl1(t)t~p Pl~6f~U~VQ E # - ~ _ .,sue - _ ~ . -