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HomeMy WebLinkAbout1444 _ _ _ ~ t . ,1 8. Inspection. Lender may make or came b bs made reasonable entries upon and iaapections of the property,provided that Lender shall give Borrower notice prior b any such iwpedion specifying reasonable cause therefor related b Lender's interest in the Peopsr~y. 9. C.ondemoatioa. The proceeds of any award or claim for damages, direct or consequential. in connection with aqy oortdemnation or other taking os the Property. or part thereof. or for oor?veyanos in lien of ooademnation, ors hereby assigned and shall bs paid b Leader. In the event of a total taking of the Property. the peooseds shall be applied b the sums secured by this Mortgage, with the excess. ff paid b Borrower. Ia We event of a partial taking of the Propergr. unless Borrower and Lender otherwise agree is writing, there shall bs applied b the sums secured by this 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. with the balance of the proceeds paid b Borrower. If We Property is abandoned by Borrower, or ~ aRer notice by Lender b Borrower that the condemnor offers b make an award or settle a dorm for damages, Borrower fails b respond b Lender within 30 days after the date such notice is mailed, Lender is authorised b collect and apply the Proceeds. at Lender's option, either b restoration or repair of the property or b the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any wch application of proceeds b principal shop rateztend os postpone thedue date of We monthli? irutapments referred b in paragraphs 1 and 2 hereof or dtange the amount of such installments. 10. Borrower Not Released. ls~ctension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender b any snooessor in interest of Borrower shall not operate b release. in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required b oommenee proceedings against such aueceeaor or refuse b eztend 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 is interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Linder is exercising any right or remedy hereunder. or oWerwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any each right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cmm~lative b any other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercise~l concurrently, independently or auooeesively. 13. Successors and Assigns Bound; Joint and Several Liability: Captions. The covenants end agreements herein contained shall bind, end the rights hereunder shall inure to. the respective eaoceseors and assigns of Leader and Borrower, eabjed b 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 oovenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Except for any notice required ender applicable law to be given in another manner, (a) any notice b 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 (h) any notice b Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to each other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgpge shall be deemed b have been given to Borrower or Lender when gives in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This formofmortgagecombines uniform covenants formational useand ~ore- uniform covenants with limited varigtions by jnrisdidion to constitute a uniform security inatrnment covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any provision or dense of this Mortgage or the Note conflicts with applicable law, each conflict shall not affect older provisions of this Mortgage or the Notewhich can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. lti. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage st the time of ezecntion or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an iatereat therein is sold or transferred by Borrower without Lender's prior written consent. e:dnding (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 leas not containing an option b 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 sooelerate 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 We credit of such person is satisfactory to Lender and that the interest payable oa We sums secured by this Mortgage chap 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 snocessor 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 such option to accelerate, Lender shall mail Borrower notice of aoeeleration 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 sums prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraoh l8 hereof. j 18. Acceleration; Remedies Except as provided in paragraph 17 6ereoftnpon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums severed 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 cute such breach; (3) a date, not less than 30 Jaya 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 soma 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-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 soma 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 eolled in such proceeding all expenses of toreclosare, 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 soma secured bythis Mortgage, Borrower chap have the right to have any prooeeclings begun by bender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if; (a) Borrower pays Lender all soma which would be then due ender this Mortgage. the Note and notes severing lfitnn: Advances, if any, had no acceleration occurred: (b) Borrower cares ap bread~ea of any older wvenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incarr+ed by Lender in enforcing the covenants and agreements of Borrower wntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, indading, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b aasare that the lien of this Mortgage, Lenders interest in the Property and Borrower's oBligation to pay the soma secured by this Mortgage shall oontinne unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Iteeeiver. As additional security hereunder, Borrower hereby assigns b Leader the rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain such rents ae they become due and payable. E Upon acceleration under paragrap618 hereof or abandonment of the ppointed by a i Property, Lender shall be entitled b have a receiver a _ ~ court b enter~pon. take possession of and manage the Property and to collect the rents of the Petty, iaduding those past due. All rents collected by the receiver shall be applied lust b paysaent of the costs of management of the Property end collection of rents, induding, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable attoraey'a fees, and then b the sums secured by this Mortgage. The receiver shall be liable b account only far those rents aduapy received. _ a~338 p~1442