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HomeMy WebLinkAbout1448 . 8. Iaspsetion. Lender may make os cause to bemade reasoaableentries upoaand iaapectioas ofthe prope:fy,providedthat Lender shall give Borrower notice prior to any arch inspection apeialying reasonable cause therefor related to Leader's interest in the Property. 9. Condemnatlon. The proceeds of any award or claim for damages, direct or consequential, is connection wild aqy oondemnatioa a older taking of the property, err part thereof. os for oonveysaos is lien of condemnation, are hereby assigned sad shall be paid to Lender. In the event of a total taking of the Property, the prooasds shall be applied to the sums secured by this Mortgage. with the excess, if nay. paid to Borrower. Ia the event of a partial taking of the Property, ndess Borrower and Lender otherwise agree in writing. there shall bs applied tp the soma secured by thss Mortgage such proportion of the proceeds as is equal to Wet proportion which the amount of the rams secured by this Mortgage immediately prior to We date of taking bean to the fair market valve of We Property immediately priorto the date of toting, with the balanoa of the proceeds paid to Borrower. If the Proparbr is allandoned by Borrower. or if: aRer notice by Lender to Borrower that the condemnor offers to make as award or settle a claim for damages, Borrower fails fro respond to Leader within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Leader's option. eiWer fp restoration or repair of the propetr4l? or to the sums secured by Chia Mortgage. Unless Leader and Borrower oWerwise agree in writing, any sack application of proceeds to principal shall not extend err postpone We doe date of the monthly iastsllments refereed b in paragraphs 1 and 2 hereof or change We amount of such iastalhnenta. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of We sums secured by thin Mortgage granted by Lender b any successor iii interest of Borrower ehaU~ not operate to release. in any meaner, We liability of We original Borrower and Borrower's sua~eseore in interest. Lender shall not be required b commence proceedings against ouch suoceawr or refuse to eztend time for payment or otherwise modify amortization of the auma sheared by thin Mortgage by reason of any demand made by We original Borrower and Borrower's eueceasora in interest. 11. Forbearaaee by Lender Not a Waiver. Any forbearance by Leader in exercising say right or remedy hereaader. or oWerwise afforded by applicable law, shall not be a waiver of or preclude the a:stelae of any such right or iemedy.'l~e procurement of inauranoe or the payment of taxes or older liens o: charges by Lender shall not be a waiver of Lender's right to accele:ate the maturity of We indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy Hader this Mortcage or afforded by law or equity, and may be exercisul concurrently. independently or successively. 13. Suooeaeors 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 snoceeson and assigns of Lender and Borrower, subject to We provisions of paragraph 17 hereof: All wvenants and agreements of Borrower shall be joint and several. The captions and hcedings of We paragraphs of this Mortgage are for oovenience 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 noticeby certified mail addressed to Borrower at We Property Address or at ouch owes address as Borrower may designate by notice to Lender as provided herein, and (b) spy notice to Leader shall be given by certified mail, retara receipt requested, to Lender's addreaa stated herein or to each older 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 whey given in We manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thin form of mortgage combines uniform covenants for national nee and non- uniform covenants wild liauted variations by jurisdiction to oonatitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which We 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 which 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. 16.8orrower's Copy. Botrower shall be fnntiahed a conformed Dopy of the Note and of Wis Mortgage at the time of ezewtion or after recordation hereof. 17. Transfer of the Property; Assumption. V all or any part of the Property or an interest therein is sold or transferred by Borrower without Leadetrs prior writteaconsent;ezcluding (aJ 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) We grant of any leasehold interest of three years or lean not containing an option to purchase, Lander may, at Lender's option. declare all the sums secnreu by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreementin writing that We credit of such ~ person is satisfactory to Lender and that We interest payable on the soma secured by this Mortgage ahaU be at such rate as Lender shall ~ request. If Lender has waived We option to accelerate provided in this paragraph 1?, and if Borrower's anoceeaor in interest has e:ecvted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender e:ercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in aoeordance with paragraph 14 hereoL Such notice shall provide a period of not leas than ~ days from the date the notice is mailed within which Borrower may pay the anma declared due. If Borrower fails to pay such soma prior to We expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. . I~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or r agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this 1llortgage,Leader prior to acceleration shall mail notice to Borrower sa provided in paragraph 14 hereof spedtying: (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 each ' 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-eziatence of a default or any other defense of Borrower to aoceleraHon and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at I.ender'a 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 collect in arch proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration ofthe samssecured by thiaMortgage, Borrower shall have the right to have any pmceedinga begun by Lender to enforce ihia 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 under this Mortgage. the Note and notes securing Palate Advances, if any, had no acceleration occurred; (b) Borrower tong all breaches of any oWercovenaats or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incorrect by Lender in enfon3ng We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided is paragraph 18 hereof. including. bat not limited to, reasonable i attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to sednre thatthe lira of this Mortgage, Lender's interest in the Property sad Borrower's obligation to pay We soma secured by this Mortgage shall continue unimpaired. Upon each payment and vets ! by Borrower, Chia Mortgage and We obligations aecnred hereby ahaU remain in full force and effect sa if no acceleration had occnreed. ' 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns to Lender We rents of the Property. provided that Borrower shall, prior to acceleration render paragraph 18 hereof or abandonment of the Property, have the right i to Dolled and ietain each rents as they become due and payable. Upon acceeration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enternpon, take possession of and manage the Property and to collect the rents of the Property, including those past doe. AU rents i collected by the receiver shall be applied first to payment of the costa of management of the Property sad eolledion of rents, including. bat not 'i limited to, receiver's fees, premiums oa receiver's bonds sad reasonable attorney's fees, and Wen b the sums secarsd by this Mortgage. The receiver shall be liable to account only for those rents actually received. ao~x338 P~i446 ~