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HomeMy WebLinkAbout1464 _ _ r t 8. Inspection. Lender may make or caws to be made reasonable entries upon and inspections of the property, provided that Lender shall giw Borrower notice prior to aqy Stich inspection specilyirtg reasonable cause therefor related to Lendw's interest in the Property. 9. Condemnadoa. The proceeds of any award or claim for damages, direct a eonsegttential, in tx?nnection wild any condemnation or older taking of the property. or part thereof. or for owtveyanos in Nett of oondemtuttion, are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to We sttms secured by this Mortgage, with We success, if any. paid to Borrower. In the event of a partial taking of. the Propwgr, ttdeea Borrower and Lender other.rise agree in writing, there shall bs applied to the sums secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of We sums secured by this Motrtgage immediately prior to the date of taking bean to We fair market value of the Property immediately Prior to the date of taking. with the balaaoe of the proceeds peed to Borrower. If the Proper is 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 Leader within 30 days aRec the date such notice is mailed; Lender is anthosised to collect and apply tbs proceeds, at Lender's option, eiWer to restoration or repair of the property ce to the sums secured by this Mortgage. Udess Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or pwtpone the dw date of the monthly installments referred b in paragraphs 1 and Z hereof or change the amount of such instalbments. 10. Borrower Not Released. Eitension of the time for payment err modification of amortisation of the sums secured by this Mortgage granted by Lauder to aqy sncoeasor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of We sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succeeson in interest. 11. Rorbearsnce 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 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 Cttmdadve. All remedies provided in this Mortgage are distinct and cumulative to any other right err rttmedy under this Mortgage or afforded by law or equity,. and may be ezer+cieal ooncnrrently, independently or sttooessively. 13. Swxesson 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 sttconson and assigns of Lender and Borrower, subject to Ute provisions 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 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 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's address stated herein or to such other address as Lender may designate by notice to Borrower ere 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 rnmbinea uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to ooastitnte 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 rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the eontlicting provision, and to this end the provisions of the Mortgage sad the Note are declared to be severable. lli. Borrower's Copy. Borrower shall be furnished a conformed Dopy of We Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assttmpdon. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, encluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the deaW 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, st Lender's option. declare all the sums secured 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 agreement in writing that the credit of such j person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest here ezecuted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note: I If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL • Such notice shall provide a period of not less than 30 days from the date the notice is Trailed 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 paragraoh 18 hereof. t 18. Acceleration; Remedies. Ezcept 88 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 epecifying•. (1) the breach; (2) the action repaired to cure such breach; (3) a date, sot less than 30 days from the date dte notice L mailed to Borrower, by which such breach must be cured; and (4) that faIInre to care 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 aRer acceleration and the right to assert in the foreclosure proceeding the non-eustence of a default or any other defense of Borrower to aoceleradon and foreclosure. If the breach is not arced on or before the date specified In the notice, Lender at Lender's option may declare all of the same 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 ali 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 Lender's acceleration of the 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 9 this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing 1?titttue Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of say other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses 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 atxorney'a fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's 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 as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As 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 as they become due and payable. Upon acceleration tinder paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a court to enteratpon, take possession of and manage the Property and to collect We rents of the Property, including those past due. All rents collected by the recxiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable b aceottnt only for these rents actually received. 9 ~~p • 80r~!(NJO PAGE1~2 E