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HomeMy WebLinkAbout1468 r ; ~ ~ 8. Inspection. Lender may make or cause to be made reasonable entries upon and irupectioru of the property, provided that Lender shall give Borrower notice price to say such Inspection specifying reasonable cause Werefor elated to Lender's interest in the Property. 9. Condemnation. The proceeds of any awned or claim for damages. disert or consequential. in connection with any condemnation or olds: taking of the propet~y, ar part thereof. or for conveyance In lien of condemnation, are hereby assigned and shall bs paid to Landes. In the overt of a total taking of the Property. the proceeds shall be applied to the Bums secured by this Mortgage, with the esoess, if any. paid to Borrower. In We event of a partial taking of the Property. uale~ Borrower and Lender otherwise agree in writing. Wars shall be applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which We amount of We sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of We Property immediately prior to the date of taking, with We balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or Bettie a claim for damages, Borrower fails to respond to Lender wiWia 30 days after We date such notice is mailed, ~w is authorised to collect and apply We proceeds. at Lender's option. eiWer to restoration ar repair of the property or to We snore secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application of proceeds to principal shall not extend or postpone We due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change We amotmt of such installments. - 10. Borrower Not Released. Bstension of the time for payment or modi5cation of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner, We liability of We original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or oWerwiae modify amortisation of the soma secured by Chia Mortgage by reason of any demand made by the original Borrower and Borrower's auecessora in interest. 11. Forbearknce 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 ezercise of any such right or remedy. The procurement of insurance or the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender s right to accelerate We maturity of We indebtedness aecurad by this Mortgage. - 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to aqy older right dr remedy under this Mortgage or afforded by law or equity, and may be ezercise~( concurrently. independently or sueoessively. 13. Sucoeasors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, We respective successors and assigns of Lender and Borrower, subject to We 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 covenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Ezoapt for any notice required under applicable law to be given in another manner, (a) any notice tb Borrower provided for in this Mortgage shall be given by mailing such notice by certi5ed mail addressed to Borrower at the Property Address or at snch other address as Borrower may designate by notice to Leader 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 older address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in Wis Mortgage shall be dcemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants wild limited variations by jurisdiction to eonstitate a wriform security instrument covering real property. This Mortgage shall be governed by the Iaw of the jurisdiction in which the Property is located. In the event that any provision or clause of Win Mortgage or the Note conflicts with applicable law, such conflict shall not affect older provisions of this Mortgage or the Note which can be given effect without We conflicting provision, and to this end We provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein ie sold or transferred by Borrower without Lender's prior written consent, ezduding (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 Lender's option, declare all the soma 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 pennon to whom the Property is to be soldor transferred reach agreement in writing that the credit of such ~ pennon is satisfactory to Lender and that the interest payable on We 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 Borrower's successor in interest has ezecuted a ` written assumption agreement accepted in writing by Lender, Lender ahal l 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 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 each period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta 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 tpecifying: (1) the breach; (2) the action required to care each 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 W acceleration of the sums secured by this Mortgage, foreclosure by jndicisl 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-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. It the breach is not cured 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 foreclosethis 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 costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration ofthe samssecured bythis Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thin 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. We Note and notes securing Future Advances, if any, had no aooderation occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bet not limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to asanre that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the earns secured by this Mortgage shall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and We obligations secured hereby shall remain in fell force and effect as if no acceleration had oocarred. - 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender We rents of the Property, provided Wat Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain inch rents as Wey 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 color to eater~rpon, take possession of and manage the Property and to collect We rents of the Property. including Woee peat due. All rents } collected by the receiver shall be applied first to payment of the costs of management of the Property end collection of rents, including, bet not 1# limited to, receiver's fees, premiums on reeeiver'e bonds and reasonable attorney's fees, and then to the some secured by this Mortgage. The ' receiver shall be liable to account only for those rents actually received. f g~ 338 P~1~ ~ - r . _ _ - : ~ ~