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HomeMy WebLinkAbout0656 8. Inspection. Lender may make or cause b be made reasonable eatties upon anti Iaspectioas of the propeety,provided that Lander shall give Borrower notice prior b any such inspection spt~ifjring reasonable cause therefor related b Leader's catered iA the Aroperty. 8. Coademaatioa. The proceeds of any award or claim for damages, direct or consequential, in coanectioa with any condemnation a oche: taking of the property. or part thereof. or for conveyance in lieu of aocidemaation. are hereby assigned and shall b paid b Leader. In the event of a btal tskiag of the Property, the proceeds shall bs applied b the luau secured by this Mortgage, with the e~xosss. it any. paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Leader otherwise agree in venting, these shall be applied b the sums secured by thin Mortgage such proportion of the proceeds as is equal b that proportion which tbs amount of the sums ebcarnd by this Mortgage immediately prior b the date of taking bean b the fair market value of the Property immediately prior b the data d Caking. with the balance of the proceeds paid b Borrower. Uthe Property is abandoned by Borrower, or if, after notice by Lender b Borrower that the oondemaor offer b make as award or settM a claim for damages. Borrower fails b respond b Lender within 30 days after the date such notice i. mailed, Leader i. antlwrised b collect and apply ~ procxeds, at Lender's option. tither b restoration or repair of the property ~ b the sums secured by this Mortgage. Unlew Lender and Borrower oWecwise agree is writing. any such application of proceeds b pnadpal shall not e:tsnd or postpone the due date of the monthly installments referred b is paragrapbs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amorlixatioa of the sums secured by this Mortgap granted by Leader to any successoz in interest of Borrower shall not operate b release, in any manner, tlRs,ljrebilityofthe anginal Borrower and Borrower's successors in interest. Lender shall not be required b oommenoe proceedings agaiwt such snooessor or refuse b extend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. - - 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender is a:erasing any right ar remedy harenndes. or oWerwiss afforded by applicable law. shall not be a waiver of or preclude the ezerdss of any such right or remedy. The procaremeat of insurance or the payment of taxes or other liens or charges by Lender shall not be a waives of Lender's right b accelerate the maturity of the iadebtednep secured by this Mortgage. 1 Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right oar remedy ender this Mortgage or afforded by law.or equity. and may be e:erciseal ooncnrrently, independently or snecessively. - 13. Successors and Assigns Bound; Joint and Several Liability; Captious. The oovenaats and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective successor and assigaa of Lender and Borrower, subject b the providons 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 b be used b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another meaner, (a) any notice b Borrower provided for is this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower tithe Property Address or at each other addrep as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail. return receipt requested, b Lender's addreaa stated herein or b such other addrea as Lender may desigasCs by notice b Borrower as provided herein.Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when gives is the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines aaiform oovenaah far national use sad non- uniform covenants with limited variations by jurisdiction b ooastibte a uniform security iadrument covering real property. This Mortgage shall be governed by'the law of We jurisdiction in which the Property is located. In the event that any provision or dense of this Mortgage or the Note con(licta with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect wiWout the oonilicting provision, and to this sad the provisions of the Mortgage and the Note are dedared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of expiation os after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property os an interest therein is sold or transferred by Borrower without bender's prior written consent, exduding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the cnafiain of a purchase money security interest for household appliances. (c) a transfer by devise, deecent.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 Leader's option, v declare all the sums eecurea by this Mortgage to be immediately due sad payable. Lends shall have waived such option b aooelesate if. prior - to the sale or transfer, Lender and the person to whom the Property ig~o be cord or transferred reach agreement in writing thatthe creditof such j ~ person is satisfactory to Lender and that the interest payable o e sums secured by this Mortgage shall be at arch rate as Lender shall 'i request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowefs successor in interest has e:ecutpd a written assumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligations underthis Mortgage and the Note. E~ If Lender e:er~ises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof f Such notice shall provide a period of not leas 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 each period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 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, Leader prior to acceleration shall mail notice to Borrower ce 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 b mailed to Borrower, by which sack breach moat 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 acceleration and toreclosnre. It the breach is not cared oa or before the date specified in the notice, Lender at Leader's option may declare ell 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 rnllect in such proceeding all a:pen.ea of foreclosure, including, but not limited to, reasonable attorney's tees, sad costa of documentary evidence, abstracts and-title reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lendeirsacceleration ofthe sums secured by this Mortgage. Borrower shall have the right b have any proceedings begun by Lender to enforce thin Mortgage discontinued at any time prior b entry of a judgment enfordng this Mortgage if: (a) Borrower pays Lender all sums which would be then tine under this Mortgage. the Note and notes securing Fatnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower oontaiaed in this Mortgage; (c) Borrower pays ail reasonable ezpenses incurred by Lender in enforang the covenants sad agreements of Borrower contained in this Mortgage and in enforang Lender's remedies es provided in paragraph 18 hereof, indnding, but not limited b, rresonabls attorney's fees;and (d} Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest is We Property and Borrower's obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and core by Borrower. this Mortgage and the obligations secured hereby shall remain ire full force and effect as it no sooeleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder. Borrows hereby assigw to Leadertheseata of the Properly. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such r~nta as they become due and payable. - Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled b have a receiver appointed by a court b enter.upon, take possession of and manage the Property and to collect the rents of the Property, including those pad tine. All rents collected by the receiver shall be applied first b payment of the costs of management of the Property anti collodion of rants, indnding, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable atbrney's tees, and then b'the sums secured by this Mortgage. The receiver shall be liable to aeoount only for those rents actually received. BOOK PAGE ~ - ; a