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HomeMy WebLinkAbout0069 ~ .,wt ~ +c ~ i?` ~ _ 8. Inspection. Leader may make or cause to bs made reasonable estates upon and inspections of the property,provided that Lender shaA give Borrower notice prior to say such inspection speciij?iag reosoaable cause therefor rs!ated to Lender's interest is the Property. 9. Condemnation. The proceeds of aqy award o= claim for damages, direct or consequential, is eoaaectioa with any condemnation or other taking of the property, or part thereof. or for eoaveyaace in lieu of ooademnatioa, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mostgage, with the e:oea, if say, paid to Borrower. Ia the event of a partial taking of the Proper4i?, unless Borrower and Leader otherwise agree is writing, there shall be applied b the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the soma s secured by this Mortgage immediately.prior to We date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abaadoaed by Borrower, or if, slier notice by Leader to Borrower that the eondemaor offers to make as award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Leader is authorised to collect sad apply the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Leader and Borrower otherwise agree is writing, any such application of prooesds to principal shall sot eztead or patpone the due t date of the monthly installments referred tb is paragraphs 1 and 2 hereof or change We amount of such installments. I 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not oporate to release, is any manner, the liability of the original Borrower and Borrower's successors is interest. Lender shall not be required to commence prooeedinge against such auoceasor or refuse to Mend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's auccessora in interest. 11. Forbearance by Leader Not a Waives. My forbearance by Lender in ezerciaing 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 procur~aent of insurance or the payment of fazes or other liens or charges by Leader shall not be a waiver of Lender's right to accelerate the maturity of We indebtedness secured by this Mortgage. - ~ : 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercised concurrently. independently or sueoessively. 13.~ Successors sad Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein eoatsioed shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All cevenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only sad are not to be-used to interpret or de5ne the provisions hereof. 14. Notice. Except for any notice required under applicable Iaw 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 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 each other address as Lender may designate by notice to Borrower as provided herein. My notice provided for in thin Mortgage shall be deemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form ofmortgagecombines uniform covenants for national uaeandson- uniform covenants with limited variations by jurisdiction to oonatitute a uniform security instrament covering real property. This Mortgage shall be governed by the law of the jnrisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with 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 b this end the provisions of the Mortgage and the Note are declared to be severable. l f;. Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property ar an interest therein is sold or transferred by Borrower ~ without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ~3u 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 lees not containing an option to purchase, Lender may, at Lender's option, declare all the same secured by this Mortgage to be immediately due sad payable. Lender shall have waived each 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 creditof such person is satiafaclory to Lender and that the interest payable on the 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 executed a written assumption agreement accepted in writing by Lender, [.ender shall release Borrower from all obligations underthia Mortgageand the Note. 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 leas than 30 days from the date the notice is rrailed within which Borrower may pay the soma declared I due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragrshh 18 hereof. _ - ~ 18. Aeceleratlon; Remedies. Ezoept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower is this Mortgage, includin the covenants to g pay when due any some secured by this Mortgage, Leader E prior to aooeldtation shall mail notice to Borrower as 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 tom the date the notice is mailed to Borrower, by which wch ~ breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice ms~y result in acceleration of the sums secured by thin Mortgage, foreclosure by judicial proceeding and sale oithe Property. The notice shall further inform Borrower of the right to reinstate slier acceleration sad the right to assert in the foreclosure proceeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration sad foreclosure. It the breach is sot cured on or j before the date specified in the notice, Lender at Leader's option may declare all of the sums secured by this Mortgage to be immediately due sad payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be ~ entitled to eolfect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attom costa of documentary evidence, abstracts and title reports. ey'e fees. and i 19. Borrower's Right to Reinstate. Notwithstanding Lendefa acceleration ofthe some secured by this Mortgage. Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage discontinued st any time prior to entry of a jndgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes securing l~ture Advances, if any, hadaoaocelerationoecnrred;(b)Borrowercuressllbreachesofanyotbercovenantsoragr~eemeatsofBorrowerooatainedia this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower oontsiaed in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but ant limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Leader's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue animpaired. Upon such payn_.mt anti care by Borrower, this Mortgage sad the obligations secured hereby shall remain in full force and effect as if no aeoeleratioa had oecnrred. 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 Dolled and retain sack rents as they 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 court to enter•upon, take poseeseioa of and manage the Property and to collect the rents of the Property, including Wose past due. All rests collected by the receiver shall be applied fast to payment of We 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, sad then to the some secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. t a~341 p~E 69