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HomeMy WebLinkAbout0085 8. Iaspsction. Loader my make or cause to be made reasonable entries upon and inspections of the property, provided that Loader shall give Borrower notice prior to aqy such inspection specifying reasonable caws therefor related to Lender's interest in the Property. • 8. Condemaadoa. The proceeds of any award or claim foe damages, direct or consegwntial, in connection with nay oondt•~.usation or other taking of the property, ~ part Wereof. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid b Leader. In the event of a total taking of the Property, the proceeds shall bs applied to the sums secured by this Mortgage. with We ezoea, ff aqy, paid to Borrower. Ia the event of a partial taking of the Propesgr, unless Borrower and Lender otherwise agree in wilting. there shall bs applied to We soma secured by this Mortgage such proportion of the proceeds w is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to We date of taking bears to the fair market value of the Properly immediately prior to the date of , taking, with the balanos of We proceeds paid to Borrower. If the Property 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 Lender within 30 days after W e date such notice is mailed, Lender is authorised to collect and I .apply the proceeds, at Leaders option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone We due date of the monthly irutaUmeats referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any suoeeseor in interest of Borrower shall not operate to release, in any manner, the liabiUty of the original Borrower and Borrower's sncccesors in interest. Lender shall not be required to commence proceedings against such aucxeseor or refuse to extend time for payment or otherwise modify amortization of the some secured by this Mortgage by reason of any demand made by Weoriginal Borrower and Harrower a successors in interest. 11. Forbearance by Leader Not a Rlsiver. Any forbearance by Lender in exercising any right or remedy hereunder. or oWeswise 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 We payment of fazes 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 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 exercised eoncnrrently, independently or auooessively. 13. Suooeseors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, We respective sucoeasore and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. AU 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 the provisions hereof. 14. Notice. Except for ar~y 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 We Properly Address or at such other address w 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 addrera stated herein or to such other 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 when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitute 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 rnnfiicts with applicable law. each rnn[lict shall not affect other provisions of this Mortgage or the Note which can be given effect ~ . without the eonAicting provision, and to thin end the provisions of the Mortgage and the Note are declared to be severable_ 1& Borrower's Copy. Borrower afiall be furnished a conformed copy 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 parl of the Property or an interest therein is sold or transferred by Borrower 'thout Lender's prior written wnaent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a urchase 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 Lenders 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 person is satisfactory to Leader 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 ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, Lender shall mail Borrrower notice of acceleration in accordance with paragraph 14 hereof. ~ 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 f due. If Borrower fails to pay such sums prior to the a:piration crouch period, Lender may. without further notice or demand on Borrower, k invoke any remedies permitted by paragraph 18 hereof. . f ~ 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 covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action f required to cure such breach; (3) s date, not leas 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 in E 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 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. If the breach is not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all 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 collect in such proceeding all ezpeasea of foreclosure, including, but not limited to, reasonable attorney's fees, and Bests of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lendereacceleration ofthe 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 t}!ia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, We Note and notes securing Ifiture ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other 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, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to secure that the lien of this Mortgage, Lender's interest i n the Property and Borrowers obligation to pay the sums secured by'this Mortgage shall continue unimpaired. Upon such payment and cure f by Borrower. this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents i of the Property, provided that Borrows shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to rnlled and retain such rents as they become due sad payable. - € Upon acceleration under paragrap618 hereotor abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterapon, take poase~on of and manage the Property and to ceilect the rents of the Property, including Wove past due. All rents voUected by the r+eoeiver shall be applied first to payment of the coats of managementof the Property and celleetion of rents, including, but not limited to, receiver's fees, premiums oa receiver's bonds and reasonable attorney's fees, and Wen to the soma secured by this Mortgage. The receiver shall be liable to account only for Wose rents actually received. t i ~ r • = ~s. _ ~ ray ~ o ~ O ~ BOOK - r