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HomeMy WebLinkAbout0661 3 Y 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Leader shall give Borrower notice prior to any such inspection specifying reasonable cause there[or related to Candor's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or rnnsequential, in ooanectioa with any otutdetosaation or other taking of the property, or part thereof. or for rnnveyance in lieu of condemnation, are hereby assigned and shall bs paid to Leader. In the event of a total taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage, with the exoas, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall bs applied to the sums aecttred by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by thin Mortgage irr_ mediately prior to the date of taking bears b the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid b Borrower. if the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offersto make an award orsettk a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorised to collect and apply the proceeds, at Lender s option, either to restoration or repair of the property or to the Bums secured by this Mortgages Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the dne date of We monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. !•:xtension of the time for payment or modification of amortization of the aume secured by this Mortgsge granted by Lender to any successor in interest of Borrower shall not operate to release, in say manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings agaiaet such sut~eesor or refuse b eztend time for pay mart or otherwise modify amortization of the aume secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower s successors in interest. 11. Forbearance 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 wain er of or preclude the exercise of any each right or remedy . The procurement of insttrsace 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 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 Mortcage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Sttcceasors 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 sucxeasora and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereoi. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covariance 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 form this Mortgage shall be given by mailing such notice by certified mail addsessed 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 as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Leader when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin forth of mortgage combines uniform eovenaata for national use and non- - uniform covenants with limited variations by jurisdiction to rnnatitute a uniform security instruareat covering real property. Thin Mortgage shall be gay erned by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ~ the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be gives effed without the conflicting provision, and to this end the 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 execution or aRer recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or 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 thin 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 yearn or leas not containing an.option to purchase, Lender may. at Lenders option. declare all the sums aecurecl 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 creditof such j person is satisfactory to (.ender and that the interest payable on the aume 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 a successor in interest has ezecuted a written assumption agreement accepted in writing by Lender,I.enderahallreleaseBorrowerfromallobligationsunderthiaMortgageandthe Note. ~ If Lender exercises such option to accelerate, (.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL { Such notice shall provide a period of not less than ;i0 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 paragraph 1R 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 some secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying: (1)the breach;(2)theaction regttired to cure such breach: (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which arch breach moat be cured; and (4) that failure to cure such breach on or before the date apeci£ed is 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 after acceleration and the right to assert in the foreclosure proceeding the non-e:ietence of a default or any other defense of Borrower to aceeleration and foreclosure. If the breach is not cured on or before the date specified in the notice, bender at Lender's option may declare all of the soma 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 al l expenses of foreclosure, including, but not limited to, reasonable attorney's fees, sad costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.ender'sacceleration ofthe autnssecured 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 thin Mortgage if: (a) Borrower pays Lender all earns which would be then due under thin Mortgage, the Note and notes securing Futnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of anyother covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses 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 attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of thin Mortgage. Leaders interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon snob payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had axurred. r' 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lenderther~ertts of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonmentof the Property. have theright to collect and retain such 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 possession of and manage the Property and to co11eM the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including. bnt not limited to, receiver a fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the aume secured by this Mortgage The I, receiver shall be liable to account only for those rents actually received. X343 P~ 6~0