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HomeMy WebLinkAbout2905 ~ 8.. Inspeetioa. Lender may make or cave to be nude reasonable eettries upon and inapeceious oj~e peoperly, pro deb t Lander shall give Borrower notice paler Oo aWr ouch inspection epeci(yiru reasor?able cams therefor related to 's ifi 1'toperty. 9. Condsmaatioa The peoasds of orgy award or claim for damages, direct or oonsequeatial, ~aectioa with"a~y ooudemaation or other taking of tM pnpergr, or part thereof. or foe oonwyaaos is lieu of oondemaation. an hereby assigrrd sad shall be paid to ieadee. Ia the evwrt of a total taking of the Property. the proceeds shall be applied to the sums second by this Mortgage. with the esoess, ff any, paid to Borrower. Ice the event a[ a partial taking of the PeoperRy, unless Borrower and Lender otherwise agrw in writing. then shall be applied to the sums seau+ed by this Mortgage such proportion of the proasds a. i• egwJ b that proportion which the amount a[ the sums secured by thin Mortgage immediately prior to the date of taking bean to the fair market value of the Property imosediate(y~rar to the data of taking, with the balance of tM proceeds paid to Borrower. Ii Ws Property L abandoned by Borrower. ce if, otter notice by lender to Borrower that the condemnor offer to mats an award or setW a claita for damages. Borrower tails to respond to Lender within 30 days after the date such notice is mailed, Leader is anthorisd Oo collect and apply the proceeds, at Lender's option. edtber to restoration or repair of the properrty of to tM sums aecared by this Mortgage: Unlea L~eerder and Borrower otherwrise agree in writing, any such application of proceeds to principal shall note:tAnd dr postpone the dw . date of the monthly instsllmenh referred tD in paragraplu 1 and 2 heeeai or douse the amount of such irutellmertts. 10. Borrower Not Released. Bztension of the time for payment or modification of amortization of the come secured by this Mortgage granted by Lender to any successor in interest of Borrower shall rat operate to release, in any manner. the liability of the original Borrower and Borrower's snoceesors in interest. Lender shall not be required to commence proceedings against such successor or refwe to eztead time for payment or otherwise modify amortization of the sums se~vred by this Mortgage by reason of any demand made by the original Borrower and Bonowds suoeeseore is interest. 1 I. Forbstiranos by _I.eader -Not a Waiver. Aqy forbearance by Lender in ez~rrg any right a remedy berennder, a otherwise afforded by applicable law. iihap not be a waiver of or preclude the eze;ciee of any such right or remedy. The procnremnent of insnraace or the payment of fazes or other liens or charges by Leader shall not be a waiver of Lenders right to aooderate the maturity of the indebtedrren secured by this Mortgage. 18 Remedies Gtirmulative. All remedies provided in this Mortgage are distinct and cmm~lative to any other sight or remedy undo: this Mortgage or afforded by law or equity, and may be exercised ooncurnntly, independently or snooeeaiveayi. 13 Snoocesors and Assigns Board; Joint and Several Liability: CapNoos. The covenants and agresnnerrts herein contained shall bind, and the rights hereunder shall inure to. the respective snosessore and assigns of Leader and Borsower, subject to the providons of paragraph 1? hereof Ali covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of thin Mortgage are far oovenience only and an not to be wed to interpret or define the provisions hereof 14. Nodoe. Ezoept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shag be given by. mailing each notice by certified mail addressed to Bosrower at the Property Address or at such other address as Borrows may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by oe~Rified mail, retrra receipt requested, to Leader's address stated herein or to swh other address ore Lender may designated tgrBorrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Candor when gives is the manner designated herern. 15. Uniform Mortgage; Goveraing Law; Severabilit,. This form of mortgage cembines uniform covenants for national use and nro- uniform eoveaants with limited variations by jurisdiction to oonatitnte a uniform security instrument covering real property. This Mortgage shall be governed by? the law of the jurisdiction in which the Property is located. In the event that any provision or douse of this Mortgage or the Note conflicts with applicable law, ouch conflict shall not affect other provisions of this Mortgage or the Note which can be given e~ffed without the oonilicting 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 after recordation hereof. " 17. Transfer of"the Property; Assumption. If all or any part of We Property or an interest therein is solo or transferred by Borrower without Lenders prior written consent, exdnding (a) We creation of a lies or encumbrance subordinate to this Mortgage, (b) the creation of a ~ purchase money security interest for household appliances, (c) a trans[er 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 Leadds option, declare all the sumo secured by this Mortgage to be immediatdy due and payable. Lander shall have waived such option to accelerate if, prior to the sale or transfer, Lends 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 Lender and that the interest pe~yable on the soma aecared by this Mortgage shall be at ouch rate as Lender shall request. If Lendez has waived the option to aooelerate provided in this paragraph 17, and if Borrowds snccesaar in interest has executed a written aeaumption agreement accepted in writing by I.ender, Lender shall release Borrower fiom all obligations under this Mwrtgage and the Note. - ~ _ If Calder exercises such option to accelerate, Lender shall mail Borrower notice of aoaeleration in aoogrdance with paragraph 14 6ereoL 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 sums declared due. If Borrows fails to pay ouch come prior to the ezpiration of ouch period, Lender may. without further notice or demand on Borrower, F invoke any remedies permitted by paragraph 18 hereof: " i 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof; aeon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sumo secured by this Mortgage, Lender i prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedtying: (1) the breach; (Z) the nation required to care such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by which each i I breach must be aired; end (4) that failure to cure such breach on or before the date spedf~ed in 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 ~ I further inform Borrower of the right to reinstate aRer aa~eleration and the right to assert is the fos+eclosnre proceeding the i non•eustence of a default or any other defense of Borrower to aa~eleration and toreclosare. If the breach is not cared 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. Larder shall be entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's fees, and ~ coats of doarmentary evidence, abstracts sad title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the soma secured by this Mortgage, Borrower shall have f the right to have any prooeedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ; ~ this Mortgage if: (a) Borrower pays bender all sums which would be then due under thrs Mortgage, the Note and notes securing 131utnre t f Advanois, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreementapf Borrower wntained in ! this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We oovenanta and agreements of Borrower i contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof: including. but not limited to, rtssonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage. I.eader'e interest i in the Property: and Borrowers obligation to pay the arms secured by this Mortgage shall eontinne unimpaired. Upon such payment and au+e ; by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aooeleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents ; of the Property, provided Wort Borrower shall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property,have the right E to collect and retain ouch vents as they become due and payable. " Upon aooeleration render paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a f court to enterarpon, take poeseasion of and manage the Property and to collect the rents of We Property, inducting those past due. All :cote # ) collected by the receiver shall be applied first to payment of the costs of management of the Property and oolledion of rests, inducting, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 1 ~ BOOK t)lJ~ PAGEiZ9O2 " " - ~ . - - - ~ a , j ~ F 1..y