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HomeMy WebLinkAbout2913 - l 8. Iaapectioa. Lmdsr may make or cause to M made reasonable triedupon sad inapectiona othhe property. provided that Lender shall giw Borrower antis psis to aqy such inspection specifying r~Mapa~~ss ther{~o~r~l to I~de:'s interest in the Properfjr. 8. Condemnation. The proceeds of any award or claim for direct oc +ooa~eq sal. is oonaectiou with aqy ooademaation or ocher taking of the properly. a< part theeeot, or far ooaveyaaa is lieu of aoszdemnation, ass hereby assigned and shall ba paid to Lender. In the event of a told taking of the Property, the proasda shall be applied to tM suau? secured by this Mortgage, witb tha exaas. if say, paid to Borrower. In the avast o[ a partial taking of the Peoperty, unless Boerowet sad Leader oWerwias agree in writing. there shall bs applied to the snau secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums . secured by thin Mortgage immediately prior to the data of taking bears to the fair marled value of the Property immediately prior to tbs date of taking. wild the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or i~ aflss notice by Lender to Borrower that the~oondemao: ogee to make an award or adds a claim for damages. Borrows fail b respond to Lender within 30 days niter the date such notice is mailed, I.sader is anthorissd to collect and apply the proceeds, at Lender's option, either to adoration a repair of tM propsr4y or b the sums secured by this Maetgaga. Unless Linder and Borrower otherwise agree in writing. any ouch application otprooseda to principal shall not extend a: poatponelhs due date of the monthly insWlmentsreferred to in paragraphs 1 and 2 hereof os change the amount of such installments. 10 Borrosyer Not Released. Txtension of the time for paymxit or modification of amortization of We sums secured by this Mortgage granted by Lender to aqy snooessor in interest of Borrower shall not operate to release, in any masses. the liability of the origind Borrower and Borrower's snccessora in interest. Lender shall sot be required to commence proceedings against such wooeaor or r~uae to extend time for payment or otherwise modify amortization of the Bums secured by this Mortgage by reason of say demand made by the original Borrower and Borrower's successors is interest. 11. Forbearance by ]Lender Not ai Waiver. Any forbearance by Lender in eserciaing any right or remedy hereumder, or otherwise siforded by applicable law, shall not be a waiver of or prelude the exercise of any such right or remedy. The pracurerneat of insnreince er the payment of taus or other liens or charges by Lender shall nest be a waiver of Leader's right to aooslerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct sad cumulative to say other right or remedy under this Mortgage or affoeded by law or equity. and may be ezerciseei ooacurreatly, independently or snooeasively. 13. Successors and Assigns Bound; Joint and Several LiabWt~?;Captions. The ooverusats and agreements herein contained shall bind, and the rights hereunder shall lance to. We respective sncoewors and assigns of Leader and Borrower. subject to the provisions 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 fa oovenience only and are not to be used to interprd err define the provisions hereof: 14. Notice. Except for any notice required under applicable law to be given in another meaner, (a) any notice to Bormwe:provided for is this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at each other address re Borrower may designate by notice to Leader as provided herein, and (b) any;nal3o! td r shall be given by oe~rtified mail. return receipt requested, to Lender's address 'stated herein or to such other address as Leader may designate by notice to Borrower as provided herein.Any notice provided fns in this Mortgage shall be deemed to have bece given to Borrower or Linder when gives in the manner designated herein. 15. Uniform Mortgage; Governing Law; SeverabiUty. Thin form of mortgage combines uniform covenants for national use and noa- nniform covenants with limited variations by jurisdiction to oonstitnte 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 ckause olthia 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 effed without the conflicting provision, and to this end the provisions of the Mortgage and the Note are dedared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of e:ecntion or afiter recordation hereof. - 17. Transfer of the Property; Assumption. If all or aqy part of the Properly or an interest therein is sold or transferred by Borrower without Lendda prior written consent. ezcluding (a) the creation of a liegor encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household app$apces, (c) a transfer by ~evise, dese~pF or by operation qrf law aeon the death of a joint tenant or (d) the grant of aqy leasehold interest of three years or lees not containing an opaoa to purchase, Lends may, at Leadds option, . declare all the sums secured by this Mortgage lobe unmediately due and paye~ble. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Exudes and the person to whom the Properly is to be sold or transferred reach agreementin writing thatthe creditof such parents is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at arch rate sus Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowds snooessor in interest ilea ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from ell obligations underthis Mortgage and the Note. I~ If Lender exercises each option to accelerate. Lender shall mad Borrower notice of acceleration in aeoordance with paragraph 14 hereoL Stirch notice shall provide a period of not leas than 30 days f coin the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay each sums prior b the expiration of such period, Lender may, without Earths notice or demand on Borrower, ~ invoke any remedies permitted by paragraah 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any oovettant or agreement of Borrower in this Mortgage, iaelnding the oov~ants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shawl mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (9) a date. not less than 30 days from the date the notice is mailed to Borrower, by which each breach mast be cared; and (4) that failure to care sash breach on or before the date specified in the~notiee may result in acceleration of the sums secured by this Mortgaige, foreclosure by jndicisl 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 older defense of Borrower to acceleration and foreclosure. If the breach ie 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. Lender shall be i entitled to collect in such proceeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. E 19. Borrower's Hight to Reinstate. Notwithstanding I~endds acceleration of the 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 this Mortgage if: (a) Borrower pays Lender all soma which world be then due under this Mortgage, the Note and notes securing 1?`utnre ° 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 expenses incurred by Lender in enforcing the oovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lendds remedies as provided in paragraph 18 hereof,. including. bat not limited to, reasonable attorney's fees; and (d) Borrower takes such action ss Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the cams secured by this Mortgage shall continue unimpaired. Upon such payment and core ` by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. 20. Aasignm~t of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to header the rents # of the Property. provided that Borrowez shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to eoUed and retain such rents as they become due and payable. Upon sooelesation Hader paragraph 18 hereof ce abandonment of the Property, Lender shall be entitled to have a reeceiver appointed by a court to enter•npon, take possession of sad manage the Property and to collect We rents of the Property, including those peat 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, bat not limited to, reoeivex'e fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only far those rents aduaUy received. BOOK ~z PACEz910 . : ~