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HomeMy WebLinkAbout2278 . ~ ~ ~ 8. Iaspectlosr. Lender may mob or caws b bs made ressoaabM entries neon and inspections of the property. provrdd that Lander shall give Borrower atNics prior b any arch inapeetion specifying esasonabM canes therda related b Leader's interest is the P?aperty. 9. Caodemaatbs. Tbs proexeda of aqy award aeR e;laim for damages, direct err oonaequential, in connection wild aqy ooodemnation a older taking of the propeetrjr, or part thereof. or far ooawyanos in lien of oandsmaation, as hereby assigned sect shaD bs paid b Leader. In Ws event of a btal taking of the Property. the prooads shall bd applied b tbs sums secnrd by thin Mortgage, wild the stosaa, M any. petid b Borrower. In tM event at a partial taking of the Peopsetjr, nnkss Boerawer and Lender otlrerwiss agree in wriW~g, there shall be apph'ed b tM avers secured by Chia Mortgage arch propartiwn d the proceeds a. is equal b Wet proportiaa whicdr the amoemt s[ the am» ssearred by this Mortgage immediatdy prior b the date of taking bears b the fair market vahrs of the Property immediately priorb tbs dais of taking. with the balaera o[ the paooeeds paid b Borrerwsr. - V Ws Progegr is abandoned by Haerowsr, err ii; alts: notice by Lender b Boreower Wet the coademnar offers b make an award or settle a claim for damages. Borrower fails b respond b Laodsr within 90 days after the date such notice is mailed. Lander is authorized b collect and apply Ws proceeds, at I.ender'a option, ether b restorertion a repair of the pe~opee~jr err b the sums seemed by this Maetgags. Unlasa Lander and Borrower otlrerwiss agree in writing, any such application of proexeda b prindpal shall aotextead a postpone the des date of the monthly installments referred b in paragraphs 1 and Z hereof or change the amount of arch insh~llmeata. 10. Borrower Not Released. I;xte:rsiar of the time for payment or modification ~ amortisation of the soma secured by this Mortgage granted by Leader b say snooessor is interest of Borrower shall act operate b release, in any manner. the liability of the origind Borrower sect Boerower's arooeaors in interest Leader shall not be required b oommaaoe pocsedings against such suooessor or retnss b esfsad time for payment or otherwise modify amortization of the sums saaued by this Mortgage. by reason of any demanef made by the original Borrower and Borro~rer's sncoepors in interest . 11. Fbebeannoe by I.eoder Not • wiaivw. Any forbearaaos by Leader in exerridn~ say right err remedy hereunder, er otherwise affoeded by appliexWs law. shall not be a waiver of or products the eserciss otany sndr right err remedy. The proextremeat of insmaaea ex the payment of taxes a other liens or charges by header shall not be a waiver of Leader's right b aooekcate We maturity of the iadebtedaen secured by thin Mortgage. 12 Resedlea Uaernlatiw. Alt rsmeaies provided in this Mortgage are distinct and eaemalatiw b say other right or remedy Hader this Mortgage ex afYoeded by law err egnib. and may be exercised conennratl3r, independ~tly or snotxndvely. - 13 8uooeaaoea and Aasipu Board; Joint and Several I.iaMUty;Captions. The covesaants sad agreements herein contained shall bind, and the rights 6ereaadar shall inane t0. the respettiw snooassors sad assigw d Lender sad Borrower, subject b the provisions of paragraph 17 hereof All aoveaaata and v of Borrower shall be joint and eweraL The exptions and headings of the paragraphs of this Mortgage are for ooveaierwe only and are not b be Hoed b interpret os define the provisions herso:: 14. Notice. fi:oept for any notice required endear applicable law b be given in arwWer mama, (a) any notice b Borrowex provided fm in Wis Mortgage shall be given by malting sndi notice by certifies mail adanssed b Borrower at the Property Address or ~t arch other ¢daress as Borrrower may designate by notice b Lender as provided heardn, and (b) any notice b Lender shad be jiitalr by certified mail, return receipt - regneeded, b Leadm's adaress atatod herein or b snchotheraddress as Lander may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrowex or Lender when given in the manner designated lrersia. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines nnifarm ooveaants for national nee and noa- nniform ooverranta wild limited variations by jarisdidion b oonatitute a uniform security indrumeat covering real property. This Mortgage shall be governed by the law of the jnrisdietion in which the Property is located. In the event that any provision or douse of this Mortgage aet- the Note conflicts with applicable law, such conflict shall not altect other provisions of this Mortgage or the Note which can be given sVeet without the oonilicting provision, and to-this and the provisions of the Mortgage and the Note are declared b be severable. i& Borreiwer's.Copy. Borrower shall be fumiahed a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hea<eoL - - 17. Transfer of the Property; Aasamptioa. If all or any part of the Property or sn interest Wearein is sold or transferred by Borrower without Leader's prior written consent, ezdndiag (a) the creation of a liex? or encumbrance subordinate b this Mortgage, (b) the crwtion of a purchase money security intearest for howebold appliances, (c) a transfer by devise, descent or by operation of law aeon the deaW of a joint tenant or (d) the grant of say leasehold inta+est of three years or less not containing an option to purchase, Lender may, at Lesuderr's option, declare all the enure secured by.this Mortgage b be immediately doe and payable. Leader shall have waived arch option b accelerate if, prior to the sale or tsanafer, Leadw and the person b whom the Property is b be sold air transferred reach agreement in writing thatthe credit of such pesaon is aatiafacbry b Ltaoder and that the interest payable on We sums severed by this Mortgage shall beat sack rate as Lender shall regneat. If Leader has waived the option b accelerate provided in this paragrap617, and if Borrowe:ra snoceseor in interest has e:ecnted a written aeanmption agreemmt accepted in writing by Lender, Lender shall r~dease Borrower from all obligations under this Mortgage and the Note. - If Leader.exeareaaes such option b accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereoL Such notice erhall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared doer If Borrower fails b pay each enure prior b We expiration of arch period, Lender may, wiWont further notice or derReand on Borrower, invoke any r+eYnedieei permitted by paragraah 18 heareeoL 18. Acceleration; Remedies. Bsoept as provided in paragraph 17 hereof, neon Borrowesr's breach of aqq covenant or j agreement of Borrower in this Mortgage, including the covenants to pay when daesay enure secured by thiaMortgage,Leader - 4 prior to acceleration shall mail notice to Borrower as prm?ided in paragraph 14 hereo[spedtying: (1) the breach; (2) the action required to care each breach; (3) a date, noL leas than 30 days f5rom the date the notice is mailed to Borrower, by which such breach meat be eared; and (4) that failure to exrre such breach on or before the date specifited is the notice may result in acceleration of the enure eecnred lrlr this Mortgage, toredosare by judicial proceeding and sale of the Property. The notk:e shall ` further inform Borrower of the right to reinstate after aooeleratioa and the right to assert in the foreclosure proceeding the E non-eriat~ce of a default or any other defense of Borrower to aa:elleration and f~edowre. If the breach js not cured on or before the date specif ed in We notice, Lender,at Lender's option may declare all of the enure secnr~ed by thin Mortgage to be immediately due and payable without inrther demand and may toreclaae this Mortgage by judicial proceeding. Lender shall be entitled to Dolled in such proceeding all expenses of foreclosure, including, bat not limited to, reasonable attora costs of documentary evidene(e, abstracts and title reports. ey's fees, sad 19. Borrower's Sight to Reinstate. Notwithstanding I.eade~a acceleration of the enure secured by this 11Rortgage. Borrower shall have the right b have any proceedings begun by Leader b enforce this Mortgage disooatianed at any time prior b entry of a jndgmcet enforcing this Mortgage iL (a) Borrower pays Lender all arms which would be then due ender this Mortgage, the Note and notes securing Ptietare Advances„ if any, had no aooeleration occarted; (b) Borrower cures all breaches of any other ooveaants or agreements of Borrower ooatained in F this Mortgage; (c) Boaower pays all rrssonabk 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, bat not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure Wat the flea of this Mortgage, Leaders interest g in the Property and Borrower's obligation b pay the soma erecared by this Mortgage shall oontinne unimpaired. Upon such payment and clue by Borrower, this Mortgage end the obligations secured hereby shall remain in fall force and effect as if no aooeleration had oexaerred. 20. Assignaseat of Rents; Appointneat of Receiver. As additional seauity hereunder, Borrower hereby assigns b Leader the ants of the Property, provided that Borrower shall, prior b aeoekration ender paragrap618 hereof or abandonment of the Property, have the right b collect and retain such recta as they become erne and payable. Upon aooeleration ender paragraph 18 hereof or abandonment of the Property, Leader shall be entitled to have s receiver appointed by a t Quart b entearapoa, take poeseseuon of and manage the Property and b collect the rests of the Property, indnding Wase past due. All rests oollee;ted by the reoriver shall be applied first b paym~t of the costa of manageaoentof the Property end ex?lleclion of rmta, indnding, bat not baited b, recxiver i fees, premiums on rwaivar's bonds and nesonabk atbsaey's fees, and than b We sums secured by this Mortgage. The ruoeivear shall be liable b aooonnt only for those rents actually reoai~red. t f aooK ~ ~cEZZ74 - - nX: