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HomeMy WebLinkAbout2347 ~ - 8. Inspection. Lnder may make or cauw b be roads reatoaabls entries upon laid inapectioua ottbe pe~gr~ Ott shaD give Borrower notice prier to aqy such inspection speafj?iag reatonabls cau.s therefor related to I.endee'j in~~ ~~prop4ttyr. 9. Condeasaatbn. Ths prooealt of any award os claim for damages. direct or coruegwatial, is oonasctiori with any condemnation or oWar taking of the propergr, a part thereof, or for ooawyaaos in lies of condemnation, are hereby assigned and shall bs paid to Leader. In the event of a told taking of the PropaRy, the proceeds shall be applied to the sums securd by this Maetgsge, with tM !sue. if any. paid to Borrower. Ia the event of a pardal taking of the PruperV?. aniets Boeeowsr and Leader otbsrwits t~gres in writing, then shall bs applied to the same see+aed by Chit Matgags such propaNon d the peoasdt as is equal to that proportion which the amount d the some secured by this Mortgage immediately ptiaar to the daM of taking bsa» to the fair market value of the Peopsrty immediately prior to the date of taking, with the balance of the proceeds paid to Barrvwsr. Itthe Property i. abeuidonsd by Borrower, err ii; aflsr notice by Leader to Baerowsr that tM condemnor oRsrs to make as award or settle a claim foe damages, Borrower fails to respond to Leader within 30 days after the date such aotia i. mailed. lender i. authorized to collect and appl~r the proceeds, at lender's option, dther b rsetoratioa a repair of the p~oper4y oe to the snares secured by fhb Mortgage. Unlew lender and Borrower otherwise ages in writing,any such application of proceeds to prindpd shall not estead as postpaas the dw date of the monthly installments referred to in paragraphs 1 and Z hereof or change the amount of such installments. • 10. Borrower Not Released. Esteadon of the time for paymatit err modiScation aS amortisation of the sums secured by this Mortgage granted by Lender to aqy sncoessor in interest of Borrower shall rat operate to release. in say manner. the liability of the original Borrower and Borrower's sncoesaore in interest. lender shall not bs required to_oommenos proceedings sgainat each saooetsor or reface to esterid time for payment or otherwise modify amortization of the same secured by thin Mortgage by reason of aqy demand made by the original Borrower and Borrower's suooeaore in interest. 11. Forbeasarios by Lender Not a Waiver. Any forbearance by Lender in e:ercisirig any right or remedy hereunder.. or otlieewiw afforded by applicable law, shall not be a waiver of or pnclads the eserciss of any such right or remedjr. The pr~ocareaient of insoraaos a the payment of lases oc other Beat or charges by Leader shall not bs a waiver of Leader's right to aooelsrate the maturity of the indebtednaw secured by this Mortgage. 1Z Remedies Cnmaladve. All remedies provided is this Mortgage are distinct and cumulative to any otber right or remedy under Ibis Mortgage or afforded by law or equity. cad may be esetcisal aoncarreatly, independently or soooeedwly. 13.8aooeasorsand Assigns Bocmd; Joint and Several Liability; Captbns. The oovenanta and agreements herds contained shall bind, and the rights hereunder shall inure to. the reepeeliw snooewors and awigot of Lender and Borrower, subject to the providoru of paragraph 17 hereof AU ooveasnts and agreemanb of Borrower shall be joint and several. Ths captions and headings of the paragraphs of this Mortgage are for eoveaience 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 is anothwr manner, (a) any notice b Borrower provided for in ~ i this Mortgage shall be gives by mailing each notice by aartified mail addressed to Borrower at the Property Address os at such other address as Borrower may designate by notice to leader ore provided herds. and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Leaders address stated herein or to such other address as Lender may designate by notice to Borrower w provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when gives in the manner designated herein. 15. Uniform Mortgage; Governing Laver; Severabitity. This form of mortgage combines uniform covenants for national ms and non- uniform covenants with limited variations by jnrisdidioa to oonstitnte a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jnrisdidion in which the Property is located. In the event that any provision or clams of this Mortgage err the Note conflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note an declared to be severable. Ili. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of e:ecation or aRe: 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 Lenders prior written consent, excluding (s) the creation of a lien or enwmbsance anbordiuate to this Mortgage, (b) the creation of a purchase money security interest for household appliaacea, (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, - declareallthe snmssecured by this Mortgage b be immediately doe and payable. Lender shall have waived such option to accelerate if, prior lathe sale or trewsfer, Leader 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 Lwder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Leader shall _ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers wooeesot in interest has executed a written aasnmption agreement accepted in writing by Leader, Lender shall release Borrarver fi:om all obligations under this Mortgage and the Note. If Lends: ezerosea such option to accelerate. Lender shall mail Borrower notice of aoeeleration in aeoordance with paragraph 14 hereof: 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 Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrows, invoke any remedies permitted by Paragraph 18 hereof. 18. Aooeleration; Remedies. Ezcept as provided in paragraph 17 hereof, neon Borrow?er's breach of aq~? covenant or agreement of Borrower in thL Mortgage, including the ooveaants to p1ry when doe any sums scarred 6Y this Mortgage, Leader prior to acceleration shall mail notice to Borrower tr provided in paragraph 14 hereof spedfS?inF (1) the breach; (2) the action required to cure such breach; (3) a date, not law than 30 days from the date the notice is mailed to Borrower. by which sack . breach must be cared; and (4) that tailare to care such breach on or before the date specified in the notice m:?y result in acceleration of the arms secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate alter acceleration and the right to severs iu the foreclosure proceeding the non-ezistenee of a default or any other defense of Borrower to acceleration and forwcloare. If the breach i. not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the cams aecared by this liTortgage 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 ail ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders aooeleration of the suaos~ecnred by thin Mortgage, Borrower shall have 1 the right to have any proceedings begun by Lender to enforce this Mortgage disoontinaed at any time prior to entry of a jndgmeat enforcing this Mortgage if: (a) Borrower pays Lender all sums which world be then due render this M 0 ortgage, the Note and notes securing l?litnre 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 rxpenaes incurred by Lender in enforcing the covenants and agreements of Borrower contained is 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 this Mortgage, benders intered - in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall eontinne unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred, t 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader the rents ~ of the Property. provided that Borrower shall, prior to acceleration Hader paragraph 18 hereof or abandonment of the to tolled and retain such rents as they become due and payable. ~Y. have the right ~ 3 Upon aeoeleration ender paragraph 18 hereof or abandonment of the Property, Calder shall be entitled to have a receiver appointed by s r court to saterarpon, take possession of and manage the Proparty and to Dolled the rents of the Property, including those past: due. All rents collected by the receiver shall be applied first to payment othee costs of managemcet of the Property and collection of rests, including, but red limited to. receiver's 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 actually received. j 9 ~ sooK 303 ~ncEz3~ ~ _ _