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HomeMy WebLinkAbout2593 J. 8. Inapeetioa. Leader may make or caws b be made reaaoaable entries upon and iaapsctioas of tbs property. provided that Leader shall give Borrower notice prim b nay such inspection speciL;ring reasanaWe cause thesetor related b leader's interest in the Property. 9. Cosrdessaatioa.'llre p~octieds of any award or claim for damages, direct m oonsequsatial, is oonructioa wild aqy oondsmaatioa m oWe: taking ad the property, or pact thereof, m im ooawyanoe in lien of ooadsmnatioa, are bsreby assigned and shall bs paid b Leader. in We event of a bW taking of the Property. the proceeds stall be applied b the luau secured by this Mortgage, with the esosss, if any, paid b Borrower. In tM event of a partial taking of tM Peopergr, unless Borrower and Leader otherwise agree is writing. there shall bs applied b the sums scared by this Mortgage such proportion at the proceeds v is equal b tbat proportion which ZM aototutt of'tbe sums secured by this Mortgage immediately prim b the data of eaians bean b the fair market value of the Property immediately prior b the daM o[ taking. with the balance d the peooesds paid b Borrower. U We Property is abaadoaed by Bo:rowe:, a ~ after nofias by Leader b Borrower that the ooademnor offers b make as award or settle a claim for damages, Borrower fails b napoad b Lender within 80 days after the data such notice i. mailed, Loader is authorized b polled and apply the proceeds, at Lenders option, d~R b e+estoration m repair of the propsrq? m b the sums secured by this Motlgaga Unlea Leads and Borrower oWervriss ages in writing. any anch applicadoa of proceeds b principal shall not satead err pwtpone the dw date of the monthly installment referred b is paragraphs 1 and 9 hereof or change the amount of snob installments. 10. Borrower Not Released.l3xtsasioa of the time for psymmt or modification of amortisation of We sums secured by this Mortgage granted by Lender b any suooeasor is interest of Borrower shall not operate b releess, is say manner, We liability of We original Borrower and Borrower's suoceeson in interest. Lender shall not be required b commence proceedings against such suooeswr or refuse b estead time fm payment or otherwise modify amortization of the sums severed by this Mortgage by mason of eery demand made by the original Borrower and Borrower's sncoesson is interest. 11. Forbearance by Leader Not • Waiver. Any forbearance by Leader in eser+cisiag any right m remedy horeunder, err othenviss afforded by applicable law, shall not be a waiver of or preclude the exercise of nay such right m remedy. The procurement of iasaranee or the payment of taus or other liens m charges by Leader shall not be a waiver of Leader's right b aooslerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cmm~lative. All remedies provided is this Mortgage are distinct sad cumulative b any other right or remedy order this Mortgage m afforded by law m equity. end may be eze:cisal aoncure+eatly, iadepspdeatly m sneoessively. 13 Suoceasors and Awigas Bound; Joint and Several Liability; Captions. The ooveaant end agreement herein oontaiaed shall bind, and the right hereunder aha11 inure t0. the respective suooesson and assigns of Leader sad Borrower, subject b the providoas of paragraph 17 hereof All covenant sad agreemaz?t of Borrower shall bs joint and several. The captions and headings of the paragraphs of this Mortgage are fm oovenienoe only and an not b be need b interpret m define the provisiaru hereof 14. Notice. Exo~t fm any notice required ands applicable law b be given in anotlu~rae3nrlet, (N nay notice b Borrower provided for is this Mortgage shall be given by mailing verb notice by oerti5ed mail addreaed b Bmrowr at tM Property Address or at such other address as Borrower may designate by notice b Leader as provided herein. sad (b) any notice b Leader shall be given by eerti5ad mail, return receipt requested, b Leade:'s addrea elated herein or b arch other address w Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Leader whoa given in the manner designated herein. _ 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage oombinea uniform ooveaaat fm national we and noa- uniformcovenant with limited variations by jurisdiction b constitute a uniform security iastrnment covering real property. This Mortgage ahaU be governed by the lew of the jnrisdictioa in which the Property is located. In the event that any provision or douse of this Mortgage m the Note conflicts with applicable law, anch conflict shall not affect older provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end We pmvisiotu of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of eaecntion m after reeordatioa hereof. 1~7. Transfer of the Property; Assumption. If all m any pad of the Property or an interest therein is sold or transferred by Borrows: without Lender's prim written eonseat~ excluding (a) the creation of a Gen or encumbrance subordinate b this Mortgage, (b) the creation of a purchase money eec~uity 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 aqy leasehold interest of three years m lees not oonteining as option b purchase, Lender may, at Leaders option, declare all the enms secured by this Mortgage b be immediawy due and payable. Lender shall have waived each option b accelerate if, prim to the sale m transfer, Leader and the person b whom the Property is b be sold or transferred reach agreem~rt in writing that the creditof such person is satisfactory b Lender and that the interest payable on the sums secured by thin Mortgage shall be at such rate as Lender shall request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrower's anooessm in interest has esecnted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower From all obligations under this Mortgage and the Note. f' If Lender exercises such option b accelerate, Lender shall mail Borrower notice of aoceleratiop in accordance with paragraph 14 hereoL E Snch notice shall provide a period of not lees than 30 days floor the date the notice is wailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior b the expiration of each period, Lendw may, without tnrther notice m demand on Borrower, invoke any remedies permitted by Paragraph 18 hereof: , 18. Acceleration; Rearediea. Fscept as provided in paragraph 17 hereof, neon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay wben doe any sums seratred by this Mortgage. Leader ~ prior to acceleration shall mail notice to Borrower as provided is paragraph 14 hereotapedfying: (1) the breach; (2) the action i required to cure such breach; (3) a date, not less than 30 days Aram the date the notice io mailed to Borrower, by which such breach must be cured; and (4) that faihue to care such breach on or before the date spedfted in We notice may result in acceleration otthe cams secured by this Mortgage, foreclosure by judicial proceeding and sale otthe 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 other defense o! Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the nt;tice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without farther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in sack proceeding ail e:penaes of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evideaoe, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the amaze eecnred by this Mortgage, Borrower shall have the right to have any prooeeduigs begun by Leader b enforce thin Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage. it (a) Aorrower pays Lender all sums which would be then due Hader this Mortgage, the Note and aotea securing l~ture Advances, if any, had no acceleration occurred; (b) Borrower cores all breaches of any other covenants or agreements of Borrower contained in ibis Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreement of Borrower ooatained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limite3 b, reasonable attorney's fees; and (d) Borrower takes such action as Leader may reasonably require b assure that the lien of this Mortgage. bender's interest in the Property and Borrowers obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, thin Mortgage and the obligations secured hereby shall remain in frill force and effect as if no acceleration had oavrred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader the mat 4 of the Property, ~ovided that Borrower shall, prior b aooelaration ender paragrapb 18 hereof m abandonment of the Property, have the right b coiled sad retire arch rent as they become dne and payable. ~ s Upon acceleration undo paragraph 18 hereof m abandonment of the Properly, Lender shall be entitled b have a receiver appointed by a oomt to sater.npoa, take possession of and manage the Property and b collect the rent of the Property. including those past due. All rent ~ collected by the receiver shall be applied fiat b payment of the costs of management of the Properly and eolIection of rents, indndiag, but red limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be Gable b account only fm those rent actually received. BooK 3U3 PACE2589 - _ - - _ -