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HomeMy WebLinkAbout2957 s 1 ~ • 8. Inspection. Lender may make or cave to be made reasonable entries upon and iaspectioas of the prtps~, prlovid~d der shat giw Borrower notice prior tD any such inspection specifying reasonabM cause therefor related to Leadee~s interest in Mib~~. 9. Coademaation. The proosals of nay award or claim for damages. direct or consequential, is connection with aqy condemnation of other taking of the property, oe part thereof, os for oonwyanoe is lien of ooademnatioa, are hereby assigned and shall be paid to Lender. In the event of a told taking of the Property. the proceeds shall M applied to the sums secured by this Mo~rtgags, with the asses, if any. paid to Borrower. Ia the event of a partial taking of the Property, unless Borrower and Leader otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion a[ the proceeds a. is equal to that proportion which the amount of the sums secured by thin Mortgage immediately prior to the data of taking bears to We fair market value of We Property immediately prior to the date of taking. with We balance of the proceeds paid b Borrows. If the Property is abandoned by Borrower, a ~ aftm notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fail to respond to Leader within 90 days after the date such notice is mailed, Lender is authorised to collect and apply the pooseds, at Leader's option, either to restoration a repair of the property a to the sums secured by this Mortga~gs. Unless Leaden and Borrower otherwise ague is writing, any such application of proceeds to principal shall rwt extend or postpone the due date of the monthly irutallmertts referred to in paragraphs 1 and g bepof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for paymatt or modi5catioa of amortirstioa of the auras second by this Mortgage granted by Larder to any suaesaor is interest of Borrower shall rwt operate to please. in any manner, the liability of the original Borrower and Borrower's snocessop in interest. Lender shall not be required to commence proceedings against such successor or pfuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by person of any demand made by the original Borrower and Borrower's suocesaop in interest. 11. Forbearaaes by bender Not a Waiver. Any forbearance by Larder in exercising any right or remedy henuader, or otherwise afforded by applicable law. shall not be a waiver of or preclude the eserrise of any such right or pmedy. The procurement of insaraaoe or the payment of fazes or other liens or charges by Fender shall not bs a waive: of Lender's right to accelerate the maturity of the iadebtedaess secured by this Mortgage. 12 Remedies Cumulative. All rernedies provided is this Mortgage ap distinct and atmulatiw to any other right or remedy under this ~ Mortgage or afforded by law or equity. and may be exercised aoncnrrently, independently or snooessively. ~ 13. Strooessors and Assigns Bound; Joint sad Several Liability; Captions. The ooveaants and agreements herein contained shall bind, and the rights hereunder shall inure to, the reapediw anceessore and assignsbf Larder and Borrower, subject b 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 ap for oovenience only and ap not to be used to interpret or de5ne the provisions hereof. ~ 14. Notice. Except for any notice required under applicable law to be given is another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certi5ed mail addressed to Borrarw~ fttbte ~'gP~rty Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Y.etidee shall be given by certi5ed mail, return receipt requested, to Leach's addnas stated herein or to arch older address as Lender may de~gnate by notice to Borrower as provided herein. Aqy , notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage cornbiaes uniform covenants for national use and non- uniform eoveaanta with limited variations by jurisdiction to oonstitnte a uniform security instrument covering pal property. This Mortgage shall be governed by the law of We jurisdiction in which the Property is located. In the event that any provision or clause of this 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 effect ~ without the oontUding provision, and to this end theproviaions of We Mortgage and the Note are declared 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 ezecutioa or after recordation hereof. ~ 17. Transfer of the P~^operty; Assumption. if ali or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, e:clndiag (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a purchase money security 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 any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lender's option. declare ell the apron secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to socelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be Bold or transferred reach agreanent in writing that the credit of such person is satisfactory to Leader and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted a ~ tten assumption agreement accepted in writing by Lender, Lender shall release Borrower fiom all obligations under this Mortgage and the 3 If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not lees than 30 days 5rom the date the notice is sailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of each period, Lender may, without farther notice or demand on Borrower, ?nvoke any remedies permitted by paragraph 18 hereof. s 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when due any saws secured by this Mortgage, Lender G prior to eoceleration shall mail notice to Borrower es provided is paragraph 14 hereof specifying: (1) the breach; (2) the action t required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by wh~h such breach mast be cured; and (4) that failure to care such breads oa or before the date specified in the notice may result in ~ acceleration of the wme_eecured by this Mortgage, foreclosure by judicial 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-ezisteace of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or f before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this Mortgage to be ~ immediately sae and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all ezpenaes 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. NotwithstandiagL~nder's 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 an try of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing mature Advances. if any, had no acceleration oocarred; (b) Borrower cures ell breaches of any other covenants or agreements of Borrower contained in F this Mortgage; (c) Borrower pays all reasonable e:penaes incurred by Lender in enforcing the covenants and agreements of Borrower r contained in this Mortgage sad in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, personable ; attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assnn that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall eontinne unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aeoeleration had occnrr+ed. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain arch rents as they become due and payable. Upon aeoeleration under paragraph 18 hereof or abandonment of the Property, Leader shall be entitled to have a receiver appointed by a F court to enterapon, take possession of and manage the Property and to polled the rents of the Property, including those past due. All rents eolleded by the receiver shall be applied fast to payment of the costs of management of the Property and collection of rents, including, 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 5 receiver shall be liable to account only for those rents actually received. BooK 306 PEE 2953 _