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HomeMy WebLinkAbout0284 _r - - - - f). Inspection. Lender may make or cause to be made reasonable entries upon sad inspections of the property. provided that Lender shall give Borrower notice prior to any such irupeetion speeifrying reasonabb causs therefor related to Leaders interest is the Properyr. 9. Condemnation. The proceeds of say award or claim for damages. dived or oonsegnastial, in Porrnection wild orgy oondamaation a older talring of the property. or pad thereof. os for ooaveyaacs in lieu of oondernrration. are hereby assigned sad shall be paid to Lends. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Marfgage. wild the excess, if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Iaader otherwise agree in writing, there shall bs applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amonat d the cams secured by this Mortgage immediately prior to the dots of fairing bears to the fair market value of the Property immediately priorto the date of taking. wild the balanw? of the proceeds paid to Borrower. If the Properly is abandoned by Borrower, ce if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower tails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, eiWer to redoratioa or repair of the property or to the sums secured by this Mortgage. Unless Leader and Borrower otherwise agree in writing. any sndr application of proceeds to principal shall not eztead or postpone the sore date of the monthly installments refe:<ed to in paragraphs 1 and 2 hereof or change the amount of such instsilmeats. 10. Borrower Not Released. F~tenaioa of the time for payment or modi5catioa of amortization of the sums eecnred by this Mortgage granted by Lender to any successor in interest of Borrower ahaU not operate to please. in any manner. the liability of the original Borrower and Borrower's sucv'eesora in interest. Tinder shall not be required to commence proceedings against such successor or refuse to ez<end time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Leader Not a N/aiver. Any forbearance by Lards in ezerosing any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude Wee:excise of any arch right or remedy. The procwrement of insurar?ce a the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender s right to aeoderate the maturity of the indebtedness secured by this Mortgage. . 12 Remedies Cumulative. All remedies provided in Win Mortgage are diatind and cumulative to any older right ox remedy render this Mortgage or afforded by law or equity. and may be ezerciserl eoncnrrently, independently or anooeeaively. 13. Suceeesors and Assigns Boned: Joint and Several Liability; Captions. The covenants and agreements herein ooatained shall bind, and We rights hereunder shall inure t0. We reapec6ve anoceeeora a~ assigns of Calder and Borrows. anbjed 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 an for oovenience only and are not to be used to interpret or define the provisions hereoL 14. Notice. Ezcept for any notice required under applicable law to be given in anoWer manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by eerti6ed mail addressed to Borrower at We Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested, to Lender's address stated herein or to such older address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in thin Mortgage shall be deemed to have been given to Borrower or Lender when gives in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national ~e and non- uniform covenants wild Umited variations by jurisdiction to constitute a uniform security instnrment covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Properly is located_ In the event that any provision or clsase of this Mortgage or _ the Note conflicts wild applicable law, such conflict shall not affect older provisions of this Mortgage or the Note which can be given effect without We conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable_ 1& Borrower's Copy, Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof. 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest Werein is acid or transferred by Borrower without Lender's prior written eonaent, e:clnding (a) the creation of a lien or encumbrance anbordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise. dsoent or by operation of law apoa the deaW of a joint tenant or (d) We grant of any leasehold interest of W pre years or less not containing an option to purchases Lender may. at Leaders option, _ _ declare all the sums secured by Win Mortgage to be immediately due and payable. Lender shall have waived such a~ption to aooderate if. prior to the sale or transfer. Lender and the person to whom We Property is to be sold or transferred reach agreement in writing that the creditof such person is satisfactory to Lender 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 We option to accelerate provided in this paragraph 17, and if Borrower's snooessor in interest has ezecated a it written assumption agreement accepted in writing by Calder, Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ I f Lender ezercises such option to accelerate, Lender shall mail Borrower notice of aeoeleration in aooordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is sailed within which Borrower may pay the sums dedared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept ore provided in paragraph 1? hereof, ~n Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach meet be cured; and (4) that failure to cure arch breach on or before the date specified in the notice may result in acceleration of the soma secured 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 foreclowre proceeding the non-euatence of a default or any other defense of Borrower to acceleration sad foreclosure. If the breach is not cured 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 11lortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports 19. Borrower's Right to Reinstate. Notwithstanding Lenders aoeeleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to aiforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if; (a) Borrower pays Lender all soma which would be then due under this Mortgage; the Note and notes securing 1?hture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older ooveaanta or agreements of Borrowereontained in this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreemarts of Borrows wntained in this Mortgage and in enforcing Lender's remedies as provided in paragrap618 hereof; indnding, b~ red limited to, reasonabk? attorney's fees; and (d) Borrower takes such action as Calder may reasonably require to assure that the lien of this Mortgages Lenders interest in W e Property and Borrowers obligation to pay the anms secured by this Mortgage shall oontinne unimpaired. Upon such payment and cane by Borrower, this Mortgage and We obligations secured hereby shall r+anain in fall Faroe and effect as if no aeoeleration had oocnrred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rmta of the Property, provided that Borrower shall, prior to aocekration under paragraph 18hereof or abandonment of We Property, have the right to collect and retain such rents as Wey become due and payable. Upon acceleration ender paragraph IS hereof or abandonment of the Property, Leader shall be entitled to have a receiver appointed by a court to enternpon, take poeeession of and manage the Property and to collect the rents of the Property, indorsing those past 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, indnding, bat not limited to, receivers fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen to the sums secured by this Mortgage. The receiver shall be liable to aooonnt only for those rents adnally received. ao~x 315 P~~E 283