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HomeMy WebLinkAbout0538 - 8. Isspedion. Lsade: may make or canes to bs roads aasonable eaMes upon and inspeetion~ of the propergr, provided twat Lsadee shall 8ivs Borrower notice prior to aqy such in.Pectiion apecilSrlnt rsaaonabls cause tharstoe related to Leader's inter+ed in the Propsefy. 9. Coademaatloa. The proosada of any award or Maim for damages, direct err oonssquential. in connection with any ooadeomoation a othee taking d the popsy, or part thereof, or fa: conveyance is lira of condemnation, are hereby assigr?ed and shall be paid to Lsadac In the event of a total taking of the Property. the prooeads shall bs applied to the soma secured by this Mortgage, with the ezoess, if any, paid to Borrower. In the evaat of a partial takint of the Propeeq?, nden Borrower and Candor othenviss agree in writing. then shall bs applid M the sums secured by thin Montage such popeetioa d the proceeds as is equal to that poportiaa which tbs amount o[ the soma se~vred by this Montage immediately prior to the data of taking bean to the fair market vahte oithe Property immediaeeb? prioeto the date o[ taking, with the balance of the proceeds Paid to Borrowee. Uthe Property b abandoned bar Borrower. or if; attar aotlee by Lender to Borrower that the ooademnor ofiin to make an award or setW a claim for damates. Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lander is anihorised to Dolled and apply the peooesds. at Lender's option, ither b adoration or repair of the peoperfy as to the sums scared by fhb Marttate. Unless Lender end Borrower otherwise acres in writint, any such application of proceeds to prindpal shall not eztend ere postpone the dne date of the moathljr installmrob referred to in paragraphs 1 and Z hereof or d~ange the amount of such instaUmeats. .10. Borrower Not Released. Sztension ~ the time for payment or modification of amortisation of the same secured by this Morttege granted by Leader to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower d Borrower's successors is interest Larder shall not be required to commence pooeedtngs agannat such saooessar or refuse to eztend time ~r payment or otberwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successor is interest. 11. Forbearance by Lender Not s Waiver. Any forbearance by Lender in ezerdsing any right or remedy hereunder, or otherwise orded by applicable law, ahaU not bs a weivh of or preclude the ezercise ad any such right or remedy. The procareonent of insnsance or the payment of fazes err other liens or charges by Lender shall not bs a waiver of Larder's right to accelerate the maturity of the indebtedness secured by this Mortgage. 18 Remedies Gbmnlative. All remedies provided in this Montage are distinct and cnmalative to any other right ~ remedy Hader this Mortfags ce afforded by law or equity. and may be esercisal ouacurrently, independently or saooesdvcly. 13 Suooessors and Assigns Bound: Joint and Several Liability; Captions. The cevauints and agreements herein contained shell bind. and the rights hennndar shall inure to. the respective saocesson and assigns of Lender and Borrower. subject to the providons of paragraph 17 henoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paregraplu of f this Mortgage as for covenia?ce ody and are not to be Hoed to intespret or define the provisions heaoL 14. Notice. Iszoept for any notice required Hader applicable law to be given is another manner. (e) any notice to Borrower provided for in this Mortgage shall be giva~ by mailing such notice by oatified mail addressed to Borrower at the Property Addasa or at sack othh addrea as Borrower may designate by notice to Lendh as provided herein. and (b) any notice to Leader shall be given by oertiSed mail. return receipt requested, to Lender's address stated herein or to such other address as Le~adh may designate by notice to Borrower as provided herein. Any notice provided foe in this Montage shall be deemed to have been truce to Borrower or Larder when given in the manner designated herein. 15. Uniform Mortgage; fioverning Law; Severability. This form of mortgage combines uniform cevenants for national use and n% uniform covenants with limited variations by jurisdiction to oonatitnte a cmiform security instrument covering real property. This Mortgage shall be governed by the law of We jurisdiction in which the Property is located. In the event that any provision oz clause of thin Mortgage a the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note whid? can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and We Note an declared to be.severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of thin Mortgage at the time of ezecntion or after reoordatioa hereof. 17. 'llraasfer of the Property; Assumption. Tf all or any part of the Property or an intend therein b sold or trsasferred by Borrower without Lender's prior written consent. ezclnding (a) the creation of a lien or enenmbraace subordinate to this Mortgage, (b) We creation of a purchase money security interest for household appliances. (c) a trander by devise, desoeat or by operation of law upon the death of a joint tenant or (d) the grant of aqy leasehold interest of three years or leas not oaataining an option to purchase, Lender may, at Lender's option. declare all the sums secured by this Mortgage to be immediately dne and payable. Calder shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the penon to whom the Property is to be sold or traasfernd reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lander shall request. If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrowers saeoesaor is intered has ezewted a written assumption agreement accepted is writing by Lender, bender shall release Borrower from all obligations ender this Mortgage and the Note. If Lender eza~cisea such option to accelerate, Lender shall mail Borrower notice of aoneleration in accordance with paragraph 14 hereof Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared dne. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrowh, invoke any remedies permitted by paragraah 18 hereof. E 18. Acceleration; Remedies. Facept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant oe• 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 ce provided in Paragraph 14 hereof spedf'ying: (1) the breach; (2) the action required to cure snc6 breach; (3) a date, not leas than 30 days A om the date the notice is mailed to Borrower, by which arch breach must be cured; and (4) that failure to-cure such breach on or before the date specified fn the Mice may result in acceleration otthe sums secured by fhb Mortgage, foredosnre by judicial proceeding and sale of the Property.The notice ahaU further inform Borrower of the right to reinstate after acceleration and the right to assert In the foreclosure proceeding the noo-ezistence of a detaalt or any other defense of Borrower to aa:eleration and toreclosnre. It the- breach b not tared on or before the date speclRed in the notice, Lender at Lender's option may declare all otthe same secured by fhb Mortgage to be immediately dne and payable without further demand and may foreclose fhb Mortgage by judicial proceeding.Lender shall be entitled to collect in such proceeding all ezpenses of toreclosnre, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 111. Borrower's Right to Reinstate. NotwithstandingLenders acceleration ofthe snmssecured bythisMortgage. Borrower shall have the right to have any prooeediings begun by Leads to enforce this Mortgage discontinued at any time prior to entry of a jadgmeat enforcing this Mortgage ii: (a) Borrower pays Leadh all sums which world be then dne ender this Mortgage, the Note and notes securing Futon Advances, if any, had no aooeleration occurred; (b) Borrower cares all beaches of any other eoveaanb or agreements of Borrower contained in this Mortgage; (c) Borrower pays all nasonabk ezpenses incurred by Lender in enforcing the ooveaants and agreements of Borrower oontaiaed in this Mortgage and in enforcing Lendh's nanedies as provided in paragraph 18 ha+eofy incladiag, bat 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, Leach's interest in the Property and Borrowers obligation to pay the arms secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrowh, this Mortgage and the obligations secured hheby shall remain in fall force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns to Larch the rents ~ , . of We Property, provided that Borrowh shall, prior to socelhation Hader paragraph 18 hereof or abandonment of the Prophty, have the right to Dolled and retain such recta as they become due and payable. Upon eooderation nndh paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reodvh appointed by a oomt to anth~apon, take possession of and manage the Prophty and to Dolled the rents of the Property, indading those pad dne. All rents ooDected by the receiver shall be applied first to payment of the costs of management of the Property and oolledion of rents, includint. bat not limited to. noeiva's fees, premiums on noaivers bonds and reasonable attorney's fees, and then to the sums secured by this Montage. The reoeivh shall be liable to aoooant only for those rents actually received. ao~K3~5 PacE 53?