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HomeMy WebLinkAbout0915 ~ i ` f 8. Iaspeetioo. Leader uyy make or cause to bs made reasonable entries upon and inspections of the property. Provided tbrtl Condor shall give Borrower notice prior to aqy sock inapedion speci>;j?ing reasonable cause therefor related to Leader's interest in the Peopa;ty. 9. Casderaation. The peooesds of any award or claim foe damages. direct os oonaequential. in ooanectian with any ooatdemnation or other taking a[ the property. or part thereof. or for conveyance in lien of condemnation, ors hereby usigned and shall bs paid to Lender. In the event of a total taking of the Property. the prooeeda shall be applied to We sums secured by this Mortgage. with the e:oess, if any, paid to Borrower. Iit the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing, there shall bs applied do the sums aecored by this Moctgags such proportion of We proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately Prior to the date of taking brors to the fair marled value of the Property immediately prior to the date of taking. with the balanoa o[ the proceeds Paid to Borrower. Uthe Property is abandor?ed by Borrower. or ~ otter notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fait to nspoad to Lender within 30 days after the date such notice is mailed. Lender is authorised to collect and appljr the peooeeds, at Leadee's option. either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise ogres in writing, any such application of proceeds to principal shall not eztend err postpone the due date at the monthly instalhnents referred to in paragraphs 1 and 2 hereof or change We amount of such iaatallments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Leader to any anooessor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's strooessors in interest. Lender shall not be required to oommenee proceedings against such successor or refuse to extend time for payment or otherwise moditjr amortization of the sums 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 Waiver. Any forbceranoe by Lender in ezerciaing any right or remedy her+e,mder, or otherwise atrorded by applicable law, shall not be a waiver of or preclude the exercise of any ouch right or remedy. The procurement of inauranoe or the payment of taxes or other lices or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness eaws+ed by this Mortgage. 12 Reaedies Casulative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this MoKcage a afforded by law or equigr, and may be exercised ooncureently, independently or eneoessively. 13.8uooeasora sad Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure t0. the respective anocessora and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of We paragraphs of this Mortgage an for eoveaience only and are not to be used to interpret or define the provisions hereof. 1 Notice. E:dept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this hteetgage shall begivea by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Leader 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 ouch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have bees given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage;~overning Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform ooveaants with limited variations by jnriadiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any provision or clause of this Mortgage or the Note conflicts wiW applicable law, each 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 are declared to be severable. llx Borrowrer'a Copy. Borrower shall be farniahed a rnnformed copy of the Note and of this Mortgage at the time of execution or after rernrdation hereof 17. Transfer of the Property; Assumption. U all or any Part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written oont)egt;laduding (a). We creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest fos~owe~old 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 iintaeest of three years or leas not gontaituag an option to purchase, Lender may, at Lender's option, declare aII the sums secured by this Mortgage to be immediately due and payable: Lender shall have waived such option toaccelerate if,prior to theaale ortransfer.Lender 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 Lander and that the interest payable on the same 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 I7. and if Borrower's successor in interest has executed a j written asaamptiQn agreement accepted in writing by Lender, bender shall release Borrower from alI obligations under this Mortgage and the Note. - - - If Linder e:ercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance 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 dedared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. I 18. Acceleration; Remedies. Escept 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 sums eewred by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to case such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach mast be cared; and (4) that failure to cure such breach on or before the date epeciRed in the notice may result in acoekration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall farther inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the son-eustmoe of a default or any other defense of Borrower to acceleration and foreclosure. It 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 Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts awd title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have any prooeedinga began by Lender to enforce this Mortgage discontinued at any time prior to entry of a jndgmeat enforcing this Mortgage ifi (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Ifitnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other ooveaanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage end in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorneys fees; and (d) Borrower takes each action as Lender may reasonably require to aaanre that the lien of this Mortgage, Lendar'a interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon arch payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. ZU. Assignamt of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby seaigns to Lender the rents of the Property. provided that Borrower shall. prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to polled and retain arch rents as they become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reoriver appointed by a Quart to enterapon, take possession of and manage the Property and b collect the yenta of the Property, including those past doe. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property sad collection of rents, including, but not limited to, reoeiver'a fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sumo secured by this Mortgage. The receiver shall be liable to aoooant only for those rents actually received. ~~'~K315 PaGE 913