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HomeMy WebLinkAbout2307 r _ 1. 8. Inepeetton. Lender may make or cause to bs made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such iaapedion specifying reasonable cause therefor related to Lender's interest in the Properb?. 9. Coademnatioa. Ths prooeeda of any award os claim for damages, director oansegnmrtisl. in connection wiW arry oondeanaation or other taking of the propeKji, oe part thereof, or for oonveyaaioe in lien of condemnation, are hereby assigned sad shall be paid to Lender. Ia the event of a total tekiag of the Property, the proceeds shall be applied to the Bums secured by this Mortgage, with the eacoen, if aqy, paid to Borrower. In the event of a partial taking of the PropsrRy, unless Borrower and Lender otherwise agree in wilting, there shall bs applied to the rums secured by this Mortgage such proportion of the proeseds as i• equal tD that propoation which the amoant of the snaps secured by this Mortgage immediately prior to the date of taking bears to the fair marled valae of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrowers. If the Propsrpr is abandoned by Borrower, or ~ after notice by Lender to Borrower that We condemnor offers to make an award or cattle a daim for damages, Borrower fails to respond to Lender within 30 days aRsr the date such notice is mailed, Lendee is authorised to collect end apply the proceeds, at Lender's option, either to restoration or repair of the prope:4y or to the rums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or diangs the amount of such installments. 10. Borrower Not Released. Eztendoa of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Leader to any anecessor in interest of Borrower shall not operate to release. in nay manner, the liability of the original Borrower and Borrower's anoeeaaors in interest. Lender shall not be required to commence proceedings against such suooessor or refuse to estead time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower sad Borrowers succeesora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereumder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the e:ercire of say such right or remedy. The procunmeat of insurance or the payment of taus or other lices or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy nndwr this Mortgage or afforded by law or equity, and mavy be esercised eoncurrentlj?, independently or sneoesrively. 13 Suooessors and Assigns Bound; Joint and Several Liability; Captions. The ooveaants sad agre~entr herein contained shall bind, and the rights hereunder shall inure t0. the respective snceeesore and assigns of Leader end Borrower, subject to the provisioru of paragraph 17 hereof All wvenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ooveaience only and are ever to be used to interpret or define the provisions hereof. 14. Notice.l'szcept for any notice required under applicable law to be given in another manner, (a) any notice to Bozrower provided foz in this Mortgage shaII be given by mailing each notice by certified mail addressed to Borrower at the PropertyAddress or at such other address as Borrower may designate by notice to Lender ar provided herein, and (b) say notice to Lender shall be given by certified mail, return receipt iegne8ted. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein: Any notice provided for in this Mortgage aha11 be deemed to have been given to Borrower or Lender whey given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombines uniform oovenanta for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument wvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or daure 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 conflicting provision, and to this end the provisions of the Mortgage sad the Note are declared to be severable. I ti. Borrower's Copy. Borrower shall be fnrniahed a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. 'transfer of the Property; Assumption. If all or any part of the Property or ao interest Werein is sold or transferred by Borrower without Lenders prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for honaehold applianoea, (c) s transfer by devise, descent or by operation of law upon the deaW of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lendefr option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and tbe person to whom the Property is to be sold or transferred reach agreement is writing Wat the credit of such person is satisfactory to Lender and Wat the interest payable on the sums secured by this Mortgage shall beat such rate as Leader shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers snooeaeor in interest has ezecuted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. - If Lender e:erciaea such option to accelerate, Lender shall mail Borrower notice of aoceleratioa 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 soma declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without fnzther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof 18. Acceleration; Remedies Ezcept as provided is paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due nay soma secured by this Mor~tgsge, Lewder prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action [squired to care such breach; (3) a date, not legs than 30 days t5rom the date the notice is mailed to Borrower. by which each breach mart be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the same secured by this Mortgage, foreclosure by judicial proceeding and sale of the Pro perty.Thenoticeshall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloeare proceeding the non-ezisteace of a default or any other defense of Borrower tv a~iaration and foractocurc. If the breach le aoL cnrexl on or before We date specified in the notice, Leader at Lender's option may declare all of the same 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 such proceeding all espensea 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. Notwithstanding Lenders soceleration ofthe rums secured by this Mortgage, Borrower ahaU have the right to have any proceedings begun by Lender to enforce this Mortgage diaoontinued at any time prior to entry of a judgment enforcing this Mortgage ii: (a) Borrower pays Lender all some which would be then dne'nnder this Mortgage, the Note and notes securing 1?tirture Advances, if say, had no aeoeleration oecnrred; (b) Borrower cures all breaches of any other ooveaants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender s remedies as provided in paragraph 18 hereof, inducting, b~ not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to arson that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the arena secured by this Mortgage shall continue unimpaired. Upon each payment and cure by Borrower, this Mortgage sad the obligations severed hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns to Lender the seats of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof oT abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon accelesstioa Hader paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take possession of and manage the Property and to collect the rents of the Property, inducting those peat due. All rents collected by the receiver shall be applied first to payment of the posts of management of the Property and collection ofrenta, inducting, but not limited to, receiver's foes, premiums on receiver's bonds and reasonable attomey'r fees, and then to the sums secured by this Mortgage, The receiver shall be liable to aeoonnt only for those rents actually received. ~fl~K 315 PA~E2~302