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HomeMy WebLinkAbout0214 _ _ , . _ . - I - - - - _ _ ma'r' l ~ ` . ~ { t My ~ 1 ~ 3 s. 8. Inapectbn. Lender may make or cams b be made reasonabk entries neon and iaapections of the property, provided thatLsnder shall give Borrower notice prior b nay inch inspection sped~ying reasonabk cwuas therefor related b Leader's interest is the Property. 9. Caideatnatlon. The proceeds of any award os claim for damages, direct a consequential, in connection with nay oondemaation err ' other taking of the property. oe part thereof, or for oonveyaacs in Wn of oondeatraatioa, ors hee+eby assigned and shall bs paid to Leader In the event of a total taking of the Property, the proceeds shall bs applied b the sums secured by thin Mortgage, with the szoess, if aeq?, paid b Borrower. In the avert at a partial taking of the Property. Daises Borrower and Larder oWerwise agree in welting, there shall bs applied to the soma assured by this Mortgage arch proportion of the proceeds as is egos! b that pro~portioa which the amount a[ the soma seceradhv this>rlarttageimmediately prior tithe date attaking bears b thefairmarketvalnsofthePropertyimmediateljrpriorbthsdateof tskting, with the balance at the proceeds paid bBorrower. - If the Propsrgr is abandonedby Harrower, orb afternoticeby Lenderb Borcowerthat the oondemnoroife»bmakean awardoraettlea claim for damages, Borrower talk b respond b I.endes within 30 days after the date such notice is mailed, Lender is anthodaed b oolkct and apply the proceeds, at Lender's option, either to eeeatoration or repair of the property or b the sumo sscnrad by this Mortgage. Unlace Leader and Hoaower otherwise ogres in writing, any such application of proceeds b principal shall not eztead or postpone the dae date of ~heinonthly~nstailmeab referred b in paragraphs 1 and 2 hereof or change the amount of sock installments. 10. Ba~rrower Not Released. Is~teasion of the time for paymaat or modification of amortisation of the satma eecur~ed by thin Mortgage granted by Leader b any suooeasor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's saooessora in interest: Lender shall not be required b commence prooeedinga against each successor or refuse b retard time for pe~yment or otherwise modiijr amortization of the sums aecnred by this Mortgage by reason of any demand made by the original Borrower aced Borrower's suocessora in interest. 1 i. Forbearance by Lender Not a Waiver. Any forbearance by Lender is exerciairag any right or remedy hereande:, oar otherwise afforded by applicabk law, shall not be a waiver of or predade the ezercise of any such right or reanedy. The procurement of insurance oar the Payment of tares or other liens or charges by Lender shall not be a waiver of Leadezrs right b aeoelerate the maturity of the indebtedness secured by this Mortgage. 12 Reunediea Carmnlative. All remedies provided is thin Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, sad may be eaercise~l om?currer?tly, iadepeadendy or suooeeaivels?. - 13 $nooessors sad Assigns Board; Joint and Several Liability; Captions. The ceveaants and agreaaeats herein contained shall bind, and the rights hereunder shall luaus to. the respective saeoasors sad eaaigna of La?der and Borrow, subject b the provisionu of paragraph 17 hereof All coveuanta and agreements of Borrower shall bs joint and several. The captions and headings of the paragraphs of thin Mortgage are for cevenience ody and are not b be need b interpret or define the provisions hereoL 14. Notice. lssoept for any notice required under applicable law b be given in another manner, (a) any notice b Borroww provided for in this Mortgage shall be given by mailing arch notl~e by certified mail addressed to Borrower at t)ie Property Address or at such other address as Borrower may daignste by notice b Leader as provided herein, and (b) any notice b Leader shall be given by certified mail, return receipt requested, b Lender's address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been gives b Borrower or Lender whoa given is We manner designated herein. 15. Uniform,[ortgage; GovernIngLaw; Severability.This form of mortgage cembiaa uniform covenants for national use and non- uniform coveaanta with limited variations by jnriadidion b oonatitnte a aaiform security inatraanent covering real property.Thies Mortgage shall be governed by the law of the jariedidion in which the Property is located. In the event that any provision or dauae of this Mortgage or the Note conflicts with applicable Iaw, arch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the ooaflicting provision, sad to this sad the provisions of the Mortgage and the Note are declared b be severable. 1G. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of thin Mortgage at the time of ezecntion or efts: rewrdation hereoi: 17. Transfer of the Property; Assumption. If all or any part of the Property or ea iatereat !herein is sold or transferred by Borrower without Lender's prior written consent, ezdnding (a) the axeation of a lien or encumbrance anbordinate b thin Mortgage. (b) the creation of a purchase money security interest for howeehold appliances, (c) a transfer by devise, descent or by operation of law argon the death of a joint tenant or (d) the grant of any leasehold interest of three yearn or less not containing an option b purchase, Lender may, at Leader's option, declare all the name secured by this Mortgage b be immediately door and payable. Leader shall have waived such option b aeoelerate ifprior to the sek or transfer, Lender sad the person b whom the Property is b be sold or transferred reach agreement in writing thatthe credit of arch person is satisfactory b Leader and that the interest payable on the auma secured by this Mortgage shall be at such rate as Leader shall request. If Lender hen waived the option b aonelerate provided in this Paragraph 17, and if Borrower's suocesaor in interest has ezecnted a written assumption agreement accepted is writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to aeoelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hhreoL Such notice shall provide a period of not less than 30 days 5rom the date the notice is mailed within which Borrower may pay theauma dedared due. If Borrower fails b pay each sums prior to the ezpiratioa of ouch period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof _ _ _ . - . i8. Aaoeleration; Remedies. Irszoept as provided is paragraph. l7 hereof, neon Borrower's breach of any oarireeraat or agreement of Borrower in this Mortgage, including the covenants to pay when due any arms scarred 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 care such breach; (3) a date, not less than 30 days from the date We notice is mailed to Borrower, by which each breach mast be drred; and (4) that failar~e to care such breach on or before the date spedlied in the notice may result in acceleration of the awns secured by this Mortgage, foredosure by judicial proceeding and sale of the Property. The notice shall farther inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-e~dstence of a default or any other defense of Borrower to acceleration sad toredoserr~ It the breach Ls not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the auma warred by this Mortgage to be immediately doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in each proceeding ail ezpeasea of foreclosure, including, but not limited to, reasonable attorney's tees, and mats of documentary evidence, abatrscts and title reports. 19. Borrower's Right to Reinstate. Notwithatsading Lender'aacceleration ofthesums eecaa+ed bythis Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage diecontirtned at any time prior b entry of a judgment enforcing this Mortgage iL (a) Borrower pays Lender all cams which world be then due under this Mortgage, the Note aced notes securing Phtaue Advances, if any, had no acceleration oecnrred; (b) Borrower cures all breaches of any othereoveaaata or agreements of Borrower contained in this Mortgage, (c) Borrower pays all reasonabk e:paaaasa incurred by Lender in enfonzng the ooveaaats and agreements of Borrower contained in this Mortgage and in enforcing bender's remedies sa provided in paragraph 18 hereof, indnding, but not limited b, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require b assure that the lies of this Mortga8e Lender's interest in the Property sad Borrower's obligation b pay the some secured by this Mortgage shall coatinne unimpaired. Upon each paympst and cane by Borrower, this Mortgage and the obligations eearred hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Awignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby aasigoa b Leader the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the to Dolled and retain such rents ea they become due and payabk. Ptopaty,havetheright Upon aooderation under paragraph 18 hereof err abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b eater.npon, take possession of and manage the Property and b rolled the rents of the Property, inducting those past due. All rents collected by the receiver shall be applied first b payment of the costs of managementof the Property and ooliection of rests, indading, but not limited b, reodver's tea. premiums on receiver's bonds and r~essonabk attorney's fees, and then b the soma secured by this Mortgage. The receive shall be liabk b aeoonnt ody far those recta actually received. B~K~~V P1GE _