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HomeMy WebLinkAbout2341 _ _ ~ ie. ~ ( ~ ~ ~1 ~ ~ y . i ; . > ' 8. Iaspeotioa. Leader may make or cause to be made:wsonabM entries upon and inspeictions drill ~evty, provided that Lender shall give Borrower notice prior to aglr sorb irupectioa spedi~ring eeasonabls caws tlucefee rslatd to Iwader's interest in tb! Property. 9. Coudessaatbs?. Ths peooeals d any award or calm for damages, direct or oonssgneatial, in oonnectiaa with aqy ooademnatioa or oWar felting d the property. or part thereof, err for oonwyana iA lies d condemnation, are hereby assigned and shall be paid to Leader. - Ia tbs event d a total taking d the Propergr, the peoossds shall bs applied to the sums secured by this Mortgage, with the rs~oess. if aglr. = paid to Harrower. In the event d a p~rtid taking of the Propeegr, unless Borrower and Lendec otherrwise agree in writing, there shall be applied b the same secured by thin Mortgage each propordoa d the prooeds a,• is equal b that peopoetio~a which the amount d the same secar+ed by this Mortgage immediately prior to the dace dtaking bears to the fair market valor tithe Property immediately priourto the dace d _ taking. with the beano d tbs proceeds paid to Borrower. Uthe Propeetsr is abandoned by 8cerowar, er ii: after notice by leader to Boaopee that tbs condemaorofliers to malts an award o:aettlea claim for damages, Borrows fails to respond to leader within 30 days attar the dace such aotios is mailed, lender is aathorissd to collect and apply the proceeds, at Lender's option, tither to restoration oe repair d the propeet3? oe to the same ssenred by this Mortgage. - Unless bender and Borrower otherwise ogres is writing, any each application dpr+ooesds to prindpal shall noteztend oe postpone the due dace d the monthl3r inawlmna referred to in paragraphs 1 and 2 hereof or ~ the amooat d such installmena. 10. Borrower Na Released. Llxteaaion d the time for pelymant or modification d amortization of the same secured by this Mortgage granted by Lender to aqy snooeesor in interest of Borrower shall not operas to release. in any manner, the liability of the original Borrower and Borrower's sncoeswrs in interest. lender shall not be required to commence prooeodings against such suoceescr or refuse to reread time - for payment orotherwisemodify amortisation of the sums see~red by this Mortgage by reason deny damandmade by theoriginal Borrower - and Borrower's successors in interest. 11. Forbearance 67 Leader Not a Waiver. Any forbearance by Leader in exercising any right or. remedy her+eonde:, or otherwise afforded by applicable law. shall not bs a waiver of or predude the exercise d any each right or remedjr. The procurement of insurance orthe - payment of taxes or other liens or chsrgea by Lender shall not be a waiver of Leadar'a tight to aooelerr?a the maturity d the indebadness secured by this Mortgage. 18 Remedies Camnlative. All remedies provided in this Mortgage ors distinct and taimnlative to any other right err r+emecly Hader this Mort~ags or afforded by aw or equiq?, and may be exarciee~l eoncurreat~, independently or snooessively. 13 Suooeswrs and Assigns Bound: Jadat and Several LLabilit~; Captions. 7be oovenaua and agreernroa herein contained shall bind, aced the righa hereunder shall inure tq the sespedivs snooeswrs and assigns d Lander and Borrower, subject to the provisions of paragraph 17 hsreoL All ooveaana and agra of Borrower shall bs joint and asveral.'lbe captions and headings of the paragraphs d this Mortgage are for coveaieace only and are not to be need to interpret err define the provisions hereof 14. Notice. Except for any notice required Hader applicable law to be given in arwWe: manner. (a) any notice to Borrower provided for in this Mortgage ihall begiven by mailing each notice by certified mail addreaeed to Borrower atthe Property Address or at such other addrea as Borrower may designee by notice to Lender as provided herein, and (b) any note to Lender shall bs given by certified mail, return receipt - requested, to Lendds address stated herein or to each other address as Lender may designate by notice to Borrower as provided herein. An,y notice provided for is this Mortgage shall be deemed to have been given to Borro~var or I.ender when gives in the manner designaad herein. 15~ Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanafor national use and nosh uniform covenants with limited variations by jariadiction to oonstitnte a uniform security ins4rnmeat Dousing real property. This Mortgage shall be governed by the law of We jmisdidion is which the Property is Located. Ice the event that any provision or clause of this Mastgage or the Note aonflicte with applicable law. such conflict shall not affect other provisions of this Mortgage m the Note wl?ich can be gives effect witlwut the conflicting provision, and to this sad the provisions of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrows shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecation or after recordation hereof: - 17.11raaater of the Property; Assumption. If all ce say part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written ooaseat, excluding (a) the creation of a lien or eacnminance sabordinaa to this Mortgage, (b) the creation d a purchase money security interest for hoasehoW appliances, (c) a transfer by devise. descent or by operation of taw neon the death der joint tenant or (d) the grant of any leasehold interest d three years or leas not containing an option to purrhase~, Lender may. at Leader's option, declare all the auma secured by this Mortgage to be immediately tine and payable. I.~der shall have waived such option to accelerate if,prior - tothe axle or transfer, lender and the person to whom the Properly is to be sold or transferred reach agreementia writing thatthe creditof sack person is satisfactory to Leader and that the interest payable on the auma sewred by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to aooeterate provided in true paragraph 17, aced if l3orrowda snocessor in interest has executed a _ written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations Hader this Mortgage aced the Note. If Lender ezerciaea such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof Such notice shall provide a period of not tees than 30 days from thedate 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, I.eride: may. without farther notice or demand oa Borrower, invoke any remedies permitted by paragaaoh 18 hereof 18. Acceleratbn; Remedies. l3zcept as provided in paragraph 17 hereof, aeon Borrower's breach of are ooveneat or agreement of Borrower in the Mortgage, including the covenants to pay when tine any sums secured try this Mortgage, Fender prior to acceleration shall mail notice to Borrower aeti provided in paragra~r 14 hereof spedfyiag: (1) the breacb; (2) the artion rego3red to acre each breach; (3) a date, not lean thaa,30 days from the date the notice a mailed to Borrower, by which each breach mast be aired; and (4) that failure to Dare snc6 breach on or before the date spedfted in the notice may result in acceleration of the sums secured bl? this Mortgage, foreclosure by judicial proceeding and sale ofthe Property. T'he notice shall further info.m_Borrower ofthe right to reinstate alter acceleration and the right to assert in the foreclosure proceeding the non-ezistenoe of a default or any other defense of Borrower to sooelerration and f~eclosnre. If the breach is not erred on or before the date sped8ed in the notice, Lender at Lender's option may declare all of the soma secured by this Mortgage to be immediately tine and payable without farther demand and may foreclose this Mortgage by jndiciai proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lendds acceleration of the sums secured by thin Mortgage, Borrower shall have the right to have any prooeedinge began by Lender to enforce this Mortgage discontinued at any time prior to entry of a jndgmeat retorting this Mortgage ii: (a) Borrower Pays bender all sums which world be then tine Hader this Mortgage, the Noa and notes securing L?bture Advances. ff any. had no sooeleration occurred; (b) Borrower cares all breaches of nay other eovenana or agreemena of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in edorrang the oovenana and agreemena of Borrower contained in this Mortgage and in wforcing Iendds remedies as provided in paragraph IS hereof; including, bat not Limited to, reasonable attorney's fees; and (d) Borrower takes each action as l~der may reasonably require to assure that the lien dthisMortgage, I.er?dda interest- - intheProperty and Borrower's obligation to pay the arms secured by this Mortgage shall oontinne unimpaired. Upon such payment and care by Borrower. this Mortgage and the obligations aecared hereby shall remain in full force and effect as if no aooeleration had oaurred. 20. Assignment of Rents; Appointment of Receiver. As additional security her+aander, Boreewer hereby assigns b bender the rents of the Property, provided that Borrower shall, prior to acoelerstion under paragraph 18 hereof or abandonment of the Property, have the right to tolled and retain ancb rend w tbey become tine and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Leader shall be entitled to have a receiver appointed by a Doerr to enterapon, take possession d and manage the Property and to collect the rend d the Property, indading those pearl tine. All rents collected by the r+eodver shall be applied fast t4 Payment of the sore of maaegeraentdthe Property and oolkdion of rents„ indnding, but not limited to, reoaver'e fees. premiums on reoeivds bonds and nasonabk attorney's fees, and tL,en to the some.ecured by this Mortgage. The receiver shall be liable to account only for those rena actually received. s~a~3~6 PA~E2~4i .