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HomeMy WebLinkAbout2346 tJ _ V i'~ ~ • , ~ 8. Inspeotioa. Lender may male or canoe b be made rwsonabls entries upon sad inspections of tM property, provided that Condos shall giw Borrower rwtios prior b nay such inspection eped~yini reasor~abie canes therefae related b I.endar's interws in the Propeety. 9. Condeenoatba. TM peaeds of any award or C1~m for damages, direct a oonsegneatial, in oonnectioa with aWr oondemnatioa a other taking of the property, oe Part thee+eof, or far oonwyaaa is ilea of ooademaation. are hereby assigned and shall bs paid tD Lender. In the event of a total taking of the Pe~opsrty. the proceeds shall b applied b the come secured by this Msstgage, with tbs ea~oess, if aRY~ paid b Borrower.•Ia the event of a partial taking of the Propatty. union Borrower and Condos otherwise agree is writing, there shall be appllad b the sums secured by this Mortgage such peopoetion of the peooeecb a, is equal do that propoctioa which tbs amount o[ the same secured by Ibis Mortgage immediately Prue' b the date d taking bears b the fair market value of the Property immediately prim b tM date at taking, with the baLnoe of the prooesds paid b Borrower. Ttths ProP9rty is abandoned by Borrower, oe ~ alter aotioe by Lender b Baerower that the oondemnar offers b make as award or settle a claim for damages, Borrower fail b respond b Lender within 80 days attar the date each notice is mailed, Leader i. authorised b ooUeee4 sad apply the peooseds, at Lender's option, either b redodatian err repair of the property oe b the rams secured by this Mortgage. Unlea Lender and Borrower otherwise agree is writing. any such application of proceeds b prindpal shall not a:tend o: postponethedne date of the anonthbr inde~llaat?ts referred b in paragraphs 1 sad Z hereof or charWe the amount of such installments. 10. Borrower Not Released. )s~ctwdon of the time for paymaat or modification of aaartisation of the sums secured by this Mortgage granted by Leader b any snocessor in interest of Borrower shall not operate b release, in any manner evooenor refnn bb deztea time and Borrower's snooessors in interest. Landes shall not be required b commence parooeedinge against for payment os otherwise modify amortisation of the soma secured by this Mortgage by reason of any demand made by the original Bo:rower _ and Borrowers enooeesors in interest 11. Forbearance by Leader Not a Waiver. Any forbearance by Leader in e:ertiieing any right or remedy hseoader, or otherwise affaedad by applicable law, shall red be a waiver of or peednde the eza+cise of any ouch right or remedy. The procnnment of insnraaos a the pnymeat of lases or other liens or charges by Leader shall not be a waiver of header's right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies (~mnlative. AU remedies provided in this Mortgage ors d~etind t>nd cumulative b any other right err remedy Wade: this MorlEage or affoeded by law or equity, and may be a:acise~l concareently, tndepe6dently cr socoesaively. 13 &rooessors and Assigns Bound: Joint and Several Liability; Captious. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective snccenors and assigns of I.eadear and Borrows. subject b the providons of paragraph 17 hereof: All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far ooveniaace only and are not b be used b interpret or define the provisions hereof. 14. Notice. Esoept for any notice required rends applicable law b be given in another manner. (a) any notice b Borrower provided for in this Mortgageahall begiven by mailing such noticeby De~rtified mailaddrasedtoBorrowerat WeProperty Addreesoratsuch othsaddras as Borrower may designate by notice b Fender as provided herein, and (b) any notice b Louder shall be given by certified mail, return receipt requested. to Candor's adchese stated heron or b each other address as Lender may designate by notice b Borrows: as provided basin. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lander what given is the manner designated herein. 15. Uniform Mortgage; Governing Law; SeverabUity. This form of mortgage combines. uniform Dovenanta for national use and non- uniform ooveaants with limited variations by jurisdiction b oonditote a uniform security indrument Dousing 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 clause of this Mortgage or the Note conflicts with applicable law. such Donflid shall real affect other provisions of this Mortgage or the Note which can be gives effect without the conflicting provision, and b this sad the provisions of the Mortgage and the Note are declared b be severable. 1& Borrower's Copy. Borrows shall be furnished a conformed Dopy of the Note and of this Mortgage at the bane of eucation or efts recordation hereof: 17. Transfer of the Property+ Assumption. ff all or any part of the Property or an interest thsein is sold or transferred by Banowsr without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance anbordinate b Ibis Mortgage, (b) the creation of a purchase money security intsest for household appliances, (c) a transfer by devise. descent or by operation of law neon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option b purchase, Leads may, at Lroder'a option. declare all We sums secured by this Mortgage b be immediately due and payable. Lender shall havo waived such option b acoelsate if; Prior to the ealeor transfer. Lends and thepereon b whom the Property is b besold or transferred roach agreementin writingthatthecreditofsnch person is satisfactory b Lends and that the interest payable on the sums secured by this Mortgage shall be at arch rate sus Leads shall request. If Lends has waived the option to accelerate provided in this Paragraph 17, and if Borrows's snocesaor in interest has e:earted a ~ writtce aasnmption agreement accepted in writing by Leads. Lends shall release Borrows from all obligations nods this Mortgage and the Note. If Leader ezercisea such option to accelerate, Lends shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof: Such notice shall provide a period of notlees than 30 days fioan the date the notice is mailed within which Borrows may pay the sums dedarcd due. If Borrows fails b pay ouch sums prior b We expiration of ouch period, Lender may, without Earths notice or demand on Sorrows. invoke any remedies permitted by paragraph 18 hereof: 18. Aooeleration; Remedies. Szcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenaat or agreement of Borrower is this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to aooeleration shall mail notice to Borrower as provided in paragraph 14 heeeof spedlying: (1) the breach; (2) the action required to care such breach; (S) a date, not leas than 30 days !from the date the notice is mulled to Borrower, by which sash breach must be cured: and (4) that faUnre to Dare sash breach oa or before the date speciRed is the notice may result in aooeleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. The notice shall further inform Borrower of the right to reinstate after aoceleratioa and the right to assert in the foreclosure proceedmg the non-ezisteace of a default or say other defense of Borrower to sooeleratioa and foreclosure. If the breach is not cured on or before the date specified in the notice. Leader 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 is each proceeding all expenses of foreclosure, including, but not Umited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the soma secured by this Mortgage, Borrows shall have the right to have any Proceedings began by Leads b enforce thin Mortgage discontinued at any time prior b entry of a jndgmeat enforcing thin Mortgage ii: (a) Borrows pays Leads all sums which world be then due ender this Mortgage, the Note and notes securing 1?btnn Advances, if any, had no aDceleration occurred; (b)Borrowrs cau+ea all breaches of any oths covmanb or agreemwts of Borrows contained in this Mortgage; (c) Borrows pays all reasonable expenses incurred by Leads in enforcing the covenants and agreements of Borrows contained in this Mortgage and in enforcing Leader's remedies as provided in paragraph 18 hereof; including. but not limited b, reasonable attorney's fees: and (d) Borrows takes each action as Lends may reasonably regair+e to aasarethat thelies of this Mortgage, Lenddeintered in the Property and Borrower's obligation b pay the sums eecar+ed by this Mortgage shall Doatinne unimpaired. Upon ouch payment and care bq Borrows, this Mortgage and the obligations secured hereby shall rennain is full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional searrity hereunder, Borrows hereby assigns b Lards the rents of the Property. provided that Borrows shall, prior b scoeleration ender paragraph 18 hereof or abandonment of the Property, have the right to rolled and retain such trots as they become due and payable. Upon aooekration ands paragraph 18 hereof or abandonment of the Property, Lends shall be entitled b have a receiver appointed bq a Domt b eats;npon, take poneesion of and manage the Property and to collect the rents of the Property. including those pad due. All teats collected by the receive shall be applie d facet to payment of the costs of managemcet of tbe Property and ooUection of rests, including. but not limited b. reoeivds fees, premiums on reoeive:'s bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be liable b account only far those recta actually received. . . - ao~3~.6 P~E23~6 i