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HomeMy WebLinkAbout2350 8. Inspection. Lender may make os cause to bs made rwsonable settle upon sect inapsctiona of the property, provided that Leader shall giw Borrower notice pdos b any eneh inspection epedlyIns ressonabis canes theerrfae related to Leader's iateeest in tbt Property. - 9. Condemnation. The proceeds of say award or Maim for damages, direct or coasegnsntial, in oonaecNoa with eqy condemnation a other takios d the psopeety, or part thereon, or for oonwyana is lieu o! condemnation, are hereby assigned and shall b paid to I.ender. Ia the event of ~ total talons of the Property. the proosds shall b applied to the soma sscnrd by this Maetgaje,with the eo~oesa, if aglr. paid to Borrower. Ia the event of a partial talons of the Propee~, nalen Barowse and Leader otherwise sates in writias, there shall be applied m the sums secured by this ldoelsase each poportion on the proceeds u is equal tD that propwrt;on which tbs amount d the soma secured 6y this Martsase immediatsljr prior to the date of talons bears to the fair market value oithe Property immediately prior to the date on talons, with the balance of the proceeds paid to Borrower. Uthe Propecgr i. abandoned by Borrower, or it, albs notice by Lender to Borrower that the ooademnor offers to make an award or settle a claim for dameses, Borrower fails to respond to Lender within 80 days after the date such notice is mailed, Lender is authorised to collect and apply the prvoeeds, at I.ceder's option, dther to restoration or repair of the propeeRy a to the sums aerated bs this Mce~gass. Unlae Lender and Borrower otherwise asreein writins, any each apptiee?tioa ofprooeedsto priacYpal shell not estaad a postpone thedae date on the monthly in.tallmanb referred to is paragraphs 1 and 2 her+sof or d~ange the amount of such iastaltssenta. 10. Borrower Not Released.l3~tenaion of the time for payment or modi8catioa of amortisation of the sums secured by this Mortgage granted by Lender to any sncoeswr in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's suooasaors in interest. Treader shall not be required to commence proceedings agairut each aaecessor or refuse to estend time for payment or otherwise modify amortisation of the sums aerated by this Mortgage by reason of any demand made by We original Borrower and Borrower's aucoessors in interest. 11. Forbearance by header Not a Waiver. Aqy forbearance by Lender is a:ercidng any right or remedy hereunder. ar otbarw;ae afforded by applicable law. shall not be a waiver of or paeclnde the exercise of any such right or remedy. The ptowrememt of inenrancs or the payment of tares or other liens or charges by Lender shall not bs a waiver of Lender's sight to eooelerate the maturity of the indebtedness secured by this Mortga~gs. 12 Remedies Camalative. All remedies provided in this Mortsage ors distinct and camnlative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezs~ssfl eoncurr+ently, indepaaas, p ~ auooessively. 13 Snooessors and Assigns Bound; Joint and Several I3ability; Captions:.' eoirenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective auocesson and eesigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof All covenants and agree~naents of Borrower shall be joint and sevwal, The captions and headings of the paragraphs of this Mortgage are for oovenieace only and are not to be axed to interpret or de5ne the provisions heseo£ 14. Notice. Szoept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ehallbegiven by mailing each notiaebyoerti5ed mail addnesedtoBorrower atthe ProperlyAddressoratsuch otheraddress as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Deader shall be given by certified mail, return rreoeipt requested, to Lender's address stated herein or to arch other address as Linde: may designate by notice to Borrower as provided herein. Aqy notice provided for in this Mortgago shall be deemed to have been gives to Borrower ce Lender when given in the manna designated herein. 15. Uniform I[ortgage; Governing Law; Severability.This_formofmortgagecombinee uniformooveaante formational useandnon- uniform oovenanta with limited variations by jnrisdidion to oonatitnte a nnifoim aecarity iastrumeat ooveriag real property. This Mortgage shall be governed by the law of the jnrisdidioa in which the Property is located. Ia the event that any provision os clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which csa be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are dedared to be severable. lti. Borr+ower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of esecatioa or after recordation hereof. 17. Transfer of the Property; Assumption. If all or anq part of the Property or an interest therein is sold or transferred by Borrower without bender's prior written consent, e:clnding (a) the creation of a lice or eacnmbrance anbordiaate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joist troa~t or (d) the great of any leasehold interest of there years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to aocelerateif, prior to the sale or transfer, Lends: 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 Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender ha8 waived the option to accelerate provided in this paragraph 17. and if Borrower's saoeeasor is interest has ezecated a written aasamptioa agreement accepted in writing by Lender. Lender shall release Borrows from all obligations ender this Mortgage and the Note. If Lender a:erciaes such option to aeoelerate, Lender shall mail Borrower notice of acceleration in aooordaace with paragraph 14 hereof Such notice shall provide a period of not lees than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay sac6 soma prior to the eupiration of each period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph is hereof 18. Aeoeleration; Remedies. Baeept as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Idortgage, including the covenants to pay whey doe any saws secured by this 1tlortgage. Lender prior to acceleration shall mail notice to Borrower s. provided in paragraph 14 hereof specliying: (1) the breach; the ad~ion required to care such breach; (S) a date, not less than 30 days from the date the notice is mailed to Borrower, by which sneh breach must be cared; and (4) that failure to care each breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The aoticeshall further inform Borrower of the right to reinstate after accelerat3oa and the right to assert in the foreclosure proceeding the son-es~nce of a defaak or any other defense of Borrower to aooeleration and foreclosure. If the breach is not cured on or before the date speclHed in the notice, Lender at Leader's option may declare all of the sums secured by this i1[ortgage to be immediately doe and payable without Inrther demand and may foreclose this iliortgage h judicial pry,ceedin~ Leader shall be entitled to culled in each proceeding all expenses of foreclosure, includins, but not limited to, reasonable attorney's fees, end costa of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. Notwithstanding Lender's aoceleratioa ofthe same secured by this Mortgage, Borrower shall have the right to have any prooeedinga begun by Leader to enforce this Mortgage disoontinned at any time prior to entry of a judgment enfor+eing this Mortgage i£ (a) Borrower pays Lender all sums which world be these due under this Mortgage, the Note and notes securing Ehlers Advances, if any, had no acceleration occurred; (b) Borrowercures all breaches of any other covenants or ageeanents of Borrower contained in this Mortgage; (c) Borrower Pays all reasonable espenaea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies sa provided in paragraph 18 hereof, including, but sot limited to, reasonable attorney's fees; and (d) Borrower takes such action as header may reasonably rignire to aasan that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall oontinne anirapaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fall farce and effect as if no acceleration had oa:arred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigw to Leader the rents of the Property, provided that Borroww shall, prior to acceleration uudar paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such teats as they become due sad payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, header shall be entitled to have a r+eaeiver court to enterapon, take possession of and manage the Property and to oaUect the teats of the appointed bye Property, inducting those pad due. All teats collected by the receiver shall be applied first to payment of the costs of managemeatof the Propdrty and collection of teats, indading, hereof limited to, receiver's fees, premiums oo receiver's bonds and reasonable attorney's fees. and then to the sums secured by this Mortgage. The reoeivw shall be liable to aooannt only for those teats actually received. BOOKJ~V PAGE~e e~