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HomeMy WebLinkAbout2354 ~ ~ i ' f~q. ~ > e 8. Iaspeetioa. Lender may mane or cease to be made reasonable entries upon sad inspections attba propeegr, provided that:.w~dee shall give Borrower notice pries b any each iaspedion sped('ytng nasaubk Deese tharelar related to Leader's catered is the PropeeRp. 9. (7ondNnatbn. The peooeeds as say award or claim for damages, died oe ooosegaeatisl. in oonaeetioa with any eondsmaatioa err other taking o! the propee~, a pact theeeot, or fa ooawyanee is lira of ooademnatioa, an benby aseigaed sad shall b~ paid to Lendec In the event of a told taking of the Property. the pe~ooesds shall be applied to the same secured by this Mortgage, with tM a:errs, itaay, paid to Borrower. Ia the event at a partW taking of the propaibr, anLss Harrower sad Lender otherwise egret in writing. then shall be applkd b the same secured by this Maslgase such proportion at the peooeds w i. equal to that proportion which the amoant at the same teeaeed by this iltorlgage immediately prior to the date a[ taking bean to the tsar market valor of the Property immediately prior to thedats of taking, with the balance d the prpads paid to Borrower. Ttthe Propeebr b abandoned Bote+ower. oc ~ alter notice by Lsndtc to Borrower that the eondemnoroffen to mob an award or etttL a claim for damages„ Borrower hill to respond to Lendtr within 90 days after the date such aerie k mailed, Lsadtr i• authorised b Dolled and _ apply tM proceeds, at Lenders option. either tD reeteratioa oe repair of tM peopeettiy ore to the same secured by this Mortgage. Unless I.eodec and Bozrowecotheewist sgnsinwriting,anyeachappiicat~oaatpr~ooeedstoprindpdshallnota~teadorpostpooethedw date o[ the monthb installments rderred to in paragraphs 1 sad $ hereot or change the amoant of each installments. 10. Borrower Not Released. Suteasion d the tams for p~ymant a modiscatioa o[ amortisation of the cams second by this Mortgage wanted by Lender to aqy sacoetwr in interest of Borrower shall rot operate to release, in any manner, the liability atthe original Baerowee sad Borrower's snooeasors in interest. Lender shall not be required to cemmence proceedings against arch saooessor or refuse to a:tend tia~s _ far payment or otherwise modihr amortisation of the cams scarred oy this Mortgage by reason ~ anq demand made by the ceigind Borrower and Borrower's sucoasors in interest. ' 1L Fbrbsaranos by Lender Not a Walver. Aqy torbearaace by Lender in eze:<ising any right err remedy hereunder, err otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right ar>~Y. Ths procnr~ement of insarancs err the payment of taus a other liens or charges by Lender ahail not be a waiver of Lender's right b aooelerate the matarity a[ the indebtedness sec~ned by this Mortgage. 12 Remedies Cuasaladvs. All remedies provided in this Mortgage a~~ntl ~omdatiw to any other right err remedy ender this Mortgage err afforded by law or egaity, and rosy be eaeccissd eoacmrent~j, independently or wooesdwiy. l 3. Saeoessors sad Assigns geared: Joint and Several I3abili4p; Captions. The oovensnts and agreements herein contained shall bind, and the rights hereunder shall inure to. the espectiw tnocesaon and assigns at Leaovr and Borrower. snbjed to the provisions of paragraph 17 heeoL All covenants and agrsanenb of Borrower shall be saint and tsveraL The captions end headings of the pareigrsplre of this Mortgage are for oovenianoe ody and are not to be used to interpret or degas the provisoes hereoL 14. Notice. F.zoept fa aqq notice regnised under applicable law to be given in another manner. (a) any notice to Borrower provided for in thin Mortgage shall be given by mailing arch notice by cati5ed mail addressed to Borrower sttbe Property Addrea or at such athe~r address ar Borrower may designate by notice to Lender as provided herein. and (b) any notice to Larder shall be riven by oerti5ed mail, return receipt requested. to Lender's address stated herein az to such other adders as Lender may designate bq notice to Borrower a. provided herein. Any notice provided for in this Mortgage shell be deemed to haw been gives to Borrower or Lender whoa given in the manner designated herein. 1G. Uniform Mortgage; Governing Law; Severabllity. Thisformofmartgageoombiaetunitormoovenantsfornatioaalnssaadnon• uniform ooveasnts with limited variations by jm isdiction to eonstitate a nmform security inetnment covering r+seJ pe~operty. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or douse of this Mortgage or the Note conflicts with applicable law, each oanflict shall net affect other provisions of this Mortgage os the Note which can be given effect without the conflicting provision, and to this end 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 eaecntioa or after recordation hereoL 17. Z~raasfer of the Property; Assumption. it all or any part of the Property or an interest therein is sold err transfered by Borrower without Lender's prior written Deseret, ezclnding (a) the creation of a lien err encumbrance subordinate b this Mortgage„ (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest a[ three years or less not containing an option to Purchase,Leader may. at L~erder's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall haw waived each option to aooderateit; prior to We saleor transfer, I.eades and theperson to whom thePropertyis tobesold artranaferredreach agreameatin writing thatthecreditofsnch ! person is satisfactory to Lender and that the interest payable on the sums secured bq this Mortgage shall be at curb rate a. Leader shall request. If Leader has waived the option to sooderate provided in this paragraph 1?, and if Borrower's snooesaor in interest has ezearted a written assumption agreement iiooepted in writing by Leader. Lender shall release Borrower from all obligations ender this Mortgage and the ~ Note. If Lender ezerases such option to aooderate, Larder shall mail Borrower notice of aooderation in aooordence with paragraph 14 hereoL i Such notice shall provide a period of not less then 30 days from the date We notice is mailed within which Baerower may pay the arms dedaed due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may. without further notice ar demand oa Borrower, invoke any remedies permitted bq paragraph 18 heeoL . 18. Aooeleration; Remedies. Ezoept as provided in paragraph 17 hereof, neon Borrower's breach of aqy oovenaat or agreement otBorrower in this Mortgage, inclndiag the oovenanta to p~7 whoa due any sums scarred by fhb Mortgage, Lender prior to aceeler'dion shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (Z) the action required to care such breach; (S) a date, not less than 80 dqs frrom the date the notice i. mailed to Borrower, by which such breach mast be cured; and (4) that failure to arre verb breach on or before the date specified in the notice may result in arooeleration of the sums scarred by thb Mortgage, foreclosure bq 3ndicial proceeding and sale of theProperq?. The notice shat further inform Borrower otthe right to reinstate after a?ooeleration and the right to Wert in the foreclosure proceedins the nos-ezisteaoe of a default or any other defense of Borrower to acceleration and forecbsare. If the breach is not cared on or before the date specified in the notice, Leader at Lender's option rosy declare all of the rams scarred by this Mortgage to be immediately doe sad payable without further demand and may foreclose this Mortgage by jadiclal proceeding. Leader shall 6e entitled to ooUect in such proceeding all ezpentes of foreclosure, inciading, bat not limited to. reasonable attorney's teen, and costs of documentary evidence, abstracts and Ntle reports. . 19. Borrower's Right to Reinstate. Notwithstanding Leeds's acceleration ofthe soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun bq Leader to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage i!: (a) Borrower pays Larder all sums which world be than tine under this Mortgage. the Note and notes securing i?btne Advances, if suer, had no acceleration oocarred; (b) Borrower ores all beaches of any otheroovenaab or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpeases secured by Lender in enforcing the ooveaents a~ agreements of Burrower contained in this Mortgage and in referring Lender's remedies as provided in paragraph 18 hereof; including, but eat limited to, r+essonabls attorney's fees; and (d) Borrower takes such action as Leader may eaaonably require to erase thatthe lies of this Mortgage, Leader's intered in the Property and Borrower's obligation to pay the sums secured by thin Mortgage shall oontinne unimpaired. Upon such payment end cure by Borrower. this Mortgage and the obligations secured hereby shall remain in fall farce and effect as if no acceleration had ooonrred. 20. Assigaiment of Rents; Appointment of Reoelver. As additional security hereundet, Borrower herby assigns to Larder the rests _ of the Property, provided that Borrower ahdl, Prior to aooeleratian under paragraph 18hereofaabandonmentdtheProperty, havetheright to Dolled sad retain snob rests as they become doe and payable. Upon accderation Hader paragraph 18 hereof az abandonment of the Property. Leader shall be retitled to have a r+eosiver appointed by a court to eateratpon, take possession of and manage the Property and to Dolled the eats of the Property. including throe pad doe. All tenb cellected by the receiver shall be applied Lirat to payment of the Dods of managementotthe Property and oollectioaof ants, indnding, batnot limited to, receiver's fees, premiums an recaive~s bonds and reeaaaeble attorney's fees. cad tha? to the sums secured by this Mortgage. The receiver shall be liable to aooonnt ody far those eats adndly received. 80~K•~~~ PAGE 4