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HomeMy WebLinkAbout2480 F - a~? 8. Inspection. Exactas may make or canes to bs made nasoaabie eatrias upon and inspections of the peopsei<y, pcovidsd thatLsudsr shall siw Borrower notice peioe to aqy snd? inspection sped(yiog ~sonabls pees tbsrsfor related to Lender's interred is the Prapecly. 9. Coadearnatloa.'i Ds peooeals ofany award err ctatc° a~ oonesgwnlial. in oonnsction with aqy ooadsmnafion or other taking o[ tbs proPert,?, a part theesot; or fore coawyai6oi ~i lies of cflation, ors hereby asdsasd and shall bs paid to Lender. In lhs swat of a total talons of the Propery, the proossds shall be applied to the sews escsrd by this Martgase, with the ascses, if aqy, paid to Hoemersr. In the swat of a partial taki~og of the Propscp, Hulas Barrowee and Leader otlwewiss asps in wdtias, there shall ~r_ applied to the sums ee~vrsd by thin Moetsass such peoportion d the proeseds a, i. Anal b that pe~opoelion whkh the amount d the sums se~vred by thin Mortgage immdiatsly prior to the data of taking bears m the fair market valor of the Property immediate>yy priorto lhs lots d talons, with the balance at the proceeds paid to Boerowee. If the Propeety is abandoned b7? Borrower, a ~ slier notion by Lender to Hoerorre: that the ooademnor ofGrs to make an award o3 aettM a daim f~ damages„ Baerower fait to respond to Leader within 90 days alter the date such notice u mailed, Landes ie anWorised b ool3ed and apps the peooeeds, at Lender's option. either to rsdoralion or repair of the pcopert~ or to the same secured by thin Mortgage. Unlea bender sad Borrower otherwise agree is wd~, anJ? s~ •pPhce~~P ~ Pv shau rwteztsrd ore poetpoae thsdw date of the monthl3r installmenb referred to in parasraphs 1 and 4 basso! or lungs tbs amount of snd? inetaQa~ents. i0. Borrower Not Released. Sa~teaerion a[ the time for payment or modification of amortisation of the Sams secured by this Morlgase granted by Deader to any suooeeeor in interest of Borrower shall not opeeafs to release, in any manner, the liabiHRj? of the orisiaal Borrower and Borrower's sieooasoes in interest. Lsades shall not bs required b oommeaoe proceedings asainst such successor or refuse to aztead limo for payment or otherwise modify amortisation of the sums secured by this Mortsage by reason ~ any demand msde by the original Borrower and Borrowers auooeeaors is interest. 11. Forbearance b' Lendear Not a Waiver. Any forbsarancs by Lender in ezeecidng any right or remedy hersnnder, a otherwise - - atforded by applicable law, shall not be a waiver of or pesdnde the ezerci~e o[any such right err remedy.'!~e prowrsment of insnranos err the payment of taws or other liens err charges by Lender shall not be a waiver of I.ende:'a right to aooekrale the maturity of the indebtedness second by this Martgase. 12. Remedies Cumaladve. All remedies peovidsd is this Mortgage an distinct and onmaLtive to aqy other right err remedy under this Mortgage or afforded by law or equity. and may bs ezeecieal ooncnrrently. independently or suooessivel`jr. 13 Soooeesora and Aesigas Bound; Joint and Several Liability; Capticna. The covenants and agreements herein contained shall bind, and the rights ha~ennder shall inure l0. the respective encoessors and aaisns of Leader and Borrower. subject to the provisions d paragraph 17 hereof: All covenants and agreements of Borrower shall bs joint and ssme+gl. q~oos and headings of the paragraphs of this ~~Sage are for oavenieaoe ody and are not to be Hoed to interpret err define the Pro itataeu heeeoL 1TNotioe. Bzoept far aqy notice required under applicable law to be gives in another manner. (s) any notice to Borrower provided foc in this MortgageshallbsgivrobymailingsnchnotioebyoertifiedmailaddnseedtoBarmwsratthePmpe~rtyAddreaoratsnch otheraddressas Borrower may designate by notice to Leader as provided herein. and (b) any notice to Lender shall be given by oeetified mail, rstnrn receipt requested, to Lmdee'e address elated herein or to each other address sa Lender may designate by notice to Borrower as provided hereon.Any notice provided for in this Mortgage shall be deemed to have bees Biwa to Borrower or Leader when given in the scanner designated herein. 16. Uniform Mortgage; Governing Law; 8everability. This form of mortgage combines uniform covenants fornational nseand noa- nniform covenants with limited variations by jurisdiction to coastitnte a uniform security iastrameat covering real property. This Marlsage shall be governed by the law of the jarisdidion in which the Property is located. In the event that any provision or donee of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given efYed without the conflicting provision, and to this rnd the provisions of the Mortgage and the Note are declared to be severable. - 16. Borrower's Copy. Borrower shall be fnrniahed a conformed copy of the Note and of this Mcartga~e at the time of ezecation or after recordation hereoL 17. Transfer of the Pt~operly; Aaumption. If all or any part of the Property or an intenet therein is sold or tranderr+ed by Borrower wiWont Lender's prior written aonseat, e:rlnding (a) the creation of a lien or eacambrance subordinate 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 joint tenant or (d) the grant of aqq leasehold interest of three years or less not containing an option to purchase. Leader may, at Leader's option, dedare all the sums secured by this Mortgage to be immediately Jae and payable. Lender shall have waived each option to aooelerateif, prior to the sale or transfer. Leader and the person to whom the Property is to be soW err transferred reach agreement is writing thatthe credit of such person is satiefa~'tory to Leader and that the interest payable on the sums sewred by this Mortgage shall be at such rate as Lender shall request. If Lender hoe waived the option to accelerate provided in this paragraph 17, and if Borrower's saooeseor in interest has assailed a written asaamption agreement accepted in writing by Leader, Leader shall please Borrower from all obligations nnderthis Mortgage and the I' Note. I If Leader ezercises such option to accelerate, Lender shall mail Borrower notice of aooderation in sooordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums dedared ~ due. If Borrower fails to pay such sums prior to the ezpiration of such period, Leader may, without fmrther notice or demand on Borrows, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. 13zcept as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Mortgage, including the omreaants to pay when due any sums secured by this Mortgage, Lender prior to aooelerstion shall mail notice to Borrower ore provided in paragraph 14 hereof spedfying: (1) the breach; (2) the acttlon required to cure such breach; (S) a date, not less than 30 dgys Q om the date the notice is mailed to Borrower. by which such breach most be cared; and (4) that tailnre to cure such breach on or before the date spedfled in the notice may reendt in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.The notice shall farther inform Borrower otthe right to reinstate after aooeleratioa and the right to assert in the forecloenre proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach i. not erred on or before the date spedRed in the notice, I.ead~ st Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without farther demand and may foreclose this Mortgage by jadicisl proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foredosare, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration ofthe somssecured bythisMortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage iL (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes securing Fbtnre Advances, if any, had no acceleration occurred; (b) Borrower cures ell breaches of any other covenants os agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lander in enforcing the cover?ante and ageeaaents of Borrows contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, inducting, but not limited to, reasoaabls attorney's fees; and (d) Bosrawe: takes each action as Lerider may nesonably regpi:+e to saenrethat the liar of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aooeleration hsd oocarred. Z0. Awignmeat of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the Hats of the Property, provided that Borrower shall. prior to aooeleration ender paragraph 18 hereof or abandonment oaf the Property. have theright to collect and retain arch rents ore they become due and payable. Upon acoderation Hader paragraph 18 hereof or abandonment of the Property, Leader shall be entitled to have a receiver appointed by a oosrt to enteraepon, take poasasion of and manage the Property and to collect the rents of the Property. inducting those past due. All rents collected by the receiver shall be applied first to payment oithe costs of managennaitof the Property and collection of recta, inducting, but red limited to, recaver's fees, Premiums on receiver's hoods and reasonable attorney's fees. and then to the sums second by this Mortgage. The receiver shall be liable to account only for those rents actually received. ~ t3i6 PAGE~~~ d~~:is