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HomeMy WebLinkAbout2487 _ _ _ _ 8. Iaspectioa Lender may make or cause b be made reawnabk carries upon and inspedioru dths prepec4y.provided that Lsnderaball giw Borrower notice prior tD an,~r such inspection spedfyimg reasa~abk caws theeefor related b Lender's interest in the Property. _ - 9. (?orrdassratba.The prooeeda ofany award err deem for dausages, or eonsegnential, in oomnection with aq~r eoademaatbn oe other ~ d tli- properfs+, or part thered, or for oonwyanos in lien of oondannation, an herby assigned and shall bs paid b Lendee. Ia the meat d a total taking d the Property. the proceeds shall be applied b the sums secured by thin Mortgage,withthe eaoess, it aqy, paid to Borrower. Ia the event d a partial taking of the Property. unless Boerower and Loader otherwise acres in writing, there shall bs applied to the sums secured by this Mortgage each proportion d the prooeeda as is equal b that propoetion which the amount d the arms secured by this Mortgage immediate>yy prior to the dots d taking bears b tbs fair market valor d the Property immediately prior b the dated taking. with the ba4roa d the proceeds Paid b Borrower. If the Propergr is abandoned by Borrower. or i!, otter notice by Leader b Borrower that the eoadaanorof[ersb make an award or setW a claim for damages. Borrower fills b respond b Leader within 30 days atl~er-the date such notice is mailed, Lender is anthorisad to collect and apply the proceeds, at Lender's option, either b restoration or repair d the property a: b the slims secured by this Mortgage Unlaa Leader and Borrower otherwias agreeia writing, saY saw application dprooeeds b psiacipal shall aotestend or postpone the due date d the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of arch instalments. 10. Borrowrer Ii~.~! Released. E~rteneio~n d the time for paymaat or modiScstion d amortisation of the same secured by this Mortgage _ granted by Lender to any sueocssor in interest of Borrower shall not operate b release. in any warmer. the liability of the original Borrower and Borrower's eueoessors in interest. Lender shall not be required b oommeaoe pmoeedings ageirut arch eoabssor or refuse b eztead tiros for payment or oWerwiae modify amortisation of the sums secured by Chia Mortgage.by reason of cry demand made by the original Baerower , - and Borrower's anoceeaors is interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerdsing any right or remedy hereonder, or oWe:wiss afforded by applicable law, shall not be a waiver of or preclude the exercise logy such right or remedy. The procurennent of insnreuios or the payment of tares or other lierul or charges by bender shall not be a waiver of Lendez's right to accelerate the maturity d the indebtedness secured by this Mortgage ~ f 12 Remedies Cumulative. All remedies provided in thin Mortgage are diatind sect cumulative to any other right os remedy under this Mottcage or afforded by law or equity, end may-be exercised ooncarrer,tly, indepeadently;orafiooeaeively. 13. Suooesaors and Asaigru Monad; Joint and Several Liability: Captions. The covenants and egreeanents herein contained shall bind, and the rights hereunder shall inure t0. the respective suaoeesora and assigns d Lender and Borrower. subject to the provisions d Paragraph 17 hereof All ooveaaata and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs d this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof: 14. Notice. Except for say notice required under applicable law to be given in another manner, (a) say notice to Borrower provided for in - ihis Mortgage shall be given by mailing sack notice by oaetified mail addressed to Borrower atthe Property Address or at such othe7addrsrs as Borrower may designate by notice to Lender as provided herein, and (b) any notiaa tc `.ender shall be gives by eec6fied mail. retain receipt requested, to Lender's address stated herein or to such othez address as Leader may designate by notice b Borrower as provided he~eim.Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given it the manner designated herein. 15.Uniform)t[ortgage; Governing Law; Severability. Tice form of mortgage oombdnce uniform oovemanta for national use aadnon- uniform covenants with limited variations by jurisaicaon ~ eonatitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Properly is located. In the event that any provision or douse of this Mortgage or - the Note conflicts with applicable law, such conflict shall not affect other provisions of thin Mortgage or the Note which can be given effect without the conflicting provision. and to this end We provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fnrmiehed a conformed copy of the Note and of thin Mortgage at the time of execution of after recordation hereof. 17.11ransfer of the Property: Asenmption. If all or any Part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, e:duding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a purchase money security interest for honsehoid appliances, (c) s transfer by devise, descent or by operation of law upon thedeath of ajoint tenant or (d) We grant of any leasehold interest of three years or lam not containing an option to pucchase, Lender may. at Lendet'e option, declare all the sums eecurea by this Mortgage to be immediately due and payable Lender shall have waived each option b accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreememtin writing thatthe creditof such person is satisfactory to Lender and that the interest payable on the snma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived. the option to accelerate provided in this paragraph 17, and if 13orrower'a suooeeaor in interest has executed a written assumption agreement accepted in orris rg by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 1~ 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 arms declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. E:oept as provided in paragraph 17 hereof, upon Borrnwer's breach of any covenant or agreement of Borrower in this >Ilortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to care such breach; (3) a date, not leas than 30 days from the date the notice b mailed to Borrower, by which such breach meat be cured; and (4) that failure to crone each breach on or before the date spedfied in the notice way result in xceeleration of the snma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate alter acceleration and the right to assert in We foreclosure proceeding the non-existence of a default or say other defense of Borrower to roceleration and foreclosure. It the breach is not coed on or before the date specified in the notice, Lender at Lender's option rosy declare all of the same secured by this lifortgage to be immediately due and payable without further demand and may foreclose this lliortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but sot limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's aooeleration ofthe aums~ecured bythisMortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a jndgmeat enforcing this Mortgage it: (a) Borrower pays Leader all sums which world be then doe ender this Mortgage, the Note and notes aecnring Fetnre Advances, if any. had no acceleration occurred; (b) Borrower cni~es all breaches of any other covenants or agreements of Banrowei contained in this Mortgage; (c) Borrower pays all reasonable expenses incaned by Lender in enforcng the covenants and agreements of Borrower oontsined in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, inducting, but not limited to, reaaonabls attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure thatthe lien 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 each payment and cwr+e by Borrower, this Mortgage and the obligations eecared hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such ante as they become due and payable Upon sooderation under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reoeivm appointed by a court to enter upon, take poeeession of and manage the Property and b collect the rests of the Property, iadnding those past due. AD rents ootlected by the receiver shall be applied first to payment of the costa of managemex~tof the Property and collection of rests, indwling, but not limited to, reoeiver'a fees, premiums on reoeiver'a bonds and reasonable attorney's fees. and there to the arms secured by this Mortgage The receiver shall be liable to aeoonat only for those rents actually received. ~~~x 3i6 P~~487