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HomeMy WebLinkAbout2970 . ~ F U • • , ~ a1 ~ . , 8. Inspection. Leader may make or ernes to bs made nasoaable entries upon and inspections of the propsrf3r. parovided that Lender shaA giw Borrower notion prig to any such inspedioa specifying reasonable suss therefor elated to I~eader'a interest in the Property. 9. Condeasnadon.'11ee proceeds of eery award or claim for drimaga, direct ea consegnential, in connection wiW aqy condemnation or other !eking of the property, err part thereof, or for ooawyana is Bear of oondaanation, are hereby assigned and shall be paid to Leader. In the evert of a total talring of the Property. the prooada shall bs applied to the soma secured by this Mortgage, with the eo<oeas, itany, paid to Borrower. In the carat of a partial taking of the Property, walep Borrower nerd Lender otherwise agree is writing, there shall bs applied to the scans secured by this Mortgage such proportion a[ the proceeds as is equal to that proportion which the amount of the scans secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immedutely prjorto des date of taking, with the ba4noe of the proceeds paid to Bameower. If the PropeRty is abandoned by Borrower, ear i~ aRer notice by Lroder to Borrower that the condemnor offers to maksaa award oraetde a claim for damages, Borrower fails to respond to Lender within 30 days after the date snob notice is mailed, Leader is audeorised b collect and apply des proceeds, at Lendds option, either to restoration or repair of the properq? or to the anms secured by this Mortgage. Unlaa Lender nerd Borrower otherwise agree is writing, any each appliatioa of proceeds to principal shall not extend a postpone thedue date of We monthly instsllaneats refereed do in paragraphs 1 and 2 hereof or change the amount of arch installasenta. iQ Borrower Not Released. l~xtension of the time for payment ere modification of amortization of the scans second by this Mortgage granted by Leader to any suooessor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in iaterat. Lender shall act be required to commence proceedings agaiaat such snoeasor or refuse to retard time for paymaet or oWerwise modify amortization of the sums seaered by this Mortgage by reason of any demand made by We original Borrower and Borrower's suaeeaore ire interest. 11. Forbearance by I.snder Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, oar odeerwisb affosded by appliable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of ieunraace or the payment of fazes or other liens or charges by Lender shall not be a waiver of lender's right to accelerate the maturity o[ the indebtedness secured by this Mortgage. 1Z Remedies Ceeeaailadve. All remedies prorided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or egaity, and may bs e:erciaal ooncprrently. independently or saeaoessively. 13~ St?ooesaors and Assigns Bound; Joint and $everal Liability: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective snoceason sad assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint sad several. The captions and headings of the paragraphs of this Mortgage are far oovenience only and are not to be used to interpaaet or define the provisions hereof. 14. Nodce. !except for any notice required ender applicable law to be given in another manner, (a) any notice to Borrower provided for in thief Mortgage shall begiven by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ere Borrower may designate by notice to Leader as provided herein. and (b) any notice to Leader ahaU be given by certified mail, refuter receipt requested, to Lender's address stated herein or to ands Driest address es Lender may designate by notice to Borrower as provided herein.Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 8everability. This form of mortgage combines uniform covenants far national use and non- yniform covenants with limited variations by jurisdiction to oonstitnte a uniform security instrument covering veal property. Thin Mortgage shall be governed by the taw of the jurisdiction in which flee Property le located. In the event that any provision or dance of this Mortgage or the Note conilicta wi W applicable law. anch eonfiict ahaU not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this sad the provisions of the Mortgage and We Note are declared to be severable. ~ ~ lfa Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after relation hereof. % ~ 17.1Y•anster of the Property; Assnmpdon. if all or any part of the Property or an interest daerein is sold or transferred by Borrower ~ without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgagq (b) the creation of a t ~f purchase money security interest for household appliances, (e) a transfer by devise. descent or by operation of Iaw upon der death of a joint ~ ~ ' tenant or (d) the grant of any leasehold interest of three yeasa or less not containing an option to pnrchasq lender may. at Lender's option, declare all the sums eenerea by this Mortgage to be immediately due and payable. Lender shall have waived sack option to accelerate if, prior ' to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing thatdee creditof such ~^person is satisfactory to Lender and that the interest psyabte on the same seccered by this Mortgage shall be at anch rate as Leader shall 'request. If Lender hen waived the option to accelerate provided in this paragraph ly, and if Borrower's successor in interest has executed a • .:.written assumption agreement accepted in writing by Lmader, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower noticeof aooeleration in accordance with paragraph 14 hereof: Such notice shall provide s period of not less than 30 days from the date the notice is mailed within which Borrower may pay the enma declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without furriest notice o; demand on Borrower, invoke any remedies permitted by paragraph 18 hereot: 18. Acceleration; Remedies. 13zcept as provided in paragraph 17 hereof, upon Borrower's breach of eery covenant our agreement of Borrower in this Mortgage, including the covenants to pay when due any seems eecared by this Mortgage, Lender prior to acceleration shall mail notice to Bon+ower as provided in paragraph 14 hereofspedfying: (1) the breach; (2) the action reggired to care each breach; (3) a date, not less than 30 days fl om the date the notice is mailed to Borrower, by which snc6 breach must be cured; and (4) that failure to cure each breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure ln? judicial proceeding sad sale of the Property. The notice shall farther inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-eziatence of a default err any other defense of Borrower to acceleration and foreclosmre. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately dne and payable without further dema~ and may foreclose this Mortgage by judicial proceeding.Leader shall be entitled to collect in each proceeding all expenses of foreclosure, including, bet not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports 19. Borrower's Right to Reinstate. Notwithstanding Lender's aooeleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Leader to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage it (a) Borrower pays Lender all sums whirl: would be then due Hader this Mortgagq the Note and notes securing Fhtare Advance, if any, had no acceleration occurred; (b) Borrower rota all breaches of any other covenants m agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenante and agreements of Borrower oontaiaed in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof: inducting, bet not limited to, reasonable attomey's face; and (d) Borrower takes each action as Fender may reasonably regain to asanre that doe lien of this Moetgagq Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon sacle payment and cure by Borrower. this Morrtgage and the obligations secured hereby shall resin in fell force and effect as if no aooeleration had occurred. Z0. Assignment of Rents; Appoin~eent of Receiver. As additional security hereunder, Borrower hereby assigns to Leads the rents of the Penperty, provided that Borrower shall. prior to aaxleration Hader paragraph 18hereof err abandonment of the Property, leave the right to rolled and retain such rents as they become doe and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a receiver appointed by a court to enteraepon, take possession of and manage the Property sad to culled the rents of the Property, inducting those past due. All rents oallected by the receivrr shall be applied first to payment of the costs of management of the Property and oolledion of teats, ie?clnding, bet not limited to, r+eoeiver's tea, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums severed by thin Mortgage. The receiver shall be liable to account only far those rests actually receiveaj. 80~ 3zs P~~~~