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HomeMy WebLinkAbout1914 i ; 8. ~ Leader may make or caws to bs me?dersuonable entries upon and inspections of the property. provided that Lender shall give Borrower notice prior `o any such inspscttan apec~riag reasonable caws therdee related to Lender's intered in the Propselj?. 9. Coirdemrution. The peooeeds of any_award or daim for damages, direct c~ ooaeegn~tial. in oonnectkn with aqy omidenonation or other taking of the properbr, err Part thereof, or foe conveyance in lien of oondemaation, are hereby assigned and shall bs paid b Lender. In the event of a total taking of the Property. the proceeds shall bs applied to the enure secured by t}.is Maetgage, with the excess, if any. paid to Bosrowes. la the event of a partial taking of the Propergr, unless Borrower and Lsaidee otherwise agues in writing. there shall be applied b the enure secured by this Mortgage such proportion of the proceeds sa b equal to that peopoetion which the amount d the smn secured by this Mortgage immediately Price to the date of taking bears to the Gir marled value piths Properq? ianmediateily priorto the date as taking. with the balance of the proceeds paid to Borrower. - R If the Property is abandoned by.Boerower, oe it, after notice bq Leader toBorrowerthatthe oondamnoe oSerstomake anaward or setae a - daimfor damages, Baerower fail to respond to Lender within 90 days after the date anch notice is mailed, Leader is aathorised to polled a~ aPPb? the proceeds, at I.eadet's option, either to restoration or repair of the propee~y or to the enure secured by this Maetgaga Unlea Lender and Borrowa~r otherwise agr+eein writing.anysnch application of proceedstoprincipal shallratesteador postponethedns date of the monthly iaatalhneats referred b in paragraphs 1 and 2 hereof or dunge the amount of arch instellmenb. 10. Borrower Not Released. Sstension of the time for payment er modification otanwrtization of the snaps secured by this Mortgage granted by Lender to any suoeessor in interest of Bosrower shall not operate to release. in any manner, the lieibifity of the original Borrower and Borrower's sncoeasora in interest. Lender shall not be required to oomlmeace proceedings against sack snooessor or refuse to e:cead time for payment pr otherwise modify amortization of the sums secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's suoaeeors in interest. 11. Forbearance by Leader Not a Waiver: Any forbearance by Leader is exercising any right or remedy hmeundear, or otherwise _ afforded by applicable law, shaD not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inanrance a<the payment of fazes or other liens or diarges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the iadebteda~eas secured by this Maetgage. - 12 Remedies Cumulative. All remedies provided in this Moetgege are distinct and cnandative to aqy other right or remedy andar this Mortgage or afforded by law or equity. and may_ be exercised ooacarrently, independently or sneoessivdy. 13 Snooessors and Assipas Bormd; Joint and Several Liability:Captions. The covenants and agreements herein c~tained shall bind, and the rights hereunder shall inure to, the respective snooeseors and assigns of Leader and Borrower. subject to the provisions of paragraph 17 hereof: All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenienoe only and an not b be used to inte:paet or define the provisions hereoL 14. Notloe. Ezeept for any notice required render applicable law to be gives in another manner, (a) any notice to Borrower provided for in ti,ia Mortgageshallbegiven bymailingsnchnotioebyoertifiedmailaddressedtoBorroweratthePropertyAddressoratsuchothwaddr+essas Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leader shall be given by ceztified mail, rdnsn receipt regneated, to Lender's address stated herein or to such other address as Leader may designate by notice to Borrower as provided herein. Arty notice provided Lor in this Mortgage shall be deemed to have been gives to Borrower or Lender when given in the manna deetgnated herein. 15~ Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform ooveaanta for national ose and non- uniform covenants with limited variations by jurisdiction to oonatitnte a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jnrisdidion in which the Property is located. In the event that any provision or clause of this Mortgage az the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without We cenflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time of ezecation or after recordation hereof - 1T.-Transfer of the Property; Asanmptlon. ff all or any part of the Property or an interest therein is sold or tsansferred by Borrower without Leader's prior written a+nseat, ezdnding (a) the aeration of a lies or enaembraace enbordinate 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 any leasehold interest of three years or lees not arotaining an option to purchase. Lender snag, at Lender's option, declare all the some secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate ~ prior to the sale or transfer, Lender and the person to whom the Property isto be Bold or transferred reach agreement is writing thatthe a~edit of soda person is satisfactory to Lender and that the interest payable oa We soma secured by this Mortgage shall be at such rate w Leader shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's sncoessor in interest has ezecnted a f written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations render this Mortgage and the Note. If Lender exercises such option to aooelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the some dedared 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 reaaediee permitted by paragraph 18 hereof - ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due sqy srrms aeptred by this Mortgage,Lender i prior to acceleration shall mail notice to Borrower ere provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to sere each breach; (3) a date, not less than 30 days from the date the notice i. mailed to Borrower, by which such breach mast be anred; and (4) that failure to cure aady breach on or before the date specified in the notloe may result in acceleration of the enure eecnred by this Mortgage, foreclosure by judicial proceeding and sale of the Property.The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to aooeleratlon and foreclosure.lf the breach is ~t cared on or before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this ll[ortgsge to be immediately due and payable without further demand and may foreclose thirMortgege by judicial proceeding. Lender shall be entitled to Dolled in such proceeding all expenses of foreclosure, including, bat not fiimited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. _ _ 19. Borrower's Right to Reinstate. NotwithstandingLender'~ aeoelerntion piths sums secured lry this Mortgage. Borrower shall have the right to have any prpceedings begun by Lender to enforce this Mortgage disoontinaed at any time prior to entry of a jndgmeat enforcing this Mortgage ifs (a) Borrower pays Lendez all .sums which would be then due ender this Mortgage, the Note and notes securing Ftirture Advances, if any~had no acceleration ocxvrr+ed; (b) Borrower cnrce all breaches of anyotheroovenanb or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred bq Lender in enforcing the omrenants and agreements of Borrower contained in this Mortgage and in enforcing Lendds remedies as provided in paragraph 18 hereof indnding, bd not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably regain to aesnn that the lien of this Mortgage, Leader's interest in the Property and Borrower's obligation to pay We sums second by this Mortgage shall continue unimpaired. Upon arch payment and sue by Borrower, this Mortgage and the obligations secured hereby shall remain in full fogce and effect as if no aooderation had oocnn+ed. _ j 20. Assignment of Rests; Appointment of Receiver. Aa additions: security hennnder, Borrows hereby assigns to Lender the rents ? of the Property. provided that Borrower shall, prior to aooelastion ender paragraph 18 hereof or abandonment of the Property, have the right to rolled and retain ouch ants sa they become due end payable. Upon aoaleration render paragraph 18 hereof ar abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ooort to eaterupon, take poaaessioa of and manage the Property and to collect the Hats of the Property. indading those pad due. All rents collected by the receiver shall be applied first to payment of the costs of managemeatof the Property and collection of recta, indnding, bated " limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma seaued by this Mortgage.The - reoeiver shall be liable to aeoonnt only for those rents actually received. ' t 800K3~~ P~E1911