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HomeMy WebLinkAbout0269 • i _ 1 ti ! 8. Ins}iecticw. Leader mqy make or cave to bs made reasonable entries upon and inspectionsof the property. Provided that 13nderahall give Borrower notice prior to say such inspection specifying reasonable cause therefor related to Leader's interest in the Property. 9. Cardemaation. The proceeds of any award or claim for damagss,.dir+ect or oonseGuaatial. is eoaaection with aqy cxedemnation ue other taking d the property, or part thereof. Der for oonveyaaee is lies of t~ondemnation, arc hereby awigned and shall bs Paid to :.coder. In flee event of a total taking of the Property. thu proceeds shall be applied w the saws secured by this Mortgage, with the esoess„ if any. - paid to Borrower. In the event of a partial taking of the Property. amen Borrows sad Lender othenriss agree in wneiting, there shall be applied to the a~eene seaaed by this Mortgage wch proportion of tM pzaceeds as is equal m Wet proportion whicL the aaeoaat ~ the sums secured by this Martgaee immediately prior.ta the date of taking boars oo the fair musket value of the Property immediately Prior to the date of taking, with the balance of the prooaeds Paid to Borrower. - ~ - Ifthe Property isabandoned by Borrower. or J. aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Abrrower fails to respond to Lender within 30 days attar the date such notzos is mailed, Lender is suthnrired to ool!ectand - aPP~l? the Proceods. at Lender's option, either b restoration at repair of the propergr s to the sows scarred by this MoiRgaga: Unless Lewder and Borrower otherwise agree in writing. any each application of proceeds to principal shaA not eztend or postpone the due date of itse monthly installments referred to in paragraphs 1 and 2 hereof or changt the amount of such installments. 10. Borrower Not Reieaied. Ext~sion of the time for ;:aymaret s modification of amortisation of the soma aeaered by this Mortgage granted by Leads to any aeeecessor in interest of Borrower shall amt operate to rdesse. in any manner. the liability of the original Borrower sod Borrowrs's suooeesors in interest. Fender shag not be required to oommenoe proceedings against sur,.6 successor or refuse to entered time for paymen t or otherwise modify amortisation of the sows secured by this Mortgage by rtiaeon of any demand made by the arigiaal Borrows and Borrows's successors in interest. 11. Forbewrana3 by Lender Not a Waiver. Any forbceranoe by Leeds in e:sciaing any right or reruedy hereunder. or o@uxwise afforded by applicable law, shall not be a waiver of or prednde the exercise of any sorb right or reaeedy. The peocuremeat of insurance a<the payment of fazes or other lieru or chargae by Lender shall not be a waiver of Leredets right to aouelerate the maturity of the indebtedness seaered by this Mortgage. 12. Remedies Camalative. All remedies provided in this Mortgage are distinct and armulative to any othe right or remedy rends this Mortrage or afforded by law or equity. and aQay be ezercisai eoncnrrently, independently. or s-.~cessively. _ 1~. Successors and Assigns Bound; Joint and 8ereral Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inane to,'the respective auoceaeors and assigns of Leader and Borrower. aabjed to the provisions ~ Paragraph 17 hereof: All oovenauts and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of . this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof: - - 14. Notice. Sza:pt for arty notice required ands applicable law tc be given in another manna, (a) any notice to Borrower provided for in this Mortgage aha[l be given by mailing such notice by certified mail addressed to Borrower at the Property Address oral sorb other address as Borrows may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be geve3e by certified mail, reterrn receipt requested, to Lends's address stated herein or to each other address as Lends may designate by notice to Borrower as provided basin. Any notice provided for in this Mortgage eleall. be deemed to have been given b Borrows or Lender when given in the manna designatedherein. - - 15. Uniform-Mortgage; Governing Law; 3everability: This formof mortgageoombines uniform oovenantsfarnatioaal neeandnon- uniform covenants s: ith limited v asiations by jurimdvMicrn to constitute a uniform security instrument eovtring real propdrty. This Mortgage sleail be governed by the law of the jurisdiction ire which the Property is loce?ted. Ir? the event that any provesion or clause of this ~ortgege of - ' She Note conflicts with applic~eble law, each ognti5et else!! oat affect other pmviaicvoe of Ilxis ~or(~age or t2?e Note srltiich can bagivan effect v+ ~tlooat t5s car`]ieting provision. and to ibis ens the pco~vuions of thr Mortgage and the Note are de~ared to bs sevsable. tti. Borsovrer'a Copy. Borrows shall be furnished a conformed copy of the Moto and of thi• Mortgage at the time of eotewtion or alts recordation hereof. - 1T. Transfer of We Property; Assumption. I ~ all or any pad of the Propsty or as interest therein ie sold or transferred by Borrows. - without I,ender'e prior written consent, excluding she creation of a lien or enaembrance subordinate to this Mortgage, (b) the s+eation of a purchase money eecarity interest for hooeehold appliances, (c) a tranafs by devise, deaceut or by opsatioa of law spore the death. of a joint _ tenant or (d` the grant of any leasehold interest of-three years Der lees not containing an option to parchasc, Lends may, at Leader's option, declare all the soma secnrea by this Mortgage to be immediately due and payable. Lender shall have waived such option to a•~celerate if, prior to the sale or transfer, Lender and the person to whom the Property ie to be sold or transfsred reaode agreceaent in writing that the crhditof sack person is satisfactory to Lends and the: the interest payable on the same secured by this Mortgage shall be at sorb rate as Lends sleall request. If Lends has waived the option to aocelaate provided in this paragraph 17, and if Bozrower's successor in interest has ezecated a written assumption agreement accepted in wririeeg by Lends, Lends shall release Borrows from all obligations ands this Mortgage and the Note. - IfLends eaerriaes such option to aeoelaate, Lends shall mail Borrows: notice of aooelsaaon in aooordance with paragraph 14 hseof: Such notice shall provide a period of sot less than 30 days from the date the notice is mailed within which Borrower may pay the same dedared due. If Borrows-fails to pay sucl•. sums prior to the ezpiration of such period, Lends may, without fudhs notice or demand on borrows, I invoke any remedies permitted by- paragrahh 18 hereof. ' 18. Acceleration; Remedies. Bzoept as provided in paragraph 17 hereof, upon Borrower's breach of any .oovenrrnt or j agreement of Borrower in this lllortgeige, iaclndnsg the covenants to pay when doe any sums secured by this Mortgage, Lender prior to aoceler_ation shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the oreeuh; (2) the action _ required to cure such breach; (3) a date, not less than 30 days from the date the notsce is mailed to Borrower, by which each breach must be cured; and (4j that failures to care such breach on or before the date specified in the notice may result in i acceleration of the soma secured 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•ezistence of a default or any other defense of Borrower to aa~eleration and foreclosure. If the breach is not cared on or before the date specifed in the notice, Lender at Lender's option may declare all of the same scarred by this Mortgage to be immediately due and payable without further demand and may foreclose this iNortgagti by judicial proceeding. Lender shall be entitled to Dolled in such proceeding all ezpenses of foreclosure, including, bat oat limited to, reasonable attorney's fees, and R casts of documentary evidence, abstracts and title reports. 19. Borrower'9 Right to Reinstate. NotwithstandingLender'sacceleration ofthe sums secured by this Mortgage, Borrows shall have the right to have any proovedings began by Lends to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage i1: (a; Borrower pays Lends all soma w'~ich would be then Jae rends this Mortgage, the Note and notRS eecaring Fntme Advances, if any, had no acceleration occurred; (b) Borrows cures all breaches of any oths covenants or ggreemrots of B<?rrowa contained in this Mortgage; (c). Borrows pays aU reasonable e:pensee incurnrd by Lender in enforcing the covenants and agreements of Borrows contained in this Moxtgage and in enforcing I.aider's remedies as provided in paragraph IS hereof, including, but nol limited to, reasonabk? attorney's fees; and (d) Borrower takes sack action ere Lends may reasonably require to assure that thelien of this Mortgage, Leeds's interest i ~ the Property and Borrower's obligation to pay the some secured by this Mortgage ahsl' eontiane unimpaired. Upon each payment and aerE by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aox~eisation had oocarrod. r 20. Assignmea:- of Rests; Appointment of Receiver. As additional security hseunder, Borrows hseby assigns to Lends the rests ~ of rho; Prepcrty, provided that Borrows shall, prior to acceleration under paragraph 18 hereof ce abandonment of the Props ty. have the right to oollrct and retain sack rents as they brcome doe and payable. - Upon aeoeleration ender paragraph r.8 hseof or nbendonmeel of the Property. Irreo!et shall be entitled to have a receive appointed by a court to enttr.apon, rake poeseasion of and manage the Property and to collect the rents of the Property. including those past Jae. Ali rents o»liected by the receive shall be applied first to payment of the costs of manageenesetof the Propwty and eoliectionorf rests, including, but not limited to, receivs's fees, pteminma on rboeivei s bonds and reasonable attorneys face, and. ben to the sums secut~ed by this Mortgage. The receive shall be liable to acoonnt snly for those rents actually reoeivad. _ ~