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HomeMy WebLinkAbout0594 s . ~ - - l • \ t - 't• f~d ~ 8. Iaspedir. ~ .Lender may make or cause to ~ a mode reosoaabls entries upon and iaspectiotu of rho penperty.provided that Leader shall give Borrows: nuuce prior b say such iaapsat°_on specifying reasonable cause therefar related to Leader's interest is the Property. 9. Condemnation. The proceeds of any award oe claim for damages, dirdct ar consequential, in connection with say condemnation or other taking of the property. or part thereof. ar far uonvsyanea in lieu of condemaatioa. are hereby assigaAd and shall bs paid b Lendee. In We event of a total tskiag of the Property. the peoceEds shall be applied to the sums secured by this Mortgage, with the esoess, if any. _ paid to Boroewer. In the event of. a partial taking of the Property, udese Borrower and Lender o@tenvise agree in writing, th.~ra shall bs applied to the sums seeut~ed by this Mortgage such proportion of the proceeds as is equal b that proportion which the amormt o[ the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property iuemediataly prior to the date of taking, with the balaaoa of the proceeds paid to Borrrower. If the Property is abandoned by Borrower, ar i~ agar notice by Lender b Borrower that the condemnor offers to make as award or settle a claim for damages, Borrower fail to respond to Leader within 80 days after the date such notice is mailed, Lender is authorised to Dolled and apply the peooeeds. at Lender`s option. either b restoration ar repair of the pzopertl? or to the sums secured by this Mortgage. Unless Lardm and Borrower otherwise agree in writing. any such application of proceeds b principal shall not extend ar poanpaae the due date of the monthly installments referred b in paragraphs 1 and 2 hereof err change the amonat of such installments. 10. Borrower Not Released. Exteaeioar of the time for payment ar modification of amortization of the sums secured by this Mortgage j granted by Lendce to any successor in interest of Borrower shall riot operate to release, in any manner. the liabifily of the original Borrower and Burerwer's auocesaon in interest. Lender shall not be required to oommer?ce proceedings against such snooessar or refuse to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a sueceeson in interest. 11. Rorbearaace by Lender Not a Walver. Any forbes*ance by Lender in eterciaing any right ar remedy hereunder, ar otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procvr+aneat of insurance ar the payment of traces ar other liens ar charges by Lender shall not be a waiver of Ltndera right to accelerate the maturity of the indabt~sdneas secured by this Mortgage. ~ ` 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct end cumulative to any other right ar remedy ender this Mortcage or afforded by law or equity. and may be exercised concurrently, independattly or sneceasively. 13.3trcceseora and Assigns Bound; Joint and Several Liability; Captions. The oovenaats and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective suceeesDn and assigns of Leader and Borrower. subject to the provisions of paragraph 1? hercwf: All covenants and agreements of Borrower shall be joint and several. The captions and headings oftheparagraphs of - thia Mortgage are for eovenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided foe in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to bender shall be given by e~tified mail, return receipt requested, to Ler .den's address stated heren• or to such other address as Lender may designate by notice tti 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; Govei ning Law; Severability. This form of mortgage combines uniform oovenanta far national use and non- uniform covenants with limited variations by jnriadictioa to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the Iaw of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflictw with applicable law. such conflict shall not affect other provisions of this Mortgage ar the Note which can be given effect without the conflicting provision, and to this end the provisions of zhe Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be fiuniahed a confirmed Dopy of the Note and of this Mortgage at `be time of a:ecation or after - - rernrdation hereof. 1T. T~ranafer of W e Property; Assumption. If all ar any part of the Property or an interest th_ran is sold ar transferred by Borrower without Lender's prior written consent, ezcluding (a) the creation of a lien ur encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household applia:,oes, (c) s ttanafer by devise, descent or by operation of law neon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah ar less not !-ot?taining an option k+ purchase, bender may, at Leaders option, . ~ e. declare all the sums secured by this Mortgate to be immediately due and payable. Leader shall have waived each option to a!roelente if, prior ~ to the sale ar transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the creditof such i person is satisfactory to Lender and thtit the interest payable on the soma 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 Borrowers successa~r in interest has ezecuted a j written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the . d ~ Note. - ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aoo4rdance with paragraph 14 hereof: - 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 declared ~ due. tf Borrower fails to pay such sums prior to the expiration of each period, Lender may, without further notice ar demand on Borrower, ~ invoke any remedies 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 oovenante to pay when dse any soma secured by this Mortgage, Lender prior to aoa"leration shall mail notice to Borrower as provided in paragraph 14 hereof specif<-ing: (1) the breach; (2) the action required to cure such breach; (3) a date, not lees Wan 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums seeared by this Mortgage, foreclosure by judicial proceeding and sale of the Property. T'he nrtice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding We non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date vpecified in We notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclasethis Mortgage by judicial proceeding. Lender shall be _ entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorneyy's fees, and coats of documentary evidence, abstracts and title reports. _ 19. Bomwer's Right to Reinstate. Notwithstanding Lender's aooeleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage disoontinned at any time priar to entr~r of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due nndar this Mortgage, the Note and notes securing Fhtnre Atvaaoes, if any, had no acoeleratiot_ oocarred; (b) Borrower cures allbreach -.+of any othez covenants or agreemroW of Borrower contained in this Mortgage; (c) BorrOwaY pays all reasonable expenses incurred by Lender in enforcing tae oovenaants and agreements of Borrower 1 contained in this Mortgage and in enforcing I.endera remedies sa provided in paragraph 18 hereof, including, but not limited to, reasonable attaRaey a fees; and (d) Borrower takes such action as Leader may reasonably require to assare that the lien of this Mortgage, Lender's interest j in the Property and Borrowers obligation to pay the aurae secured by this Mortgage shall continue unimpaired. Upon ew_h payment and care !s by $otrower, this Mortgage and the ob'~igatione secured hereby shall remain in full force and effect as if ao aoceleratio.-r had oaxurred_ i 'l0. Assignment of Reata; Appointmsnt of Receiver. As additional security hereunder, Borrower hereby assigns to Lends the Teats of the Property, provided tha± Borrower shall, prior to acceleration wader paragraph 18 hereof or abandonment of the Property. have the right ~ to collect and retain such rents as they becwme due and payable. s • Upon aceeleration under paragraph 18 hereof ar abandonn:art of the Property, Lender si.all be entitled to have a receiver !appointed by a ~ court to eaterapon, take pnsseaaiotr of and manage the Property and to collect the rents of the Property, including those past due. All rents i ~ collected by the recefver shall be applied 5rs! to paymentof the costs of management of the Property sad co~.leelion of rants, including. but sot f " limited to. receiver's fees, premiums on receiver s bonds and reasonable attorney's fees, and then to the same secured try this Mortgage. The recxiver shall be liable to account only for those recta actually received. - ~ ~~324 P~ 593 ~ _ .