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HomeMy WebLinkAbout2060 8. Isapeetlats. Lender rosy make or cause to be made ressoaable entries upon and inspections of the proper4y, provided that Lender shall ? give Borrower notice prior to any such irupectioa specifying reasonable cause therefor related to Leader's irttred is the Property. t 9. Coademnation.'!Lepnoceeds of any award or claim for damages. direct or consequential, is connection with any ooademnation os other taking of the property. oe part thmeof. or for oonvayaace is lieu of condemnation, are hereby assigned and t:haB be paid b Leader. ~ in the event of a total taking of tF.s Property. the prvaaeds shall be applied to the sums secured by this Mortgas~ wiW the azoess, if nay. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree is writing, there shall be applied to the soma secured by this Mortgage each proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balances of the proceeds paid to Borrower. - Ifthe Peopeety isabandoned by Harrower. or ~ after notice by Lender to Borrower that the condemnor offers to make an award or settle ei claim foe damages, Borrower fails to respond to Leaden within SO days after the date such notice is mailed, Lender is authorir~ed to collect and apply the pracesds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lendm and Borrower otherwise agree in writing. any ands application of proceeds to principal shall not eztead or postpone thedne date of the monthly installments referred to in paragraphs 1 sad 2 hceeof or change the amount of such instaWnenta. 10 Borrower Not Released. Extension of the time for payment or modification of amortization of the some secured by this Mortgage granted by Lender to nay aucoeesor in interest of Borrower shall not operate to release, in any manner,l6e liability of the original Borrower and Borrovrer's successors in interest. Lender shall not be~equired to oommenee proceedings against such successor or refnee to estendtimes - forpayment orotherwise modify amortization of the some secured by thiaMortgage by reason of any demand made by the original Borrower and Borrower s aucoeseors in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereuudez. or r?thervrise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurp~t of inanrance or the payment of taus err other liens or charges by Leader shall not be a waiver of Lender's right to aooxlerate the maturity of the indebtedness second by this Mortgages - - 12 Remedies Cumnlatlve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be ezercise~l ooncarrently, independently or sueoessivelj?. 13 Snooeasors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreerneats herein contained shall bind, and the rights hereunder shall inure to, the respective anceeesors and assigns of Lender and Borrower, anbject to We 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 oovenience only and are not to tie used to interpret or define the provisions hereof. - 14. Notice. Except for any notice required under applicable law to be given in arwther manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certi5ed mail addressed to Borrower at the Properly Address or at such other address as Borrower may designate by notice to Lender ere provided herein, and (b) any notice to I:ender shall be given by certified mail. return receipt requested, to Lender's address stated herein or to such other Qddreas as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given to Borrower or Lender when given in the manner designated hereir4 15~. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform rnve~aants with limited variations by jntisdiction to Constitute a uniform aecarity inatraraent covering real properly. Thies Mortgage shall be governed by the law of the jurisdiction in which the Properly is located. In the event that any provision or claaee of thin Mortgage or the Note conflicts with applicable law, such eoaflid shall not affect other provisions of this 11flortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall hP furnished A conformed copy _of the Note and of this Mortgage at the time of ezecntion or after recordation hereof. 17. Transfer of the Property: Assumption. If all err any purl of the Properly or sn iatereat therein is sold or transferred by Borrower without Lender's prior written consent. ezclading (a) the creation of a lirn or encumbrance subordinate 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 less not containing an option to pnrchaae, Lender may, at Leaders option, declare all the same secured by this Mortgage to be immediately due and payable.-Le~nder shall have waived each option to sooelerate if, prior I' to the sale or transfer. Lander and the person to whom the Properly is to be sold or transferred reach agreement in writing that the creditof such person is satisfactory m Lende3 and that the interest payable on the same secured by this Mortgage shall be at such rate as Lender shall request. If Lender hoe waived the option to accelerate provided ir. then paragraph 17, and if Borrower s aueoeseor in inte-eat has executed a written assumption agreement accepted in writing by Lender, Lender ahaU release Borrower from all obligations undue this Mortgage and the Note_ - If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice ahaU provide a period of not less than 30 days from the date the notice is sailed within which Borrower may pay the soma dedared due. If Borrower fails to pay such soma prior to the exriration of wch period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragrauh 18 hereof: - 18. Acceleration; Remedies. E:Dept as provided in pa.~a~raph 17 hereof, neon Borrower's breach of any covenant or agreement of Borro wen in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided is paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is maned to Borrower, by which sndt breach must ~ cured; and (4) that failure to care such breach on or before the date specified in the notice may resnk in acceleration of the some secured by this Mortgage, foreclosure by jndicirl proceeding and sale of the Propert~+.The notice shall . further inform Borrower of the right to reinstate aftrx acceleration and the right to assert in the foreclosure proceeding the non-eristence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cored on or before the date specified in the notice, Leader at Lender's option may declare all of the sums aewred by this Mortgage to be immediately due and payable without furtherdemand andmay foreclosethis Mortgage by judicial prooseding.Lends-shall be entitled to collect in such proceeding all ezpenaes of foreclosure. including, hot not limited to, reasonable attorney's fees, and costa of documeatsry evidence, abstracts sad title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the soma eecur+ed by this Mortgage~Borrower shall have the right io have any proceedings began by Leader to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing ~ this Mortgage if: (s) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes securing Fntare Advances, if any, had no acceleration occurred: (b) Borrower cures alt brea~:hes of any other covenants or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable expenses incarrld by Lender in enforcing the eovenante and agrecenceb of Borrower ~ wntained in this Mortgage and in enforcing Lenders remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attosneyi s fees; and (d) Borrower takes such action as Lrnder may reasonably require to assure that the lien of this Mortgage, Leader's interest s in the Property and Borrowers obligation to pay rite sums encored by this Mortgage shall Contir. ue a nimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in tall force and effect as if no acceleration had oocarred. 20. Assignment of Rents; Appointment of Deceiver. Aa additional eecnrity here~nnder, Boaower hereby assigns to Linder the rents ~ of the Property, provided that Borrower shall, prior to eaeleration ender paragraph 18hereof or abandonment of the Property, have the right ! to Dolled and retain sack rents as they become due and payable. Upon acceleration nndeT paragraph 18 hereof or abandonment of the Property.Lender shall be titled to have a receiver appointed by a , ooart to enterarpon, take possession of and manage the Property and to Dolled the rents of the Property. including those past due. All rents rnllected by the receiver shall be applied first to payment of the costs of management of the Property and ooUedion of rents, including, bat not limited to, receiver's fees, premiums oa receivers bonds and reasonable attorney's fees. and then to the same secured by this Mortgage. The ' receiver shall be liable to scmunt only for those rents actually received. i - - 8t30K JiG~ PAGE~7