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HomeMy WebLinkAbout1272 • ~ , ~~-_---__.,~..-..____,._r._.-~.r~-~__-__ ~_~_~~.~.__~_~..~.._..T._~__1'i~_._-.-_._..._-_._-__._.. ~_..~._.~.r-.__-. • 8. Ioapecdoa. Londe may make or cave to b made reasonable entries upon and inspections of the propsc~y. provided thatLeader shall give Borrower notice prior to aqy such inspection speciarins reaaoaable cams therefoe related to Lender's interest is the Property. 9. Coadesanation. The pr+ooseds of any award or claim for damages, direct a oonaequsatial, in connection with aqy oondemnatioa a other taloing of the propeeb?. err Part t>~sot. ce far ooavsyanos i~? lten of condemnation, ors hereby a~dsned sad shall b paid to I.wder. In the event of (total taking of the Property. !bs proceeds shall b applied to tM some secured by this Mortgage. with the ezaaM. if any. paid to Borrower. In the went at a partial taking of the Property, unless Baerower and Lerrdee otl~eewiss ogres is writing, then shall b applied b the same secured by this Mortgage such proportion d the proosetL as i. equal to that proportion which the amount oI the sums seaued by Chia Mortgage immediately prior to the date of taking bears to tM fair market value oithe Property immediately priorto the date of toting, with the balance at the proceeds Paid to Borrower. if the Property L abandoned by Boerowee, a ~ att~ notice by Lender to Borrower that the ooadannosoffere females an award or nettle a claim for damages, Borrower fails to respond to Lender within 30 days after the date each notice is mailed. Londee is antborised to collect and apply ~ Proms. at Lendds option, dther to restoration or repair of the property at to the sums secured by this Martgsge. Unksa I.snderand Borrowerothmwise agresinwritint.anl?wch applicationofpr~ooeedstoprindpalahaU notestendaepostponethedns date of the monthly installanents r~ecred bo in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Sztenaion of the time for payment or modification of amortisation of the same secured by this Mortgage granted by Lender to any sncoessor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's aueoessore in interest. Leader shall not b required to coaamenee proceedings agairut such sneoeaor or refuse to eztend time four payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowds sucoeesore is intereest. 11. Forbearance by Leader Not a W elver. Any fozbearanee by Lendw in ezeriaang any right or remedy hereunder, or otherwisb afforded by applicable law. shall not b a waiver of or preclude the ezsrcise of any such right er remedy. The procarennent of insaraaoe or the payment of fazes or other liens or charges by Lender shall not b a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. . 12 Remedies (~rmalatlve. All remedies provided in this Mortgage are distinct end cnmalative to any other right err remedy Hader this Mortgage err afforded by law or equity, and may be ezacised ooncurrer?tly, independently or successively. 13 Suooessors and Assigns Hound; Joint sad Several Liability: Captlons. The cova~ants and agreements herein ooatained shall bind, and the rights hereunder shall inure to. the respective suecessore and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof: AU oovenanb and agreements of Borrower shall b joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not to b used to interpret or define the provisions hereof. 14. Notice.l}zoept for any notice required ender applicable law to be given in another manner. (a) any notice to Borrower provided for is this Mortgage shall be given by mailing andr notice by certified mail addressed to Borrower atthe Property Address or at such other address as Borrower may designate by notice to Lender as provided here9a, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lendds address stated herein or to such other addc+ess ea Leader 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 is the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jnriadidion to oonetitate a uniform security inatrnment covering real property. This Mortgage shall be governed by the law of the jnrisdidion in which the Property is located. Ia the event that any provision or clause of this Mortgage or 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 the conflicting provision, and to thin end the provisions of the Mortgage and the Note are declared to be severable. ~ lli. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof: 17. Transfer of the Property: Assumption. If all ce any part of the Property or an interest therein ie sold or transferred by Borrower ~ thout Leadds prior written consent, ezclading (a) the creation of a lice w enarmbrance anbordiuate to this Mortgage, (b) the creation of a urchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law open the death of a joint tenant or (dl the s~rant of env leasehold interest of three yeah err less not containing an option to purchase, Lender may, at Leader's option, v declare all the sums secuna by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior Ito the sale or transfer, Lender and We person b whom the Property is to be sold ce transferred reach agreement in writing thatthe creditof arch n is satisfactory to Lender and that the interest payable on the sums severed by this Mortgage shall be at ouch rate tie Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowds successor in interest hoe ezecnted a written assumption agreement accepted in writing by Calder. Lender shall release Borrower tom all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aooaleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not lees than 30 days from the date the notice is mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may. without further notice or demand on Borrower, ` mucks any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Bzcept as provided in paragraph 17 hereof, upon Borrnwer's breach of any covenant or agreement of Borrower is this Mortgage, including the covenants to pay when due any saws secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying; (1) the breach; (2) the action required to arts such breach; (S) a date, not less than all days from the date the notice i. mailed to Borrower, l?y which such breach must be cared; and (4) that failure to care snob breadr on or before the date speciRed in the notlce may result in acceleration of the some secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate aRer a~ooeleration and the right to assert in the foreclosure proceeding the non•ensteaoe of a defauk or any other defense of Borrower to acceleration and foreclosure. It the breach is not cared on or before the date specified in the notice, Leader at Lender`s optlaer may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand sad may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to Dolled is such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lendds aeoeleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Leader to enforce this Mortgage discontinued at any time prior to catty of a judgment enforr~ng this Mortgage i~ (a) Borrower pays Lender all soma which would be then due Hader this Mortgage, the Note and notes securing Fhture Advances, if any, had no eoceleration occurred: (b)Bon+ower cares ell breaches of any other ooveaants err agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Leader in enforcing the covenants and agreements of Borrows: contained in thin Mortgage and in enforcing Leader's retinedies as provided in paragraph 18 hsno~ including. but not limited to, reasonable attorney's fees; and (d) Borrower takes sash action as Leader may reasonably require to assure thatthe lien of this Mortgage, Lendds interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrows. this Mortgage and the obligations secured hereby shall remain in full force and effect sa if no aooeisration had oocarred. 20. Assignment of Rents; Appointment of Receiver. As additional security her+ennder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to aooeleration Hader paragraph 18 hereof or abaadonmeat of the Property, have the sight to Dolled and retain ouch rents as they become due and payable. Upon aooderation Hader paragraph 18 hereof os abandoama?t of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take possewion of and manage the Propdrty and to Dolled the rafts of the Property. including those past due. All rents collected by the receiver shall be applied first to payment of the costs of managementof the Property and collection of rafts, including. but not limited b, reoavds fees, premiums on rectavds bonds and reasonable attorney's fees, and then to the sums severed by this Mortgage. The reodver shall b liable to account only for those rents actually received. BGOK 325 P4GE~l~ -