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HomeMy WebLinkAbout1276 ~ ; f ~ \_J s. Inspeetioa. Landes may make or caws to be made reasonable eatsies upon and inspections oithe Peoperfy, provided thatLender.hau giw Borrower notice pdar oo aqy such inspection spedlying reasonable woes therefor rdat~,d b Lt's intarcet in the Prop.~ty. 9. Condemnation. Ths prooestia of any award or Maim for damsga, direct a oonssgwatitd, in oonnectian with say condemnation or other taking of the property, or Part thereof, or far ooawyancs in lies of oondannation, are heeeb7 assigned sad shall be paid 1o Lander. In the event of a total taking of the Property, the proceeds shall be applied to the soma scared by this Moetgags. with tM excess, u any, paid to Borrower. In the event at a partial taking of ihs Property, unless Bortowee acct Lender otbeewiss agree is writing. thins shall be applied b the sums secured by this Mortgage such peopcetion of the Pi'oossds as i. equal m that peoportion which the amount et the spins secured by this Mortgage immediately price to the date et taking bear. b the fair market vahte of the Props~rty immediately? priorto tbs date o[ taking, with the baLnos of the proceeds paid to Borrower. If the Property is abandoned by Borrows:, err i>, after notice by Lender to Borrowee that the condemnor offersto make an awardo=aettls a claim for damages, Borror?er fail b respond to Lendee within 30 days after the date arch notice is maiksd, Leader is authorised b Dolled and aPPl1? ~ Pte. at Lender's option. either to reida~sation oe repair of the property oe to the sums secured by this Mortgage Udea Lenderand Borrower otherwise agreeinwriting,anY~aPP~tionafproosedatoprindpalshallnote:tendorpostpouetbedns data of the monthly installments refereed bo in paragraphs 1 sad 2 hereof or dunge the amount of such installments. 10. Borrower Not Released. Exton of the time for payment or modification of amortisation of the arms secured by this Mortgage granted by Lender to any suooessor in interest of Borrower shall not operate to release, is any manner, the liability of the otigind Borrower - and Borrower's aneoessors in interest. Lender shall not be required to commence proceedings against such anecessor of refuse to sztead time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by We original Borrower and Borrower's suooessors in interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy heraandes. ce otherwise afforded by applicable law. shall not be a waives of or preclude the a:erciss at any stcb right or remedy. The procnremant of insurance err the payment of lases or other liens or diarges by Lender shall not be a waiver of I,e:tder'~ right to accelerate the maturity of the indebtedness secured by this Mortgage. 1Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and cmm~latiw b aqy other right or remedy under this Mortgage or afforded by law or equity. and may be ezerciaerl eoncarreatly. irtdepeadwtly or anooassively. 13. Sw~oessors and Assigns Board; Joint end Several LiabUity; Captions. The covenants and ageeelncat. herein contained shall bind, and the rights hereunder shall inure to, the respective euooesson and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof All oovenaata and le of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eovenience only and are not to be used to interpret or deftne the provisions hereof. 14. Notice. Except for say notice required under applicable law to be given in smother manner. (a) any notice to Borrower provided for in this Mortgageahall begiven by mailing such noticebyeedified mail addressedto BorrownratthePropertyAddressor atsnchotheraddeess as Borrower may designate by notice to Lender as provided herein, and (b) any notice to bender shall be gives by certified mail, ratara receipt requested, to Lender's address stated herein or to arch other address as Leader may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage ehallbe deemed to have hew given to Borrower or Lender when gives in the manner designated herein. 1li~ Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform oovenante with limited variations by jurisdiction to eonstitnte a uniform security instrument covering real properflr. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or dense 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 oontlictiag provision, and to this end the prrovisions of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed copy of We Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transi'er of the Property; Assumption. If all or any part of We Property or an interest therein is sold or transferred by Borrower without Lender's prior written oonaeut, excluding (s) the creation of a lien or eacnmbrance subordinate 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 upon the death of a joint ,~tsn,ant or (d? the grant of env leasehold interest of three years or lees sot containing an option to purchase. Lender may, at Lender's option, j ~ ~eclare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate ii, prior 1 thesale ortranafer, Lender and Weperson to whom theProperty isto be sold ortransferredreach agreementin writing thatthe creditof each ~ person is satisfactory to Lender and that the interest payable on the arms secured by this Mortgage shall be at arch rate as Leader shall 1 request. If Fender has waived the option to accelerate provided in this paragraph 17. and if Borrower's anaceeaor in interest has ezecuted a writtw assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and We Note. If Leader exercises such option to accelerate. Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not leas than 30 Jaya from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of each period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof: 18. Acceleration; Remedies. Except eu provided is paragraph 17 hereof, aeon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days tYrom the date the notice b mailed to Borrower, by which each breach must be cared; and (4) that failure to cure each breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shaD further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-e:isteaoe of a default or any other defense of Borrower to acceleration and fosedosure. If the breach is not cured on or before the date specified in the notice, Lender at Lenders option may declare all o! the sums semrred by this la[ortgage to be immediately doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, bat not limited to, reasonable attorney's foes, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.ender'a aeoeleration ofthe same secured by this Mortgage, Borrower shall have the sight to have any proceedings begun by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage ifl (a) Borrower pays Lender all sums which world be then due under this Mortgage, the Note and notes securing I~tnre Advances, if any, had no aooeleration oocarred; (b) Borrower cures all breaches of any other oovenanta or agreements of Borrower contained is thin Mortgage: (c) Borrows pays all reasonable ezpenses incureed by Lender in enforcing the ooveaants and agreements of Borrower contained in this Mortgage and in enforcing Leadei s remedies as provided in paragraph IS hereof, inducting, but sot limited to, reasonable attorney's fees: and (d) Borrows takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the arms secured by this Mortgage shall continue unimpaired. Upon sack payment and care by Borrower, this Mortgage and the obligationu secured hereby shall remain in fall force and effect as if no aooeleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader the rents of the Property. provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to collect and retain snap rents as they become due and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a r~eoeive: appointed by a court to enter-upon, take possession of and manage the Property and to Dolled the rents of the Property, inducting those past doe. All rents collected by the r+eoeiver shall be applied fast to payment of the oasts of management of the Property and collection of rents, indading, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 600Kt~~ P~~~