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HomeMy WebLinkAbout1280 _ _ e _ - _ _ . _ . _ ' ~ ~ U U ~ • y r ' ~ ~ ~ : ' i x s.1 s•1 fl. Lnspectioa. Leader may make or caoss to be made reasonable entsiss upon and iaspecdoas dthe propsegr, provided that Innder shall give Borrower notice prior to any wch inspection specsfyiag seasosuble cease tberefor relatd to Leader's interest is the Prapet~y. 9. Coadearnadaet. The proceeds d any award or Maim for damages, direct oe oonseywatial, in connection with aqy condemnation err other taking d tM propee~jr, a part thereat. or far ooaveyancs in lien d condemnation, are hereby ase3gned and shall be paid to Lender. In the event d a ta~tal taking d the Property. tM proceeds shall be applied to the soma esaued by this Mortgage, with tM excess, if any, paid to Borrower. In the event d a partial taking of the Property, nalw Barrowsr aced Leader otlraewise agree in wilting, there shall be applied to the sums secu:+ed by this Maetgags such popaeiion d the pooeeds ore is equal to Wort propoetion which the amount d the sums secured by this Mwrfgage immediatdy prior to the date d taking bean to the fair market valce ottee Propaq?immediatdy prior to the date d taking. with the balance d the proceeds paid to Borrower. It the Property is abandoned by Borrower, err i~ alts: notice by Lender b Borrower that tM oondemnar offento makeaa award or settle a claim far damages, Borrower fail to respond to lender within 90 days aRee tM date such notices is mailed, Lender is authorised to collect and apply the proceeds, at I.eadels option. dthee to reetorat'wn or repair d the properb? ore b the cams secured by thin 116iaetgaga Ua1ess Lerner and BorrowerotherwLs agresinwtiting,anysnchappticatioaofprooesdstoprindpalshallnotesteadarpostponethsdne date d the monthly installments referred to in paragraphs 1 and ~ hereof or change the amount d such irutalimeats. 10. Borrower Not Released. lS>~troaon d the time for paymaat or modification d amortisation of the same secured by this Mortgage granted by Lender to any suooeswr in interest of Borrower shall not operate to release, is any manner, the liability d the original Borrower and Borrower's snooessors is interest. Lender shall not bs required to oommatee proceedings against each snooeaor or refuse to estend time for payment or otherwise modify amortisation of the some secured by this Mortgage by reason of any demand made by the original Harrower and Borrower's snonsson in interest. 11. Forbearance by Fender Not s Waiver. Aay forbearance by Iendee in enta+rdsing any right or remedy hereunder. err otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise d any such right or remedy. The procurement of insaranos or the payment of fazes oc other liens err charges by Leader shall not bs a waiver of Lender's right to aoode,:ate the matnsity d the indsbtednea secured by this Mortgage. 12 Remedies Cnmdative. All remedies provided in this Mortgage are distinct and comnlative to anq other right or remedy under this Mortgage or afforded by law or equity. and rosy be exacissd ooncnreentbr. independently err snooesdvelq. 13 Suooeaors and Assigns Boned; Joint and Several I.lability; C.apdons. l7re oovenante sad agnementa herdn contained shall bind, and the rights hereunder shall inure to. the respective saeoeaors and assigns d Lender and Borrower. subject to the provisions d paragraph 17 hereof: All covenants and agreem~ts of Borrower shall be joint and several. The captious and headings of the paragraphs d this Mortgage are for oovenieace only and are not to be need to interpret or define the provisions hereof. 14. Notice. S:wept far any notice required under applicable law to be given in another manner. (a) any notice to Borrows: provided for in this Mortgage shall be given by mailing each aoticeby acetified mail addressed to Borrower atthe Property Address or at such other address as Borrower may designate by notice to Lander as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided hadn. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Leader when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform ooveaants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform secmity instrument covering real properly. This Mm~tgage shall be goyemed by the law of the jurisdiction in which the Property is located. In the event that aqy provision or clause of this Mortgage or the Note conflicts with applicable law. each conflict shall not affect other provisions of this Mortgage 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 be famished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereoL 17. Transfer of the Property: Aaamption. ff all or any part of the Property or an interest therein is said or transfereed by Borrower Rzthont Lender's prior written oonaeat, ezclading (a) the creation of a lien or encumbrance anbordinete 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 neon the death d a joint tenant or (d1 the grant of aav leasehold interest d three years err lees oat containing an option to purchase, Leader may. at Leader's option, declare all the sums secured by this Mortgage to be;mmediately due and payable. Lender shall have waived each option to aoceierate ii, prior to the sale or transfer, Lender and the person to whom the Property is to be sold os transferred reach agreement in writing thatthe credit of such person ie satisfactory to Lender and that the interest payable on the arms secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided is this paragraph 17. and if Borrower's anoceasor in interest has ezecated a written assumption agreement accepted in writing by Lender. Lender ahaU release Borrower from all obligations under this Mortgage and the Note. f If Lender ezercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in aeoordance with paragraph 14 hereoL j Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay theanma dedared due. If Borrower fails to pay such sums prior b the expiration of such period, Lender may, vriWout further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof: 18. Aooeleration; Remedies. Szcept as provided in paragraph 1? hereof, apace Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due aqy scans 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 sure such breach; (3) a date, not lees than 30 days !from the date the notice i. mailed to Borrower, by which such breach must be cared; aced (4) that failure to cage arch breach on or before the date spedfied in the notice my? result is - acceleration of the.ums secerred bythis Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-ezistenee of a default or ant? other defense of Borrower to acceleration and toseclosare. If the breach is not cured on or before the date specined is fire notice. Lender at Lender s option raay declare all oli:fs vaass s~trsd b; this E4IartZage tts be immediately due and payable without farther demand and may foreclose this Mortgstige b7 judicial proceeding. Lender shall be entitled to Dolled is such proceeding all e=penaes of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Bor'rower's Right to Reinstate. Notwithstanding Lender's aooeleration of the name secured by this Mortgage. Borrower shall have the right to have nay proceedings begun by Lender to enforce thin Mortgage disooatiaaed at any time prior to entry of a judgment enforcing this Mortgage i$ (a) Borrower pays Leader all sums which world be then due Hader this Mortgage, the Note and notes securing F'ature Advances, if any. had no aofleleration occurred; (b) Borrower cnrea sU breaches of any other covenants err agreemeata of Borrower ooatained in this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreemeata of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; including, bat not limited to, reasonable attorney's fees: and (d) Borrower takes such action ore Lender may reasonably require to sssarethatthe lien of this Mortgage, Lender's intered in the Property aced Borrower's obligation to pay the arms secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower. this Mortgage and the oblgatiow secured hereby shall remain in fall force and effect as if no sooeleration had oecnn+ed. 20. Assignment of Rents; Appointment of Receiver. Aa additional sec~uity hereunder. Borrower hereby assigns to Lender the ants of the Property, provided that Borrower shall, prior to aotxleration under paragraph 18 hereof or abandonment of the Property, have the right to called and retain arch rents as they become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the Property, Leader shall be entitled to have a reodver appointed by a court to eater.npon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rafts collected by the receiver shall be applied first to payment of the owls of managementof the Property? and collection of rents, iaclndiog, but red limited to, reoeive:'s fees, premiums on reoeive:•e 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 rcets actually received. > 6Gt~t~~ P~GE.I.it?74