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HomeMy WebLinkAbout1443 _ _ - + 1. • ~ ~ . , 8. Inapecdoa. Leader may make or caws to be made reasonabk entries upon and irupections of the propRy.prodded that Leader shall give Borrower notice prior b any such inspection spedfying reasottabk caws therefor related to I.sader's interact is the Property. 9. Condemnation. Zits pcoossds of any award err claim for damages. direct err consequential, in conaectioa with any ooademnatioa or other taking of the propsrq?, a part thereof, or far oonwyancs in lien of ooademnation, are hereby assigned and shall bs paid to Leader. In the event of a total taking of the Property, the proceeds shall be applied to the runts secured by this Mortgage, with the excess, if any. paid to Borrower. In the event of a partial taking of the Propecgr, udess Borrower and Lender otherwise ogres in writing, there shall be applied to the sums secured by this Moctgags such proportion of the proceeds as is equal to that ~oportion which the amount ~ the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market valor of We Property immediately priorto the date of taking. with the balanos of the proceeds paid to Harrower. If the Propergr is abandoned by Borrower, a if, after notice by Lertder to Borrower that the condemnor offers to make an award or seals a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option, dWer to sedoration or repair of the property or to the rums secured by this Mortgage. Unless Leader and Borrower otherwise agree is writing. any sadt application of proceeds to principal shag rtot e:tertd a postpone the des date of the month$r installments referred to in paragraplu 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment ce modification of amortisation of We sums secured by this Mortgage granted by Larder to nay successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors is interest. Lender shall not be r+egnired to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Botrowe~s sucoessore in interest. 11. Forbearance by Lender Not s Waiver. Any forbearance by Lender in e:erc3sing any right or remedy hereunder. or oWerwiee afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.llte procurement of insurance err the payment of taus or other liana or charges by lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Moirtgage. 12 Remedies CamaLstive. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy Hader this Mortgage err afforded by law or equity. and may be ezercase~t ooncurrerttiy, independently or snocessively. 13. Snooeasors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Leader and Borrower, subject to the provisions of paragraph 17 hereoL 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 be used to interpret or define the provisions hereof. 14. Notice. E:ospt for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing sack 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 b Lender shall be given by certified mail. return receipt requested, to Lwtder's address stated herein or to andt other address as lender 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 in the manner designated herein. 15. L'nlfo.:.. ;so~.a~a; : r,:ar~g Law; Severahility. This form of mortgage oombinea uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In 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 this end the proviaiona of We Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fnrniahod a conformed Dopy of the Note and of this Mortgage at the time of execution or after rernrdation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written consent, a:eluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purctase money security interest for houseltold 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 leas not containing an option to purchase, lender may, at Lender's option. declare all the sums aecurea by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the creditof such person is satisfactory to Lender and that the interest payable on the sums natured by this Mortgage shall be at such rate as Lender ahaU request. If bender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by I.ender, Lender shall release Bonrow~ from all obligations under this Mortgage and the Note. If Lender a:ercisee such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereol: 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 soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or desnand on Borrower, invoke any remedies permitted by paragraph 18 hereof. x 18. Aa;eleration; Remedies Ezcept as provided in paragraph 17 hereof, upon Bdrrower's breach of any covenant or ` agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ore provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure arch breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may resalt in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non•ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the 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 sad may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports 19. Borrower's Right to Reinstate. Notwithstanding lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enfom this Mortgage disoontianed at any time prior to entry of a judgment enforcing r this Mortgage ii: (a) Borrower pays lender all same which would be then due under thin Mortgage, the Note and notes securing l~tture i Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:peases incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Leader may reasonably require to asanre Wet the lice of this Mortgage, bender's interest E in the Property and Borrower's obligation to pay the aurae secured by this Mortgage shall eontinne unimpaired. Upon such payment and cure by Borrows, this Mortgage and We obligations secured hereby shall remain in fall force and effect as if no acceleration had oecnrred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security herenndes, Borrows hereby aasigas to Lender the rests of the Property, provided that Bon~ower shall, prior to aaxleration under paragraph 18 hereof or abandonment of the Property, have Weright F to tolled and retain such rents as Wry become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be eatitkd to have a rooeiver appointed by a court to eaternpon, take poesossion of and manage the Property and to collect the rents of the Property, including those past due. All Hats collected by the receiver shall be applied first to payment of the costs of managementof the Property and collodion of rents, including, but not limited to, receiver's fees, premiums on reoeiver'a bonds and reasonable attorney's fees. and Wen to the arms secured by this Mortgage. The receiver shall be liabk to aeoonnt only for those rents actually received. 8325 P~~437