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HomeMy WebLinkAbout2675 • ~ V~ • • '•1. IOepe0ti0a. Leader may make oe cause b bs made rwewnabls entries upon and inapeCtiOrM dtbs ploP«RY. p~~ thatLwderehail give Borrowee notice prior b aqy such inapsdio~n apeta~?Ing r+eaeoaable Deans there[or rrlated to Iwadet's inbrest iII the Propeel;~. 9. Coadesnatba Tbs proceeds d any award or da;m fot daoasgea. direct or ooospusatral. in oonaeetion wIW nay ooadempatioa or othee taidag d the property, ere part theeed, or for ooawyanoe is lieu of a~ndrmna~, are heeeby assigned and sbaA b paid b Lender. In the event d a tool bong d the Pnopeefy, the proceeds ehaII bs applied to the soma secured by this Mortgage, with the es~oees, if any. paid b Borrower. In the event d a partial feting of the Piopees<y. anleas Baerowee and Leodee otherwise agree is w~~i. thed ehaA b applied to the name secured by this Martgsge such propoetion d the peoossda a• is equal b that propoetion which the amount d the cams secured by Chia Mortgage immediately prior to the dab d biting bears to the fair mutetvab:s dthe Pr~b? immediately peiortothedab d taidag, with the balance d tM proceeds paM to Borrower. Tf the Properly is abandoned by Borrower, err ~ alter notion by Iwadee to Harrower that the ooademnoroffirs to mob an awardor sattM a claim foe damages. Borrower Lila eo respoo?d to Lem within yl! days aver lees ears earn uwiu. i. x..:.ow ,.w.~....i ~~..w.a..w w app~y the prooesds, at I~endla option, either to redoration ere repair of tbs peopsely ere to tM notes secured by this Mortgage. Urdeas Leader and Borrowerotheewias ageesinwdting,anl?~ehappliatioadprooesdabprindpelsbaUnoteatendarpostponethedns dab d the monthly inetallmenb referred to is paragraphs 1 and Z hereof or change the amount d such iadalboaaib. 10. Borrower Noc Released. 8rctension d the time for payment or modification d amortisation dthe soma secured by this Mortgage granted by Lender to aqy enoossaor in interest of Bceeower shall notoperab to neleew, in any manner. the liability dths original Borrower and Borrower's sueoeaors in interest. Leader ahaU not bs required to commence peooeedings against such eaooesaor or retnss to e~stead time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason d any demand made by the origind Bocr+ower and Borrower*a ancoessors in interest. 11. Forbearance by Lender Not a ~ifaiver. Any forbearance by Lender in ezerraring any right or remedy . or otbeewiab afforded by applicable law. shall not be a waiver of or pndade the exercise d any1 ~ . t or remedy.'!be procurement dinsnraaos err the payment of bras or other liana err charges by Fender shall not be a waiver d I.eaat to $ooelsrate the maturity d the indebtedness secured by Chia Mortgage. lg, g„~,,axr ~m~.tl.?., ail *+e•e!edies eatovided in this Morfgat[e are didinet and cmm~lative to nay other right or remedy ender Chia Mortgage oe afforded by law or equity. sect may be eacerciaed ooncurrentijr, indapeedeatbr or suooessively. 13 Suoosseors and Assigns Bound; Joint and Several Liability; Captions. The oovenanb and ag<•eemmb herein contained shall bind, and the rig6b herannder shall inure to, the respective suoceeson and assigw d Lander and Borrower, enbjed to the providoaa d paragraph 17 hereoL A11 oovenanb and agreemeab of Borrower shell bs joint and ssvaral.'lbs captions and headings of the paragraphs d this Mortgage an for cmrenienoa only and are not to be wed to interpret or defiame the providoas he:eoL 14. Notice. Ssoept far any notice required render applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgageshallbsgivenbymailingsuchnotioebyceadi5edmailaddnssedtoBorroweratWePropedy Addresawatsuchaths: addrewas Borrower may designate by notice to Lender w provided herein, and (b) aqy? nopioe to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to arch other address as Lender may designate by notice to Borrower as provided herein Aqy notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated becein. 16. Uniform tlortgwge; Governing Law; Severab~ility. This form of mortgage combines uniform oovenanb far national nee and non- uniform oovenanb with limited variations by jarisdidioa to oonstitnte a uniform security inst:nmeat covering real property. This Mortgage shall be governed by the law cf We juriadidion 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 provisions of the Mortgage and the Note are declared to be severable. lli. Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time d eaecntion or aRer recordation hereoL 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written oonsenk eulnding (a) the creation of a lien or enarmbrance anbordinab to this Mortgage, (b) the creation of a purchase money security interest for household applianoea, (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 pmrhase. Lender may. at Lender's option, ~ declare all the soma warred by this Mortgage to be immediately due and payable. Lender shall have waived such option to aooderate i~ prior to the sale or transfer, Lender and the person to whom the Property is to be sold err transferred Hach agreement in writing thatthe credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall j request. If Leader has waived tbe option to sooelerate provided in thin paragraph 17, and if Borrower's enooeesor in interest has esearted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage andthe Note. ~ If Lender ezereises such option to accelerate, Lender shall mail Borrower notice of aeoeleration in aeoordance with paragraph 14 hereoL 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 enms declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Leader may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof; 18. Aaxleration; Remedies. Faeept as provided in paragraph 17 hereof, upon Borrower's breach of aw? covenant or agreement of Borrower is this Mortgage, including the covenants to pay when due aqy soma secured by this lortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spediyirrg; (1) the breach; (2) the action required to enr+e such breach: (3) a date, not less than 30 drq?s 4om the date the notice is mailed to Borrower. by which such breach meat be cared; and (4) that faihrre to care such breach on or before the date spedfted in the notice may resalt in acceleration of the soma secured by fhb Mortgage, foreclosure by jadiciat proceeding wed sale of the Property.The notice shall further inform Borrower of the right to reinstate after acceleration wed the right to assert in the foreclosure proceeding the non-ezidenee of a defank or any other defe~e of Borrower to acceleration and fceecbserre. 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 aecared by this Mortgage to be immediately due and pe4yable without tnrther demand and may foreclose this Mortgese by jrdicial proceeding. Leader shall be entitled to rolled in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstract and title reports. 19. Borrower's Hight to Reinstate. Notwithstanding Leaders aeoeleration of tht sums secured by this Mortgage, Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all same which world be then due Hader this Mortgage, the Note and notes warring 17htnre Advances, if any, had no aooeleration occurred; (b) Borrower cures all breaches of any other covenant err agreement of Borrower contained in this Mortgage: (c) Borrows pays all reasonable ezpeases incarced by Lender in enforcing the oonrenanb and agreement of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, indnding, bet not limited to, reaaonabls attorney's fees; and (d) Borrower takes such action as Leader may reasonably require to assarethatthelien dthis Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums eearred by this Mortgage shall ooatinne unimpaired. Upon such payment and curs by Borrower. this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had oocarred. 20. Asaipuweat of Banter Appointment of Receiver. As additional aearrity henander,Borrower hereby assigns b iwadec the rent of the Prapa ty, provided that Borrower shall, prior to acoekration ender paragraph 18hereof or abandonment of the Property, have thesight to collect and retain each rent as they become due sad payable. Upon aeoeleration under paragraph 18 hereof or abandonment of the Property. Deader shall be entitled to have a receiver appointed by a eomrt to entarapoa, tales possession of and manage the Property and to rolled the rent of the Property. inc]nding those pad due. All rent oolleded by the receiver shall be applied first to payment of the cost of managementof the Property and oolledi~ of rent, including, bat not limited to. receiver's fees, premiums on receiver's bonds and reasonable attorney's face, and then to the annos secured by thin Mortgage. The receiver shall be liable to account only for those nn?t adnauy received.