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HomeMy WebLinkAbout2723 , t,~~, 1, r"'` 8. Inapeatioo. Lender may make or canes b b marls reasonable eatila upon and inspections of the properly, provided thatLendse shall gIw Borrower aotias pilot b aW? such inspection speaiyiag rwsw~abls canes thseefa elated b Iwnders interest in the Propeee<jr. 9. Coadea~aatiaa. 9be proceeds of any award or claim foe damaiea, died oe ooassgwutial. in oonaeetion with any oondsmaatioa a other taking of the peopoety. or Part thereof, oe fa ooawyanos in lien ~ condemnatiea, are hsnby asdgaed and. shall bs paid b Leader. Ia the event of a total taking of the P[opsetvy, the prooeds shaD bs applied b the same scarred by thin Moetgap. with the crease, iiany, paid b Borrowez Ia the event of a Partial taking of tbs Propeef3?. unless Boernwee and Lender otlNewiss sires is wilting, there shall be applied b the sagas secured by thin Maetiaie such peopoction at the proceeds eu is equal b that proportion which the amount of the coma secured by thin Manage immediately peiae b the date altaldag bean b the fair market vafie of the ProPeeRy immsdiatebr prior b the date of taking. with the balaaoe of tM Pr's Paid b Bocrowee V the Properbr is abandoned by Haerowee, a it, alter aotios by Loader b Boaowee that the oondemnac offer b make an awardor settM a claim for damages. Harrower fails b rwpoad b Lender within 90 days after the date such aotias is mailed, header is anthorissd b collect and apply the proceeds. at Lndee'a option. either b recbdation or repair of the peoperty or b the arms ascend by thin Mactiaga Udess Leadee and Borrowee otherwias ogees in writing. any such appliditioa of proceeds b pilacipal shall not eactsad or postpone tbs des date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such inatallcasnts. 10. Borrower Not Released. Sztendon of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender b say snooessor in interest of Borrower shall not operate b release. in any manner, the liability of the ariiinal Harrower and Borrower's snooessors in interest Lender shall not be required b aommaace proceedings against wch anooeesor or refuse b eztead time for payment or otherwise modify amortisation of the some secured by this Mortgage by reason of any damaad made by the ariiiaal Borrower and Borrower's aneoessors is interest 11. Forbearanos h I.endeer Not a Waiver. Any forbearance by Lceda in eze~rcidng any right or remedy hereunder, oe otherwise afforded by applicable law. shall notbe a waiver of or preclude the ezerciss of any such rightorremedy. Thor procarementofinsnranoe athe payment of fazes ore other liens a< charges by Lender shall not be a waiver of Leader's right b aofleleeate the maturity of the indebtednea secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in Chia Mortgage are distinct sad amanlative b any other right or remedy Hader this Mortgage or afforded by law or equity. and may be ezeta~setl ooncarreatiy. iadageadeatly or vely. 13.3uooessors and Assigns Boned; Joist and Several I.tablliq , Cwptioas.'!be ooveaanb and agreements hera~n contained shall bind, and the rights hersonder shall inure b, the respective suooesaon a~ assigns of Leads and Borrower, subject b the provisions of paragraph 17 hereof All ooveaants and agreements of Borrowee shall be joint and several The captions and headings of the paragraphs of this Mortgage are fa covenience only and are not b be need b interpret or define the provisions hereof 14. Notice. S:Dept far aqy notice required Hader applicable law b be given in anoWer manner. (a) any notice b Borrower provided for in this Mortgageahall begiven by mailingsnch notice bycerti5ed mail addressed toBorroweratthePropertyAddnssoratsuch otheraddrea as Borrower may designate by notice b Lender as provided heron. and (b) any notice to Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or b arch other address as Lender may designate by notice b Borrower as provided herein. Aay notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This force of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jnrisdidion b eonstitnte a uniform security instranueat covering real propaty.lbis Mortgage shall be governed by the law of the jnrisdidion in which the Property is located. In the event that any provision or chose of this Mortgage az the Note conflicts wiW applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the oonflictiag provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of esecntion or after recordation hereof. 17.1~ansfer of the Property; Assumption. ff all or any part of the Property or an interest therein is solo or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lira or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliaaoes, (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 b purchase, Lender may, at Leaders option. declare all tbe sums secured by this Mortgage b be immediately due and payable. Lender shall have waived each option b aooelerate it; prior to We sale or transfer, Lender and the person b whom the Property is to be sold or transferred Hach agreematt in writing thatthe creditof each person is satisfactory to Lender and that the interest payable on the awns eeaired by this Mortgage shall be at such rate as Leader shall request. If Leader has waived the option to aoaelerate provided in this paragraph 17, and if Borra~vet'a sueceasoe in interest has ezecated a written assumption agreement aa~epted in writing by Leader, Lender shall release Borrower from all obligations ender this Mortgage and the ~ Note. j If Lender exercises each option to aeoele:ate, Lender shall mail Borrower notice of aoDeleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails b pay such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereoL 18. Acceleration; Remedies. i~oept as provided in paragraph 17 hereof, upon Borrower'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 as provided in paragraph 14 hereof spedtyiag: (1) the breach; (Z) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cared; and (4) that failure to cure such breach on or before the date apedfied in the note may result in acceleration of the sums 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-esistenoe of a defsalt oar any other defense of Borrower to acceleration a~ foreclosure. If the breach is not cared on or ` before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by thin Mortgage to be immediately due and payable without farther demand and may for~ecloee this li[ortgage by judicial proceeding. Lender shall be entitled to Dolled in such proceeding all expenses of foreclosure, including, bet not limited to, reasonable attorney's fees, and costa of dotarmentary evidence, abstracts end title reports. 19. Borrower's Right to Reinstate. Notwithatandinglender's acceleration of the sums secured by this Mortgage. Borrows shall have We right to have any proceedings begun bq Lender b enforce this Mortgage disoontinned at any time prior b entry of a jndgmeat enforcing this Mortgage iL (a) Borrower pays Lender all sums which wonbi be then due under thin Mortgage, the Note and notes securing Phtnre Advances, if any, had no aooeleration occurred; (b) Borrower cares all breaches of any other covenants ore agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses 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 hee+eof, iadnding, but nil limited b, reasonable attorney's fees: and (d) Borrower takes each action as Leader may reasonably regture b assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall axitinae unimpaired. Upon arch payment and arts by Borrower. this Mortgage and the obligations secured hereby shall remain in fell force and effect as if rw aooeleration had occurred. , 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns b Lendee the rents of the Property. Provided that Bozrower shall, prior to aooeleration ender paragraph 18 hereof or abandonment of the Property, have theright to collect and retain snc~ rents as they. become due and payable. Upon aooeleration Wade paragraph 18 hereof or abandonmazt of the Property, Larder shall be entitled to have a receiver appointed by a court b enter.npon, take possession of and manage the Prppergr and b collect the rents of the Property. including those past doe. All rents oolleded by the receiver shall be applied first b payment of the onab of managementof the Property and eollecti~ of rents, indndini, bet nil Waited b, receiver's fees, premiums on reoeivee'a bonds and reasonable atbrney'a fees. and then b the same secured by this Mortgage. The receiver shall be liable to account only for those teats actually received. 60~ 325 ~~2?1?