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HomeMy WebLinkAbout2894 i ~ ~ j t~. ~ fi. Inspeatba. Lender may make or caws to bemade nawnabls eatrries upon and inspsctiorn of the property, provided that Lender shall giw Borrower notice prior 0o any such iaspeotion speci#ying rwsonabk caws therefor related to I.enda's interest is tbs Propeetlr. fl. Coatesasatton. The proceeds of any award or claim foe damages. direct a oonssgwatial, is oor~nectioa with aqy oondemrution a older taking d the property. a qrt thereof or far oonveyanos in Uw of condemnation, are herby asdgned and shall b paid to Entire. In the went of a told taking of the Property, the proceeds shall bs applied to the sums secured by this Mortgage, with the eoccess. if aigy. paid to Borrower. In the went of a partial taking of the Property. unless Borrower and Lender otberwiss agree in writing. then shall bs applied m the soma secured by this it[atgage each popation of the proceeds as i. equal to that propoetioa which the amount o[ the sums secured by this Mortgage immediatdy prior to the date of taking bean to tbs fair market valve of the Property imrisediatsly prior to the date of ta)ang. with the balance of the proceeds Paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Larder to Borrower that the condemnor offer to make an award o: eettls a claim for damages, Borrower fail to respond to Lender within 30 days after the date sash notice is mailed, Lender is aaWornsed b Dolled and apply the proceeds, at Lender's option, dWee to restoration ar repair of tbs property or to the sums secured by this Mortgage. Unless Iwnder and Borrower otherwise agree in writing. any each application of proceeds to principal shall noteottend or postpone the dw date of the month>,j? installments referred to in paragraphs 1 aced 2 hereof ar change the amount of such installnnents. l0. Borrower Not Released. $ztendon of the time for payment or modification of amortisation of the Sams eecared by this Mortgage granted by Lender to any snoceswr in interest of Borrower shall not operate to release, in any manner, thq liability of the original Borrower and Borrowe:'a snocessors in interest. Lender shall not be required to commence proceedings against such anooeasoe or refius to ez<end time for payment ar otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the anginal Borrower and Borrower's enceeesora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezacising any right or remedy hereunder, ar otherwise' afforded by applicable law, shall nd be a waiver of or preclude the ezerciss of any sad, right ar remedy. The procnrsmaat of insnranoe or the Payment of tares or other liens a charges by Lender shall not be a waiver of Leader's right to aeoekrate the maturity of the indebtedness eecared by this Mortgage. 1Z Remedies Cnmalative. AU remedies provided in this Mortgage are distinct and cumulative to any other sight a remedy ender this Mortgage or afforded by law or equity, and may be e:ercisecl ooncarrently, independently ar enaoessiwl3?• 13 Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements hesenn contained shall bind, and the rights hereunder shall in~ue to. the respective enooessoss and assigns of Leader end Borrower, anbjed to the provisions of paragraph 17 hereof AU covenants and agreements of Borrower shall be joint and sweral. The captions and headings of the paragraphu of this Mortgage an fa oovenieace only and are not to be used to interpret or define the provisions hereof. 14. Notice. Bzoept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided form this Mortgage shall be givro by mailing each notice by certified mail addressed to Harrower at the Property Address or at such other address as Borrower may designate by notice to Lender w provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lender's address stated herds ar to such older address as Lender may designate by notice to Borrower as provided herds. Any nonce provided for is this ilcmlgage ehaU be deemei to have been gii-en !o Borrower os Lendez whoa given in the manse: designated herds. 15. Uniform Mortgage; Governing Law; $everability. This form of mortgage combines uniform covenants far national use and non- uniform ooveaanta with limited variations by jurisdiction to oonatitnte a uniform security instrument covering real property. Thin Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In tbe event that any provision or clause of this Mortgage ar the Note conflicts wild applicable law, each conflict shall not affect other providona of this Mortgage or the Note which can be given effect without the conflicting providon. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of esecntion or after rernrdation hereof. 17. 'tlranafer of the Property; Assumption. If all or any part of the Property ar an interest Werein is sold ar transferred by Borrower without Lender's prior written consent. e:clnding (a) the creation of a lien or encumbrance subordinate to thus Mortgage, (b) the creation of a purchase money security interest for household 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 ar lees not containing an option to purchase,Leader may, at Lender's option, declare all the sums enured by this Mortgage to be immediately due and payable. bender shall have waived each option to accelerate if, prnar ` to the sale ar transfer, Lends and the person to whom the Property is to be sold ar transferred reach agreement in writing thatthe credit of such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at each sate ae Lender shall request. If Lender has waived the option to accelerate provided in this Paragraph 17, and if Borrower's auocxseor in interest has ezecnted a written assumption agreement socepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezerciees such option to accelerate, Lender shall mail Borrower notice of aooeleration in aooordance with paragraph 14 hereof: 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 dedared due. If Borrower fails to pay such soma prior to the ezpiration of such pa iod, Lender may, without further notice ar demand on Horrower, iiivo're any remedies permitted by paragrauh 1S hereaL 18. Aooeleration; Remedies. Szcept as provided in paragraph 17 hereof, upon Borrower's breach of nay covenant or agreement of Borrower in this Mortgage, including the covenants to pay when tine any soma 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 demos from the date the notice is mailed to Borrower, by which each breach mast be cared; end (4) that failure to cure such breach on or before the date specified in the notice mq resale in acceleration of the sums secaired 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 fa 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 doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts sad title reports. 19. Borrower's Right to Reinstate. NotwitbatandingLender'sacceleration ofthe sums secured by this Mortgage. Borrower ehaU have the right to have any Proceedings began by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage i~ (a) Borrower pays Lender all soma which would be then tine npde~ this Mortgage, the Note and notes eecnring Future Advances, d any, had no sooeleration occurred; (b) Borrower cures all breaches of d~aay other ooveaants or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reeasonabk e:peases incurred by Lwder~~rn enforcing the ooveaants and agreements of Borrower contained in this Mortgage and in enforcing Leadei a remedies as provided in pat~agraph 18 hereof'; including, but not limited to, rcesopabls attorney's fees; and (d) Borrows takes such action as Lender may reasonably req~ to assure that the lien of this Mortgage, Leader's interest in the Property and Borrower's obligation to pay the Gams secured by this Mortgag~all continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in force and effect as if no acceleration had occurred. 20. Assignment of bents; Appointment of deceiver. As additional security hereunder,Borrower herby assigns to Leader the Teats of the Property, provided that Borrower shall, prior to aooekration ender paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such rents as they become doe and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a oomt to enter.npon, take posseeaion of aced manage the Property and to Dolled the rents of the Property, including those past tine. AU rafts collected by the recdver shall be applied fiat to payment of the costs of management of the Property and collection of rents, including, bstnot limited to, recdver's fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen to the sums secured by this Mortgage. The receiver shall be liable to account ordy for those Trots actually received. c ~ 800~~~ lAGE~,DOO