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HomeMy WebLinkAbout2959 _ - . ` ~ f w. r fi. taap00ti0l1. lARdet may make ~ csnN b be made reasooaWe eateies OpOD and iaspectiaas dthe p!'OpR~y. pro~idsd that Lender shall give Borrower notice pales b any arch inapa'.tion spev3bring reasonable suss tbecefor related b I~eodsc's intewst is the Propscfy. 9. Oondesaaation. TM proceeds of any award or claim for duoages, direct a oanssgnential, is ooanectioa with aiyr condemaatien a other taking d the proprty, or part tMreo~ a for coa~eyanos in lies o[ oonderaaatioq are hereby awed and shall bspaid bLeader. In the event of a toW taking d the Property. the proceeds shall be applied b the same ascend by this Mortgage, with the eoceeas. it any. paid b Berroww. In the swat d a partial taking of the Propeeb?. salsas Borrower and LaMar otlrarwi?ee ageee in wdtiag, there shall be appHd b the arms secured by this lteetgage sndr peopertien d tM peooseds a• i. egwl to that pr+opertioa which the amooat d the sums sewred by this Martgegeimunsdlately peiorb thedats dtakiag beam b thefaizmarkdralneotthePrope~etyimmediat~jrptiorbthedatsd talons. with tM balance d tbs psoossds paid b Hoerowee. lithe Propa~y is abandoned by Baerower, ee it; after notice by Leader b Hoerpwer that the coadearaor afirrsbmab an award oreettM a claim for damages, Harrower fail b respond b Leadee within 30 days aftee the date sack notice is mailed, Lsoder is aatlroriaed to collect and apply the pposeds, at Leader's option, either b restoradaa oe repair d the propeety or b the sums secured by this Modgage. Unless lenderand Horrowwrotha~wise ajresinwritinp.anysochapplkattondprooeedsbprinciy~alehallnoteataidarpostpoaethedw date d the month>,r installmeab referred b in paragraphs 1 a~ Z hereof or dtianse tbs amount d such instalhneats. 10. Borrower Not Released. Ervtendon d the time for gaymaat a modification damortisatioa of the sums secured by this Mortgage grantd by Deader b any saooeesor in interest d Harrower shall not operate b release. in any manner. the liability d the oeiginal Borrower and Borrower's saeoessots in interest Fender shall not be required b waarnarce pr+oosedings against such wocessor or ratios b errand time for payment or otherwise modify amortisation of the some secured b3? this Mortgage b6? reason d any demand made by the original Harrower and Borrower's sncoresors in interest. 11. Farbearanoe by Leader Not a Waives. Arty forbearance by Lender in eovaadrig any right or remedy hereuade•, or otherwise afforded by applicable law, shell not be a waiver of or preclude the e:etciss of any such right o~ The procnremert of inamanas or the payment of taus err other Hens or charges by Lender shall sot 6s a waiver of Iwadef's t~~ bs ' the maturity d the iadsbbdness secured by this Mortgage. 12 Remedies Camulstive. All remedies provi~d in this Mortgage ors distinct and wmnlativs b any other right or remedy ender this Mortgage err afforded by law os equity, and may be e~isevl eoacwrrentbr, independently or snooessivcly 13 Saooeeaors and Assigns Bound; Joint and Several Liability;Captions. The ooveaanb and agreements hassle oantaiaed shall bind, and the righb hereunder shall inane to. the respective successors and assigns d Leader and Borrower, subject b the provisions d paragraph 17 hereof: AB oovensnts and agreements of Borrower shall bs joint and several. The captions and headings of the pssagraplu d this Mortgage are for omrenience ody and are not to be used b interpret err define the provisions hereof. 14. Notice. Ezoept for any notice required ender applicable law b be given in another meaner, (a) any notice b Borrower provided for in this Martgsge shall bs given by maiHngench noticeby oeiti$ed mail addressed b Borrower atthe Property Addressor at such other address as Borrower may deagnate by notice b Leader as provided bevels. and (b) any notice b I.eadw shall bs gives by ee~rtified marl, return receipt requested, b Lender's address stated herein or b such other address as Leader may designate by notice b Borrower as provided herein. Any notice provided far in this Mortgage shall be deemed b have been given to Borr+awer err Leader when given in the manner designatd herein. 15. Uniform Mortgage; Governing Law; Severabillty.Thiaformdmortgageoombinesnniformoovenantsfornationalnseandaon- uniform oovenantswith limited variations by jnrisdidion b eoaatitnte a nnifarm security instrument covering real property. This Mortgage shall be governed by the law of the jnrisdidion in which the Property is located.la the eves: that any provision or dense of this Mortgage or the Note conflicts with applicabk law, each conflict shall not affect other provisions of this Mortgage or the Note whkh can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of eucufion or afl~er recordation hereof: 17.'Mnsfer of the Property; Assumption. If all ce any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encambranae anbordinate b this Mortgage, (b) the creation of a purchase money security interest for honsehoW appliances, (c) a transfer by devise, descent or by operation of law aeon the death of a joint ~ ant or (d) the grant of aqq leasehold interest of three years or less not containing an option b parvdrase, Lender may, at Lender's option, ~ declare all the sums eecared by this Mortgage b be immediately due and payable. Lender shall have waived arch option b aooelerate if, prior to the sale or transfer, Lender and theperson to whom the Property is b be sold or transferred reach agreement in writing thatthe creditof such l person is satisfacbry b Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as I.endw aha11 request. If Lender has waived the option to aoederate provided in this paragraph 17, and if Borrower's saooe~ssor is interest has waited a written asanmption agreement accepted in writing by I.ender, Lesderahali please Bonrower from all obligations under this Mortgage and the Note. If ]:ender ezercises such option b aooelerate, Lender shell mail Borrower notice of aooeleration is aooordanoe 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 Borrowermay pay thesums declared due. If Borrower fails to pay sad? sums prior to the aspiration of such period, Lender may, without farther notice or demand on Borrower, involve any remedies permitted by paragraph 18 hereof: 18. Aeoeleratioa; Reraediea. Ezcept as provided in paragraph ~17 hereof, upon Borrower's bread of auy covenant or agreement of Borrower in this Mortgage, including the eoveaants to pay whoa doe any sums secured by this Mortgage, Lender prior to aooelention shall mail notice to Borrower as provided is paragraph 14 hereof spedfying: (i) the breach; (2) the adi~ required to cure each breach; (3) s date, not leas than 30 days f~+om the date the notice is mailed to Borrower, by which such breach mwt be cared; and (4) that failure to cure such breach on or before the date spedRed in the notice may result fa acceleration of the sums secured by this Mortgage, toredosure by jndldai proceeding and sale of the Propesty.The notice shall further inform Borrower of the right to reinstate alter aooeleratfAn and the r3gbt to assert is the toreclowre proceeding the non-ezistenee of a default or any other defense of Borrower to acceleratbn and leeeelosnre. Id the breach is not cured on or before the date specified in the notice, Leader at Lender's option may declare aD of the same secared by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by jadicial proceeding. Leader shell be entitled to Dolled is such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's tees, sad costs 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 b have any proceedings began by Lender b enforce this Mortgage dieeontinued at any time prior b entry of a judgment enforcing this Mortgage if; (a) Borrower pays Lender all epees which would be then du Hader this Mortgage, the Note and note securing Fbtnre Advances, if any, had no acceleration oecarred; (b) Borrower cures all breaches of spy othereovenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e~cprnses incurred by Lender in enforcing the eovenanla and agreements of Harrower contained in this Mortgage and in enforcing Laude's r+enrediee as provided in paragraph 18 hereof; indnding, bat not limited b, nasoaabis attorney's fees; and (d) Borrower takes such action as Leader may reasonably require to aasare that the Hen of this Mortgage, Leader'sinterest in the Property and Borrpwer'a obligation to pay the sums secured by thin Mortgage shall oontinne animpeiired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occarr+ed. Z0. Assignaent of Rentr, Appointment of Receiver. As additional security hereunder, Bortawer hereby assigns b Leader tberenta of the Property, provided that Borrower shall, prior b aooeleration under paragraph 18 hereof or abandonment of the Property, have theright b tolled and astern arch vents as they become due sad payable. Upon aeoderation under paragraph 18 hereof or abandonment of the Property, Leader shall be entitled b have a receiver appointed by a Doerr b euter.npon, take possession of and manage the Property and b Dolled the rents of the Property, including those past due. Ali rents collected by the receiver shall be applied Set b payment of the cosh of managemwtof the Property and collection of r+eate4 including, but not limitd ter, receiver's fees, premiums on reoeivar's bonds and reaswrable attorney's fee, and then b the sums sevaaed by this Mortgage. The receiver shall be liable b aoooimt only for those rents actually reaaved. 600 ~/~G~J PAGE~3