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HomeMy WebLinkAbout0066 _ ~ & Inspection. Leader may make or canes to bs made reasonable entries upon sad inspecfioru of the property,provided that Lender shall give Borrower notice prior to aglr sad? inspsdioa epecairying reasonable canal tbeesfor related to I.enda'a interest in the Property. 8. Coodessaation. The proceeds of any award ~ claim foe damages, direct or oonsegneatial, is oonaectioa wIW any oondemaatioa err other taking of the peopeety. a part thereof. or far conveyanos in llen of condemnatiart, are hereby assigned and shall be paid to Lender. In the erect of a total taking of the Propmty, the proceeds shall be applied to the sums secured by this Mortgage, wiW the aacoees, ff nay, paid to Borrower. In the event of a partial taking of the Properly, unless Borrower and Leader otherwise agree in writing, then shall b applied do the sums sscaeed by this Mortgage such propoctioa o[ths proceeds a. i• equal-to that propoetion which-the amount oohs sums se~rorsd by this Mortgage immediately prig: to the date o[ taking beers b the fair market value of the Property immediately priorto the date of taking. with the balance of the prooesds paid to Boeeower. Uthe Property is abandoned by Borrower, or i~ alts aotias by Lender b Borrower that the condemnor offers to make an award orsettlea claim for damages,Borrower !ails to respond to I.endmwithin 30days-aRer the date such rlotioe is mailed, Leader is authorized to collect and app~jr the proceeds, at Leadds option, dther to restoration a repair of the peoperty or to tM sums secured by ibis Mortgage. ,.--Unless header and Borrower otl?eewiss agree in writing. any such application of proceeds to principal shall note:tatd or posgwne thedne desk of the moathl<jr iastallmenb refereed to in paragraphs 1 and 2 hereof or the amount of such instalbna~ts. 10. Bore+ower Not Released. Sstensioa of the time for peymaat or modification of amortization of the sums secured by this Mortgage granted by Lender to any sacoessor is interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Boaowe:'s atooessas in iateeest. Lender shall not be required to commence proceeding! against such suooessor or refuse to eztead time for payn~eat or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's encousors in interest. - - 11. Forbearance by I.sader Not a Waiver. Aqy forbearance by Leader in ezacising any right ere rsnnedy-hereunder, or otherwise aBoeded by applicable law, shall not be a waiver of of preclude the exercise of any such right or eanetly.lb peowremeat of ieunranoe or the payment of taus or other liar or charges by Yaads shall not be a waiver of Leader's right to accelerate We maturity of the indebtedness secured by this Mortgage. - - , . 12 Remedies Cnsalative. All remedies provided in this Mortgage are distinct and enmulative to anq other right or remedy ender this Mortgage or affected by law or equity, and may be e~terased eoncnrrently, indepatdeutly or snooeedvely. - - 13. Sueoessora and Assigns Boned: Joint-and Several Liability;Captions. The ooveaaats and agreanente herein contained shall- bind, and the rights heeesnds shall inure to, the respective snaceswrs and assigns of I.ertder and Borrower. subject to the providons of paragraph 17 heeeoL AU covenants and agreements of Borrows shall be joint and several. The captions end headings of the. paragraphs of thin Mortgage are for eoveaieace ody and are not to be need to interprd or define the provisions hereof _ 14. Notice. E:Dept for any notice required ender applicable law to be given in another manna. (a) any notice to Borrows provided for in thin Mortgageshall begivea by mailingench noticebycertified mail addreseedto BorroweratthePropertyAddnesoratsncb otheraiidressas Borrower may designate by notice to Loader as provided herein. and (b) any.notice to Leads shall be given by eelrtified mail. return sealer requested, to Lender's address stated herein or to ouch other adduce as Leads maydesignates bynotice toBorrower asprovidedherein. Aqy - notice provided foe in this Mortgage shall be deemed to have been given to Borrows or Lender when given in We manna designated herdn. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage oombinea uniform covenants for national use and non- - uniform eavenaats wiW limited variations by jnrisdidion to eonstitnte a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jnrisdidion in which the Property is located. Ia the event that any provision or clause of this Mortgage or the !Vote cenilicts with applicable law. each conflict shall not affect other provisions of this Mortgage or the Note which can be giver effect without the eonllicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable 1& Borrower's Copy. t#orrows shall be fnmiahed a eonfonmed Dopy of the Note and of this Mortgage at the time of execution or after - recordation hereoL - i ZTransfer ofthe Property; Assumption. Tf all or any part of the Property or an interest therein is soW or trsaafereed by Borrower _ withwt Lender's prior written consent, occluding (s) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a j pur~haae money security interest for-hossehold appliances. (c) a transfer by devise, descent or-by opaation of la:v upon the death of a joint V ~ tenant or (d) the grant of any leasehold interest of three years or lees not containing an option to pnnViase, Lender may. at Lender's option. declare all the sums secures by this Mortgage to be imnudiatdy due and payable. Lender shall have waived such option to aoaierate if,prior to thesakortrander, Lerch aid thepawn to whom thePropatyisto besold ortransfrrred reach agreemattin writiagthatthecreditofsnch person is satisfactory to Lender and that the interest payable on the anms secured by this Mortgage shall be at such rate as Larder shall request. If I.atder has waived the option to aealerate provided in thin paragraph 17. and if Borrowde successor in interest has executed a written assumption agreement accepted in writing by Lends, Lender shall release Borrower from all obligations under thin Mortgage and We ff Note. If Lender exercises such option to accelerate, Lends shall mail Borrower notice of aeodsation in accordance 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 soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lends may, without furths notice or demand on Borrows. invoke any remedies permitted by paragraah 18 hereof. - 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the ogveaenta to pay when due aq1? sums secured by this Mortgage, Lender prior to aeoele`ration shall mail notice to Borrower eo provided in paragrap614 hereof spedfyiug±(1) the breach; (2) the action required to care such breach; (3) a date, not less than all days from the date the notice i. mailed to Borrower, by which such - breach mad be cured: and (4) that failure to care-atch breach on or before the date specified in the notice may remit in acceleration of the sums secured by this Mortgage. forecloaere by judicial proceeding and sale otthe Propazty.The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the eon-ezideaee of a default or any other defense of Borrower to acceleration and toreclowre. If the breach is not cmred on or before the date specified in the notice, Lender. at Lender's option may declare all of the arms secrtred M this Mortgage to be immediately due and payable without further demand and may foreclose thin Mortgage bry+ judicial proceeding. Leader shall be entitled to collect in such-proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence. abdracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLenders acceleration of the cams secured by this Mortgage, Borrower shall have _ the right to have any proceedings begun by Lords to enforce thin Mortgage diseontinned at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrows pays Lends all anms which would be then due under this Mortgage. the Note and notes securing flhture Advances, if any, had no aoaleration ooeuried; (b) Borrowscnru all breaches of any other eovma,~tts or agreements of Borrows contained in ~ thin Mortgage; (c) Borrowrs pays all reasonable ezpenses incarced by Lender in enforcing the covenants and agreements of Borrows - contained in thin Mortgage a~ in enforcing Lender's remedies as provided in paragraph 18 hee+eo$ inducting, bet not limited to, reasonable , attorney's fees: and (d) Borrows takes such action as Lender may reasonably require to assane that the lien of this Mortgage, Lendd~ interact in the PropMy and Bareower's obligation to pay the soma seeaeced by this Mortgage shall coutinne unimpaired. Upon each payment and cure ! by Borrower. this Mortgage acct the obligations secured hereby shall remain in fall force and effect as-if no acceleration had occurred. 20. Assigaseat of Rents; Appointment of Receiver. As additional security bereunds, Borrows hereby Assigns to Lads the rents of the Property. provided that Borrows shall, prior to acakration ands paragraph 18 hereof or abandonmeatof the Property. have theright to celled and retain such rents as they become des and payable. - Upon acoderation Wads paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a seoeivs appointed by a rotor to enterapon, take possession of and manegethe Property and to aolleet the rents of the Property, including those pad due. All rents colletrted by the reaivs shall be applied fird to payment of the ooeb of managementof flu Property and collection ofrents, including. butnot limited to, reoeivs's feu, premiums on receiver's bonds and reasonable atbrney's fees. and then to the sums secue+ed by this Mortgage. The. receive shall be liable to account only for those yenta actually received. - . sooK~ r~ 66 - - - -