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HomeMy WebLinkAbout1823 1 8, la.pectioa. Lender may make or cruse to be made reaaoetableentries upon and inspections dthe property. provided that leader shall Ecive Borrower notice prior to say such iaspectioa specifying reasortabk cruse therefor related to lender's iatereat in the Property. 9. Coadessaation.'ILe poceeds of say award a claim for dataages, direct a consequential. is coanectior? with any aot?detatnation or other taking d the property. or, part thereof, a for coaveyanee in lien of coademttatioa, are hereby assigned and shall be paid to Iruder. • In the event of a total taking of the Property, the proceeds shall be applied to the awns secured by this Mortgage. with the escess, if any, . paid to Borrower. In the event d a partial taking of the Property, [mkss Borrower and Lender otherwise agree in writing. there shall be applied to the suau ttecttred by this Mortgage sock poportiod d the procYeds as is equal W War proportion which the amount d the soma He<vred by this Mortgage immediately prior to e)x dire d taking bears to the fair market valve of the Property immediately prior to the date of taking, wild the balaner d the gooeeds paid to Borrower. It the Property is abandoned by Borrower. or it: after notice by Lender w Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such antics is at~siled, lender is authorized to collect and apply the proceeds, at lender's option. eiWer to restoration or repair of the property a to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree is writing. soy sock application dproeeeds to principal shall not extend or postpone We due date of We monthly inatallmenta referred to in paragraphs I sad 2 hereof or ~ the amount of auctt itutaUments. 10. Borrower Not Released. Fstension of the time !or paym~rtt a modification damortization of the sums secured by this Mortgage Kranted by I.mder to any auetirssor in interest of Borrower shall not operate to rclense. in any manner. the liability of the original Borrower and Borrower's suoeeBaors is interest. Lander shall not be required tO commence proceedings against snrh successor or refuse toe:tend time f..r payment or otherwise modify amortization of the sums xcvred by this Mortgage M reason otany demand made 63 the original Borrower and Borrower's successors in interest. t i 1. Forbearrtace by Lender Not a i1'aiver. Any forbearance by Lender in a:ercising any right or remedy hereunder, or oWerwiee afforded by applicable law, shall nut be a waiver of or preclude the ezerdse of any sntdt right or remedy. The procurement of insurance or the payment of tares or other liens a charges by Lends: shall not be s waiver of I~nder a right w accelerate the maturity d the indebtedness +ecured by Wis Mortgage. 12 Remedies Cmm~lative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this 1lottrage or afforded by law or equity, and may be a:ercise+t ooncatrendy, indepertdendy of aucYYSSivrly. 13. Stacoeasors and Assigns Bound; .faint sad Several I.iaMlit~; Captious. The covenants and agreeflnents herein contaited shall bind, and We rights hereunder shall inure to, the respective stirs and amigos d header and Borrower, subject to We provisions of paragraph I? hereo! All covenants and agreements of Bortow•cr shall fie joint and tteverai_ The captions and headings of the paragraphs of this Mortgage are for covenience only and arc not to be used to interpret or define the provisions hereof 14. Notice. E:dept for any notice required under applicable law to be given in another manner, l a? any notice to Borrower provided for in this Mortgage shall be gives by mailing such Holier by certified mail addressed to Borrower at the Property Address or at such other address as borrower may designate by notice W Lender as provided herein, and (b? any notice to Lender shall be given by certified mail, return receipt rey nested, to Lender's address stated herrin or to sock older address as Lender may designate by notice W Borrower as provided herein-Any nutitw prcnided for in Wis Mortgage shall be deemed to have been gis-en to Borrower or Lender when given in the manner designated herein. 1 Uniform Mortgage; Governing law ; Severability. This form ofmortgage combines uniform rnrenants far national use and non- u niform covenants with limited variations M jurisdiction to c~onstitnte a uniform security instrument crvering real property_ Thin Mortgage _ ~h all be governed by the !aw of the jurisdiction in ~rhich the Property is located In the event that any prods:on or clause of this Mortgage or t he ;\ote conflicts with applicable law, such conflict shall not affect other prm-ision_s of this hlottgage or the mote which ran be given efteet without the rnnilicting provision, and b this end the pm~isions of the ~brtgage and the Kole are declared to be severable. 16. Borrower's Copy. Borroter shall be tutnishcd a conformed copy of the \ote and of this Mortgage at the tithe of ezecntion or after ren,rdation hereof. 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 t> prior written consent, ezclpdipg fat the creation of a lien or encumbrance snbcxdinate to this Mortgage, lb) the creation of a purrtiase [Honey security interest for household appliances, [N a transfer by defiles, d.~scent or by operation of law upon We death of a joint ten ant or (d 1 the grant of any leasehold interest d Were years or less not cior[taining an option W purchase, Lender may, at Lender s option, declare all We sums secures by this Mortgage to be immediately due and pay abk_ Lender shall have waked such option to accelerate if, prior t u the sale or transfer, Lender and the person to w hum the P:+operty is to be sold or transferred reach agreement in writing that the credit of such t+rrcon is satisfacton to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall reyutst. if I.c-rider has waived the option to accelerate provided in this par:+)craph 1 and ii Borr+uwei s successor in interest has executed a _ written assumption agreement accepted in w-citing by Lender. i.ender shall release B~xrorrer from al! obligations under this Mortgage and the \~He. I f Lender ezerrises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof uch notice shall provide a period of not less than dais from the date the notice is [railed w-ithin w hick $orruwer may pay the sums declared due. It Borrower failt: to pay such sums prior to the ezpira!iun of such period. l.et?dez may. without further notice or demand on Borrower, ,nti•okeany remedies permitted M paragraph lti hereof. 18. Acceleration; Remedies. E:c~rpt as provided in paragraph l7 hereof, upon Borrower's breach o[ any rnvenant or agreement of Borrower in this Mortgage. including the rnveoants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided is paragrap614 hereott[pecifying: (1 i the breach; (2i the action required to cure suds breach; t31 a date. not leas than 30 days from the date the notice is mailed to Borrower, by which such breach must be cored; -sad 141 that failru+e to cure such br+eac6 on or before the date specified in the notice may rewlt in acceleration of the sums secured by this Mortgage. toreclosurr by judicial proceeding sad surfs of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration sad the right to assert is the foreclosure proceeding the non-e:.istence of a default or auto other defense of Borrower to acceleration and toreelosnre. It the breach is not cured on or before the date specified iu the notice, !.ender at l.endet's option stay declare all otthe soma secured by this Mortgage to be } immediately due and payable without fnrtherdesand and may foredosethis>tlortgagebyj~dicial proceeding. Lender shall be entitled to collect in such pr~oeecding all a:penses of foreclosure. including. but not Baited to. reasogable attoroey's fees, and cysts of documentary evidence. abstracts and title r+eports.. ) 9. Borrower's Right to Reinstate_ Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender w etaforre this Mortgage disrontinaed at any time prior to entry of a judgment enforcing , this Mortgage if: (a) Botipwrr pays Lender all soma which aranld be then due under this Mortgage, the Note and notes securing Future Advances, if any. had no acceleration occurred: tb) Rorroser cures all breaches of any other rnvenanta or agreements of Borrower rnntained in this Mortgage; Ic? Borrower pays all reasonable e:penscs inc~[rrtd by Let[der in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as prodded in paragraph i8 hereof, ittdadisg, but not limited to, reasonable ' attorney's fees; and (d I Borroreet takes each action as Lender may reasonably require to assure that the lien of this Mortgage, I.endei a interest ; i n the Property and Borrower s obligation to pay the scans second by Chia Mortgage shall continue nnimpaired_ Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in Toll Torre and effect as if no acceleration had occutTed. Z0. Assignment of Rents; Appointaxnt of Receiver. As additional sernrity hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to amelersttion under p®ragraph 18 hereof or abandonment oI We Property, have the right i to coUed and retain suds rents as they becrome doe and payable Upon acceleration under par[tgraph 18 hereof a abandonment otthe Property. Lender shall be entitled to have a receiver appointed by a court to enter upon. take possession of and manage the Pkoperty and to collect the rents of the Property, including those past due. AU rents collected by the receiver shat! be applied fast to payment o! the ousts of management of the Property and collection of rents, including, but not limited to, receivei a tees. premiums on receivers bonds and reasonable attorney's teen. and then to the sums secured by this Mortgage. The t receiver shall be liable to account only for those rents actually received_ 3.39 P~ 181