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HomeMy WebLinkAbout1195 ~ ~ t 8. Inapsetioa. Lender may make or canes to be made reawnable entries upon and inspections of the property. providd that Ler~dee shall giw Borrower notice pries b say such inapedion epedi~rirtg reuonable cause therefor related to Lender's interest in the Property. 9. Coademnatba. Ths proceeds of say award or claim for damages, direct or oansequential. in oonaection with aqy oondetnnatioa err other taking of the Properb?. or part Weeeof, of for oonwytaoe is lies of oondetnnation, are hereby assigned and ahaU be paid to Lender. In the event of • toW taking of the Property. the ptooeeds shall be applied to the soma secured by this Mortgage, with the ezoees, itatgr, paid to Borrower. In the event of a partial taking of the Propeety. unless Hoerower and Leader otherwise a8ras in writing, there ahaU be applied to the sums se~vred by this Mortgage such proportion o[ the proceeds as i. equal to that proportion which the amount of the sums secured by this Mortgage iaemediatdy prior to the date of taking bears to the fair market valor of the Property immediately priorto the data o[ taking. with the balance of We proceeds paid to Borrower. Tt the Properq? i• abandoned by Borrower, or i~ aRer notice by Landes to Borrower that the oondemnpr often to make as award or Bettis a claim for damages, Borrower fails to respond to Leader within 30 days aRer the date such aotia i. mailed, Lsadee b authorised b collect std aPP11? ~ proceeds, at Lender's option. either to restoration oe repair of the property err to the anms secured by this Maslgage. Ualea Iwoder and Borrower Mherwise agree is writing, any aneh application of proceeds to prindpal ahaU notea;tead a postpone the dw date of the monthly irutallmw4 rdetred to in paragraphs 1 and Z hereof or change the amount of anch LsaWlments. 10. Borrower Not Released. Ezfeasion apt the time foe payment err modification of amortisation of the snnu secured by this Mortgage granted by Leader to any snccassor in interest of Borrower shall rat operate to release. in any menace, the liability of the original Harrower and Borrower's suoressors in interest. Lender shall not bs required to commeaoe proceedings against such successor or muss to extend lima for payment or otherwise modify amortisation of the sums secured by this Mortgage by naeoa of any demand made by the original Borrower and Borrower's successors in interest. i i. Forbearance by Lender Not a Wgiver. Any forbearance by Lender in exe~:isQ any right or rsnadir header, es otherwise afforded by applicable law. shall not bs a waiver of or preclude the exercise of say each right or remedy. The pra.~rremept of inanranae a the payment of taus or other liens or charges by Lender shall sot bs a waiver of I.endes's right to aeeslerale the maturity of the indabtedrtess secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct sad wmnlatiw to say other right or remedy ender this Mortgage or afforded by law or equity, and may bs eiacieerl ooacurtently, iadepeadantiy or suooesdvely. 13. Sneoessors and Assigns Hound: Joint and Several Liability; Captbas. The ooveasints and agreaneats herein contained shall bind. and the rights hereunder shall inure to, the respeetiw anooeaon and assigns of Lender and Borrower, subject to the providoas et paragraph 17 hereof All covenants and agreements of Borrower shall bs joint and sewrnl. The captions sad headings of the paragraphs of this Mortgage are for oovenienee only and ors not to bs used to interpret err define the provbiwts hereoL 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for is this Mortgage shall be given by mailing each notice by certified mail addnseed to Borrower at the 1'ropsrty Adduce os at such other address a• Borrower may designate by notice.to Lender as provided herein. and (b) any notice to Lender shall bs gives by certified mail, return receipt *egeested, to Leader's addr~ stated herein or to such other address as Lender may desigaata by ngtios to Borrower as provided herein.Any notice provided for in this Mortgage shall be deemed b haw been given to Borrower oz Leader when Biwa in the manner designated herein. 16. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines nnitorm oovenante.for national use and noa- uniform covenants with limited variations by jnriedidion to corutitate a uniform security instrument covering veal property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage err the Note contlicta wiih applicable law. anch conflict shall not affect other provisions of this Mortgage or the Note whidr can bs given affect without the conflicting provision. and to thin end the provisions of the Mortgage and the Nots are dedarsd to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execntioa or after recordation hereof. 17. Transfer of the Property; Assumption. U all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) We creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for howehoki appliances, (c) a treader 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 to purchase, Lender may, at I.eodet's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall haw waived such option to aeoslerede it, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach egnemeat in writing that the creditof such person is satisfactory to Lender and that the interest payable on the sums eeeared by this Mortgage shall be at such rate a• Leader shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowds woceeeor in interest has executed a written assumption agreement accepted in writing by I.ender. Lender shall release Borr+awer from all obligations ender this Mortgage and the Note. ill if Lender exercises such option to accelerate, Leader shall mail Borrower notice of acceleration in accordance 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 dedared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, i wvoke any remedies permitted by paragraph 18 hereof ~ 18. Acceleration; Remedies. Bzcept as provided is paragraph 17 hereof, upon Borrewer's breach of an,~? oovenaat or i agreement of Borrower in this Mortgage, including the covenants to pay when due any anms secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotspedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days 6om the date the notice i. mailed to Borrower, by which such I` breach must be cured; and (4) that failure to care such breach on or before the date specified is the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Propert~i.The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the torecloatre proceeding the non•ezistence of a detanlt or any other defense of Borrower to toceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Leader's option may decLre all of the sums secured by this Mortgage to bs immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, sad costs of documentary evidence, abstracts and title reports. 19.8orrower's Right to Reinstate. Notwithstanding Lende~e acceleration of the sums secured by this Mortgage. Borrower shall haw ~ the right to have any proceedings begun by Lends to enforce this Mortgage dieoontinned at any time prior to entry of a judgment enforcing ~ this Mortgage ii: (a) Borrower pays Lends: all sums which would be then due ender this Mortgage, the Note and notes securing Ftisturs Advances, if any, had ao acceleration axurred; (b) Borrower cures all breaches of any other ooveoants os agreements of Borepwer contained in this Mortgage: (c) Borrower pays all reasonable expensos incurred by Lender in enforcing the ooveaants and agreements of Borrower wntained in this Mortgage and in enforcing Leadds remedies as provided in paragraph 18 hereof, including, but not limited to, reasonabia attorney's fees: and (d) Borrower takes such adios as Lender may reasonably require to assure that the lien of this Mortgage, Leader's interest ~ is the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and curs by Borrower, this Mortgage and We obligations secured hereby shall remain in full force and effect as if no aooeleration had oecarred. Z0. Assignment of Rents; Appoiatmeat of Receiver. As additional eecurify hereunder, Borrower hereby assigns to Lender the rents I of Ws Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Props~rty. have lbe right t to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receives appointed by a coact to enteiLpOA, take possession of and manage the Property and to collect the rents of the Property, including those pad due. All r+eats collected by the recdver shall be applied first to payment of the costs of managementof the Property and eolledion of rents, including, but sot Waited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those Hats actually received. 8342 p~~Fi~95 _ _ _ p _ - 1~ .