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HomeMy WebLinkAbout1199 ~ l', 8. Iaspoctioa. Leader may make or cause to be made reasonabie entries upon and iaspeetions oitM property, provided tlut Lender shall give Borrower notice prior to any such itupeetioa spedbrins reesonable cwuss tberefor :elated to Lender's aniseed is tM ProgetY. 9. Condemnadon. Tl~e prooeds of nay award or claim for damages, director consequential. in ooanecdoa with aqy oondemaation oe other talaag of the propatty, or part thareoi, or for oonwyance is Uw of oondemaation, errs bet~sby asdgttd and shaD be paid b Lender. Ia the event of a total taking of the Propeety, tlu proceeds shall be applied to the sums securd by thin Mortgage, with the eatosss, itany, paid to Borrower. in the event of a partial taking of the property, unless Harrower sad Ltatdee otheewiss agrw is writing, there shall b appUd to the moms secured by this Mortgage such propouRion of the pr~ooeeds u b equal to that propoedoa whkh the amount d the same secured by this Mortgage immediately prior to the date of taking bears to the fair market valor of the Prppeet~r immediahl3r pdorto the data a[ taking. wiW the balance of the prpoeeds paid to Borrowwr. Tt the Property is abandoned by Borrower. or i~ after nodes by Landes to Borrower that the oondemaor ofGrs to mob as award or sstW a claim for damages, Borrower fails to respond to Lends within 90 drys niter the date such notice is mailed, Lendee i. authorised b coiled sad apply the peooeds, at Lender's option. either b restoration err repair of the prppecfy err to the sums sward by this Matfgsge Udas Leader sad Borrower olherwLe agree is writing, any such appUcatioa oiprooeds to priadpal shall not ea:ted oe postpone the dos date of We monthly installments rdsrred to in paragrapher 1 sad 4 hereof or change the amount of such iaatallmeats. - 10. Borrower Not Released. Fateasion of the talus for payment or modification of amortisation of the sums assured by this i,Iortgags greeted by Leader to any suaxaor in interest of Borrower shall not operate to rsleese, in any manner, the liability aihh original Baerowa sad Borrower's suooeesore in interest. Leader shell not be required to eommeaos proosdings against such suooeseor or refuse to eztsad tarns for pgymw?t or oWerwise modify amortization of the sums secured by this Mortgage by reason ai nay ded+eud rbade by the original Borrowee and Borrower's suoceswre in interest. . 11. Forbearance by Lender Not a Waiver. Any forbearsncs by Lender in e:srdsing any right ere remedy hersnnder, a othsewis4 affordd by applicable law. shall not be a waiver Dior prednde the ezerciss of any sneh right or remedy. Tate procnremeat oiinaaraao. ere tM payment of taus or other Uens or charges by Lender shall not be a waiver of Leader's sight to aooeleeate the matnrigr a[ the iadsbtedaess secured by this Mortgage - 12 Remedies Cmm~ledve. All remedies provided in this Mortgage are distinct and cnmalatiw to any other right or remedynader this Mortgage or afforded by law or equity, and may bs eareeriserl ooacurrently, indepsadeatly or wooesdwly. 13. Suooessors sad Awipu Bound; Joint sad Several Liability=Captions. The oovenenh sad agnamata herein oontaiaed shall bind. sad the rights hereunder shall inure to. the sespectiw snoosssors and assigns of Leader and Borrower, subject to the provldoas of paragraph 1? henoL AU coveaanb and agrsemenb of Borrower shall be jdnt and several. The captions and headings of the paragraphs o[ this Mortgage are for covenience only and are not to bs usd to interpret err dente the providow hersoL 14. Nodes. Ezcept for any notice required under applicable law to be given is another meaner, (e) nay notice to Borrower provided far in this Mortgage shall be given by mailing such notice by oertifld mail addressed to Borrowr atthe Propetq/ Address or at sneh other address w Borrower may deaigaate by notice to Corder as provided herein. and (b) any notice to Lender shall be given by osrtilied mail, rstam rsoipt requested, to Lender's addreaa stated herein or to such other addres=s as Corder may designate by notice Lo Borrswar ss provided hssda, Any notice provided for in this Mortgage shall bs deemed to have been given to Borrower or Leader whoa given in the manner desigastd herein. 15. Uniform Mortgage; Governing Laver 8everability. This fora of mortgage oombiaea uniform covenanb for national use and non- uniform covenants month limited variations by jurisdiction to oonstitnte s uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Ia the event that any provision or clause of this Mortgage err the Note conflicts with applicable law. such conflict shall not affect other pravisioas of this Mortgage or the Note which can be given efGd without the conflicting provision. and to thin end the provisions of the Mortgage sad the Note err declared to be severable. 16. Borrower's Copy. Borrower shall be famished a oonformd copy of the Note sad of this Martgags at the time of aaecntioa orafter recordation hereoL 17. T'ranster of the Property; Assumpdon. If all or any part of the Property or as interest therein iu sold or transferred by Borrower without Lendefs prier written consent. e:duding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation at a purchase money security interest for household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a jaiat tenant or (d) the grant of any leasehold intered of three years or kw not ooatsining an option to parchese, Leader may, at Lsade~s option, declare all the suau secures by this Mortgage to be immediately due and payable. Lander shall have waived such option to accelerate i~ prior to the sale or transfer, Lender and the person to whom the Property is to bs sold or transferred reach agreement in writing thatthe creditof such ~ person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shell bs at sadt rate es Lender shall ~ request. If Lender has waived We option to accelerate provided in this paragraph 1?, and if Borrovre:ra woceewr in interest has ezecutd a f~ writtw asanmptioa agreement accepted in writing by I.ender. Lender shall release Borrower from all obligations under this Mortgage and tba I Note. If Leader ezercises wch option to accelerate, Lends shall mail Harrower notice of eaxleration in eeoordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within whidi Baarower may pay the sums dedered due. If Borrower fails to pay such sums prior to the expiration of wch period, Lender may. without further notice or damead on Borrower, f invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. $zcept as provided is paragraph 17 hereof, upon Borrower's breach of any covenant oK ~ agreement of Borrower in this Mortgage, including the covenants to pay when due any sums aewred by this Mortgage. Lender prior to acoeleratioa shall mail notice to Borrower v provided in paragraph 14 hereof spedfying: (1) the breads; (Z) the aedors required to cure wch breach; (3) a date, not less than 30 ds~ys firom the date the notice b maUed to Borrower, 67 which sarh breach must be cured; and (4) that failure to cure such breach on or before the date specified in the nodoe may result in aceeler:lion of the sums secured by this Mortgage, forecloevre by jndidel proceeding and sale otdte Property. T'he notice shall further in[orm Borrower of the right to reinstate after aooeleradon sad the right to assert in the forecloeatre proceeding the non-ezistenee of a default or any other defense of Borrower to acceleration and foredosare. If the breach V not emred on or before the date spedfied in the notice, Lender at Lender's optiwt may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose fhb Mortgage by jndidal proceeding.Leader shall be entitled to collect in such proceeding all ezpensea o!foreclosure, including, but not Uimited to, reasonable attorney's fees. sad costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Leader's acceleration of the same secured by this Mortgage. Borrower shall haw the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment wforcing thin Mortgage if: (a) Bon+ower pays Lander all sums which would be rhea due Hader this Mortgage, the Note sad notes securing 1?htars Advances. if any. had no acceleration occurred: (b) Borrower cons all breaches of any other oovea~ants or agreemenh of Borrower contained is this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enfordng the oavsaants and agneeseats of Borrower oontsined in this Mortgage and in enforcing Lender's remedies as provided is paragraph 18 hereof, indndiag, bat not Umited to, ressooabla attorney's tees; and (d) Borrower takes such action w Lendermay reasonably ngnire to aeon that the lien of this Mortgage, Leader's interact ~ in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall oontiane unimpaired. Upon such payment and cwr+e t by Borrower, this Mortgage and the obligations secured hereby shall amain in full force and effect a. if no ~oosleratioa had oocuresd. ~ Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rants of the Property. provided that Borrowrr shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property,have the tight to collect and retain such Hats w they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterLpon, take poaseasion of and manage the Property and to collect the rents of the Property, inducting those pad due. All rents collected by the receiver shall be applied Sat to payment of the owls of management of the Property and collection of sorts, inducting, bat red limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then Eo the snma secured by this Mart~age The receiver shall be liable to aeoonnt only for those rents actually received. - 800 PaGE~~~ - - _ - -