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HomeMy WebLinkAbout2372' ~ i 8. laspectioa. Lender may make a cruse to be made eessoaabk entries upon and itup.~ctiona of the propatty, provided that Loader shall giw Borrowee aotooe prior b any weh inspection apedbrins reuonabk cause therefor related b Leader a interest in tM Property. 8~ Caedesanati~oe.1lre peooeerL oiany award a claim for damages. direct a cotrsegtrential, is connection with say oaademaatooa or other taking d the peopert7. a part thereof, or for coawyaaoe its lieu of oondemnrrtioa, are hereby assigned acrd shall be paid b Leader. Ia the tutor d a torsi taking d the Property. the proceeds shall be applied to the sutra secured by thin Mortgage, with the cantos, Jany. paid to Borrower. in fire treat of a pattiW taking of the Property. unless Borrower ar-d Lends otherwise agree is writing. there shall bs appleed to the sums secarsd by thin Mortgage such proportion of the proceeds as is equal to that proportion wtich We amount d the sums secured by this Mortgage immediately Qrior b the date d taking bears b the fair tussled value of the Property immediately prior b the date d talons. with the balance d the proceeds paid b Borrower. U the Properyr t. abandoned by Borrower, or ~ aAer notice by Lends b Borrower that the condemnor otters b make as award or adds a claim for damages. Borrower fails to respond b Lender within 30 days after We date arch notice is mailed, Lender is authorised b collect sad apply the proceeds. at Larder's option, eitbu w resbration or repair of the property a to the arms secured by this Mortsags. Uaka Lender sad Borrower otherwise agree in writing. any such applicatoon dproceeds b principal shall not extend a pwtpons the dw date d the monthly installments referred b is parssrapha 1 sad 2 hereof or chance the amount of such onatallmeata. 10. Borrower Not Released. Estenaioa d the time for paym.at or modification of amortization of the sutra secured by this Mortgage Rranted by Larder to any streceasor in interest of Borrower shall not operate b rrleaae, in any manner, the liability d the original Borrower and Borrower's succeeaors is inteeed. Rader shall not be required to rnttunence pmeeedings against such successor or refuse b estead time for paytaent or otherwise modify amortisation olthe sums starred by this Mortgage by reason of say demand trade by theoriginal Borrower and Borrower s snoeeesors is interest. 11. Rorbearaace by Leader Not a Waiver. Any forbarancae by lender in eurdsitrg any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waive: of or preclude the a:erciae of any such tight or remedy. The procurement of insurance or the payment of taus a other liens or charges by Lender shall not be a waiver of Letrdsrs right b accelerate the maturity oI the indebtedness secured by this Mortgage_ 12 Retatedie~t Camalative. AU remedies provided in this Mortgage are distinct and tvmulatiw b any other roght or remedy undo: this ltottrage or afforded by law or equity. and may be ezercise.i concurrently. independently or sueoesaovely. 13 Saooeasors sad Aaigaa Bound; .lout and Several Liability; Captioas. The covenants and agreements herein contained shall bind, and the rights hereunder shall it-ure to, the respective snceessors and assigns d Lender and Borrower. subject b the provisiotu d paragraph I T he~oi Al! covetranu and agreements of Borrower shall be joint and aeveral_ The captions and headings of We paragraphs of this Mortgage are for covenienoe only and are not b be used to interpret or define the provosiotra hereof. 14. Notice. E>zcept for any notice required under applicable Iaw to be given in another manna, (a) any notice to Borrower provided for in this Mortgage shaII be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address a. Borrower t»ay designate by notice to Lender as provided herein, and Ib) any notice b Lender shall be given by certi5ed mail, return receipt requestrl, to Lender's address stated herein or to arch other address as I.ender may designate by notice to Borrower as providai herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Uaitorra Mortsage; Governing Lstw; Severability. This form olmortgage rnmbines iinifotln covenants for national use and non- uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instrument covering real Property. This Mortgage shall be goveraed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of rhos Mortgage or the Note ronilicts with appGcabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect xztheat the a~ntlicting pru~iaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrorr+er's Copy. Bormwa• .hall be fwnished a conformed copy of the Note and of this Mortgage at the time of e:ecntion or after recordatroa':eruof_ I T. Tcansicr of the Property; Assumption. IE all or any part of the Property or an interest therein is sold or transferred by Borrower x~thont Larder's prior written consent, a:eluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of iaw upon the death of a joint tenant or (d) the grant of any leaaelrold interest of three years or leas not containing an option to purchase, bender may, st bender's option, l declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale a trander, lender and the person to whom the Property is b be sold or transferred reach agreement in wroting that the credit of such .~ person is satisfacbry to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall ~ ` request. If [.ender has w awed the option to accelerate provided in this paragraph 17, and i! Borrower s successor in interest has executed a .r x-ritten assumption agreement accepted in x~riting by [.ender, [.ender shall release Borrower from all obligations under this Mortgage and the ore. _ If Lender a=erases ouch option b amelerate, Lender shall trail Borrower notice of ameleration in accordance with paragraph 14 hereof: Such notice shall pro~~de a period of not leas than :)0 der} s from the date the notice is trailed within which Borrower tray pay the sums declared due. If Borrower fails to pa> such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted be paragraoh 1R hereof, 18. Acceleration; Remedies. Except as provided in paragraph l7 hereof. upon Borrower's breach of any covenant or agreement of Borrower is this Mortga=e. including the oovenanta to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided is paragraph 14 hereotspecifyins:ll) the breach; (2) the actloa required to cure catch breac~;l3) a date. not less than 30 days from the date Urt aotoee is mailed to Borrower, by which each breach mturt be eared; sad (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secared by this !lortgase. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the risht to reinstate after acceleration and the right to assert is the.foreclosure proceeding the nos-ezisteace of a default or any other defense of Borrower to acceleration and foreclosure. if the breach is sot cared oa or before the date specified in the notice, Lender at Lender s option may declare all of the sums secured by this Mortgage W be immediately doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to tolled is such proceeding all expenses of foreclosure. including, but not tiatited to. reasonable attorney's fees, and costa of dorntnentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate, tiotwithstanding Lender's acceleration ofthe suttrs secured by this Mortgage, BorrowershaU have the right to have any proceedings begun by IxndeT to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage it: (a) Borrower wri Lender all rotas which would be then due under this Mortgage, the Note and notes scenting Ftattue Advances, of any, had no secelerattoa occurred; Ib) BorroweT NieB all breaches Of any other COV ell8tlta or agiE!!nlatta Of Borrower COntalned Irl this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the cvvenants and agreements of Borrower ooatained in this Mortgage and in enforcing Lender's retnediea as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney i fees; sad (d) Borrower takes ouch action as Lender may reasonably require to assort that the liar of this Mortgage, Larder's interest in the Property and Borrower s obligatioe to pay the sums secured by this Mortgage shall rnntinne unimpaired. Upon such paytaeat and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force end effect as it ao sooelerstion had ooearred. 20_ Awisaraeat otRents; Appointment o! Receiver. Aa additional security hereunder, Borrower hereby assigns to Lenderthe rents of the Property, provided that BorTOwer shall, prior to acceleration under paragraph 18 hereof or abandonment ottee Property, have the right to ooUed and retain suds rents as they become due and payable. Upce aeakntion under paragraph I8 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to mternpoo, take possession of and manage the Property and to rnllect the rents of the Property, including those past doe. All rents collected by the receiver shall be applied fiat to payment of the costs of management of the Property and collection of rents, including. but not limited to, receiver's fees, premiums on receiver i bonds and reasonable attorney's tees, and then to the sums secured by this Mortgage. The receiver shall be liable to acooant only for those rerrta actually received. ~s44 P,~23n