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HomeMy WebLinkAbout0379 S. Ia~pectioa. i.ertder may make or cauee to be made nawnable entries upon and inapections of the property, provided that l.ender shall give Borrower notice prios to any such inepectio~ epecifying reaaonabk c~wi t~?erefor relpted to I.ender e interest in the Property. 9. Coademnation.'Rie proceeda of any award or claim for damagei, direct or oot~ential, in rnnnection with any oondemnation or olher taking of the property. or part thereof, or for conveyance in lieu of cot?demnadon, ~re hereby aseigned and shall be paid to I.eader. In the event of a total taking of the Propeity. the pe~ocecvis ahall be applied to the aums secured by thia Mortgage. with the escess, if any, paid to Borrower. ln the event of a partial laking of the Property, unlees Bo~rower and Lender otherwiee agree in vrriti~g, there aha11 be applied to the euma secured by this Mortgage euch proportion of the proceede as ia equal to that proportion which the ataount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair masket value of the P~aperty itnmediately prior to the date of talcing, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower thaf the condemnor offera to make an award or eettle a claim fo~ daehages, Bormwer fails to respoad to Lender within 30 daye after the date such notice ie mailed. I.ender ie suthorised to coAect sad epply the prcx~eeds. at [.endei e option, either to resWration or repair of the pmperty or to the auma eecured by this Mortgage. Unless I.ender and Borrower ot6erwise agree ii?yvriting, any such applicatioa of procceda to principal shall not extend or postpone the due date of the monthly inatsllments rnferred to in paragraphs 1 aud 2 hereof or change the amount of auch inataUments. 10. Borrower Not Beteaeed. Extension of the time for paymant or modification of amortisation of the aums aecured by thie Mortgage granted by [.ender to eny euccY~saor in intereet of Borrower ehall not operate to release, in any manner. the liability of the original Borrower and Aorrower's successors in interest I.ender ehall not be required to oommence proceedinga against such succesaor or refuae to e:tend time . for payment or otherwise modify amortizution of the eums secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower's succesaore in interest. 11. Forbearanoe by I.ender Not a Watver. My forbearance by Lende~ in exercieing any righl. or remedy hereunder, or otherwise afforded by epplicable law, ehall not be a waiver of or preclude the exercise of any such right or remedy.'ILe procurement of inaurance or the payment of taxea or other liena or charges by Lender ahal! not be a waiver of Lender s right te ¢ccelerate the maturity of the indebtednesa eecured by thie Mostgage. 12 Rewedies Cumulative. All remediee pmvided in this Mortgage are diatinct ~nd cumulative to any other right or remedy ander thia i Mortgage or afforded by law or equity. and may be exercised oodcurreatly, independently or euooeseively. i3. 3uccesaore and Aseigne Bound; Joint end Several Liability; Captione. The rnvenante and agreements herein v~ntained ahall bind, and the rights hereunder ahall inure to, the reepective auccessora and assigne of I.ender and Borrower. eubject to the provisione of paragraph 1? hereof. All covenanta and agreementa of Borrower shall be joint and aeveral. The captions and hendings of the paragraphs of this Mortgage are for co~enience only and are not to be used to interpret or define the provisiona hereof. l4. Notice. ~xcept fur any notice required under applicable law tc+ be Etiven in another manner, (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Address or at avch other addresa as Borrower may designate by notice to Lender as pmvided herein, and (b) any notice W Lender ahall be given by certified maif, return receipt ' requested, to Lender's addresa stated het~ein or to sach other address as Lender may deaignate by notice to Borrower as provided herein. Any notioe provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15_ Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uni[orm oovenante for national use and non- uniform covenante with iimited variationa by juriediction to rnnetitute a uniform security instrument coveting real property.'lliis Mortgage ahall be govemed by the !aw of the juriadiction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect uther provisions of this Mortgage or the Note which can be givea effect without the rnnflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be severable. _ 16. Borrower'8 Copy. Borrower shali be furnished s coaforme~ copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. I7. Transfer of the Property; Asaumption. If all or any part of the Property or an intereat therein is aold or traneferned by Borrower without Lendei a prior written consent, eacluding~(a) the creation of a lien or encumbrance eabordinate to this Mortgage, (b) the creadon of a putrhase money aecurity interest for household appliances, (c) a transfer by de~iae, descent or by operation of law upon the deatt~ of a joint tenant or (d) the grant of any leasehold interest of three years or leas not oontaining an option to purchase. Lender may, at Lende~e option, declare aU the suma secured by this Mortgage to be immediately due and payable. I.ender ahali have waivcd such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreeinent in writing that the credit of euch person is satiafactory to I,ender and that the interest payable on the auma secured by this Mortgage shall be at such rate as Lender ahall request. If I.ender has waived dhe option to aceelerate provided in this paragraph 17, and if Borrower's succesaor in intetest has executed a written asa~unption agreement accepted in writing by L.ender, Lender shall tetease Borrower from all obligationa underthis Mortgage and the Note - If Lender eaercises auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is ~r,ailed within which Borrower may pay the sums declsred. due. If Borrower faila to pay such sums prior to the expiration of such period~ Lender may, without further notice or demand on 13orrower, invoke any remedies permitted by paragraah 18 hereof. 18. Acceleration; Remedies. E:cept ae grovided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in thie Mortgage. includjng the oovenante to pay when due any sume eecured by thia Mortgage, Lender prior to acceleratlon shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) t6e aMion required to cure such breach; (3) a date. not less than 30 daya from the date the noticc is mailed to Borrower. by which such breach must be cured; and (4} that failure to cure such breach on or before the date epecified in the notice may result in acceleration of the sume secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shaU further intorm Bortower of the right to reinstate aRer acceleration and the right to assert in the foreciosure proceeding the non-e:ietence of a defeult or any otber defense of Borrower to acceleration end forecloaure. If the breach is not cured oa or before the date epecified in the notice. Lender at Lender's option may deciare all of the eume secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proi.~dinq all expenaes of foreclosure. including, but not limited to, reseonable attorney's fees, and costs of documentary evidence. abstracts and titte reports. 19. Borrower's Right to Reinatate. Notwithatanding Lendei a acceleration of the sums secured by this Mortgage, Borrower ehall have the right to have any proc~eedinga begun by Lender to enforce this Mortgaqe discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays I.ender all sums which would be then due under thia Mortgage, the Note and notea securing Future Advances, if any, had no acceleration ocrurred: (b) Borrower cures a11 br+eachea of any other covenanta or agreements of Borrowet contuined in this Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonablP attorney e feea; and (d) Borrower takes such action as Lender may reasonably require to esxure that the lien of thia Mortgage, Lendei s intereat in the Property and $orrower's obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mottgage and the obligations aecured hemby ahall remain in full force and effect as if no acceleration had occurred. Z0. Asaignment of Rents; Appointment of Receiver. As additiona} eecurity hereunder~ Borrower hereby aasigne to I.enderthe rents of the Property, provided that Borrower shall, prior to acceleration under paragraph t8 hereof or abandonment of the Property, have theright to coUect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ehall be endtled to have a receiver appointed by a oourt to enter apon, take poaeeasion of and manage the Property and to collect the rnnta of the Property, including thoae past dae. All rente collected by the receiver shall be applied firat to payment otti~e wats of managementof the Property and collection of renta, including, but not limited to, receiver a fees, premiums on receiver'a bonda and reasonable attorney's feea, and then to the sums secured by this Mortgage. The reeeiver ahall be liable to acoount only for those rents actually received. t~ ` 285 f~ 3?~ 6~~T