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HomeMy WebLinkAbout0060 ~ ' , . 8. In~pectloo. Lender one~y make or cawe b be made reewnsble a~pie~ uppnandliMpsctiaw of the p~oper~y. provided that I.end~ ~hall ~ive Borrower aotios prioe to aqy ~uch uupedion ~pecibru?~ rs~so~~b~ ~ ti~srefor relats~to Lender'~ interest u? the Pcopetty. 9. Conderanation.'lUe prooeed~ of any aMerd or claim for damaQes, direct ~ oo~equential. in ooaaectioa with aay ooademnation o~ oWe~ talrin~ of We properf,y. or part thereot. or fo: coaveyanoe in lien oi oonde~naation: are hereby s~si~asd and ~haU be paid b Lrad~. IA the event of a totsl tekin~ oi the Propeity. We piviceed~ ahail bs applisd to the sums ~ecured by thls Mort~a~s, wieh the exoee~. if any. paid to Borrower. In We event of a pe?rtial takin~ of the Property. unlea Borrower and Leader othervhes agree in writin~, thers shal] bs applied to the sum~ secured by this Morf~a~e ~uch pmportioa oi the prooeeds ae u eQual to We~t proportion which the aa~onnt of tfie ~uau secured by this Mort~age immediataly prio: to the date of takia~ bean ~o the fair market value of the Property imaaediate~jr prior to the d~te of taltin~. with the balanoa of the pmoeed~ paid eo Borrower. If the Propesty u abandoaed by Borm~ver, or if. atter notioe by Lender to Borrowes that the oondernnor offers to make an award or aetde e cleim for daroage~, Bo~rower fail~ to respoad to L~det within 30 day~ atter the date such notica is mailed, I,ender is authoiised to collect and apply the procxed~, at Lende:'~ option. eithez b re~toration or repair of the pcope~ty or to the ~wns secured by this Mortgaga Udas I.et~d~ and Borro~ver otherwise aQres in writing. any such application of peooeed~ to principsl ~hall note:tend a~ postpone We dne date of the moath~y installmeab referred bo in pera~raphs 1 and 2 hersof or chan~e the amount of ~uch inatallments. 10. Borrower Not Relea~ed. Eztension of the time for pe~ymant or maii5cation of amortisation of the sums secured by thie MortQa~e granted by L,endar to aay sncoeswr in intanst of Borrower shall not operate to nleeue, in aay mannet, the liability of the original Borrower and Botrow~'s suoceseors in inter~ai I.ender ahall not be required to oummenoe proceedings against such snoceraor or refuse to e~end time for payment or otherwise modify amortizetion of the sume secured by this Mortgege by reason of any demand made by the original Borrower and Borrowar a aacceeeors in intereat. 11. Forbearanoe b~ Lender Not a Waiver. Any torbearance by Lender in ~ecci~ing any right or remedy hen~under. or othezwise afforded by appticable law, ahall not be a waiver of or preclude the ezercise of any such right or remedy. The procureaaeat of insuranoe or the payment of tazes ~ other liens or charges by Lender shall aot be a waiver of Lender'a right to aooelesate the maturity of the indebtedness secund by this Mortgage. - . 12 Remedie~ Gumnlsdve. All nmedies provided in this M~tgage are distinct and cumnlative to any other right or remedy nader this Mortgage otr afforded by law or equity, and may be exerciae+i oonc~reeatly. independently or sncaeasively. ~ 13 Suooeswrs and Assi~ns Bound: Joint and Several Liability?: CaPdons. The oovenaats and agreemeata haein oontained shall bind~ and the rights hereunda ahall innre to. the respective snooeeears and ae~igns of Lender snd Boirower. enbject to the provisione of paragraph 17 6ereot All oovenaats and agreementa of Borrowes shall be joint and eeveral. The captions and headings of the paragraphs of this Mortgage are f~ covenieaoe only and are aot fo be used to interpret or define the provisioas hereof. 14. Notice. E:cept for any notice required under applicable lew to be given in anothez manner, (a) any notice to Borrower provided for ia this Mortgage shall be given by mailing anch notioe by oerti5ed mail addressed to Borrower at the Property Addrees or at snch other addnes as Bo~nmwer may designate by notioe to Lender as provided herein, and (b) anY notiae to I.ender ahall be given by oertified mail, return reoeipt requeaLed. to Leader's addreas atated he~ein or to such othez addr~ss as I.end~ may designate by notice to Borro~+e9r aa provided hez~ein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lendec when given in We mannes designated herein. 15. Uaiform Mortgage; Governing Law; SeverabilIty. This forar of mortgage combinee uniform oovenanta for national ~ and non- uniform covenante with limited variations by jutiediction b aonstitute a uniform eecurity inatruinent oovering real property.'11iis Mortgage ahall be governed by the law of the juriadiction in which the Property is located. In We event that any provieion or clause of this Mortgage or the Note coaflicte with appGcable law; snch oonflict ahall not affect other pmvisions of thia Mortgage or We Note which can be given effed without the oonflicting provision, and to this end the provisiona of the Mortgage aad the Note an declared to be eev~able. 16. Borrower's Copy. Borro~ver shall be fi~rniahed a conformed oopy of the Notc and of this Mortgage at the time of ezecntion or efter recordation hereof. 17.1~ansfer of the Propt,rty; Assumptton. V aR or any part of the Froperty os an inLerest therein ia eold or traaefrrred by Borrower without Iendefs prior written consent, ~cluding (a) the creation of a liea or encumbrance subordinate to thia Mortgage, (b) the creation of a parchaee aaney eecurity interest for houeehold appliances, (c) a tranafer by devise. descent or by operation of Isw npon the death of a joint tenant or (d) the graat of any leaeehold interest of three yeara or lese not ooataining an option b pnschase, I.ender may. at Lende~s optioa, declare all the sume aecured by this Mortgage to be immediately due and payable. I,ende: ahall have waived such option to acx~elerate if. prior ~ to the eale a tranefer. Lend~ and the person to whom the Prope:ty is to be sold or tranafere~ed reach agrcement in writing that the csedit of each pason is satiafactory b Lender and that the int~et+eat payable on the sums eecured by thia Mortgage ahall be at auch rate sa I.ender shall request. If I.ender has waived the option ta aooelerate provided in thia paregraph 17, and if Borrowei s enoceseor in iqterest haa ~ecuted a written asaumption agreement socepted in writing by I.ender, Lender ahall c+eleaae Borrower from all obligations under thia Mortgage and the ' Notc. If I.end~ ezerciaes such option to accelerate, Lender aha11 mail Borrower notice of soceleration in socordanoe with paragraph 14 hereoL ~ Such notice ahall pmvide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay fhe auma declared ~ due. If Borrowa faila to pay auch auma prior to the r~piration of auch period. Lender may, without further notice or d~nand on BoTrower. invoke any remedies p~mitted by paragranh 18 hezeof. - ~ 18. Aoceleration; Remediea Ezcept as pmvided in paragraph 17 bereof, upon Borrower's breach of any oovenant or t agreement of Borrow~ in this Mortgege, includtng the ooveaaata to pqp when due any snme secured by this Mort~age, I.eader prior to aoceleration shall mail notioe to Borrower ss provided in paragraph 14 herebf apecitying: (l) the breach; (2) the action required to eure ouch breach; (3) a date, not less than 30 dasrs from the date the notice ie mailed to Borrower, by which snch breach must be cun~d; and (4) that failure to care sach breach on or before the date apedfied in the notioe may result in acceleration of the suma eecured Iry thie Mortgage, foreclosure by iudiciel proceeding end sale of t6e Property. The notice ehall fi?rther inform Borrower of the right ta reinatate aRer sooeleration and the right to aasert in the foreclos~re proc~eding the non-ezistenoe of a default or any ot6er defease of Borrower to aa:eleratioa aad foreclosare. If the breach ie aot cured on or before the date specified in the notice, Lender at I.eader'e option may declare all of tbe snma secured by thie Mortgage to be immediately due and payable without furt6er demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all ezpenaes of foreclosare, inclnding, bnt not Iimlted to. reseonable attorney'e fees, and coats of documentary evideace, abetracte and title reporte. 19. Borrower's Aight to Reinstate. Notwithstanding Lende~s sooeleration of the snms secured by Wia Mortgage, Bo~ower ahall have the right to have any pmoeedings begun by Lendar to enforve this Mortgage discontinued at any time prior to entry of a jadgment enfotcing .s this Mortgage iE .(e) Borrower pays I.ender all sume which wo~ld be then dae under this'Mortgage, the Note and notes eecnring Pbtnre ` Advanoes. if any. had no accelera~on occurred; (b) Borrower curee all bresches of any other covenants or agreemente of Borrower oontained in this Mortgage; (c) Borrower paye all reasonable ezpenees incurred by Lender in enforcing the oovenante and agreemente of Borrower oontain@d in this Mortgsge and in enforcing Lender e remedies as provided in paragraph 18 hereof, inclading, but not limited to, reasonable at,torney'e fees; and (d) Borrower takea snch adion as Lender may reseonably require to assure that the li~ of this Mortgage, Lender's interest ~ in the Propezty and Borrower's obligation b pay the suma secured by this Mortgage ahall oontinne unimpaired. Upon snch payment and care by Borrower. this Mortgage and We obligations eec.vred hereby ahall remain in full force and effect se if no acceleration had occurred. ~ 20. Assignme~t olRenta; Appointmentof Receiver. As additional se~urity herennder, Borrowerhereby sasigns to 1.eadertherenta ~ of the Prope~ty, provided that Borrowa sl?all. prior to aoakration under paragiaph 18 hereof or ebandonment of the Property, have the right to collect and retain each nnts as Wey bec~me dne and payable. Upon ac~oeleration nnder paragraph 18 hereof or abandonment of We Property. Lender shall be entitled to have a reoriva appointed by a ~ ooart to enter~pon, take posseasion of and manage ihe Property and to oollect the rente of the Property. induding those past due. All rente ~ collected by the receiver ahall be appiied first to paymrnt of the ooats of management of the Propezty aad collection of r~ta, incinding. bnt not r limited to. receiver's fees, preaniume on receiver'e bonds and reaeonable attorney's fees. and then to the eume secured by thie Mortgage. The noeiver ahall be liable to aooouai only for thoce rente actnally reoeived. - z ~ ~ BOR01( fJ~Lf W ~ ~ ~ - t _ .t:~>T-- x : : ~ ~ ~ ~ - _ _ _ i~ ~ ; _