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HomeMy WebLinkAbout0377 • i . ' ~ • ' ,t~.~ 8. ln~pectiop. Lender may make or cau~s w be made rauoaable eatrie~ upon an3 inapectfoni oithe property, provided that Lender shall ; Qive Borrowet notioe prior to atiy such uupectioa speci~ying rea~oaable caws Weretoe rsteted to I.eAdu'e interest in the P~operly. 9. Coademnation. The prooesds of any a.vard or claim for dam~e~, direct or con~equential. u, connecaon with eqy ooademna~ioa or ~ othes talriu~ of the prop~rqr. or part thereof. or for oonveyance in lieu of oondemnation. are hereby assiQned and shall bs paid to Leader. ; Ia the eveat oi a total takinQ of the Propsrty, the pmceeds shall be applied to the ~uau ~ecured by thia biort~a~e. with the ezoe~a. if any, ~ peid to Horrower. In the eveat of e par~al taking of the PiroPertY. unle~t Borrower and I.snd~ otherwiN eSres in writia~. there ~hall bs apptied W the suau secured by this Mortgage ~uch proportion of ths proceed~ aa is equal b that proportion which the amouat ot the ~uau . ~ secund by this Mortgage immediately p:ior to the date of eelring bean to the fair market value of the Propedy immediately prio: to the date of ~ takin6. wiW We balanoa of the prooeeds paid Lo BorroMrar. If the Property is abandoned by Borrower. or i~ eRes nobice by Leader to Aorrower Wat the oondemnor offen to make aa awasd or ~ettle a ~ claim for dameges, Borrower faib b respond b I.ender withia 30 days aft~ the date ~uch notica i~ mailed. L~der u authorised to coAect and aPPLY ~e pcooeeds. at Lender s option. athar to reetoralion or repair of the property or to the sums secured by this Mortgage, ~ Unlees Lender and Borrow~ otherwiae agiree in writing, any such eppticatiaa of pmeeed~ to princapal shaA not e~ctend oz postpoae We due date of the monthly inatallments nferred to in paragraphs 1 and 2 h~eof or cban~e the amount of such instalLaents. 10. Borrower Not Relessed. Estension of the time for paym~nt or mafificatioa of amoitization of the suais eecured by this Mortgage ' granted by Lender to aqy successor in intereet of Borrower shali not operate to release, in any m~ner, the liability of th~ original Borrowrer . ~ and Borrower'a successore in intereak I.ender ehatt ~ot be required to oommence proceedings againat such succeseor or nfuse to eztend time ; for paymer~t or otherwiae modify amortization of the sums aecuted by this Mortgage hy reaeon of atny demand made by the original Borrower _ and Bor~owet'a succeeeore ia interest. 11. Forbearanoe by Leader Not a Wsiver. My forbearance by Lender ia ezenising sny right or remedy hereunder. or otheswise afforded by applicable law. shaA aot be a waiver of or preclude the exercise of any such right or nmedy.'fhe procuremeat of ineurance or the paymtnt of tases or other liens or chargea by Lender shall not be a waiver of Ixnder's tight to aooelerate the maturity of the iadebtedness eecured by Wis Mortgage. ' 12. Remedie~ Gtimulative. All remediea pmvided in this Moeigage are distinct end cumulative to any other right or remedy undeT this ~ Mortgage ~ af~orded by law or equity. and may? be ~ercised aoncurrendy. indepeadendy or successively: 13. 3~cce~sors and Assigns Bouad; Joint and 3everal Liability; Capdons. The oovenants and agreementa hezein oontained shall bind. and the rights hereuader ahail inun to. the respective euccessors and assigns of Leader and Borrower. subject to the provieions of paragraph 1? hereof. Ali coveaanta and agreementa of Borrower ahall be joint and several. The captiona end headinge of the paragraphe of thia Mortgage er~ for covenienoe only and are not to be ~aed to interpret or defiae the provieione hezeof. 14. Notioe. Except for any notice required uAder applicable law to be given in another manner. (a) any notice to Bormwer pmvided for in thia Mortgage ahall be given by mailing such notice by certi5ed maii addreseed to Borrower at the P~opedy Ad.irese or at each other addreas as Borrower may designate by notioe to I.ender as provided herein. aad (b) any notice to I.ender ahall be given by certified mail. nturn reoeipt requested, to Lender's addr~s stated hereia or to auch other addrees as I.ender may deaignate by no4ce b Borrower aa provided hereia. Any notice provided for ia thia Mortgage shall be deemed to have been given to Borrower or I.ender wken givea in the manner designated henein. 15. Uniform Mortgage; Governiag Law; 3everability. This form of mortgage rnmbinea uniform ~ovenante for national uee and non- unifor~n oovenanta with limited variations by jnrisdiction to oonatitute a uniform security inatrunient oovering real pmperty. 7~is Mortgage ahall be governed by the law of the jurisdiction in ahich the Property is located. In the even! that any provieion or clauee of this Mortgage os the Note contticts with applicable law. auch contlict ahall not a~ect other provieiona of thia Mortgage or the Note which can be given effect -without !he contticting provisioa, and to thie end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16. Borrawer'a Copy. Borrower shall be fumiahed a conformed oopy of the Nute and of thia Mortgege at the time of ezecutioa or after recordation hereof. 17.'15tansfer of We Property; Assumption. If slt or any part of the Property or an interest therein ie aold or trsnsferred by Bormwer without Lender's prior written oonaent, ~clading (a) the creation of s lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money eecarity intereat for household appliancee, (c) a tranafer by devise. de~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeare or lesa not containing an option to pum.haee; I.ender may, at Lender'e option, declare all the sums eecure~i by this Mortgage to be immediately due attd payeWe. I,ender ahall have waived such option to aocelerate if, prior to t6e sale or tranafer, Lender and the person b whom the Property ia to be eold or transferred reach agre~ement ue writing that the credit of such peraon ia satiefactory ta Lender and that the interest payable on the suma eecvred by thia Morlgage ahall be at auch rate as Lender ehall request. If I.eader has waived the option to accel~ate provided in t6ie paragraph 17. and if Borrower's suooeasor ia interest hae e:ecuted a rnitten assumption agreemeat socepted in vnridng by Lender. I:enderahaU releaeeBorrower firam all obligationa under this Mortgage and the Note. If I.ende~r ~ercisea such option to accelerate, Lende~ shall mail Borrower notice of acceleration in aceordance with paragraph I4 hereot Such notice shall provide a period of not less than 30 daya from the date the notice ie o4siled within which Borrower may pay the sums declared due. If Borrowa fails to psy such eums prior to the e~cp'vation of such period. I.endeT may, withoat further notice or detnand on Borrower~ invoke ar?y remedies pennitted by pazagraoh 18 hereof. . 18. Acceleratioa; Bemediea. F~cept as provided ia paragraph 1? hereof, upon Borrower's breach of aay oovenant or agreement of Borrower in this Mortgage, including the oovenante to psy when dne any eums secured bp this Mortgage, I,ender prior to aooeleration shall mail notioe to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the actton required to cure such breac6; (3) a date, not less than 30 daya trom the date the notice is meiled to Bortower, by which su~ch breacb must be cured; and (4) t6at failure to care euch breach on or before the date specified in the notiqe may result In aoceleration of the suma eecured by this Mortgage, foreclosure by judicial prooeeding and eale of the Property. T6e notice shall further inform Borrnwer of the rig6t to reinetate after acceleration and the rigbt to aseert in the torecloeure proceeding the aon-ezieteace of a default or any ot5er defense of Borrower to aoceleration and foreclosure. If the breach is not cnred on or before the date speclfied in the notice. Lender at I.ender's option may declare all of We sama secured by this l[ortgage to be immediatelq due and payable without further demand and mey foreclose t6ia Mortgage by judicial proceeding. Lender shall be ~ entitled to oopect in auch proceeding all e:penses of torectasnre, includ'ing. but not limited to, reaeonable attorney's fces, aad ooste of docvmentary evideaoe, abstrscte and title reporta. 19. Borrower's Right to Reinetate. Notwithetanding Lender e aeceleration of the same eecured by this Mortgage, Borrower shall have the right to have any pmceedinga begun by Lender to enforce this Mortgage disoontinued at any time prior to entry of a judgment enfo~ing thia Mortgage if: (a) Borrower paya Lender all aume which would be then due nnder Lhis Mortgage. the Note and notes eecuring Flitan Advanoes, if any, had no aoceleration oocurred; (b) Bormwer cuiea all breaches of any other oovenants or agreementa of Bortower coatained in this Mottgage; (c) Bomower pays aU reasonable ezpenees incun+ed by I.ender in enforcing the covenante and egreemente of Borrower oontained in this Mortgage and in enforcing Lender's remediea ae pmvided in paragraph 18 hereof. indnding, but not limited to, reaeonaWe attorney"a fces; and (d) Boirower takea such action as I.ender may reasonably require to asaure W at the lien of this Mortgage, Lendea's interest in the Property and Borrowei'e obligation to pay the aums eecured by this Mortgage ahall continne nnimpaired. Upon such payment and care by Borrower, this Mortgage and the obligationa eecured hereby ahall r~nain in fnll force and effeet se if no soceleratioa had oocurred. 20. Assignment of Rents; Appointment of Receiver. Ae additionel eecurity hereunder, Borrower he~eby seaigns to Lender tbere~te of the Property. pmvided that 8orrower ehall. prior to acceleration under paragraph 18 hereof or abandonment of the Property, hsve the right to colled and retain snch rents as they become dne and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property, I,~nder ahall be entided b have a reoeiver appointed by s oonrt to enterapon, take poeseaeion of and manage the Property aad to ooUect the rente of the Property, inclnding thoee paat due. All reata oollected by the receiver ahall be applied first to payment of the ooste of management of the Property and oollection of renta. including, but not limited to, reo~ver's fces. premi~ma on receiv~'s bonds and reasonable attomey's feea, and Wen to the suma secured by thia Mortgage.'i1~e reoeiver ahall be liable to aco~unt only for thoae rente actually received. ~ ~ooR 287 P~~ 375 - _ - ~ , - ~ -r ~ w~ ~ - ~