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HomeMy WebLinkAbout0167 ti+ ! 1 ; f 8. Inspection. Leader m~y make o~ cawe b be made res~onable entrie~ upon and'tn~pection~ oithe propert~?. p~ovided that Lender shaU j Qive Borrower aotios prior to any such irupection apecil5?iag reawnable cewe therefor related to Lender's intet~t ia the Property. . ~ 9. Coademn~tiop.'!~e prooesds of any aMaed or dainn for dama~es. dinct or ooa~equential, ia oonnection ~vitb any ooademnation or othe~ takiag ot the prop~t,y. or part thereof. o: fo~ oot?veyanoe in lieu of ooudemnatiou. are hereby saai~ned and shaU be paid to I.endar. In the event oi n totsl LekinQ of the Property, We pmceeds 4ha11 be applied b the suaos serured by thia Mort~e~a ~~h ths esoe~s. if anY. paid eo Borrower. In the event of a partial takin~ of the Property. naless Bormw~ and Lend~ otherwise agree in writit~. there ahaU be apptisd La the :uma ~ bp this Mczt~s~e eeirh pzago+rt~iion at t!~ proceed~ a~ u equal to that proportion which the amount ot We ~uma sccured by Lhia MortgaQe immediately prior to the date of takin6 bee?n Lo the fair maricet value of the Property immedia Wy prior to the da~e of ~ takiaS. with the balenoe oi the proceeds paid to Borroaer. i If the Property u abandoned by. Bore~ower, or if, alter notiae by Lender to Borrower that the oondeasnor otien to make an swerd or e~ttk a claun for damaQes, Borrower faib to respond to I.endsr within 30 days aRer the date auch notioe iu mailed. Ieader u authorised to ooUect and apply the pmceeds. at Lende~~ option. either t~o restosation ot repair of the property or to the euass secured by thie Mortgage. # Unle~ I.eader and Horrower oWerwiee aBree in wsitin8. anY such applicatioa of procoeds b prinapal shall not eztend or poetpone the due date of the monthly iastallmeata referred to in paregrapha 1 and 2 hereof or change the amount of such inetallments. 10. Borrower Not Relea~ed. Extensioa of the time for paymant or modificatioa of amortisation of the eums sec~red by thia Mo~tgage ~ granted by [.ender to any aucressor in intereet oi Borrower ahall not operate b rel~se, in a~Ly manner.~the liability of the original Borrawer and Borrower's suocessors in intereet- l.eader shall not be required to oommence proceedings againat such suoceaeor or re[use to exLend time for paymenL or otherwise modify amortization of the sums secured by thia Mortgage by reaeoa of any demand made by the original Borrowe~ and Bosrower's aucceasora in intereet_ ' 11. Forbeuanoe by Lender Not a Wsiver. Any forbearanoe by Lender in e:ercising any right or remedy hereuader, or otherMrise aPforded by applicabk lsa. shall not be a waiver of or preclade the e:ercise of any euch right or remedy.'l~e pmcurement of insuranoe ~ the payment of taue~ or othez liens or charges by Lender ahal! not be a aaiver of I,endet's right to aooelerate the maturity of the iadebtedness secured by tl~is Mortgege. 12 Remedies Gtimulative. All remedies provided in this Moitgage are diatinct and cumulative to any other right or remQdy under Wis Mortgege or afforded by law or equity, and may be ~ercise~l conc~urendy. indepeadendy. or snpcMSive~j?. ~ 13, gycceswirs and Aesi~ns Bound; Joint and 3everal I.iability; Captions. The oovenents and agreemente herein oontained shall bind. and the righla hereundar shall iaure to, the respective suoceeson and assigns of Lender and Bormwer. subject to the provisioas of paragraph 17 hereot All covenants and agrcemente of Borrow~ ahall be joint-and several. The captioaa and headings of We paragrapha of this Mortgage are for covenience only and are not to be nsed to interpret or define the provisions hereof. ~ 14. Notiue. Except tor any notice required under applicable law to be given in another manner, (a) any notice to Borrow~ pmvided for ia thie Mortgage shall be given by mailing euch notice by certi5ed mail addreeaed to Bormwer at the Property Addreea or at auch other address as ~ Borrower may desigaate by notioe to Lender as pmvided h~rein. and (b) any notice to Lender ahall be given by certified mail, retarn rece;pt requeated, to Leadei s address atated herein or to sach other addrees as Lende~ may deeignate by notice to Borrower as pmvided herein. My notice pmvided for in this Matgage ahall be deemed to have been given to Borrower or Lender when given ia the manner designated herein 15. Unitorna Mortga~e; Governing Law; Severability.'I7iia fora? of mortgage combines unitorm aovenaate for national uee and non- uniform coveaanta with limited variationa by juriediction to oonstitute a uniform security instrument oovering real ptop~ty. This Mortgage ahall be governed by the law of the jurisdiction in which the Property ia located_ In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, such eonflict ahall nat a~ect other proviaioos of fhie Moitgage or the Note wtich can be given effect without the contlicting pmviaion, and to thia end the pmvisione of the Mortgage and the Note are declared to be eeverable. 1& Borrower's Copy. Borrower aha11 be furnished a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Ttiansfer of the Property; Asaumption. If all or any part of the Property or an intereat therein ia eoid or transferrcd by Borrower without Gender e prior writt~en rnnsen~ ~cluding (a) the aeation of a Gen or encumbrance aubordinate to thie Mortgsge. (b) the creation of a purchase money security intaeei for honeehold applianoes. (c) a tranafer by deviee. deeoent or'by operation of law upon the death of a joint tenant or (d) the grant of aRy leasehold interest of three years or lees not aontaining an option to purchase. Lender may, at Lender'e option. declare all the sums secvred by this Mortgege to be unmediately due and payable. I.end~ ahall have waived auch option to aocelerate if, prior w the sale or tranafer, Lender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit of euch person ia satisfactory to I.ender and that the interest payable on the sums secvred by this Mortgage ahall be at anch rate aa Lender ehall . request_ If Lender has waived the option to aocelerate pmvided in thie paragraph 17, and if Borrower a auaceseor in interest has executed a written assumption agreemeat accepted in writing by Lender, Lender shall release Borrow~ from all obligations under this Mortgage and th~ j Note. ~ If T aQ~las ~erriaea auch option to accelerate, Lender ahall mail Borrower notice of aoceleration in accordance with paragraph 14 hereoL ~ Such notice ahall provide a period of not less than 30 daye from the date the notice ia mailed within which Borrower may pay the auma decla:ed ~ due. If Borrow~ faila to pay auch sums prior to the expirstion of such period, Lender may, without further notice or demand on Borrowa. invoke anY remediee P~mitted by paragraoh 18 hereof. i 18. Aoceleration; Remediea. Escept as provided in paragraph 17 hereof, npon Borrower's breach of any oovenant or agreement of Bon~ower in this Hortgage, inclnding t6e oovenants to pay when due any snms secured b~r this liortgage, Le~der prior to aooeleratioa shall matl notice to Borrower ae provided in paragraph 14 hereof specifying. (1) the breach; (2) the act[on required to cure such breach; (3) a date, not less than 30 daye from the date the notice is msiled to Borrower. by which snch breach must be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in ; acceteration of the sume eecured by this Mortgage, foreclosure by judicial proceedinB aad sale of the Property. The notice ahall further inform Borrower ot t6e right to reinstate atter acceleration and the ri~ht to aseert in the foreclosure proceeding the non-ezietence of a default or any other defenae of Borrower to aoceleration and foreclosure. If the bresch is not cured on or ~ before the date specif ed in t6e notice. Lender at I.ender'e option may declare all of the sume secured by this Mortgage to be ~ immediately due and payable wit6out furt6erdemand and may foreclose tlus Mortgege by judicial proceeding.I.ender ehall be entitled to collect in such proceediog all e:peasea of foreclosure, including, but not limited to, reasoaable attorney's [eea, and coete of documentary evidence, abstracts and title reports. " 19. Borrower's Aight to Reinstate. Notwithetanding Leader's aoceleration of the suma seceu+ed by thia Morigage, Boirower shall have the right to have any piocxedings beg~n by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enfoning E thia Mortgage if: (a) Borrower paya Lender all eums which would be then due under thie Mortgage, the Note and notee securing Future ; Advances, if any. had no aoceletation occurred; (b) Bormwer curee all breachee of sny other oovenants or agreements of Borrower oontained in this Mortgage; (c) Borrowa pays all reaeonabk ~peases incurnd by Lender in enforcing the oovenanta and agreementa of Borrowa oontaiaed in thie Mortgage and in enforcing I.ender's remediee aa pmvided in pare8raph 18 hereof, iacluding, but not limited to, reaeonable ~ atRorney's fees; and (d) Bormwer tahea such action as Lender may reaeonably require to aseure that the lien of thie Mortgage, Lender's interest ia the Property and Borrower s obligation to pay the aums eecured by thia Mortgage ahall continue unimpaired. Upoa such payma?t and care ~ by Borrower, this Mortgage and the obligatione aewred hereby ahall remain in fnll foroe and effect as if no aoceleration had oocurred. ~ 20. Asei~nment of Renta; Appointment of Receiver. Ae additiona! eeevrity her~nder. Borrower hereby aesigna to Lender the nnts ~ of the Property, provided that Borrower shall, prior to aoceleration ander paragrap618 hereof or abandonment of the Property, have the right to colled and retein such rente as they become due and payable. Upon sooeleration unda paragraph 18 hereof or abandonment of We Property, Lender ahall be entitled to have a reoeiver appointed by a oourt to eater.apon, take poesession of and manage the Property and to coAect t6e rents of the Property, including those past dne. All tents ; o~llected by We reoeiver shall be applied first to payment of the ooste of maaagement of the Property and collection of rents, inclnding, but not ' iimited to, reoeiver s fces, psemiums on receiver'a bonds and reaeonable attomey'a fees, and then to the sume secured by this Mortgage. The ~ reoeiver ahall be liable to acoount only far thoee renta actually received. ~ ~ _ , :i~ ; ~ ~ 4ti ~ : _ ~ ~ - ~~:,.~~~~;~~t~ _...w_ .