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HomeMy WebLinkAbout0936 S. ~l1/~Ct~OD. Leader may make or cause b be made reawnable entrie~ upoa and ia~p~ctiona oithe pmperty, provided that Lender ~haU give Borrow~ aotire prior to any such inspection specifying reawnable cauee therafor related to Lender's intereat in the Pwperty. 9. CondemnaUon. The pri~oeeda af any award or claim for damagea, diiect or conieque~tial. in connection with any oondemnation or othar takin~ of the pmperty. or part thereof. or for conveyanoe in lieu of wndannation, arv hereby as~igned and shall be paid to Lendes. [n tha event of a total taking of tha Propetty. the proceeds shall be applied b the ~ums secuced by this Mortgage. with the exces~. if sny, paid to Borrower. Ia the event of a partial talting of the Propa~y, unle~s Borrower and Le~der otherwise agree in writing. there shall be applied to the sua~ ~ecured by this Mortgage such pmportion of the proceeds as is equal b that proportio~ which the amount of the sums eecured by this Mortgage immedistely prior to the date of taking bears to ihe [air market value of the Property immediately prior b the dato oi taking. with the balanca of the proceeda paid ~o Borrowror. If the Propeety u abandoned by Borrower. or if, aRer notice by Lender to Borrower that the oondemnor ogera to make an award or eetde a claim for damaga. Borrower fails to respond to Lender withia 30 days after the date such aotioe ia mailed, Lender is autlwrized to coUect and apply the prooeeds. at Lender's option. either to reebration or repair of the pmperty or to the sums secured by this Mortgage. Unlees Lcnder and Bosrowe~ oW erwise agree in writing, any such application of pmceeds to principal shall aot e:tend or poatpone the due dete of the moathly installmenta nferred to in paragrapha 1 and 2 hereof or change the amount of such inetallmeats. 10. Borrower Not Released. E:tension of the tima for paymant or modi6catioa of amortization of the sume eecured by thia Mortgege granted by I.ender to any eucceseor in intereat of ~3orrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowei e suc~.~.~asoro in interea~ Lender ahall not be required to oommence pra.~eedinge against auch euccesaor or refuae to extend time for payment or otherwiae modify amortization of the suma eecured by this Mortgage by reaeon of any demand made by the original Borrowe: and Borrower s succeaeore in interest. ~ 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:ercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of ineurance or the psyment of taxes or oth~ liens or charges by Lender shall not be a waiver of Lender'e right to aocelerate the maturity of the indebtedneas eecured by this Morigage. 12 Remediee Cutnulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, add :may be e:ercise~i aoncun~ently, independently or sucoessiveiy. 13. 3uoceesors and Aasigns Bound; Joint and 3everal Liability; Captione. The oovenants and agreements herein oontained shall bind. atfd the righta hereunder ahal~ inure !o, the reeQective auoceseors and aesigas of Lender and Borrower, aubject to the provieione of paragraph 1? hereof. All covenante and agr~ements of Borrower ehall be joint and aeveral. The captione and headinge of the paragraphs of thie Mortgage are for covenience only.and are not W be ueed to interpret or define the proviaioa8 hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (s) any notice to Boaower provided for in thia Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at fhe Property Addreae or at euch other addreea ea .Bormwer may deaignate by notice to Lender ae provided herein, and (b) any notice to I.ender ahaD be given by certified mail, return receipt requested. to Lender's addresa etated herein or to such ather addrees ea Lender may designate by notice to Borrower as pmvided hereia. Any notice provided for in thia i~iortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein_ 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage rnmbinea uniform oovenants for national use and non- uniform covenants with limited variationa by juriediction to oonatitute a uniforan security instrwnent covering real psoperty.'l~is Mortgage ' shail be governed by the law of the juriadiction in which the Property ie located. In the event that any proviaion or clause of this Mortgage or the Note rnnilicta with applicable law, such rnniliM shall not af~ect other pmvisions of this Mortgage or the Note which ean be given effect without the rnntlicting proviaion, and to this end the proviaiana of the Mortgage and the Note are declared to be severable_ 1& Borrower's Copy. Borrower ahall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the timc of ~ecution or after recordation hereof. 17. 'l~ansfer of the Property; Aaeumpdon. If all or any part of the Property or an interest therein ie sold or traneferred by Borrower without Lendei s prior written conaent, ezcluding (a) the rreation of e lien or encumbrance aubordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliancea, (c) a transfer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leea not oontaining an option to purehase. Lender may, at I.ender's option, declare all the suma ~rea by this Mortgage to be immediately due and payable. L.ender ahall have waived such option to aocelerate if, prior to the sale or tranafet. Lender and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the intereet payable on the eums aerured by this Mortgage ahall be at euch rate ae I.ender ahall request. If Lender haa waived the option to accelerate provided in this paragraph 17, and if Borrowei a succeasor in intereat has e:ecuted a ~ written assumption agreement accepted in writing hy i.ender, Lender ahall release Borrower from all obligations under this Mortgage and the ~ Note. ~ If Lender e:ercisea such option to accelerate, Lender ahail maii Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice ahall provide a period of not less than 30 daya from the date the notice ia ir,ailed within which Borrower may pay the sums declared due. 1f Borrower fails to pay such aums prior to the expiration of auch period, Lender may, without further notice or demand on E3orrower, invoke any remedies permitted by paragraoh 18 hereof. ~ 1S. Aoceleration; Remediee. Ezcept ae pmvided in peragraph 17 hereof. upoa Borrower'e breach of any oovenant or agreement of Borrower in thie Mortgage, including the covenante to pay when due aay eums secured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 6ereof epecifying: (1) the breach; (2) the action required to cure suc6 breach; (3) a date. not lese than 30 daye from the date the notice is mailed to Borrower, by which snch breac6 must be cored; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in acceleratian otthe sume aecured by t6ie Mortgage, foreclosure by judicial proceeding snd sale of the Property. T6e notice ahall further inform Borrower of the right to reinetate after aoceleration and the right to essert in the foreclosure proceeding the non-ezietence of a default or any other defenae of Borrower to acceleration and foreclosure. If the brea~6 is not cured on or before t6e date specified in the notice, Lender at Leader's option may declare all of t6e eums secured by thie Mortgage to be immediately due and payable without further demand and mey forecloae this Mortgnge by judicial proceeding. Leader ahall be entitled to oollect in euch proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's fees, and coets of documentary evidence, abatracts and title reporte. 19. Borrower's Right to Iteinstate. Notwithstanding Lender's acceleration of the sums eecured by this Mortgage, Borrower shall have the right to have any prooeedings begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing ~ture Advancee, if any, had no aoceleration occurred; (b) Iiorrower cnres all breaches of any othercovenanta or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender in enforcing the rnvenante and agreements of Borrower contained in thia Mortgage and in enforcing I.ender e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's feea; and (d) Borrower takes euch action aa Lender may reasonably require to aeeure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower a obligation to pay the eums secured by thie Mortgage aha11 continue unimpaired. Upon euch payment and cure ~ by Borrower, tliie Mortgage and the obligations eecured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. ABeignment of Rents; Appointment of Bcceiver. As additiona! eecurity hereunder, Borrower hereby seaigna to Lender the renta ~ of the Property, provided that Borrowa shall. prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right Eo collect and retain euch rents as they become due and payable. Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receive~r appointed by a ~ oourt to enter~npon, take poseession ot and manage the Property and to collect the rents of the Property, induding thoee peat due. All renta ~ oollected by the receiver ahali be epplied fuat to payment of the ooaLs of management of the Property and collection of rente, inciuding, but not limited to, receiver's fees; premiums on receiver's bonds and reseonable attomey's fees, and then to the sumB eecured by this Mortgage. The receiver ehe11 be Gable to aooount only far thoee rents actually received. . ; - L s i . , f ~ $ Co~x 2~g f AGi ~