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HomeMy WebLinkAbout0913 , .1 . . ~ . 8. Itupectloa. Lender may make o~ cawe b be medo reawnabb entrie~ upon and'uupection~ o[the property, pmvided that l.ender ~hall Qive Borrower notioe prior to any aurh inspection specifying reasonable cauas thenfor related to l.ender i interetl in the Property. 9. CoademnaUoa.'11re proceed~ of any award or claim for damage~, direct or con~equentiel, in connection with any oondemnstion or other taidnQ ot the peoperty, or part thereof, or for conveyaace ia lieu of oondpnnetion. are hereby assi~ned and ahs11 be paid to Lendec. Ia the event of e total tskin~ of the Propedy, the proceeda ~haU be appGed b the ~um. eecured by this Mort~age. with the ~ces~. if any~ • paid to Borrower. Ia the eveat of a partial tat~ing o[ the Property, unles~ Borro~var ard Lender otherwise a~ree in writing. tl;ere shsU be -app e ~uau ~ec y ~ecured by thi~ Mort~a~e immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of takinS. with the balana3 of the proceed~ paid to Borrower. lf the Property iu abandoaed by Borrower. or it aRer notice by Lender to 8orrower that the oondemno~ otfers to make an award or settle a claun for damages. Borrower [ails to respond to Lender within 30 dsys after the date such notioe is mailed. Lender ia authorised to coUect and epply tt~e pmeeed~, et Lendds opaon. either b nstoration or repair ot the property or to the eums secured by this Morfgage. Uales~ l.ender snd Borrower othetwise agrce in writing, any auch application of proceeds to principal shall not extend or postpoAe the due da'te of the moathly instaUmenb referred to in pera~aphs 1 and 2 hernof or change the amount of such inatalLnents.• 10. Borrower Not Released. Extension of the time for payanrnt or modification of amortization of the sume secureci by thia Mortgage . gtanted by l.ender W any succeasor in intereat of Borrower shall not operate to release, in any manner, the liability of the original Borrower ~ and Borm~rer's euc~.~esson in intereat. Lender ahall not be required to oommence proceedings againat such succeaeor or nfuee to e:tend time ' for payment or otherwise modify amortization of the auma secured by this Mortgage by reaton of any demand made by the original Borrower and Eiorrower e aucceasora in interest. 11. Forbearanoe by Lender NM a Waiver. My lorbearance by I.ender in e:ercising eny right or recuuedy henunder. or othervvi~e afforded by applicable law. ehall not be a waiva of or preclude the ezercise of any such tight or remedy. The procurement of inauranex or the payment ot t~ES or otha liens or charges by Lender ahall not be a waiver of Lender'e right to accelerate the maturity of the indebtedness eecured by this Mortgage. . ~ 12 Remediea Cumulative. All remed•.es provided in thie Mortgege are distinct and cumulative to any other right or remedy under this Mortgage or aft'orded by laa or equity. and mayr be e:ercise~l ooncurrently. independently or sucoessively. 13. Soocesaon and Aeei~na Bouad; Joint and 3everal Llablllty; Capttons. The oovenante and agreemente herein oontained ehall bind, and the rights hereunder ahall inure to, the reapective sueceseors and aseigne of Lender and Borrower, eubject to the proviaions ot _ paragraph 1? hereof. All rnvenanta and agreements of Borrower shali be joint end several. T6e captions and headinge of the paragrepha of this Morlgage are for rnvenience only and are not to be ueed to interpret or define the provisiona hereof. I4_ Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Bonower provided foT in this Mortgage shall be given by maili ng auch nodce by certified mail addresaed to Borrower at the Property Addreea or at euch other addrees aa Borrower may deaignate by notice to Lender ae provided herein. and (b) any notice to Lender ehall be given by certified mail, retum receipt requested, to I.ender'a addrese atated herein or to auch otf~er addreas as I.ender may designate by notice to Borrower ea provided herein. Any notice provided for in thia Mortgage ahell be deemed to haye been given to Herrowe* or I.ender when given in the manner deaignated herein. I5. Unitorm ~ortgage; Governing I.aw; 8everability. Thia form of mortgage oombines uniform covenanta for national use and non- unifoim rnvenants arith limited variations by jurisdiction to oonatitute a uniform eecurity inatrument oovering rea! pmperty. This Mortgage ahall be governed by the law ot the jariediction in which the Property ie located. In the event thst any proviaion or clause of thie Morlgage o~ the Note contlicte with applicable law, auch rnnilict ahalt not affect other proviaions of thia Mottgage or the Note which can be given effect without the rnnAicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be fumiehed a rnnformed oopy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. - . 1?. 'I~anster of t6e Property; Assumption. If all or any part of the Property or an interest therein is aold or traneferrcd by Borrower vrithout Lendei a prior written rnnsent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purehase money security intereet for household appliancee,-(c) a tranafer by deviae, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeare or leae not oontaining an optiun to purchase, I.ender may. et Lender a option, declare all the sum$ securea by this Mortgage to be immediately due and payable. Lender ahall have waived svch option to accelerate if, prior to the eale or tranefer, Lender and the peraon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of euch person ie satisfactory to Lender and thaL the intereBt payable on the auma secured by this Mortgage ahaU be at such rate as Lec~der ahall ' request. If Lender has waived the option to accelerate provided in thia Raragraph 17, and if E?orrower a successor in interest has ezecuted a written assumption agreement accepted in writing by I.ender, Lender ahall releaae Borrower from all obligatione under thia Mortgage and the i Note. . . ~ If Lender euercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragtaph 14 hereof. 6 Such notice ahall provide a period of not leas then 3(1 days fmm thedate the notice ie n-.ailed within which Borrower may pay the suma declared ~ due. If Borrow~ faila to pay auch suma prior to the e:piration of auch period, Lender may, without further notice or demand on Eiorrower, ~ mvoke any remedies permitted by paragraoh 18 hereof. j 18. Acceleration; Remediea. E=cept ae provided in paragraph 17 hereof, upon gorrower's breach of any oc~venant or ~ agreement ot Borrower in this Mortgage. iACluding t6e oovenante to pay w6en due aay snma secured by thie ~lortgage, I.ender ~rior to eoceleration ehall mail notice to Borrower ae provided ia paragraph 14 6ereof specitying: (1) the breac6; (2) the actioa ~ required to cure such breach: (3) a date, not leae thao 30 daye from the date Rhe notice is mailed to Borrower, by w6ich suc6 ~ breach muat be cured; and (4) that lsilure to curs euch .breach on or before the date specified in the notice may result in acoeleration of the sume secured by this Mortgage, foreclosure by judicial proceediog aad sale of the Property. The notice ehall further inform Borrower of the tig6t to reinetate after acceleration and the right to eaeert in the foreclosure proceeding the non-exiatence of a defeult or any other defense of Borrower to acceleration and forecloaure. I! the breach is not cured on or before the date specified in the notice. Lender et Lender's option may declare all of t6e euma secured by t6is Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled to collect in euch proceeding al! ezpenaes of foreclosure. including, but not limited to, reasonable attorney's feee, and coste of documentary evidence. abstracta and title reports. 19. Borrower's Right to Reinetate. Notwithetanding Lender's acceleration of the aume eecured by this Mortgage, Borrower shall have the right to have any procxedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enturcing thie Mortgage if: (a) Boriower paya Lender all sume which would be then due under thie Mortgage, the Note and notea securing.Future Advancea, if any, had no acceleration Qccurred; (b) Borrowercurea all breachea of any other oovenanta or egreemente of Borrower contained in this Mortgage; (c1 Borrower paye all reasonable e:peneee incurred by Lender in enforcing Lhe covenante and agreemente of Borrower p oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not liqnited to, reasonable ~ attomey's feea; and (d) Borrower takea auch action aa Lender may reasonabiy require to aseure that the lien of this Mortgage, Lender'e intereat " in the Property and Borrower e obligation to pay the suma eecured by this Mortgage ahall rnntinue unimpaired. Upon such payment and cure ~ by Borrower, thia Mortgage and the obligations eecured hereby ahall remain in full force and effixt aa if no acceleration had occnrred. Z0. Assignmeat ot Rente; Appointment of Receiver. Aa additional eecurity hereunder, Borrower hereby assigns to Lender the reate : of the Property, provided that Borrower ahall, prior to aoceleration under paragtraph 18 hereof or abandonment of the Property, have the right y ~ to collect and retain euch rente as they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a reoeiver appointed by a ~ wnrt to enter~pon, talce poeseasion of and manage the Property and to collect the renta of the Property, including thoee past due. All rents ~ oollected by the receiver ehall be applied firet to payment of the oosta of management of the Property and oollection of rents. including, but not limited to, receiver's feea, premiume on reeeiver'e bonds and reaaonable attorney's feee, and then to the anme secured by thia Mortgage. The ~ receiver shall be lisble to acoount only for those rente actually received. ~ ~ ~ ~ - ~ s~~~ 28y ~ ~ ~ ~ ~ - ~ ~ r _ . - - - - _ a , ~ „d - w., y ~ ,v y s~ ~ »"s r _ ~ :?i. .