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HomeMy WebLinkAbout0830 S. ~R1pCCl~OlI. l.ender may make or cauaa b be made teasonable entiiM upon and inspectiuna of the pmperty, pruvided tliat l.ender eha!! give Borrower noticr prior to any auch inspection specifying reaaonable cause therefor ~elated to l.ender's intereet in the Property. 9. CondemnaUon.'ll~e proceede of any award or claim tor damages, direct or coneequential, in connection with any oondemnation or other taking o! the pmperty, or part thereof, or for conveyance in lieu of condemnation, ara hereby assigned and shall be paid to Lender. In the event oi a total taking of the Peoperty, the proeeeds shall be applied to the sums secured by this Mortgege, with the excees. if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and l.ender otherwise agree in vrriting, ihere ahall be applied to the sums secured by this Mortgage euch pmportion of the proceeda aa ie equal to that pmportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair~market value of the Propecly immediately prior to the date of talung, with the balance of the proceeds paid to Borrower. If the Property ia abaadoned by Borrower, or if, aRer notice by Lender to Borrower that the rnndemnor of~ers to make an award or settle a claim for damages, Botrower fails to respaad to I.ender within 30 days afl,er the date auch notice is mailed, Lender is authorised to collect and apply the proceeds. at Lender s option, either to restoration or repair of !he property or b the sums aecured by this Mortgege. Unlesa Lender end Bormwer otherariee agree in writing, any such application of proceede b principal ehall not extend or poatpone thedue date ot the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the emount of auch inptallments. 10. Borrower Not Released. Extension of the time tor paym~nt or modification of amortization of the suma eecured by this Mortgage granted by I.ender to any aucceaeor in intereat o! Borrower ehall not operate to release. in any manner, the liability of the original Borrower and Borrower e autt~easora in intereet. l.ender ahall not be required to commence procecdinga againat such auccesaor or refuee to extend time for payment or otherwise modify amortization of the sums aecured by this Mortgage by mason of any demand made by the original Borrower and Borrowe~r s suc~.~essors in intereat. 11. Forbearance by I.ender Not a Waiver. My forbearance by I.ender in e:ercieing any right or remedy hereunder, or othenviee afforded by epplicable law, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procvrement of ineurance or the payment of taxes or other liena or chargea by Lender shall not be a waiver of I.ender'e right to accelerate the maturity of the indebtedneae aecured by thia Mortgage. 12 Remedies CumulaUve. All remediea provided in thie Mortgage are diatinct aad cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercieeri ooncurrendy, independently or succeeeively. 13. 3ucceseors and Aaeigna Bound; Joint and Several Liability; Captione. 71~e covenante and agreements herein contained ehall bind, and the righte hereunder ahall inure to, the reapective succeasora and assigr?e of Lender and Borrower, aubject to the proviaiona of paragraph 1? hereof. Ali rnvenants and agreemente of Borrower ehall be joint and eeveral. The captiona and headinga of the paragraphs of thie Mortgage are for covenience only and are not to be ueed to interpret or define the provieione hereof. ! d. Notice. Except for any notice required under applicable law to be qiven in another manner, (a) any notice to E3orro~ver provided for in thia Mortgage ahall be given by mailing such ~otice by certified mail addresaed to Borrower at the Property Addresa or at euch other addreae se Borrower may deaignate by notice to I.ender as pmvided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested. to Lendei s address atated herein or to such other addresa as I.ender may deaignate by notice to Borrower aa provided herein. My notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combinea uniform oovenanta for national uee and non- uniform rnvenants with limited variations by jutisdiction to oonstitute a uniform aecurity inatnuuent covering real property. This Mortgage ahall be governed by the law of the jurisdiction in which the Aroperty ia lceated. In the event that any proviaion or clause of this Mortgage or the Note coi?tlicts with applicable law. auch coniliM ahall not affect other provisione of this Mortgage or the Note which can be given effect without the oonflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeveiable_ 16. Borrnwer'e Copy. Borrower ahall be furniehed a conformed copy of the Note and of thia Mortgage at the time of ezecution or after recordadon hereof. 17.'l~ansfer of the Qroperty; Aseumption. If all or any part of the Property or an intereet therein ia eold or traneferred by Borrower without Lender a prior written consent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purehase money eecurity interest for household appliancea, (c) a tranefer by deviae, d~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not oontaining an option to purchaee, Lender may, at Lender's option, declare all the aums eecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate it, prior to the eale or tranafer, Lender and the peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch peraon ia satiafactory to Lender and that the interest payable on the aums aecured by thie Mortgage ahall be at auch rate ae I.ender ahall requeat. If Lender has waived the option to accelerate provided in this paragraph i 7, and if Borrower a succesaor in interest has e:ecnte~ a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from al l obligations under thie Mortgage and the Note_ If Lender eacercises sach option to accelerate, Lender ehall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice shall provide a period of not lesa than 30 daya from the date the notice ia rr.ailed within which Borrower may pay the aums declared j due. It Borrower faile to pay such sums prior to the expiration o[ such period, Lender may, without further notice or demand on ~3orrowet, ~nvoke any remedies permitted by pazagraoh 18 hereof. . ~ 18. Aceeleration; Remediee. E:cept as provided in paregraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie titortgage, including the oovenante to pay when due any eume secured by this Mortgage, Lender ~ prior to aoceleration a6a11 mail notice to Borrower ae provided in paragrap614 hereof specifying: (1) the breach; (2) the action required to cure euch breach; (3) a date, not lesa than 30 days from the date the notice ie mailed to Borrower, by whic6 snch ~ breach must be cured; and (4) that failure to cure such breach on or before the date epecitied in the notice may result iu ~ acceleration of the sums aecured by thie Mortgage, forecloeure by judicial proceeding and eale of the Property. The notice ahell ~ further inform Borrower of the rig6t to reinatate aRer acceleration and t6e right to assert in t6e foreclosure proceeding the non-e:iatence of a default or any other detenae of Borrower to acceleration and forecloeure. If the breach ia not cured on or before the date apeciFed in the notice, Lender at I.ender'a option may declare all of the eume aecured by this Mortgage to be immediately due and psyable without furtherdemand and may foreclose t6is Mortgage by judicial proceeding. Lender shall be entitled to rn1leM in euch proceeding all ezpensee of forecloeure, including, but not limited to. reeaonable attorney'e feea, and costs of docamentary evidence, abstracts and title reporta. 19. Borrower's Right to Reinstate. Notwithstanding L.ender's acceleration of theauma eecured by thie Mortgage, Borrowerahall have the right to have any proceedinge begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notes eecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all brnachea of any other covenanta or agreements of Borrower rnntained in thia Mortgege; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the rnvenante and agreemente of Borrower oontained in thia Mortgage and in enforcing Lender'a remedies aa pmvided in paragraph~ 18 hereof, including, but not limited to, reasonabl~? , attorney'e fees; and (d) Borrower takes auch action aa Lender may reasonably require to asaure thai the lien of thie Mortgage, Lender e interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage ehall continue unimpaired. Upon auch payment and cure - by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ti 20_ Asaignment of Reate; Appointment of Receiver. As additional security hereunder, Borrower hereby aaaigna to Lender the rente ~ of the Property, provided that Borrower ahall, prior to acoeleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain auch rnnts ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitied to have a receiver appointed by a ~ oourt to enter~pon, take poaeession of and manage the Prdperty and to collect the renta of the Property, including thoee past due. A1) renta ~ oollected by the receiver ehall be applied firet to payment of the oosta of management of the Property and rnllection of rents, including, but not ~ limited to, receiver's feea, premiums on receiver's bonds and reasonable attorney's feea, and then to the auma eecured by thia Mortgage. The ~ receiver shall be liable to aooount only for those rents actually received_ ~ ~ ~ ~ ~ ~ ECRt ~9~ PAGE S~ ~ - , - - - - - - - . - ~ , - - ` - f ::T ~ ~ - ~ ~ F ~ ~ ~ ~~y,<-