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HomeMy WebLinkAbout0311 . . ~i. • t ,A . ~ y~. H R. Inspection. l.cnde~ may make ur cause to be made reasonable entries upon end inspectioni uf the property, provided that l.ender shaU give Borrowes notice prior to any such in~pection ~pecifying reaaonable cnwe therefor related to I.ender's interest in the Property. 9. Condem~ation. The praxeds uf eny award or claim for dtunsgea, direct or rnnsequential, in cun~ection with any oondemnation or ather takinq' of thr property, or part thereot, or tor conveyenoe in lieu of oondemnation, ere hereby assigncd a~d shell be paid to I.ender. In the event of e total taking of the Property. the proceeds shall be applied to the suma ~ecured by this Mort~age, with the e:ces~, if any. paid to Horrower. In the event of e partial taking ot the Propetty, unleaa Borrower and I~nder otherwi~e agne in writing, ihere shall be applied io the suma secured by thiu Mortga~e ~uch proportion of the proceeds aa is equal to that pmportion which the amount of the ~ums 'aecured by this Mortgage immediately prior to the date of taking bean to the tair markel value otthe f'iroperty immedietely prior to the date of takinR, with the balance of the procced~ paid to Borrower. It the Property is abandoned by Rorrower, o~ if, after notice by I.ender b Horrower Ihat the oondemnor oPfers to make an award or ~ettla a claim !or damagea. Borrower fnib to reapond to l.ender within 30 days aher the date such notice is mailed. I.ender ie authorized to collect and epply the proceeds, at I.ender's option, either to restoration or repair of the pmperty or to the sums secured by thie Mortgage. Unless [.ender and Borrower otherwise agne in writing, any such application of proceeds to principal shall not e:tend or postpone the due date of the monthly inslaUments referred to in paragraphs 1 and 2 hereot or chenge the amount of such insLallments. 10. Horrower Not Released. F:atension ot the time for paymant or modification of amortizatiun of the euma eecured by thie Mortgage ' granted by l.ender to any succexeor in intereat o[ f3orrower ahall not operate b releaee, in any manner. the liability of the ori~inal Borrower and Borrowe~ s succeeaore in inlerest. I.ender ahal) nut be required to commence proceedings againat auch succeeaor or refuee to e:tend time G~r puyment or otherwiee mc,dify amurtization otthe sums eecured by thie Mortgage by reason of any demand made by the originai Rorruwer and liorrower'a euccexeors in intereat. 11. Forbearance by l.ender Not e Weiver. Any forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise af[orded by applicable lew, ahnll not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of ineurance or the payme~t of ta:es or other liens or chargee by Lender ehall not be a waiver of Lender'a right to accelerate the maturity of the indebtedneas secured by thie Mortgage. 12 Remediea Cumulative. All rnmediea provided in thie Mortgage are distinct and cumulative to any othe~ right or remedy under thia Mortgage or afforded by law or equity, and may be e:ercise~l aoncurrenUy; i~dep~udendy or successively. 13. 3ucceseors and Aaeigne Bound; Joint and Several Liability; Capttons. The covenanta and agreemente herein contsined ahall bind, and the righte hereundeT shall inure to, the reapective eucceesors end aaeigne ot l.ender and Horrower, subject to the provieione of paraQraph 17 hereoL All covenanta and agreementa of Borrower shall be joint and several. 7'he captiona and headinge of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. i~:xcept for any notice reyuired under applicable law to be given in another manner, la) any noticr to E3orrower provided for in thie Mortgage ahall be given by mailing euch notice hy certified mail addreseed to Rorrower at the Property Addresaor at euch other addreas aa liurn,wer may deaignate by notice to [.ender na pravided herein, and (b) any notice to l.ender ehall be given by certified mail, retum receipt rey ueated, to I.ender'a addrees atated herein or to auch other addreae aa l.ender may deeiRnate by notice lo Ei~rrower ae provided herein. My notice provided [or in thia Mortgage ahall be deemed to have been given to $orrower or Lender when qiven in the manner desiqnated herein. 15. Unjform Mortgege; Governing l.aw:'3everability. Thie form of mortgagecombines uniform covenante for national uae and non- uniform covenanta with limited vuriationa by juriadiction to rnnatitute a uniform eecurity inatrument covering real property. This Mortgage shaU be governed by the law of the jurisdiction in which the Yroperty is located. In the event that any proviaion or clauae of this Mortgage or the ;1{ote contlicte with applicable law, Kuch contlict shall not affect other provieione uf thie Murtgage or the Note which can be qiven effect without the cunflicting provieion, and to thix end the proviaiona of the MnrtgaKe and the Note are declared u~ be eeverable_ 16. Borrower's Copy. I3orrower ehall be furniahed a rnnformed rnpy of the Note and of thie Mortgaqe at the time of execution or atter recordation hereoL 1'7. Traneter of the Property; Assumption. If all or any part ot the f'roperty or an intereat therein ia eold or tranaferred by Borrower without I.ender a priar written conaent, excludinq (a) the creation of a lien or encumbrance suFwrdinate to thia Mortgage, (b) the creation of a punhaee money eecurity intereat [or houeehuld apptiancea, (c) a tranafer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat ot three yeare or leas not rnntaining an option to purchase, I.ender may, at Lender e option, declare all the auma eecared by thie Mortgagp to be immediately due and payabte. I.ender s6a11 have waived auch option to accelerate if. prior to the xale or transfer, I.ender and the pereon to whom the Property ia to be eold or traneferred reach aqreement in writing that the credit of such peraon ia eatiafactory to l.ender and that the interest payable on lhe suma aecured by this Mortgage shall be at auch rate ae [.ender ahall requeat. It I,ender hs?a waived the optiun to accelerate provided in this paragraph 17, and if E3orrower's auccessor in intereal has executed a written asaumption aqreement accepted in writing by I.ender, Ixnder Bhall release Rorruwe* from all obligatione under thia Mortqage and the ti ote. ' If I.ender exercisee such uption to accelerate, l.ender ahall mai113orrower notice of acceleration in accordance with paragraph 14 hereof. i Such notice ahall provide a period of not lesx than :Nl daya from thedate lhe nutice ia rr.ailed within which Borrower may pay thesume declared due. If f;orrower faila to pay auch euma prior to the expiration of e~_eh period, I.ender may, without further notice or demand on E3orrower, t ~nvoke any remediee permitted by paraQraoh lA herev~L ~ I8. Acceleration; Remedies. Fzcept as provided in paragraph 17 hereof. upon Borrower'a breach of any oovenant or j agreement otBorrower in thia Mortgage. including the oovenante to pey when due any eume secured by thie Mortgage.l,ender ~ prior to aoceleratio~ ehef I meil notice to Bonower as provided in paragraph 14 hereof epecifying: (11 the breach; (2) the ection ~ required to cure auch breach; (3) a dete, not leae than 30 daye from the dete the notice is mailed to Borrower. by which auch breach must be cared; and 14) that failure to cure such breach on or before the date epecified in the nqtice may result in ~ acceleration otthe sums eecured by thje Mortgage, forecloeure by judicial proceeding and eale otthe Property. The notice ehall further intorm Borrower otthe right to reinetate aRer accEeleration and the rigbt to a8sert in the torecloeure proceeding the ~ non•e:istence of a defeult or any other defenae of Borrower to ecceleration and torecloaure. lt the breach ia not cured on or ~ before the dete specified in the notice. Lender at Lender's option may declare all otthe sume eecured by thie Mortgage to be immediately due and payable without furtherdemand end may forecloee this Mortgage by judicial proceeding. I.ender shall be ~ entitled to co11eM in euch proceedinq all expenses ot torecloeure. including, but not limited to. resaoneble attorney's feee. and c~?ate ot documentary evidence, abetraetx end title reports. ~ 19. Borrower'e Right to Reinstate. Notwithetanding I.ender'e acceleralion of the aume eecured by thie Mortgage, Borrowerahall have the right tn have any prr~ceedinqe begun by I~ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcinq this Mortqaqe if: (a? 13~rnower pays I.ender all aums which would be Ehen.due under thie Mortgage, the Note and notes eecurinq Future Advancee, if any, had no acceleration occurred; (b) E3ormwer curee all breachen of any other covenanta or agreemente of Borrower conteined in ~ tF~ie Mortqaqe; (c) f3orrower paye all reaaonable expeneea incurred by I.ender in enforcing the rnvenanfa and agreemente of Aorrower mntained in thie Mortgage and in enforcinq I.ender'a remedies as provided in paragraph lA hereof, includinq, but not limited W, reasonable ~ attorney e feea; and Id? &irrower lakee auch aMion as I.ender may reaaonably require to asaure that the lien of thie Mortgage, I.ender'e intereet in the Property and Borrower'e obligation to pay the aume aecured by thie Mortgage ahall continue unimpaired. Upon euch payment and cure : by Borrower, thia Mort{;age and the obligatione eecured hereby ehaU remain in ful) force and effect ae if no acceleration had cecurred. ; Z(R Aseignment ot Rents; Appointment of Receiver. As additi~,nal eecurily hereunder, Borrower hereby aasigna to [.ender the renta ~ of the Property, provided that Rorrower ehall, prior to acceler$tion under paragraph l8 hereof or abandonment of the Property, have lhe right s to collect nnd retain euch rents ea they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the i'roperty, Lender ehall be entitled to have a receiver appointed by a ~ court tn enter upon, take poaseaeion of and manaqe the Property and to collect the rentx of the Property, including thoee past due. All renta collected by the receiver shall be applied first to payment of lhe ooeta of managementof the Yroperty and rnllection of rente, including, but not ~ limited to, receiver'a feea, premiums on receiver'e t?onda and reaa~nable attorney'e fees, and then to the euma eecured by this Mortgage. The ~ receiver ehall be liable tu acoount only for those rente actually received_ ~ ~ ~ ~ ~ ~ ~ ~ E . _ - - - - - a~=' 'rs . _ ' , ~ - - - ~ ~ 'a x , ~ ~ ~h~ . ~ ~