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HomeMy WebLinkAbout0315 , . ~1 _ • . . ' ~ S. In~peMion. [.ender may make or cauie w be made reawnable entrie~ upon end 'uupections of the prupeirty, provided thet I.ender ~hall Rive Rorrowe~ notice prior b any such inapection specifyiag reaaonable cause lherefor rolated to I.roder'~ interest in the Property. 9. Gondemnalion. '11~e proceecls of a~y eward or claim for demages, direct o~ consequential, in connection with any oondemaation or other taking o[ the property, or pairl thereof, or for conveyanca in tieu of condemnation, are hereby as~igned end shaU be paid to I.ender. In the eve~t of a btal taki~g of the Pmperty. the proceeds ~haU be applied to the sums secured by this MortQage. with the excess, if any, paid to Eiorrower. In the event ot a partial taking of the Property, unlea~ Borrower and l.ender otherwiee agree in wrilinR, then ~hall be applied to the sums secured by this Morl~age ~uch proportion oi the proceed~ as is equal to that proportio~ which the amount of the sums secured by this Mortgage immediately prior to tha dete of taking bean b the tair market value uf tha Property immediately prior to the date o[ taking, with the balance of the proceeds paid to Horrower. If the Property is abandoned by Borrower, or if, aRe~ notioe by Lender to E3orrower thet the oondemnor ot~en to make en award or settle a claim for dameges. Aurrower faila to reapond to I.ender within 30 daya aRer the date such notioe is mailed, l,ender is authorized to collect and apply lhe proceeds, et I.ender's option, either to rcetoralion or repair of the property or W the sums secured by thu Mortgage. Unless l.ender and Borrower otherwise egree in writing, any such ~pplication oiproceeds to principal shall not extend or postpone the due date of the monthly instaUments referred to in paragraphs l and 2 hereoi or change the amou~t ot such installmente. 10. Borrower Not Releasod. Exteneiun of the time for paym:.~nt or modification of amortization of the eums secured by this Mortgage gra~ted by I.ender to any succeaeor in interest ot Iiorrower ehall not operate to release, ~n any manner, the liebility of the original Borrower and Borrowei e succeseors in +nterest I.ender ehall not be required to oommence proceedings agai~st suCh succeesor or refuee to extend time for payment or otherwixe modify amortization of the sums secured by this Mortgage by reason uf any demand made by the original8orrawer ~nd Fiorn>wer'a succe~Haors in intereat. 11. Forbearaace by l.en4ar Not a R?siver. My forbearance by l.ender in exenising any right or remedy hereunder, or otherwise afiorded by applicable law, shaU not be a waiver of or preclude the exerciee of any such right or remedy.'I1~e procurement of inaurance or the payment of ta:ea or other liena or chargea by I.ender shall not be a waiver o! I.ender's right to accelerate the maturity of the indebtedness aecpred by this Mortgage. 1 Remediea Cumulative. All remedies provided in thie Mortgage are di~tiod and cumulative lo any other right or remedy under this Mortgaqe or efforded by law or equity, and may be e:ercise~i ooncurrendy, independently or sueceseively. 13. 3ucceeeore and Aeeigns Bound; Joiat and 3everal Liability; Captions. The covenantr and a~eemente herein oonlained ahall hind, and the righte hereunder shall inure to, the respective eucceeaors and essigns ot I.end~r and Borrower, subject to the provisions of paragraph 17 hereof. All covei?ants and agreemenes of Anrrower shall be joint and several. 7T~e captiona and headinga of the peragraphe of this Mortgege are for covenience only and are not to be used to interpret or define the provisions hereof. 1 A. Notice. l:xcept for nny notice n~yuired under Applicable law to be Ri~ en in another manner, 4a? any notice to Horrower provided for in thie Mortgage shall be given by mailing euch notice by certified mail addreased to Borrower at the Property Addreae ur at such other addrees as Fiorrower may designate by notice to I.ender ~a provided herein, and (b) any notice to Lender shpll be given by certiGed mail, return receipt reyuested, to l.ender'e address atated herein or to auch other addreee ea l.ender may designate by notice to F3orrower ae provided herein. Any notice provided for in lhie Mortga~e shall be deemed to have been given to Borrower or I.ender when given in the manner deeignaLed herein. 15. Unifortn Mortgage; Governing Law: 3everebilfty. Thie torm of murtgage combines uniform oovenants for national ueeand non- unifortn covenanta with limited variatione by juriediction to conatitute a uniform securily instrun~ent covering real properiy. ThiB Mortgage shall be governed by the law of the juriadiction in which the Propetty ia located. In the event that any provieion or clauee of this Mortgage or the Note a,ntticts with applicable law, auch conflict ehall not afTect other pmvisiona of this Mortgage or lhe Note which can be given effect withuut the contticting pmvision, and to thia end the provisione of 1he Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. E3orrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. - 17. Trensfer of the Property; Assumption. It all or any part of the Property or an intereet therein is sold or tranaferred by I3orrower without I.ender s prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchaee money eecurity intereet for household appliences, (c) a tranefer by deviee, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaaehold intereat of three yeare or lesa not oontaining an option to purchaee, Lendet may, at L.ender e option, declare all the aume aecured by thie Mortgage to be immediately due and payable. I.ender ehaU have waived sueh option to accelerale it, prior tr, the eale or tranefer, l.ender and the pereon to whom the Property ia to be eold or trensferred reach agreement in writing lhat the credit of such peraon ie satia[actory tn Ixnder and that the'interest payable on the sume secured by thia Mortgage shall be at auch rate ae [.ender ahall request. !f I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a auccesaor in intereat hae e:ecuted a written asxumptiun agreement accepted in writing by I.ender, I.ender ehall releaae E3orrower from all obligationa underthie Mortgage and lhe Note_ If I.ender exerciaee euch option f~ accelerate, I.ender shall mail Rorrower noticeof acceleration in accordance with paragraph 14 hereof. Such notice shall pr~,vide a perir,d o[not leax than :i0 dnye from thedate the notice ia mailed within which Borrower mey pay the auma declared ~ due. If 13orrower fa~ls to pay auch sums prior to the expiration of such period, I.ender may, without further notice or demand on Eforrower, ~ ~nvoke any remedies permitted by paragraoh IH herer?t E 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any aovenant ur 4 agreement ot Borrower in thie Mortgege, including the oovenants to pay when due any eume secured by thie Mortgege, Lender ~ prior to acceleration ehell mail ~otice to Borrower ae provided in paragreph 14 hereof specifying: (1) the breach; (2) the action i reyuired to cure euch breach; (3) a date. not lese than 30 days from the date the notice ie mailed to Borrower, by which euch ° breach muet be cured: end (4) that failure to cure euch breach on or before the date specifed in the notice may reeult in ~ ecceleration of the sume aecured by thie Mortgaqe, torecloeure by judicial proi.~~eding and sale of the Property.The notice ehall further intorm Rorrower of the right to reinetate efter acceleralion and the right to asaert in the forecloeure proceeding the non-e:istence ota defeult or any other defense of Borrower to acceleration and toreelosure. Itthe breach ie not cured on or before the date epecified 'en the notice. Lender at l.ender'e option may declare all o! the eums eecured by thie Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgageby judicial proceeding. Lender ehall be ~~ntitled to co11eM in Ruch proceeding all expensee of toreclogure. including, but not limited to. reasonable attorney'e teee, and c•oeta ot documentary evidence. abstracte and title reports. ~ 19. Rorrower'a Right to Reinetate. Notwithatanding I~ender'a acceleratiun of the auma secured by thie Mortgage, E3orrower ahall have the right to have any proceedinqa begun by I.ender to enforce thia Mortqage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a1 B~rrower payg [.ender all aums which would be then due under this Mortgage, We Note and notes aecuring Future ~ Advancxe, if any, had noacceleration nccurred; (b) E3orrowercurea all breacheaof anyothercovenante oregreementeof E3orrowercontained in ~ thie Mortgage; Ic~ F3orrower pays all reasonable expeneea incurred by I.ender in enforcing the cavenante and agreemente ot E3orrower ~ cuntained in thie Mortgage and in enforcing l.ender's remediea x~ provided in paraqraph 1$ hereof, including, but not limited W, reanonable ; attomey g feea; and (d1 Borrower takea such action aa Lender may reaac~nably require toaeeure that the lien of thia Mortgage, l.endei s interest ; in the Property and F3orrower'e obligation to pay 1he eume rs~xured by thie Murtgage shall continue unimpaired. Upon auch payment and cure by Borruwer, thie Mortgage and the obligationa secured hereby ehall remain in full force and effect ae if no acceleration had occurred. ~ Z0. Assignment ot Rents; Appointment ot Receiver. Aa additional secnrity hereunder, Borrower hereby aseigns to I.ender the rents ~ of the F'roperiy, provided thet Korrower ahall, prior to acceleration under paragraph 18hereof orabandonment of the Property, have the right ' tv collect and retain auch renta aa they become due and payaWe. ~ Upon accelerativn under paragraph 18 hereof or abandonment of the Property, I.ender ehall br entided to have e receiver appointed by a ~ court to enter upon, t~+ke poaseeeion of and manaqe the Property and to collect the renta of the Property, includinq thoee peat due. All rente ~ alllected by the receiver ehall be applied firat Lo ~ayment of the ooete of manaqementof the Property and collection of rents, including, but not ~ limited to, receiver e feea, premiume on receiver s bonde and reaxonable atk?rney's fees, and then to the eume eecured by this Mortgage. The ~ receiver shal) be liable to acoount only for thr?ee renta aMually received. ~ ~ • ~ ~ ~ EtO~ i~," j~U P1~ t ~ . . _ . _ _ _ - _ _ ~ - ~n ;~n A ~ ~ _ r. . ,