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HomeMy WebLinkAbout0323 ~ . •h ~ ;1 • • • A. In~pection. l.cnde~ may make or ceuse to be made reawnableenttiM apon and in~pectiun~ of the property, provided thet l.ender ~hall Qive Fiorrower notice prior b any such inopection specifying reasonable cauie therefo~ related lo l.ender i intereat in lhe Property. 9. Condemnatton.'Il~e proceed~ of en~ award or claim for dema~es, dirocl or coniepuential, in cunnectio~ with any oondemnation or other takin~ of the property, or pert thereof, or tor conveyance in lieu ot co~demnation, are hereby aaaigned snd rhall be paid b I.ender. In the event oi a total takin~ ot the Propedy, the proceed~ ~hall be epplied b the suma secured by this Mort~a~e, with the ezcew, it any, paid ta Borrower. In the event of a partial takinQ ot the Propecty, unlaas Borrower and l.ender otherwiae agroe in writin~. there ~hall be applied to the aums secured by thie Mort~sge such proportion of lhe proceed~ as is equal to that proportion which the amount o! the suau secnred by thie Murtgage immediately prior to the date of taking bearo to the fair market value of the Property immediately prior to the dab of taking, with the balanca of the prooeedi paid to Borrower. !f the Property is aba~doned by Borrower, or it after notice by l.endet to Borrower that iha oondemno~ ofters to malce an award o~ settk e claim for damages, Aorrower [aib to respond b Lende~ within 30 day~ after the date ~uch noticx ie mailed, l.ender is authorized tocollect end apply the proceeds, at l.ender's option, eithu to restoration or repair of the property or to the sums secured by thu MortgaQe. Unlesa Lender and BoROwer otherwise egree in writing, any ~uch application of pmceed~ b principal shall not e:tend or podpone thedue date of the monthly installments referred b in paragraphs 1 and 2 hereof ar chnnge the amount of such installmenb. IU. Borrower Not Releared. l:xtenaion of the time for paym~nt o~ modificetion otamortization of the sums secured by this Morlgage granted by I.ende~ to any eucceeaor in intereat of Eiorrower ehall not operate lo releuae, in any manneT. the liability o[ the origina) Borrower and E3orrower'e succeasoro in intereet. I.ender ehall not be required to oommence procee.dinga aKainet such auccessor or refuae to e:tend time for payment or othrrwiae modify amorlizntion of the aume aecurcd by lhis Murtgage by reason of any demand made by the origina! E3orrower and F~?rrower's xucceasora in i~terest. 11. Forbearance by Lender Not a Welver. Any forbearance by l.ender in exerciaing any right or remedy hereunder, or otherwi~e afforded by applicable law, shall not be a waiver of or proclude the e:ercise of any such right or remedy. The pracurement of insurance or the payment of taxes or other liene or charges by Lender shall not be a waiver of I.ender s right to accslerate the meturity of the indebtedness eecuml by thie Mortgage. 1'l. Remedie, Cumulatlve. All remedies provided in thia Mortguge are dislinet and cumulntive to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:ercise~l concurrently, indepd~detttly or au~esssively. 13. 3ucceesors and Assigns Bound; Joint and 3everal Liability; Capttonr. The rnvenante and agreemente Herein oonfsined shall bind, and the righte hereunder shall inure to, the respective successors and assig~?s ot l.ender end Borrower, eubject to the provisions of paragraph 17 hereof. All covenants and agreeme~ta of Bortowet shall be joint and several. The captione and headings otthe paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereof. 14. Notice. F:xcept tor any notice required under upplicable luw to 6e given in another manner, la) any notice u~ Horrower provided for in thie Mortgaqe ehall be given by mailing auch notice by certified mail addreseed to Borrower at lhe Pruperty Addreaeor at such other addrese as fiorrnwer may desiKnate by notice to I.ender as pmvided herein, and (b) any notice to [.ender ehall be given by certified mail, return receipt requested, to l.ender's aJdresa etated htirnin or to auch other addrese ae I.ender may designate by notice to E3orrower ax provided herein. Any notire pruvided for in thia Mortgage shall be deemed f.o have been given b Borrower or l.ender when given in the manner designated herein. 1~. Unlform Mortgege; Governing I.ew; Severability.l'hia form of mortgage combinea uniform covenante (or nationel use and non- unifoRn covenants with limi/ed variatione by juriediction to rnnelitute a uniform security inattument covering rea) property.7l~is Morigage ehall be guvrrned by the law o[the juriadic~tion in which the f'rt?perty ia locatcd. !n the event that any proviRion or clauee of this Morigage or the Nute contlicta with applicable law, such conflict ehaU nol aftect other provisions of thie Murigage or the Note vvhich can ~ given effeet without thF arntlicting pmvieion, and to thie end the provisiona of the Mortgage and the Note are declared b be severable. 16. Borrowet's Copy. Hortower ahall be furniahed a cuntormed copy of the Nute and of thia Mortgage at the time of execution or after recordation hereof. 17. Trune[er ot the Property; Assumption. If all or any {?art of lhe f'iroperty or an intereat therein ie sold or traneferred by Borrower without l.ender'e prior written consent, excludinq (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchaee monev eecurity interest for househuld appliancea. (c) e transter by devise, descent or by operation of !nw upon the death of a joint tenant or (d) the grant of any leasehold intereet of three yeare or leae not aontaining an option to purchase, Lender may, at I.ender s optiun, declare all the euma eecured by thia Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerete if, prior G~ the sale or tranefer, I.ender and the pereon b whom the Property ie to be sold or traneferred reach agreeroent in writinq that the credit of such perxon is satisfactory tn l.ender and that the intereat payable on the euma eecured by this Mortga~e ehall be at auch rate ns I.ender shnll reyuc~ut. If I.ender hae waived the option tu accrlerate provided in this paraqraph 1~, and if Buriower'e succexaor in intereat has executed a written assumption agreement accepted in writing by I.ender, (.enderehall release E~rrower from al! obligatione under thia Mortgage and the N~~te_ . I~ tf l.ender exerciaea such option to uccelernte, l.ender ehall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. j Such notice ehs~ll provide a period of not leaes than 3O days from thedate the notice ia rr.ailed within which Borrower may pay the suma declared due. If Bnrrower faile to pay auch euma prior to the eapiration of euch period, I.ender may, without further notice or demand on fforrower, ~ ~nvoke any remedic~s permitted by paragraoh IK hereof. j 18. Acceleration; Remedies. E:cept as provided in paregreph l7 hereof. upon E3orrower's breach ot any oovenant or ~ agreement o! E3orrower in thie Mortgage. including the eavenante to pay when due any sums secured by thie Mortgage. Lender ~ prior to acceleretion ehall maii notice to Borrower as provided in paragraph 14 hereotepecifying: (1) the breach; (2) the action ~ reyuired to cure euch breach; (3) a dele, not lees than 30 daye from the date the notice is mailed to Borrower, by which such ~ breach muet be cured; and (4) that feilure to ctue euch breach on or betore the date .pecified in the notice may reeult in ~ acceleretion ot the euma secured by thie Mortgage, toreclosure by judicial proceeding and sale otthe Property.The notice shaq further inform Borrower ot the right to reinstate aRer acceleration and the right to assert in the torecloeure proceeding the ~ non-e:ietence ot a default or any other defenee of Borrower to acceleration and loreclo.ure. ltthe breach is not cured on or before the date epecified in the notice. Lender at l.ender'B option mey declare all ot t6e euma secured by this Mortgage to be immediately due and pay able witfi~~ut furtherdemand and may toreclose this Mortqa~e by judicial prceceding. Lender ehall be entitled to collz~ct ia such proceeding all e:penaee otforeclosure. includinq. bu/ not limited to. reasoneble attorney'e teee, and coxte of documentary evidence. abxtracte and tiUe reports. ~ 19. ~3orrower's Right to Reinetate. Notwithatandinq I.ender e acceleration ottheeume secured by thia Mortgage, Borrower shall have the right to have any procredinqe begun by l.ender to enfurce this Mort~age diecontinued at any time prior to entry of a judgment enforcing ~ thia Mortqage if: (a) Borruwer paya I.ender all suma which would be then due under lhie Mortgage, the Note and notes aecuring Future Advancee, if any, had no acceleration nccurred; (b) &,rrower cures all breachea of any other covenante or agreements of Rorrower contained in ~ this MortgaKe; (c) F3orrower paye all reaeonable espeneea incurred by I.ender in enforcing the oovenanta and agreementa ot l3orrower ~ oontained in thie Mortqage and in enfurcinq I.ender'e remedies xs provided in paragraph lA hereof, includinq, but not limited to, reaaonable ~ attorney e fees; and td1 Borrower tekea such action sia l.ender may reaaunably reyuire to aeeure that the lien of this Mortgege, I.ender's intereet in the Property and E3~rrower s obligation fa pay the eume secured by thie Mortgage ehall continue unimpaired. Upon euch payment and cure ~ by I3orrower, thie Mortgage and lhe obligations aecured hereby ahall remain in full force and effect as if no acceleration had occurred. - 'l0. Assignment of Renta; Appointment of Receiver. Aa additional eecurity hereunder, Borrower hernby aaeigne to Lender the rents ot lhe Property, provided that Horrower shall, prior ta acceleration under paragraph lA hereof or abandonment of the Property, have the right £ to collect and retain euch rent8 aa they become due and payable. s ~ Upon acceleration under paragraph t8 hereof or abandonment of the Property, I.ender eha0 be entitled to have a receiver appointed by a > rnurt to enter npon, take posseasiun ot and manege the Property and to collect the rente of lhe Property, including those paet due. All rents ~ oollected by the receiver ehall be applied 6ret to payment of the oosts of manaqementof the Property end collection o[rents, including, but not ~ limited W, receiver e[ees, premiuma on receiver'd bonde and reanonable attomey's fees, and then to the eume secured by this Mortgage. 7'he y receiver ehal) 1~ liable to account only for thoee renta aMually received. ~ i ~ r: ~ ; aa~2~ r~ 3~3 ti ~ Y ~ yy ~ €F ~ __,;~e..e.t - . _ _ . " " ~ € ~."+t~``"y ~ ' ry ~ "~~~t ~ . . . ~ ~.:R `.~'r`~~` Z . . ;