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HomeMy WebLinkAbout0681 , . .q ~ :i • S. I~lY~C«OA. [.endar may make or cau~ to be made reawnable entries upon and inepectio~u dt`e ~o~rty, provided~t Lender shall give Borrower notics prior W any auch inspection specifying reasonable cause therefor nlated !o Leader'e intereat in the Property.' 9. Coademnatioa. 7~e proceeds of any award or claim for damages, direct or conaequential~ in connection with any oondemnation or other taking oi the pTOperty, or part thereof, or tor oonveyance in Geu oi rnndemnation. are hereby u~igned and di~ll be paid to Lender. Ia the event of a btal taking of 1he Propedy. the proc~eedr shall be app?ied to the sums secured by this Mort~age. with the ezcess. if any. paid to Borrower. I~ the event oi a partial taking oi 1he Propezty. unlee~ Borrower aad Lender otherwi~e aQree in writi~. there shall be applied to the sums secured by this Mortgage such proportion of the proceed~ as ia equal to that proportion which the amount of the sum~ secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balanca of the. proceeds paid to Borrower. If the Property is abandoned by Borrower. or if. atter notioe by Lender to Borrower that the oondemnor offers to make an award or setde a claim for damages. Bosrower fails to reepond to L.ender within 30 daye aRer the date such notice ir mailed. I.ender is authorized to oollect and apply the proceeds, at I.ender's option. either to restoration or repair of ihe property or to the sums secured by this Mortgege. Unless Lender snd Borrower otherwise agree in writin8, any such appUcation of proceeds to principal ehall not e~ctend or postpone the due date of the monthly iastallmeats nferred to in paragraphs 1 and 2 hez~eof or change the amouat of such installments. 10. Borrower Not Releaeed. E:tenaion ot the time for paymant or modification of amortization of the eums secured by thie Mortgege ~anted by Lender to any succeeaor in intereat of Borrower ahall not operate to release, in any manneT, the liability of the original Borrower and Borrowei s succesaora i~ intereat l.ender shall not be required to oommence proceeding8 againet such succeaeor or refuee to e:tead time for payment or otherwiae modity amortization of the aums aecured by this Mortgage by reaeon of any demand made by the original Borrow~ a~d BorroweT a auccessora in intereat. 1 l. Forbearanoe by Lender Not a Waiver. My forbearanoe by Lender in e:ercising any right or nmedy hereunder. or otherwise afforded by applicable law. ahall not be a waiver of oT preclude the e:en~iee of any auch right or remedy. The procurement of inaurance or the payment of t~es or other liens or charges by Lender ahaU not be a waiver of I.ender s right to aocelerate the maturity of the indebtedness : ~ aecured by thia Mo~gege. 12. Remediee Cumulative. All remedies provided in thie Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or at'fforded by law or equity, and may be e~ercise~i concurrendy, independently or sacceeaively. 13. Succeesors and Aseigns Bound; Joint and Several Liability: Csptione. The covenants and agrcemente h~ein oontained ehall bind, and the rights hereunder ahall inure to. the reapective aucceasors and aesigna of Lender and Borrower, eubject to the pmvieione of paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and eeveral. Tfie captions and headings of the paragraphs of thia Mortgage are for covenience only and are not to be uaed to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addreas or at such other addreee as Borrower may designate by notice to Lender se provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender's address atated herein or to such other addreas as Lender may deaignate by notice to Borrower as provided herein. My notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Goveraing I.aw; Severability. This form of mortgage combinea uniform oovenanta for national uee and non- uniform covenanta with limited variations by juriediction to eonstitute a unJorm secwity inatrument oovering real property. 77~ie Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clanee otthia Mortgage or = the Note conflicts with applicable law, auch rnnflict ahall not a~fect other pmvisions of this Mortgage or the Note which can be given effect ? witFiout the conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be fumished a rnnformed copy of the Note and of thia Mortgage at the time of e~cecution or after recordation hert~f. ~ a I7. 75ransfer of the Property; Assumption. If all or any part of the Property or an intereat therein ie sold or transferred by Borrower without Londer B prior written coneen~ eaccluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security intereet for houeehold appliances. (c) a tranafer by deviae, descent or by operation of law upon the death of a joint $ tenant or (d) the grant of any leaeehold intereet of three yeare or lesa not oontaining an option to purchase. Leader may, at Lender'e o~ion. declare all the aums aecnrea by this Mortgage to be immediately due and payable. Lender ahail have waived such option to aocelerate J. prior to the sale or transfer, Lender and the pereon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intereat payable on the auma secured by thia Mortgage shali be at auch rate as Lender shall requeat. If Lender hae waived the option to accelerate provided in thia paragraph 17, and if Borrower's aucceasor in interest has ezecuted a ~ written assumption agreement accepted in writing by Lender, Lender ahall releaae Borrower from all obligations under this Mortgege and the ~ Note. f lf Lender exerciaes such option to accelerate, I.ender ahall mail Borrower notice of aooeleration in aocordance with paragraph 14 hereoL E Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared ' due. If Borrower fails to pay such auma prior to the e:piration of such period, Lender may, without further natice or demand on ~3orrower, ~ mvoke any remedies permitted by paragraoh 18 hereof ~ 18. Acceleration; Remedies. Ezcept as provided in paragrap6 17 hereof, upon Borrower'e breach of any covenant or f agreement of Borrower in thie Mortgage, including the ooveaants to pay when due any eume secured by thie Mortgage, Lender . prior to aoceleration ehall mail notice to Borrower as provided io paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 daye from the date the notice is mailed to Borrower, by which such breach muat be cured; and (4) t6at failure to cure such breach on or before the date epecif ed in the notice may result in acceleration of the eums secured by thia Mortgage, foreclosure by judicial proceeding and sale of the Property. T6e notice ehall further inform Bormwer of the rig6t to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the ~ non-e~stence of a default or any other defense of Borrower to acceleration and foreclosure. If t6e breach is not cared on or before the date epecified in the notice, Leader at Lender's uption may declare all of the snms secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclosethis Mortgage by judicial proceeding. Lender ahall be entitled to collect in euch procceding all e:penses of foreclosure, including, but not limited to, reseonable attorney'e feea, and ~~~t9 ~{,~,~ment$ry eviden:tie, ebatre~4 en•! titlP re~rt9, 19. Borrower's Right to Reinetate. Notwiihstanding Lender a acceleration of the aume eeciued by thia Mortgage, Borrower ehail have the right to have any proceedinge begun by Lender to enforce this Mortgage disoontinued at any tune prior to entry of a judgment enforcing thie Mortgage if (a) Borrower pays I.ender all suma which would be then due under thia Mortgage, the Note and notea securing F~ture ~ Advancee, if any. had no acceleration occurred; (b) Borrower cures all breaches of any othet covenante or agreements of Borrower contained in ~ this Mortgage; (c) Barrower pays all reasonable expenaes incurred by Lender in enforcing the covenanta and agreemente of Boaower oontained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of thia Mortgage. Lender'a interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage ahell continue unimpa.ired. Upon such payment and c~re i ~ by Borrower, thie Mortgage and the obligations aecured hereby ahall remain in full force and effect as if no acceleration hed occurred. , ~ 20. Aeeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aeeigns to Lender the renta ~ perty, provided thst Borcower ahall, prior to soceleration under paragraph 18 hereof or abandonment of the Property. have the right ~ of the Pro - to rnliect and retain euch rente as lhey become due and payable. ~ Upon aoaeleration under paragraph 18 hereof or ebandonment of the Property. Lender ahall be entitled to have a receiver appointed by a ` ~ oourt to enterLpon, take poseession of and manage the Property and to collect the rents of the Property. including thoee past due. All rente ~ rnllected by the receiver shall be applied first to payment of the oosta of managementof the Property and rnllection of renta, including, but not " limited to, receivei a fees, premiuma on receiver'e bonde and reasonable attorney's fees, and then to the suma eecured by thie Mortgage. The • recxiver ehall be liable to acoount only for thoae rente actually received. ~ ~ ~ ~ aoox C~ PacE s~ ~ - ~ - ~ . _ = - ~ ~ ~ ~ r •G~~~~~~Ka~ , . ~^a^~~~,..~~".x ~"r`~;:° .w ~'r- _ . . ;