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HomeMy WebLinkAbout0706 • 1' f ~ ~•:.r,? ~ .i:•~ . ~ • 8. laspection. Lender may make o~ cauae to be made reasonable ent~es upon and inspections of the property, provided that Lende~ ~hall give BorroMer notice prior to any such inepection sperifying reasonable cauee therefor ~elated to I.ender's interest in tha Pmperty. 9. Co~deasnation.'11ie proceede oi any award or claim for damages, direct or consequential, in rnnnection with any oondemnatioa or other taking of the property, or part thereof. or fot conveyance in lieu of condemnation, are henby a~signed and shall be paid to Lender. in the event of a total taking of Ehe Property, the proceeds shali be epplied to the sums secured by this Mortgage. with the excess, if any. paid to Borrower. In the event oi a partial taking of the Prop~ty, ualess Borrower and I.ender otherwise agree in writing, there ahall be woplied tn the euma secured by this Mortgage such pmportion of the proceeds es is equal to that proportion which the amouat of the sums eecured by this Mortgege immediately prior to the date of tsking beare to tha fair market value o[the Property immediately prior to the date of taking, with the balanea of the pmceeds paid to Borrower. If the Property is abandoned by Borrower. or if, aRes notioe by I.ender to Borrower that the oondemnor ofrera to make an award or settle a claim for damages. Borrower faila to respond to I.ender within 30 days after the date such notice ie mailed. [,ender ia authorized to rnllect and apply the proceeds, at I.ender s option, either fo reatorabion or repair of the pmperty or to the sums secured by fhia Mortgage. Unlesa l.ender and Borrower otherwiee agree in writing, any such application of proceeds to principal shall not Pactend or postpoae the due date of the monthly iastallments referred to in paragraphs 1 and 2 hereof or change the amount of such inetallments. 10. Borrower Not Released. E:tension of the time for paymant or modification ot amortization of the euma secured by this Mortgege Rranted by I.ender to any aucceasor in intereat of Borrower ahall not operate to releaee, in any manner, the liabiGty of the original Borrower and E3orrower'a succesaore in internst l.ender shail aot be reqssiree! Lo cummence gn.~ings sgsinst sesh auece~+eor or retuee to extend time fo~ payment or otherwise modify amortization of the sums aecured by this Mortgaqe by reason of any demand made by the original Borrower and Borrower s aucceasora in intereat_ 11. Forbearance by I.eader Not a VNaiver. My forbearance by Lend~ in e:ercising any right or remedy hereunder. or otherwise aaorded by applicable law, ehall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of insuranoe or the payment of tazea or. other liena or chargee by Lender shall not he a waiver of I.ender e right to accelerate the raaturity of the indebtedneea secured by thia Mortgage. 12 Remediee Cumulative. All remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and mey be ezercise~i ooncurrendy, independently or succeaeively. 13. Succesaore and Aesigne Bound; Joint and 3everal Liability; Captione. The rnvenante and agreemente herein oontained ehall bind, and the righte hereunder ahall inure to, the reepective succeaeors and aesigns of Lender and Horrower, aubject to the provieiona of paragraph 1T hereof. All covenants and agreementa of Borrower ahall be joint and eeveral. The captions and headinga of the peragraphs of this Mortgage are for rnvenience only and are not to be uaed to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing such notice by certi6ed mail addn~ssed to Borrower at the Property Addreaa or at euch other addrese as 13orrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, ret~rn receipt requeated, to l~ender's address etated herein or to such other addreas as Lender may designate by notice to Borrower aa pmvided herein. Any notice provided for in this Mortgage ehall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severebility. This form of mortgage combinea uniform oovenanta for national uee and non- unifotm rnvenants with limited variationa by jurisdiction to rnnatituie a uniform aecurity inatrun~ent oovering real property_ This Mortgage ahall be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clauee of this Mortgage or the Note conflicts with applicable law, such conflict shall not af~ect other proviaions of thie Mortgage or the Note which can be given effect without the contlicting provision, and to thia end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be fumiehed a conformed copy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. 'l~ansfer of the Property; Aseumpdon. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower without Lendei s prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a~ purehase awney security interest for houaehold appliancea, (c) a transfer by devise, desoent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold intereat of three yeaca or less not oontaining an option to purchase, Lender may, at Lender's option, declare all the sums secured by this -'.Nortgage to be immediately due and payable. I.ender ehall have waived such option b accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit of such peraon is satisfactory to I.ender and that the interest payable on the sums aecured by this Mortgage ahall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shal) release Borrower from all obligationa under this Mortgage and the \Tote. If I.ender exercisee such option W accelerate, Lender sha11 mail Borrower notice of soceleration in accordance with paragraph 19 hereof. ' ;iuch notice shall provide a period of not less than 30 days from the date the notice is ir,ailed within which Borrower may pay the suma declared F due. If Borrower fails to pay auch aums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ mvoke any remedies permitted by paragraoh 18 hereof. ~ - ~ 18. Acceleration; Remediee. E:cept as provided in peragraph 17 hereof. upon Borrower'e breach of any oovenant or agreement of Borrower in this Mortgage, including t6e oovenante to pay when due any eume secured by thie Mortgsge, Lender prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof specifyiag: (1) the breach; (2) the action required to cure auch breach; (3) a date. not less than 30 days from the date the notiee ie mailed to Borrower, by which suc6 breach muat be cured: and (4) that failure to cure such breach on or before t6e date epecified in the notice may reault in ~ acceleration of the sume secured by thie Mortgage, forecloeure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinatate after acceleration and the right to aseert in the foreclosure proceeding the ~ non-ezistence of a default or any other detense of Borrower to acceleration and foreciosure. If the breach is not cured on or before the date epecitied in the notice. Lender at Lender's option may declare sll of t6e aume secured by t6is Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgege by judicial proceeding. Lender shall be entitled to collect in auch proceeding all e:penaea o! forecloaure, including, but not limited to, reasonable ettorney's fees, and coets of documentary evidence, abstracts and title reporta. 19. Borrower'e Right to Reinstate. Notwithstanding Lender e acceleration of the suma secured by this Mortgage, Borrower ahall have the right to have any proceedinge begun by Lender to enforce thia Mortgage discontinued 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 thie Mortgage, the Note and notes eecuring Future ~ Advances, if any, had no acceleration oocurred; (b) BorroweT c~res all breaches of any other rnvenante or agreementa of Borrower contained in this Mortgage; (c) Borrower paye all reasonable eapensea incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to. reasonable ~ attorney's fees; and (d) Borrower takea auch action as Lender may reaaonably require to assure that the lien of this Mortgage, Lendei s interest ~ in the Property and Borrower s obligation to pay the suma secured by this Mortgage ehall continue unimpaired. Upon euch payment and cure I by Borrower, this Mortqage and the obligationa eecared hereby ahall remain in full force and effect aa if no acceleration had occurred. 20. Aseignment of Rents; Appointment of Receiver. Aa additional eecarity hereunder, Borrower hereby assigna to L,ender the renta ~ of the Property. provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ; to collect and retain such rnnte as they become due and payable. , ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ~ oourt to enter~pon, take poaseaeion of and manage the Property and to collect the rente of the Property, including those past due. All renta collected by the receiver shall be applied firat to payment of the ooate of mana~ement of the Property and collection of renta, including, but not ~ limited to, receiver's fees, premiuma on receiver'abonds and reasonable ettorney's tees, and then to the aume aecured by thia Mortgage. The ~ reoeiver ahall be liable to aooount only for those renLa actually received. . ~ _ . !a ~ 6A0~ ~A~ ~ - ~ ~ ; - - - - - - ~..s y ; _ . ' _ _ - ~ ~~d ~c" r Y'~:'~ t.~a!4~~kw.iT'P -F~ a.a`~` G'C1:r :`.i -"""a'' t - ~'?`~~~4~~-'.~~.,e'~,:~'e~'~~`_~ ~ ~ _s. „sdSS r .