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HomeMy WebLinkAbout0145 ~ M • , 1 ~ . ~ • g. Ip~~18C~IOp. l.ender may make o~ cauee to be made re~wnabie eatrie~ upon and inapectio~a of the property. provided that Lender ~hall Qive Borrowet notice prio~ to er~y ~uch inspertion specifyin~ reawaable cawe therefor related b Lende~ i intere~t in tlie peeperty, 8. COt11~eA1A~~IOD. The procaed~ of pny award or claim for dama~e~, direct or rnn~equentia#, in connection with eny condemnation or other laking ot ths property, or part thereof, or for conveysnes in Ueu of oondemnation, are hereby assi~ned and ~hall be paid to l.ender. in the event of a totai takinQ of the Property. the prooeed~ shall be applied b the ~uma ~ecnred by this Mort~ey~e. with the esceM. it any, : paid to Borrower. In the event of a partiel takin~ of the Property, unlew Borrower and Lender otherwi~e agres in writina, there ~hall be applied b the ruau ~scured by thi~ Mort~a~e such pmportion o~ ehe proceeda a~ i~ equal to that pmportion which the amount of the ~uma secured by thia Mort~age immediately prior b the date of takinQ bean b the [air markd value otthe Property immediately prior to the date of taking. with the balenoa of the proceed~ pwid to Borrower. lf ehe Property is abandoaed by Bormwer. o~ if. after aotice by l.ender to Borrower that the oondecunor of~en b make an awerd or ~etde a claim for damage~, Hormwer faib b~pond to I.endes within 30 dey~ atter the date such notice u mailed, Lender is authorir~ed fn rnllect and . apply the proaed~, at I.ender's option, either b re~toration or repair of the property or to the sum~ secured by this Mortgage. Unles~ Lender and Bormwer otherwi~e agree in ~r~ting, any auch application of prooeeds Lo principal shall not extend or pwtpone ihe due•' • date of the monthly installmenta re(erred to in paragrephs 1 and 2 hereof or change the amount o[ ~uch inatallmenta. 10. Ebrwwer Not Released. Extension of the time tor peymant or modification of amortisatioo ot the sums secured by thie Mort~age granted by I.ender to any suoceasor in intereet ot i3orrower shall not operate to nlease, in any manner, the liability of the original Borrower t and Borrower's euccrasore in interes~ l.ender shall not be required to oommence praceedings against euch eurceaeor or refuse to extend time for payment or otherwise modify amortization of the aums secured by this Mortgage by reason of sny demand mede by theoriginai Borrower , and Borrower s auceeesors in intereet. 11. Forbearance by I.ender Not a Waiver. My forbearance by l,ender in exercising any right or remedy hereunder. or othe~wri~e afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procuremen! of ineuranoe or the - payment of taxes or other liene or charges by Lende~ ~haU not 6e e waiver of Lender's right to aocelerate the maturity of the indebf~ednesa ~ecured by this Mortgage. 12 Remedie~ Cumul~tive. All remedies pmvided in this Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or attorded by law or equity, and may be e:ercise~l wncurrendy. independently or suoassively. 13. Succeewrs and A~ei~as Bound; Jolnt and 3everal Liabllity; Captions. The oovenants and agreemente herein contained shall bind, and the rights hereunder shall inure to, the reapective succeswra and aasig~s o! Lender and Borrower, subject to the provisions o! paragraph 17 hereof. All covenante and agreements of tiorrower ehall be joint and several. The captione and headings of the paragrapha of thie Mortgage are for rnvenience only and are not to be used to interpret or define the proviaione hereof. ' 14. Notice. Excep/ for any nolice required under applicabie law to be given in another manner, (a) any notice to E3orruwer provided [or in this Mortgage shall be given by mailing auch notic~ by certified mail addreeaed to Borrower at the Property Addreaa or at auch other address ae Borrower may deeignate by notice to I.ender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt requested, to I.ender e addresa atated herein or to such olher addrese aa [.ender may deeignate by notice to Borrower ae provided herein. My notice pmvided tor in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This formof mortgagernmbines uniform oovenante for nationa) use and non- uniform covenanta with limited variationa by juriadiction to oonatitute a unitorm eecurity inatrament aovering real property_ This Mortgage shall be governed by the law of the juriediction in which the Property ia located. ln the event that any pmviaion or clauee of this Mortgage or the Note conAicte with applicable Iaw, such conflict ahell not affect other provisions of this Mortgage or the Note which can be given effect without the rnnAicting proviaion, and to this end the provisione of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Botrower ehall be furniahed a conformed oopy of the Note and of this Mortgage at the time of e:erution or after recordation hereof. x 17. 7'ransfer of the Property; Asswnpdon. If all or eny part ot the Property or an intereat therein is eold or transferred by Borrower ~ without Lender e prior written coneent, excluding (e) the rreation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a ~ purehaee money security interest for household appliances, (c) a tranafer by deviae, descent or by operation of law upon the death of e joint ~ tenant or (d) the granl of any leseehold intereat of three yeare or less not wntaining an option to purchase, Lender may, at Lender s option, ` declare all the aume secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to fhe sale or transter, Lender and the peraon to whom the Property ia to be sold or traneferred reach agreement in writing that the credit otsuch person is satisfaMory to Lender and that the intereat payable on the suma secured by this Mortgage ehail be at euch rate aa Lender ahall requeat. If [.ender has waived the option to accelerate provided in thia paragraph 1?, and if Borrower e nucceseor in intereat has executed a written aeaumption aqreement aocepted in writing by l.ender, Lender ehall release Borrower from allobligations underthie Mortgage and the Note. 'i If Lender euercises auch option to accelerate, [.ender sha11 mail ~3orrower notice of acceleration in accordance with paragraph 14 hereof. ~ I Such notice shall provide a period of not lesa than 30 daye from the date the notice ie ~r.ailed within which Botrower may pay the aume declared i due. If I3orrower faila to pay such auma prior to the expiration of auch period, Lender may, wilhout further notice or demand on E3orrower, f invoice any remediea permitted by paraqraoh 18 hereof. ~ 18. Acceleration; Remediee. E:cept es provided in paragraph 17 hereot. upon Borrower's breach of any oovenaat or agreement otBorrower in thie Mortgage, inciuding the oovena~pta to pay when due any sumseecured by thia Mortgage. Lendet prior to acceleration shall mail nottce to Borrower as provided in paragraph 14 hereot~pecifying: (1) the breach; (2) the actioa required to cure euc6 breach; (3) a dete, aot leae than 30 daya irom the date the notice is wailed to Borrower~ by which such breach muat be cured; and (4) that tailure to cure euch breach on or before the date apeeified in the notice may result in . acceleration o! the sume eecured by thie Mortgage, torecloaure by judicial proceeding and sale of the Property. The notice ehall further tnform Borrower ot the right to ceinstate after acceleratiott apd the right to essert in the forecloeure proceeding the non-eziatence of a detault or eny other defense ot Borrower to aoceleration aad foreclorure. If the breach ie not cured on or betore the date specified in the notice, Lender at I.ender'e option may declare all of the sums eecured by thie Mortgage lo be immediately due and payable without turther demand and may forecloueZhie Mortgage by judicial proceeding. Lender ahall be entitled to collect in such pri~ceeding all e:pensea ot foreciosure. including. but not limited to, reaeonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower'e Right to Reinatate. Notwithstanding [.ender'a acceleration of the aums eecured by this Mortgage, Borrower shall have the right to heve any_proceedinga begun by I.ender to enforce thie Mottgaqe diacontinued at any time prior to entry o[s jud~nent enforcing thia Mortgage if: (a) Borrower ~pays l.ender all aums which would be then due under this Mortgage, the Note and notea eecuring Future Advancea, if any, had no acceleratiup ocruned; (b) Borrower curea all breachea of any other covenants or agreementa of Borrower rnnteined in this Mortgage; (c) Borrower pays all reaeonable expenaea incurred by Lender in enforcing the oovenanta and agreemente ot Borrower oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney'e feea; and (d) Borrawer takes such action ee [.ender mey reaaonably require to eseure that the lien of thie Mortgage. Lender's interest in the Property and f3orrower'e obligation to pay the sums secured by thia Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obligatione eecured hereby shall remain in fuU force and effcet as if no acceleration had occurred. 20. Assignment otRents; Appointment ot Reoeiver. As additional security hereunder, Borrower hereby aseigns to Lender the renta of the Property, provided that Borrower shall, prior to aoceleratio~ under paregreph 18 hereof or ebandonment of the Property, have the right to rnllect and retein such rents ae they become due and payable. . Upon acceleration under paragraph IS!~ereof or abandonment otthe Property, Lender shall be entitled to heve a receiver appoinled by a oourt to enter~pon, take poaeeasion of and manage the Property and to coUect the rente of the Property, including thoee paat due. All rente ~ aollected by the receiver ahall be applied firet to peyment of lhe oosts of mareagement of the Property and rnllection of rente, including, but not limited to, receiver'a feee, premiume on receiver a bonda and reaaonable attorney e fees, and then to the eums eecured by thie Mortgage. The receiver ehall be liable to acoount only for thoee rente actually received. - ~~2y7 F~ 1~ ~ - r ~ ~ ~~~.4~._.~~_ . = ~