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HomeMy WebLinkAbout0154 . . . . ' ~ , . . , . s . , 8. In~peMlon. l.ender may make or cause w be made reswneible entrie~ upon and inspections of the pmpeirty, provided that Lender ~hall Qive Borrower notioe prior to any auch inipection specifying reasonable cause thenfor related to l.e~der's inte~est in tbe Proparty. 9. Condemnadon. Ths proceed~ of any award or cleim for damage~, direct or rnaiequential. in rnnnecdo~ with any aondemnedon or other taking of the property, or part thereof, or tor rnnvayance in Iieu ot ooademnatio~, ars hereby ewigned and shaU be paid to Lender. I~ the event of a btal taking ot the Property. the proceed~ shell be applied to the sums ~ecured by this MoeiQa~e. with the exoe~, if any, peud to Borrower. ln the eve~t o! a partial taking of ths Pmperly. unle~s Borrower and I,ender otherwise agree in writicyf. then ~hall be ~ applied to the suma ~ecured by this Mort~age ~uch pcoportion of the pmoeeds as iu equal to that propo~ition which the amouat of the ~um~ secured by this Mortgage immediately prior to the date of tal~ing bears to lhe lair market value of the Property immediately prior to the date of taking, with the balanctit oi the prooeeda paid io Borro~rer. I[ the Property is abar?doned by Borrower. or J, aRer notice by Lender to Borrower that the oondemnor oPfe» to make an awerd or ~ettle a claim for dameg~. Borrower tails to nspond to I.ender within 30 days atkr the date such notioe is mailed, Lender ia authorised b rnUect and apply the proceeds. at Lender s option. either b restoration or repair oi the property or to the sums secured by this Mortga~e. _ Unless Lender and Borrower otherwi~e agree in writing, any such appGcation of proceeds to principal ~hali not e:tend or postpone the dua date o[ the moathly iastaUments nferreii to in peragraphs 1 and 2 her~eof or chan~e the amount of such installmenb. 10. Borrower Not Releaeed. Extension of the time for paymant or modification of amortizaEion of the eums secured by this Mortgage granted by Lender to any succeseor in inLereat of Borrower ahall not opernte to release, in any manner. the liability of the original Borrower and Borrower's aucceaaore in interest. I.ender ehall not be required to commence proceedings againat such aucceesor or refuee to e:tend time [or payment or otherwiee modify emortiiation of the eume eecured by this Mortqage by reason o[anq demand made by the original8orrowez and Borrower'e eucceseors in intereat. 11. Forbearance by I.ender Not a Waiver. My forbearance by l,ender in e:ercieing any tight or remedy henunder, or otherwise ~ afforded by applicable law. ehall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of insurance or the payment o! ta:es or other liene or charges by Lender ehall not be a waiver of l.ender'e right to aaxlerate the maturity of the indebtednesa secund by this Mortgage. 12 Remediee Cumulative. AU remedies pmvided in this Mortgage are distinct and rumnletive to any other right or remedy under this : Mortgage or afforded by lawr or equity, aad may be e:ercisevl concurrendy, indepeadeady or succesaively. i 13. Successore and Assigns Bound; Joint aad 3everal Liability; Captlon~.'l1~e oovenanta and agreements herein oontained shall bind, and the righte hereunder shall inure to. the respective auccesaore and asaigna of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenante and agreementa oi Borrower ehall be joint and several. The captiona and headinge of the paragraphs of ~ thia Mortgage arn for rnvenience only and are not to be ueed to interpret dt defin! the pmviaiona hereo! 14. Notice. Except tor any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided Eor in this Mortgage ahall be given by mailing such notice by certified mail addressed to $orrower at the Property Addrees or at such other addreas as Borrower ~nay designate by notice to Lender ae provided herein, and (b) any notice to [.ender ehall be given by certified mai1, retum reoeipt ~ requeeted, to Lender'e addresa etated herein or to euch other address ae Lendrr may deaignate by notice to Borrower es ptovided herein. Any notice provided for in thia Mortgage ehall be deemed !o have been given to Borrower or Lender when given in the manner deeigneted herein. ~ I5. Unifora~ Mortgage; Governing I.aw; 3everability. Thia form of mortgage oombin~ uniform oovenante for national use and aon- uniform covenants with limited variationa by juriadiMion to oonatitute a uniform aecurity inattument ooveri~g real property. Thie Mortgage ahell be governed by the law of the juriediction in which t}ie Property ia located. in the event that any provieion or clauae of this Mortgage or the Note conflicta with applicable law, each conilict shall not affect other proviaiona ot thie Mortgage or the Note which can be given eftect without the confliMing pmviaion, and to thie end the provieione of the Mortgage and the Note are declared to be severable. 16. Borrnwer'e Copy. Borrower ahall be fumished a conformed oopy of the Note and of thia Mortgege at the time of e:ecution or after recordation hereof. ' ' 17. Transter of t6e Property; Aseumption. If ali or any part of the Property or an interest therein ia eold or traneferred by Borrower without [.ender e prior written rnnaent, e:duding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage. (b) the creation of a purchaee money eecarity interest for honsehold appGencee, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leae not oonfaining an option to purchase. Lender may, at Lender s option, declare all the eume secured by thia Mortgage to be immediately due and payable. L.ender ahall have waived auch option to accelerate'J, prior to the sale or transfer, L.ender and the peraon to whom thg Property ia to be sold or tranaferred reach agreement in writing that the credit of such peraon is eatisfactory !o Lender and that the intereat pa~yable on the auma secured by this Mortgage shall be at auch rate as Lender ahali requeat. [f I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrowela successor in interest has e:ecuted a written asaumption agreement accepted in writing by Lender, Lenderehall reieaae Borrower from all obligations underthia Mortgageand the ' Note. ~ [f Lender e:erciaes such option to accelerate, I.ender shali mail Borrower notice of acceleration in sooordance with paragraph 14 hereof. . Such notice shall provide a period of not leas than 30 daya from the date the natice ia mailed within which Borrower may pay the suma declared - due. If Borrower fai Is to I a such suma rior to the ex ira i p Y t on of such 'od Lender ma without further notice . P . or demand o P . n P~ Y ~iorrower, . ~nvoke any remedies permitted b ara aoh 18 hereof. - Y P BT I 18. Acceleration; Remediea. E:cept aa provided in paragraph 17 hereot, upon Borrower's breach of any oovenant or agreement of Borrower in thia Mortgage, including the oovenante to pay when due any euma aecured by thia Mortgage, Lender prior to aoceleration e6a11 mall notioe to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) t6e action required to cure euch breach; (3) a dete. not leas than 30 daye from the date the ootice is mailed to Borrower, by which suc6 breach muet be cured; and (4) that failure to cure such breach on or before the daEe specified in the notice may result in n acceleratioa ot the aume secured by t6ia Mortgage, forectoeure by judicial proceeding and eale of t6e Property. T6e notice shall - further infonu Borrower of the right to reinstate after acceleration and the right to aasert in the foreclosure proceeding the non-ezietence ot a detault or any other defense of Borrower to acceleration and foreclosure. If the breach is aot cured on or betore the date specified in the notice. Lender at Lender'e option may declare all of the auma secvred by this Mortgage to be I immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Leader shall be ~ entitled to collect in such proceeding all expenees of foreclosure. including, but not Ilmited to, reaaonable attorney's feee, and coats of documentary evidence, abetracte and title reporte. , 19. Borrower'e Right to Reinetate. Notwithatanding Lender s acceteration of the aume eecured by thia Mortgage, Borrower ahall have ~ the right to have any pmceedinge begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all suma which would be thsn due under thie Mortgage, the Note and notea securing Future Advancee, if any, had no acceleration occurred; (b) Borrower cures al l breaches of angother rnvenante or egreements of Bonower contained in this Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender in enforcing the oovenants and agreementa of Borrower oontained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including. but not limited to, reaaonable attorney'e fees; and Id) Borrower takea euch adion as I.ender may rnasonably require to asaure thaL the lien of thia Mortgage, Lender's intereet in the Property and Borrower's obligation to pay the auma secured by thie Mortgage ehall continue un'rmpeired. Upon such payment and cure by Borrower, thia Mortgaqe and the obligationa secured hereby shall remain in full force and eftect ae if no aoceleration had occurred. 20. Assignment of Rents; Appqlntment of Receiver. As additional security hernunder, Borrower hereby assigne to i,ender the rente of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment otthe Property, have the right to collect and retain such renta ae they become due and psyable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have e receiver appointed by a court to enterLpon, take posseasion of and manage the Property and to collect the rente of the Property, including thoee paat due. All rents oollected by the receiver shall be applied firet to payment of the coate of management of the Property and oollertion of rente, including, but not limited to, receiver's teea, premiume on receiver's bonde and reasonable attorney's fees, and then to the aume secured by this Mortgage. The . receiver ahall be liable to account only for th~ae rents actually received. ~ _ ~ socK~~7 r~~ ~ ~ 1~ , ; _ ~ ~~.,w _ . . ~ri