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HomeMy WebLinkAbout0619 ~ ~ . ~ v ~ : ~ • ; ; ~ 8. Iaspecttoa. Lender may make or cawe b be made rea~onable entrie~ upon and 'uupection~ of the property, provided that Lender ~hall ~ Qive Borrower notioe prior to any such in~pection specifyinQ reaaonab~e cawe /heref~ nlated to Lendez i interest in the Prop~ty. ~ 9. CoademaaUoa.'l~e procaeds of any award or claim for damage~, direct or rnaseQuentiel, in connectioa with any ooademaation or ~ other takiag ot the properiy, or part th4reof, or for convdysave in lieu of oondannatioa. are hereby ae~i~ned and shaU be paid to Lender. ~ Ia the eveAt oi s wtal taking of the Property. the proceeds aliall be applied b the suma ~ecured by thi~ Mort~a~e. with the exoew. it aay, paid to Borrower. In the event of a partiallakinQ of the Rroperty. unl~a Bocmwer and Leadsr othenvi~s agree in writin~. thsre shaU be applied to the ~uma ~ecured by thie Mort~aQe ench proportion of the prooeed~ as iu equal to that proportion which the amount of the ~um~ eecvred by thu MortQa~e immediately prior to tbe date of takiag bean to the fatr market vslue of the Property unmediately prior to the dxte of takinQ. with the balanoa of the proceed~ paid to Borrower. ~ If the Property u abandoned by Bosrower, or if. aRer notiae by Lender to Borrower that the oond~anos offe» b wake an aweird or ~etNe a claim for damages, Borrower faila fo respond to Lender within 30 days aft4r the date such aotica is mailed. Lender ia autho~ir~ed to coAect ead ~ apply the prooeeds. at Lender's optioA. either b restotation or repair of the property or b the sum~ secured by thia Mort~ags. i. Unless I.eader and Borrower otherrvise a~ree ia writing. any such application of pmceeds to principal shall not autead or pwtpoae the dne { date of the monthly iastaUments nfesred ~o in paragraphr 1 and 2 hereof or change the amoant of such instslUnents. 10. Borrower Not Relea~ed. Estensioa of tha time for paymant or aaodification of amortization of the sums secured by thia Mortgage ~ granted by Lender w any succeseor in intereet of Borrower ehall not operste to release, in any manner. the liability oi the origiaal Borrower ' and Borrowet a aucceeaon in interest. I.eader ahall not be required to oommenoe proceedings againat such auocessor or refuse to eztend time 1 for payment or otherwiae modify amortization of the sums secured by this IYlortgage by reseon of apy de~uand made by the original Borrowet and Botrower'a aucceesora in interest. ~ • 11. Forbearanoe by Lender Not a Waiver. Aay forbearanoe by Lender in ezercising any right or remedy hereunder. or othesavise a~orded by applicable law. shall aot be a waiver of or preclude the e~cercise of any such right or remedy. The procure~ment of inauranoe or the ~ ~ayment of taxes or other liens or charges by I.eader ehall not be a waiver of Lender's right b aaoelerate the meturity of the indebtedneae aecured by thie Mortgage. ' s 1Z Remediea Cumutative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thi~ Mortgage or afforded by law or equity. and may be Pacerciee~t ooncurr~endy. independendy or suoo~sively. t3. 3ucceasore aad Asaigns Bound; Jolnt and 3everal I.iabillty; Captloos. The ooveaants and agrcements hezein aontained ahall bind. and the righta hereunder ahall inure to. the respective aucc~essore and aseigne of Lender aad Borrower, subject to the pmviaions of paragraph 17 hereof. A11 covenants and egreementa of Borrowet ehall be joint and eeveral. The captione and headings of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the proviaions hereof. ? 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing auch notice by certified mail addreased to Botrower at the Property Addresa or at auch other address as . Borrower may deeignate by notice to I.ender as pmvided herein. and (b) any notice to Lender ahall be given by certi5ed mail. return reoeipt requested, to I.ender a addrees atated herein or to auch other addcpes ae Lender may designate by notice b Borrow~ ae provided herein. Any notice pmvided for ia this Mortgage ahall be deemed to have been givea to Borrowes or Lender when given in We manner designated herein. i 15. Unitorm Mortgage; Governing I.aw; Severabillty. This form of mortgage combines uniform oovenants for aational uee and non- unifosm rnvenants with limited variatione by jutiadiction to conatitute a uuiform aecurity instrua~ent oovering real property. This Mortgage shall be govemed by the law of the juriediction in which the Property ia located. In the event that any provision or clauee of thia Mortgage or the Note contlicte with applicable law, auch rnnflict shall not affect other pmviaions of thie Mortgage or the Note which can be given effect without the oonflicting proviaion, and to thie end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16. Borcower'e Copy. Borrower shall be furniehed a coriformed oopy of the Note and of this Mortgage at the time of eucecution or after recordation hereof. ~ 17.'l~ansfer of We Propertjr; Aesumption. If all or any part of the Property or an interest therein is eold or traneferred by Borrower ~ without Lender e prior written conaent, e:cluding (a) the crestion of a liea or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aecurity interest tor household appliancee. (c) a tranefer by devise. dc~cent or by operatioa of law upon the death of e joint r tenant or (d) the grant of any leasehold interest of three yeare or lesa not aontaining an option to purchase. I.ender may, at Leader'e option. ~ declare all the sums aecared by thia Mortgage to be immediately due and payable. Lender ahall have waived auch option to aocelerate if, prior to the aale or tranefer, Lender and the person to whom the Property ie to be eold or transferred rPach agreement in writing that the credit of ench person ia satiefactory to Lender and that the intereat payable on the auma secured by this Mortgage shell be at such rate ae Lender ahall ' requeat. If Lender has waived the option to accelerate provided in thia paragraph 17. and if Borrowet'e aucce8sor in interest haa ezecuted a written asaumption agreement accepted in writing by L.ender, Lender ehall releaee Borrower from all obligationa under this Mortgage and the Note. - i If Lender exercises auch option to accelerate, Lender ahall mail Borrower notioe of acceleration in aooordance with paragraph 14 hereoL ~ Such notice ahap provide a period of not less than 30 daya from the date the notice ia tr,siled within which Borrower may pay the auma declared ~ due. If Borrower fails to pay auch sume prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by pazagraoh 18 hereof. ~ 18. Aoceleratjon; Remedfes. Ezcepi as pmvided in paragrap6 17 hereof, npon Borrower'e breach of any oovenant or ~ agreement of Borrower in t6ie Mortgage, including the oovenanta to pay w6en due any eams sewred by thie Mortgage, I.ender ~ prior to acceleration s6a11 mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action f required to cure sach breacb; (3) a date. not leas than 30 daye from the date the aotice is mailed to Borrower, by which aach breach muet be cured; and (4) that failwre to cure auch breach on or before the date specIfied in the notice may result in - acceleration otthe aume eecured by this Mortgage, foreclosure by judicial prooeeding and eale of t6e Property.T6e notice a6all further inform Borrower of the right to reinatate after soceleration and the right io assert in the toreclosure proceeding the non-e:ietence of a default or any other defense of Borrower to aoceleration and forecloaure. It the breach is not cured on or ~ betore the date specified in the notice, Lender at I.ender's option may declare all of t6e anms secured by thia Mortgage to be immediately due and peyable without further demand and may foreclose tWs Mortga~e by judicial proceeding. Lender shall be ~ eniitled to oollect in such proceeding all e:penses of foreclosure, including, but not limited to, reasonable attorney's fees. end ` costa of documentery evidence. abetracte and title reporte. 's 19. Borrower'e Right to Reinetate. Notwithstanding I.ender s aoceleration of the auma eecured by thia Mortgage, Borrower shall have a the right to have any proceedings begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paye Lender all suma virhich would be then due under this Mortgege. the Note and notee securing F~ture Advancea, J any, had no acceleration occurred; (b) Borrower curea all breaches of any other oovenants or agreementa of Borrow~ contained in thia Mortgage; (c) Botrower paye all reseonable ~pensee incurred by Lender in enforcing the ooveaante and agreementa of Botrower oontained in this Mortgage and in enforcing Lender'e remediee as pmvided in paragraph 18 hereof. including, but aot limited to. reaeonable ° attomey e fees; and (d) Borrower tetes auch action ae Lender may reasonably require to aeaure that the lien of this Mortgage. Lender'a interesE in the Property and Borrowei a obligation to pay the aums aecared by this Mortgage ehall continue unimpaired. Upon euch payment and care ~ by Borrower, thia Mortgage and the obligationa secured hereby ahall remain in full force and effect se if no acoeleration had ocx:urred. Z0. Asaignment of Rente; Appointment of Receiver. Ae additionel eecnrity hereunder, Borrower hereby assigns to Lender the renta ~ of the Property, provided that Borrower ahall, prior to acoeleration ander paragraph 18 hereof or abandonment of We Property. have the right ~ to collect and retain auch rente as they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property. Leader ehall be entitled to have a receiver appointed by a court to enter~pon, take possession of and manage the Property and to ooUect the rente of the Property, including thoee past due. All rents ~ oollected by the receiver shall be applied fi•rst to peyment of the oosta of management of the Property and oollectioa of rents, including. bnt not ~ limited to, reoeiver'e fees, premiums on receiver e bonda and reaaonable attorney'e fees, and then to the suma secured by this Mortgage.'l~e 's receiver ahall be liable to aooount only for thoee rents actually received. ~ , _ ~'.f~2~9 F~~ 619 ~ ~ ~ - - - _ ~ _ - _ _ ~ ~ ~ - ~ ~4_ . _ . :