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HomeMy WebLinkAbout0919 ' ~ . . ~ 8. In~pectlon. I.ender may make or cau~e b b~ m~de ~arpa~01~ ~atti» upoa aad 'uupectio~u o[the property. Provided that Lender ~hall ~ Qive Borrower aotioe prios eo any ~uch irupectioa specibrins reaaonabb caoae therefor related to Lendes i inte~t in the Property. 9. Coademawtloa. 7~s proeesd~ of any award or claiaa !os dama~es. dinct or ooa~equential. ia connectioa with aay condemnstion or oehe~ eakin~ oi the pmp~tty. ~ part thrreot. or for conveyance in lieu of rnndemnatior. are hereby ewi~ed and ~hall be paid to Leader. ; In ths event oI s toW takin~ of ths Propeity. tbe proa.d. shaU be applied eo ths.udu.scured by chja Mort~.~a wi~h Ws e~oe.., it any. ~ i v~d to Borrower. la the eveat ot a partial takin~ of the ProD~RY. uuleN Bo~e+owe~ and l.snd~r oeh~r~via~ a~e~ in wrieinQ. tbers ~hall be j applied to the ~ums ~ecured by thu Moet~a~s snch proportion ~ the prooeed~ as u equal to that proportioa ~vhich the amount of tbe w~w t ~ecured by this Mort~a~e immedi~tely prior to We date oi takin~ bea» to the fair market vatue of the Property inuaediatety prior to We date of ~ takin~. with the batanca of the procaeds pRid b BorroMrer. ~ F If ths Propa~rty u abaadoned by Bore~o~ver~ a~ ii. alter notios by Lender b Borwwer that t1u oondemnor offen b make an ~wud or Nttle a claim for dama~e~. Borrower isib b rapond b Ler~der within 30 day~ aR~r the date rnch notiae ii mailed. Lender iu auWorised ~o collect ~ad spply the pmoeed~, at Lsada~'~ optioa. eiWer to re~tor~tion or repair ot the p~opeety or to tbe ~nuw ~ecured by Wi~ Ma'fi~e. Udew Lender and Borrower otherni~e a~ee in writinQ, any ~uch applirstion of ptncaeda to prinupal shaA aot estead or pwtpone the dw dete of We moathly inseaAmeab refezrad to in psre~rsphs 1 aad 2 baeof or chan~e ths e~awunt of ~uch uutaAmenta. 10. 8on^ower Not Relea~ed. E:tension of the time for paymsnt or modification of amoeti:ation of the ~nms ~ecnred by this Mortgage granted by Lender to any ~ucceawr in interest of Borrower shall not operaee b release, ia any maaner~ the liability of the ori~inal Borrower and Borrower s auocesaors in intensl.. l.ender ahall not be required to ootnmence proc~eedings agairut such successor or refwe to e:tend time for payrment or otherwise modify amortization of the aums secured by this Mortgage by nason of any deanand made by the original Bwmwa and Borrowcr s~ucceaso» in intece~t. 11. Rorbearanoe by I.eader Not ~ W~Iver. My forbearance by I.euder ia ezerciain~ any ri~ht or remedy hereunder. ~ otherwi~e agorded by applicable law. ahall not be a waiver of or preclude the e~cerci~e of any such right or remedy. The procvrement of iaauranoe or the paymeat of t~es or other lieiu or charges by Lender ahall aot be a w~aiver ot Leader'~ riQht to aooelerate the matnsity of the indebbdnew secnred by ehis Mortgage. . 12 Remedie~ Cmm~laUve. All nmedies provided in this M~age are distinct aad cumulet~v~ t? ~~y ~!±e? *ight or rrmeslp nndar this Mortga~e or at'forded by law or equity. and may be ~ercci.e~l ooncurren~y. indep~dendy o: snooesavely. l3. Suooe~son end Assi~us Bound; Jotnt and 8everwl I.iability; Caption~.'lbe oovenants ~ud agrcemeata henin oontained shall biad, and the rights herennder shall inure to. the respective socceewn aad a~iQns ot I,ender and Borrow+er. subject to the provisiocu of paragraph 17 hereof. All oovenaats and agreements of Borrower shall be jaint and sevend. The captions and headings of the paragraphs of thi~ Mor~gage are for oovenience only and an aot to be uaed to interpret or de5ne th~~pq~p~j~~~~f 14. Notiee. E:cept for any notice required under applicable 1aw to be given in enoth ~lA1n a y notice to Borrower provided for in this Mortgage shall be given by maiting auch notice by oertified mail addreased to Borrow~es at the Property Address or at euch other addna es Borrower may deaignate by notioe to I.ender as provided herein, and (b) any notioe W Leader shall be given by certified mail, retarn reoe~pt requested, to Lender's address ataced herein or to such othet addreas as Lender may designate by notioe to Borrow~ w provided 6erein. My notice pmvided for in thie Mortgage ahall be deemed to have been given to Bortower or Lende+r when given in the mann~ de~ignated henin. 15. Uniform Mort~a~e; Governiag I.~w; 8everabUity.1'hiaform of mortgage combines uaiform oovenanta for national use and non- uniform rnvenants wi~h limited variations by juriediction to oonstitate a uniform eecurity instrument oovering real ptoperty. This Mort~age ahall be governed by the law of the juriediction in which the Property is located. In the event that sny ~~-~-i~n ~r ~t~~ o€tk:e'.L4~tg~ge or the Note rnnElicta with applicable law, auch contlict ahall not ager! other provisions of thia Mortgage or the Nota which can be givea effect ~ without the oonflicting provision, and to thia end the provisione of the Mortgage and the Note are declared to be aeverabk. 1& Borrower's Copy. Borrower ahall be fnrnished a oonformed wpy of the Note and of thia Mortgage at the time of execntioa or after reoordation hereof. ~ 1?. 'ilraaefer o! the Property; Assumption. lf all or any part of the Propaty or an interest therein ia soW or transfere~l by Borrower without I~nder s prior written consent, euluding (a) the creation of a lien or encumbrance subordinete to thia Mortgage. (b) t6e creation of a purchaie money eecurity interest for household sppliancea, (c) a tranafer by devise. deacent or by operatioa of law upon the death ot a joint tenant or (d) the grant.of any leasehold intereat of three years or less not oontaining an option to purchaae, Leader may, at Lender's option. declare aU the sums eecured by thie Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. ptior to the sale or tranafer, Lender and the pereon to whom the Property ia to be sold or trensferred reach egreement in writing that the credit of ~uch person ia eatiefactory to Lender and that the intereet payable on the sums eecured by this Mortgage ahall be at euch rate as I.ender shall requeat. If Lender hae waeved the option to aooelerate provided in thia paragraph 17. and if Eiorrowei s succeeeor in interest has ezecuted a ~ written assumption agreement acoepLed in vrriting by Lender. [.ender shall release Bormwer from all obligations under this Mortgage and the 'I Note. i If Leader ~ercises euch option to accetaate, Lender shall mail Borrower notioe of soceleration in aocordance with psragraph U henot I Such notice shall provide a period of not lese than 30 days from the date the notice is mailed within which Borrower may pay the awna declared ~ due. It Borrower fails to pay such euma prior to the e:piration of such period. Lender may, withont turthez notice or demand on $orro~rer~ ' ~ mvoke any remedies permitted by paragraoh 18 hereof. ~ ~ I8. Aoceleratfon; Remedles. E:cept as prnvided ia pacagrap6 17 hereof, apon Borrower'~ breac6 of any oovenant or ~ agreement ot Borrower i» this Mortge~e. includiag the oovenants to pay when due any sums sewred by thie Hortgage, Lender ' ~ prior to acceleratloa shall mail notlce to Borrower as pmvided in paragraph 14 hereof specifying: (1) the breec6; (2) the action ~ requlred to cnre suc6 breac6: (3) a date, not tess t6an 30 days froen the date the notice is mailed to Bortowrer, by which ~nc6 ~ breach mwt be cured; and (4) thet lailure to cure euch breach on or before the date speciAed in the notice msy rewlt in ~ acceleratlon otthe sums secured by t6is Mortgage, foreclosure by judiclal prooeedin~ and eale of the Prope~ty. The notice shell further intorm Borrower of the rigbt b reinatate after aooeleration and t6e ri~ht to as.ert ia t6e forecloeute proceedln~ t6e noa-ezisteace ot a default or any other de[enae of Borrower to aoceleration and toreclowre. It the breach is not cured on or before the date specifled in We notice, Lender at Lender's option may declare all ot tbe sums secured by this Mort~age to be immediately due and payable without further demand and may forecl~e t6is Mort~ase by judicial prooeedina. Lender shall be entitled to oollect in such proceeding all espeneee of foreclosure, including. bnt not limited to, reasonable attorney's feea. and oosta o! documentary evidence, abstracts and title reports. ~ ~ 19. Borrower's Rfg6t to Reiiutate. Notwithstanding Lender a aooeleration of the suma secured by this Mortgage. Borrower shall have ~ the right to have any pmceedinga begun by I,ender to enforoe this Mortgage disoontinned at aay time priar to entry of a judgment enforcing ~ ~ this Mortgage if: (a) Borrower pays Lender all auma which woWd be then dne upder this Mortgage, the Note and notee securing Futnrc ~ Advanoes, if any, had no aoceleration occvrred; (b) Bormwer cures all breaches of any other covenante or agreements of Borrower conLained in ~ this Mortgege; (c) Borrower paye all reasonable e:pensea incurred by Lender in enforcing the oovenants and agreements of Borrower ~ oontained in thie Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 heteof. including, but not limited to. reasoaable ~ ~ attorney's fees; and (d) Borrower takes soch action as Lender may reasonably require to assnre that the li~ of this Mortgage, Lender's intere~t ~ ~ in the Property and Borrower'e obligation b pay the suma secund by this Mortgage shell oontinue unimpaired. Upon such paymeat and cur~e ~ ' by Borrower, this Mortgage and the obligations eecured hereby shall remain in fuU foroe and effect ae if no acceleration had oocurred. ~ 7 Z0. Assignment ot Renta; Appointment of Receiver. As additionel security hereunder, Borrower hereby aesigns b I.ender We ra~ta ; ~ of the Property. provided that Borrower ahall, prior to acceleration under paragraph l8 hereof or abandonment of the Propezty. have the right ~ ~ to collect and retain such nnte ae they become due and payable. - Upoa soceleration under paragraph 18 hueof or abandonmeni of the Property, L,ender shall be entided to have a reoeiver appointed by a ` „ aourt to enter upon, take poasesaion of and manage the Property and to oollect the rente of the Pro ; perty, including those past due. All renta ; ~ oollected by the receiver sha11 be applied first to payment of the oosta of managementotthe Property and oollection otnnts, including, bat not F limited to, receiver'e [ees, premiums on receiver's bonds end reasonable attorney's fees, and then to the suma secured by this Mortgage. The ~ receiver ahell be liable to aooount only for those rents actually received. ~ ~ ~ Ok ~ ~ B~~K 299 P,~ 9~9 ~ ~ ~ ~ _ _ _ _ _ _ _ ~ ~ p' ~ - i `4 . .~~~,~'~,_,`~.~.a`~_~.".4°~~~~;',r _ _ .