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HomeMy WebLinkAbout0931 : ~ 8. la~psctfon. Lender may make or cawe eo ba made re~wn~bl~ wtria upo~ and iatpection~ otthe property, provided that Lender shall ~ive Bomower notios prior to any such uupection ~perityin~ ~eaaonebl~ cauas thatta e~elated to Lender'~ iaterest in the Property. I 8. Cw~demn~doa.'ITie prooeed~ of aay a~rard or cleiw for duns~e~, dicxt ot coaaequential, in connectioa wiW any oondemnation or other tskias of the propsrt,y, or p~rt thereof. or for coavsyence in lieu oi ooadanaatioa. are hereby wi~ned and ~hsll be paid to I.end~r. } Ie the event of a tota! takin~ ot the Property. tbe pmcred~ shaQ be applid b the suau ~scured by thia Mort~a~a wri W the ~oeM, tf any. ~ paid b Borrower. In the event ot s pa~rtial tskit~ of the PeoperRy. unlea 8oerower wad Leader otherwias a~ree iu writins, there ~haU be applied to tbe ~um~ ~scured by thi~ Mo~t~a~e such p~opoction ~ the proosed~ e~ is equal b thwt proportion which the amount of the su~w j ~ecured by thia M~ase immediately prior b the date a[ tekii?Q bean to the fair market vdue of We Property immediately ptior b We date o[ x tai~ing. with the balanoa oi the proceed~ p~id to Borru~rer. a If the ProperRy i~ ~bsndoaed by BoR~o~ves. ~ if. a!!er aotioe by tender to Borrowsr that the aondema~ otre» to make an a~rard or ~ettie a { claim for dama~es. Borrowes fe:w a re~poad to I.ender within 30 day~ aRer the date such notioe u mailed. Lead~ is autlwrised to ooUect and : aPP~Y the prooeed~, at Lender'~ optioa. eiWer to e~toratioa or ~air of We property or to tha ~~u ~ec~e+ed by this_Mort~a~e. ~ Unle~s Leader and Borrower otherwi~e ~ge+ee in writinQ. aay such application of prooeed~ to principal shall not aa~tsad or po~tpone the due ~ dats of t!?e awathly inatallmeat~ refe~red to in para~r~p~u 1 t~nd 2 b~eof or chan~s the amoont of such uuWlmeat~. ~ 10. Borrow~er Not Relessed. E:tension o[ the time for paymaat or modi5cation of amortization of the ~ums ~ecured by !1?is Mort~age ~ granted by Lender b any successor i~ intenst of Borrower shaU noL operate to relesae. in any manner~ the tiability o! the original8orrower and Borrower's succeasors in intere~t Lender ahall not be required b oommence proceedingR against such suoce~wr or refuae b estend time = for paymeat or otherwise aaadify amortisation of the aume secvred by thu Mortgage by reawn of eny demand made by the original Bortower ~ and ~orrower s succee~ors in iateresi 11. Forbeuance b~ Leader Not a Waiver. Any forbearanoe by I.endar in esee~irin~ aay right or nmedy hereunder. or othenvi~e t agorded by applicable law. shap not be a waiver of or preclude the ez~rcise of any snch right or remedy.'Ibe procurement ot uuuranae or the payment of taue~ or other li~s or charges by Lender shntl not be a waive~ of Lender's right to aooelerate the maturity of the iadebtednes~ ~ secvred by this Mortgage. ~ ~ 12 Remedie~ Cumulatlve. All remedies provided in thia Mortgage are distinct and cnmulative to any ather right or remedy nnd~ thi~ Mortgage or aftorded by la~v or equity. and mqy ba esercisaA ooncnrrendy. independ~tly or suooe~sively. ~ 13. Snooeswrs and Asst~ue Bouad; Jolnt and Several Liabillty; Captioas.'1lse oovenaata and agccementa herein contsined shAll i bind, and the rights hereunder shall inure to. the re~pective suooe~~on nad assigns of I.es~der and Borrower. subject to the pcoviaion~ of , paragraph 17 hereof. All oovenaats end agreemenb of Borrower shall be joiat und severel.'1'~e captioas and headings of the paragraphs oi ~ this Mortgage are tor oovenienoe enly and an not to be naed b interpret or de5ae the provisioas he~oL 14. Notice. Except for any notice required under applicable law to be given in anolher manner, (a) any notice to Borrowes ptovided for in ~ thia Mortgage shall be given by mailing auch notice by certi5ed mail addnssed~o~qee~ratjhe Property Adde+eas or at e~tch othar address es Borrower may deoignate by notioe to Lender as provided herein, and (b) any n~'eeto Lettder shall be given by oertified mail, retnrn receipt t requested, to Lender'e addresa stated herein or b anch oth~ addrts~ as I.ender may de~ignate by notice to Bormw~ as provided herein. My : notice provided for in this. Mortgage ahall be deemed to have bcen given to Borrower or Lender when ~iven in the manner,desigaated henin, f 15. Uniform Mortga~e; Governing i.aw; Severability. This form of mortgage oombines uniform oovenanta for national use and aon- unitorm covenants with limited variations by juriediction to oonatitute a uniform security instrument covering real propetty.'1liu Mort~age # ehall be govomed by the lew of the jurisdiction in w~hich the Property is located. In the event that any provision or clause of this Mortgage or g the Nok ronnicts with applicable law, auch eonflict shall not affect other pmvisiona of thia Mortgage or the Note which can be givea e~ect ; without the aonflicting proviaion, and to thia end the pmvisions of the Mortgage and the Note an declared b be severable. ~ 16. Borrower's Copy. Borrower shall be furniahed e wnformed oopy of the Note and of tlus Mortgage at the time of ezecution or after recordation hereof. . 17. Transter of the Property; Assumption. If all or any part of the Property or an inLerest therein is sold or tranaferred by Borrower without Lender's prior written rnnsent, ~cluding (a) the creatioa of a lien or encumbrance subordiaate to this Mortgage, (b) the rreation of a purchase money aecurity inter~t for honsehold appliances, (c) a trensfer by deviee, desant or by operation of law upon the death of a joint cenant or (d) the grant of any leasehold intenst of three years or less not oontaining an option b pnrchase~ Lender may, at Leader's option, ~ declare all the sume eecueed by thie Mortgage to be immediately due and p a yable. Lender shall have waived auch o ptioa to aocelerete if. p T i o r ~ to the sale or tranefer, Lender and the person Lo whom the Property is to be sold or tranaferred reach agreement in writing that the credit of snch ~ person ia satisfactory to Lender and that the interrst payable on the suma secured by this Mortgage ahall be at auch rate as I.ender shall ~ request. If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower s succeeaor in intereat haa ezecvted a written aaeumption agreement socepted in writing by Lender, Lender shaU releaee Borrower from all obligatione under thia Mortgage and the ' I~ ote. If Lender e~cercises such option to acoelerate, Lender shall mail Borrower notioe of aooel~ation in acoordance with paragraph 14 hereoi ~uch notice ~hal1 pr~vi~e a geric~ of noi less ihan 30 daya from the date the notice ie mailed within which Borrower may pay the auma declared due. If Borrowe: faila to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on F3orrowa. ~nvoke any remediea permitted by paragraoh 18 hereof. ~ I8. Aoceleration; Bemedies. Ezcept as provided in paragraph 17 hereot, upon Borrower's bre~ch of any oovenant or j ~ agreement otBorrower In this Mortgage. includias t6e c~ovenanta to pay when due aqy sums secured by thL Mortgage, Leader ~ ~ prior to acceleration ehall mail notice to Borrower- as provided in parasrap614 hereof specitying: (1) the breach; (2) tlte action ; required to cure sach breac6; (3) s date. aot les~ than 30 days irom the date the notice ia malled to Borrower, by which ~uc6 ; E breacb must be cured; and (4) that fallure to cure such breach on or before the date specified in the notice may reenlt in i ~ acceleratioa ot t6e suma secured by thie Mortgage. foreclosure by judlcial prooeedjn~ end ~ale of t6e Property. Tbe aotice shall further intorm Borrower of the rig6t to reinstate aRer sooeleration and the rig6t to a~eert in the toreclosure proceeding the ~ non-ezistence of a default or any other defease ot Borrower to aoceleration and toreclosnre. If the breac6 i~ not cnred on or ~ before the date specited in the_ notice, Lender at I.eader's option may declare all of the wms aecured by thia Mortgage to be ~ ~ immediately due and payable without further demand and may forecloee thie ~ortgase by judicial proceeding. Lender ehall be T entitled to oollect in such proceediag all e:penaes of toreclosnre. including, but not limited to. reaeonable ettorney's fees, and i coats ot documentary evidence, abetracts and titie reports. _ 19. Borrower's Riab! to Eteinstate. Notwithstending Lender s acceleration oflhe sams secnred by thia Mortgage, Borrower ehall have ~ the right to have any proceedinge begun by I.ender to enforce thia Mortgage discontinued at any time prior Lo entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paye Lender all aums which would be then dne under this Mortgage, the Note and notes eecuring Future Advances, if any, had no acxeleration occurred; (b) Borrower cures all breachee of any other oovenants or agnements of Borrower oontained in this Mortgage; (c) Borrowet paya all reasonable e:penees incurred by Lender in enforcing the oovenents and agreemeata of Borrower ~ contained in this Mortgage and in enforcinq Lender s remedies aa provided in paragraph 18 hereof, inclading, but not limited to, reaaonable r at~mey's feea; and (d) Borrower talces euch action as Lender may reasonabiy require to asaure that the lien of this Mortgage, Lender'a intere~t ~ in the Property and Borrawer e obligation to pay the eums eecured by this Mortgage shall contanue unitnpaiied. Upon wch payment and cur~e by Borrower, thia Mortgage and the obligations eecvred hereby shall remain in full force and effect as if no acceleration had oocarred. 20. Aufgameat of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby asaigns to Leader the rents e of ihe Property, provided that Borrower shall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have the right to rnllett and retain such rents ae they become due and peyable. • ~ Upon aooeleration ander paragraph 18 hereof or abandonment of the Pro " perty, I,ender shall be entitled to have a reoeiver appointed by a oourt to enter.upon, take poeaeeaion of and manage the Property and to oollect the rents of the Property, including Wose paat due. All rents coUected by the receiver shall be applied first to peyment of the oosts of managetnent of the Property and ooilection of rents, inclading, bnt aot ~ limited to, receiver's fces, premiuma on receiver'a bonds and Teasonable attomey'e fees, and then to the eums secured by this Mortgage. The ~ recxiver shall be liable to acoount only tor thoee renta actually received. ~ ~ . ~ ~ 3 r - : ~ BokK299 ~~~E 931 ~ _ : ~ ~ ~ ~ _ ~ - - - ~ z _ ^ ~ ~ . ~~.,d"~~~~ ~~"t~<h . _~s X .