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HomeMy WebLinkAbout0048 S. ID~pBCItOp. Lender may make or cause to be made ~eawnable e~triea upon and 'uupectiona of the pmperty, provided that Lender shall give Borrower notice prior eo any auch inspection spee~j~'ng reaao~able cause then[or nlated to I.ender's intereet in the Property. 9. Coademnetiou.'lUe proceeds of any award or claim for dama~e~. direct or conaequential, in connection with any oondemnation or other taking of the pmperty, or part thereof, or for conveyance in lieu of condemnation. are hereby sasigned and shall be paid ~o Lender. Ia the event of a totel taking of the Property, the pmceedi shall be applied to the sume secured by this Mortgage. with the ezcess, if any, paid to Borrowrer. In the event of s pa~tial taking of the Propesty. unleas Borrower and Lender otherwise agree in writinQ. there shall be epplied to the eums secured by this Mortgage euch pmportion of the proceeds as is equal to that proportion which the amount of the suQu eecured by this Mortgage iramediatsly prior to the date of taking bears to the [air market value oithe Properly immediately prior to the date oi ? tating, with the balancv of the proceeda paid to Borrower. If the Properiy is abandoned by Borrower. or if, aRer notice by I.eader to Boarower that the oondemnor o~ers to make an award or settle e claim for damages, Borrower faila b respond to Lender within 30 daye after the date auch aotioe is mailed. Leader is authorised to ooUect and apply the proceeds. at Lender's option, either to reatoration or repair of the property or to the sume secured by this Mortgage. Unleee I.ender and Borrower otherwise agree ia writing. any auch application of proceeds b principal ehall not eztend or postpone the due date of the monthly installments nferred to in paragraphs 1 and 2 hereof or change the amount of auch inetallments. ' 10. Borrower Not Released. Extenaion of the time for paymsnt or modi5cation of amortization of the aums aecured by thia Mortgage granted by Lender to any aucceasor i~ intereat of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's successora in interes~ l.ender ahall not be required to oommence proceedinge againat auch eucceaeor or refuee to eztend time for p~yment or otherwiee modify amortization of the sums aecured by lhis Mortgage by reason of any demand made by the original Botrower and Borrower a succ~essora in intereat_ 11. Forbearanoe b~ I.ender Not a N?aiver. My forbearance by L.ender in e~cercising any right or remedy hereunder, or otherwise aPforded by applicable law, ehall not be a waiver of or preclude the ezerciee of any euch right or remedy. The procurement of inaurance or Lhe payment of taues or other liene or chargee by L.ender ehall not be a waiver of Lender s right to aocelerate the maturity of the indebt~ednees secured by thie Mortgage. 12 Remedies Gumuledve. All remediee pmvided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or aPforded by law or equity, and may be e:erriae~l concurrendy, independently or suocessively. 13. Succeeaors and Assigne Bound; Joint and 3everat Liability; Captions. The oovenante and agreemente herein rnntained ahall bind. and fhe righta hereunder ehall inure to; the respective succeseore and eesigna of Lender and Borrower. eubject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower ahaU be joint and eeveral. The captions and headings of tiie paragrapha of thia Mortgage are for rnvenience only and ere not to be uaed to interpret or define the provisione hereof. ~ 14. Notice. Except for any notice required under applicabie law to be given in another manner, (a) any notice to Borrower provided for in ' thie Mortgage shall be given by mailing auch notiee by certified mail addn~eecd to Borrower at the Property Addresa or et auch other addrese as Borrower may designate by notice to L.ender as provided herein, and (b) any notice to Leader ehall be given by certi5ed mail, return receipt requested, to Lender's addrese stated herein or to such other addrees as Lender may designate by notice to Borrower se provided herein. My notice provided for in this Mortgage ehall be deemed to have been given to Borrower or [.ender when given in the manner deeigaated hereia. ; 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgege combinea unifora~ oovenante for national uee and non- uniform covenanta with limited variations by jurisdiction to oonatiWte a uniform aecurity inatrument rnvering real pmperty_ Thia Mortgage shall be governed by the law of the juriediction in which the Property is located. In the event that any provieion or clauee of this Mortgage or ` the Note conilicts with applicable law, auch rnnlliM ahall not affect other proviaione of this Mortgage or the Note which can be giveu effect without the aontliMing provision, and to thia end the proviaions of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. 'l~anefer of t6e Property; Aseumption. If all or any part of the Property or an intereat therein is aold or traneferred by Borrower without Lendei a prior written conaent, ~cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a rarchase money eecatity intereat for houaehold appliances, (c) a transfer by deviae, descent or by operation of law upon the death of a joint ten~at or (d) the grant of any leaeehold interest of three years or less not containing an option to purchase. I.ender may. at Lender'a option, declare all the auma eecured by this Mortgage to be immediately due and payabie. Lender ahall have waived euch option to acoelerate if. prior to the sale or tranafer, Lender and the peraon to whom the Property ia to 6e sold or traneferred reach agreement in writing that the credit of suc}~ person is satiafactory to Lender and that the interest payable on the suma secured by thie Mortgage shall be at euch rate as Lender shall request. If I.ender has waived the option to accelerate provided in thia patagraph 17, and if Borrower e auccesaor in interest has e=ecuted a written assumption agreement accepted in writing by Lender, Lender ehall mlease Bor%wer from all obligationa under thia Mortgage and the ~ Note. . • , I If Lender eaercisea auch option to accelesate, Lender ahall mail Borrower notice of aoceleration in accordance with paragraph 14 hereof. i Such notice shall provide a period of not lesa than 30 days from the date the notice ia cr.ailed within which Borrower may pay the aums declared ~ due_ If Borrower fails to pay such sums prior to the expiration of auch period, Lender may, without further notice or demand on Borrower, t invoke any remediea permitted by paragraoh 18 hereof. E ~ ~ 18. Acceleration; Remedies. Ezcept ae provided in paragrnph 19 hereof, upon Borrower's breach of any aovenant or ~ agreement of Borrower in this Mortgage, including the oovenante to pay w6en due any eume aecured by thie Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower es provided in paragraph i4 hereof specifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not leae than 30 daye from the date the notice ia mailed to Borrower; by which sucli~ breach muet be cured; and (4) that tailure to cvre euch breach on or before t6e date specified in the notice may reault in ~ acceleration of the aume aecured by t6is Mortgage, toreclosure by judicial proceeding and sale of the Property. The notice e6all ~ further inform Borrower of the right to reinatate after acceleration and the rig6t to sasert in the foreclosure proceeding the ~ non-eziatence of a default or any other defenae of Borrower to acceleratioa and foreclosure. If the breach is not cured on or ~ before the date speciFed in the notice, Lender at Lender'e option may declare all of t6e sums aecured by this Mortgsge to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial pr.oceeding. Lender ehall be ~ entitled to collect in auch proceeding all e:pensea of foreclosure, including, but not limited to, reasonable attorney's feea. and coate of documentary evidence, abatracta and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender's acceleration of the aums eecured by thie Mortgage, Borrower shall have 4 the ri ht to have an rceeedin s n b I.ender to enforce thia Mo age discontinned at an time rior to en of a'ud ept enforcin ~ B Y P B beBu Y ~B Y P uY l Bm B ~ this Mortgage if: (a) Borrower paya Lender all sume which would be then due under this Mortgage, the Note and notea secupng Future ~ Advances, if any, had no acceleration occarred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expensee incurred by Lender in enforcing the oovenants and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lender's remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey's icea; and (d) Borrower takea such action as Lender may reaeonably require to aesure that the lien of thia Mortgage, Lendei s interest r, in the Property and Borrower'a obligation to pay the aums aecured by this Mortgage shall continue unimpaired. Upon auch payment and cure _ by Borrower, this Mortgage and the obligatione secared hereby ehall remain in full force and effect as if no acceleration had oocurred. . 20. Aseignment otRents; Appointment of Receiver. As additional security hemunder, Bonower hereby aseigna to Lender the reate - of the Property, provided that Borrower shall, prior to acceleration under paragraph lA hereof or abandonment of the Property, have the right to rnllect and retain euch rents ae they become due and payable. :r Upon acceler~tion under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ court to enter~upon, take possesaion of and manage the Property and to collect the rente of the Property, including lhoee past due. All renta oollected by the receiver ahall be applied first to payment of the ooeta of management of the Property and rnAection of renta, incloding. but not ~ limited to, receiver e fcea, prnmiuma on receiver's bonda and reasonable attorney a fees, and then to the ewns aecured by this Mortgage. The ~ receiver shall be liabte to acoount oaly for thoae renta actually received. ~ . . ~ ~ acoK 301 eac~ 4'' L: Cz~~. Ki ~ f:,• yti . ~t , ~ Y~'.: r':~.~__".. ~~+Sn.'"t" Y,~'_ S* 4 } _ _ _ _ _ _ _ - - _ ~ * ,~6 ` c'_;-~~ ~ ~,vt`~'w ~ ~ " . ~ ~a Sa ~ ~~wi^w . _ _ _....._~s~. ~~~':,a.... . .r . ~.aa ~w_ ~ _ 3.2'