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HomeMy WebLinkAbout0241 a ~ ~ 4 ` a ~ ~ 8. Irupectioo. Lender mqy meke or cewe to bs mede reewnable entries upoa aad in~pection~ of the properiy. provided that Lender ~hall ~ give Borw~ver aobios priot to any ~uch inapectioa ~peci~yins nawnebk cawe theref~ related b Leade~'~ interest ia We Propetty. ~ 9. Co~demnadoa.'ILa proosed~ oi any aaasd o~ cl~um [or damuQe~, direct or oon~equeatial. in ooru?ection wiW eny oondema~tion or other tskin~ oi the proprrty. or part thereot, or for oonwyanoe in lien of ooademnatioa. sre hereby a~sianed and shaU be paid to Lender. In ths event of e total takinQ of We Prop~rty. We proceeds ~hall be applied to the ~ecured by thii Mort~a~e, with tke esoea. if any, paid to Boirower. In the eveat of a pariial Wdn~ of We Propes~jr, wilea Boirower and Lender otherwiie agree in writin~, tl~ers ~hall be applied to ihe sum~ ~scured by thu Mort~a~s euch p~opo~tion oi tAe proceeds +u u equal to thst proportion wluch the amonnt oi the suma secured by this Mortga~e immediately prior to We dste of taking be4ts b the fair martet value of the Property immediately prior to the date of • takinB. vvith We balanea of the penoeeds paid to Borrower. Uthe Propecty u abaadoaed by Bore~ower, or i~ aRer notioe by Leader to Horrowror that the oondemaor offen b make an a~rerd or ~ettk a claim for dsmeQes. Horrower fsib t~o respond to L~der withia 30 dey~ atter We date ench nobice is mailed, Lend~ u authorised to ooUect and apply We p~ooeed~. at Lender'~ option. eiWer to redoration or rspair oi tbe propecty os to tbe ~ums ~ecnred by thi~ Morf~e~e~. Unle~a Leader end Borrow~ otherwise agree in writin~. any ~uch spplication of ptvicesd~ b principal shall aot estend or pwtpone the due date of We moathly initallments referred Lo in parag~aphe 1 aad 2 h~eof or chan~e the amoiuit of such itutallmcnts. 10. Boreower Not Relea~ed. Exteneion o~ the time for paymaat or modl8cation ot amortisatioa of the sume secured by this Mort~age f granted by Lend~ to any successor in intenet of Borrovrer ahaU aot operate to rele~ue. in any manaer. the liability of the original Borrower ~ and Borrowror's sua~essors in interest L~der ahall not be required to oommea~ce pmceediags againat such suoce~wr or refuse b eztend time ~ for payment or otherwise modify amortisation of the aums eecured by thia Mortgage by reawn of any d~and made by the original Borrower and Borrowcr's euoceeaora in interes~ 11. Forbearaaoe by Leader Not a Waiver. Any forbeeranoe by Le~det ia ~erciaing any right or remedy heseunder. or othezwi~e . afforded by applicaWe law, shall not be a waiver of or pnclude the eze~cise of any such right or nmody.'t'he procnreme~t of uuuranoe or the payment of taze~ or other li~s or charges by Leader shall aot be a rvaiver of Lender's right to aceelerale the maturity of We indebtedness secured by this Mortgag~ ~ 1 Z Remedie~ GtimulaUve. All nmedies provided ia this Mortgage are diatinct aad c~mulative to aay other right ~ remedy under thit Mortgage or at'[[orded by law or eqnity. 8II/l [p~l b@ !IE'iC7~ OD~ICIIiI'8I1ZI3i, independendy or enooessively. ~ 13. 3uooeewrs and Assl~ns 8otuid; Jotnt and Several Liability; Caption~.'1Le oovenanta and agreementa hereia oontained shall bind. and the rights hereunder ahall inure to. the n~pective sucoeewrs aad aesigns of Lender and Bosrowa. subject to the provisions of paragraph 17 hereof. All covenante and agreements of Borrower shall. be joint and several.'The captiona and headings of the paragraphs of ~ this Mortgage are for oovenieaoe only and are not to be naed to interpret or de5ne the p~ovisionr hereof. 14. Notioe. Ezcept for any notice required under applicable law to be given in another mann~. (a) any notice to Borrower provided for in this Mortgage ehaU be given by mailing such notice by certi5ed mail addreesed to Borrower at the Property Addreas or at snch other addriss as Borrower may deaignate by notice to L.eader as pmvided herein. and (b) any notice to Lender shaU be given by certified mail. return noeipt requested. to Lender'a addreae etated herein or to such other address as Lender may designate by nodoe to Bonower as provided herein. Any nobice provided for in this Mortgage ahall be deemed to have been given to Bormwer or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thia form of mortgage rnmbines uniform oovenants for national use and non- uniform covenaata with limited variatione by jurisdiction to oonatitute a uniform sxurity inatrument oovering real propaty. Thia Mortgage ahaJl be governed by the law of the jurisdiction in which the Property is located. In the event that any pmvision or clauee of this Mortgage or the Note conilicta with applicable lew, auch conflict ahall not aPfect other pmvieioas of thia Mortgage or the Note vrhich can be given egect without the oonflicting proviaion, and to this end the provisions of the Mortgege and the Note are declered to be eeverable. 16. Borrower'a Copy. Borrower ahall be furniahed a oonfonned oopy of the Note and of thia Mortgage at the time of aecntion or after recordation hereof. 17. Transfer of the Property; Aeeumption. If all or any part of the Property or an interest Werein ia sold or traneferred by Borrower without Lender's prior written coneent, ~cluding (a) the creation of a liea or encambraace subordinate to this Mortgage. (b) the creatioa of a pur~haee money eecnrity interest foc househoW appliancea, (c) a transfes by devise, desoent or by operation of law upon the death of a joint tenant or (d) the grant of any leaee6old interest of three years or leas not containing aa option to purchaee, I.ender may, at Le~der s option. declare all the suine aecurea by thie Mortgage to be immediately due aad payable. I.end~ ehaU have waived euch option to aocelerate if. prior to the eale or tranafer, Lender and the person to whom the Pcoperty ia to be soW or tranaferced reach agreement in writinq that the creditof snch person is aatisfactory to I.ender and that the intereat payable on the auma eecured by this Mortgege shaD be at anch rate as I.ender ehaU request. If Lender hes waived the option to acoelerate provided in this paragraph 17. and if Borrower e auocesaor in iaterest has r~ecuted a written assumption agreement aocepted in writing by Lender, I.ender shall release Borrower from all obligationa under this Mortgage and the Note. _ ~ If I.ender e:erciaes euch opdon to accelerate, Lender ahall mail Borrower notice of acceleration in acoordance with paragraph i~ hereof. ~ Snch notice shsll provide a period of not less than 30 days from the date the notice ia a.siled within which Borrower may pay the auma declared ~ ; due. If Borrow~ tails to pay anch sums prior to the expiration of such period, Lender may, without further notice or demand on $orrower, - invoke any remedies permitted by paragra~h 18 hereof. ~ 18. Aoceleration; Remedies. Ezcept as provided.in paragrap6 17 hereof. upon Borrower's breai~. of any ooveaant or ~ agreement ot Borrower in thia ll~ortgage, jncluding the oovenante to pa,y when due any enms secured by thie Yortgage, Lender ~ prior to aoceteration shall mail notice to Borrower as provided in parsgraph 14 hereof apecifying: (1) the breach; (2) the action E required to eure ~ch breac6; (3) a date, not less than 30 days 6rom the date the notice is mailed to Borrower, by w6ich sucb ~ breach musE be cured; and (4) that failure to cure snch breach on or betore the date specified in the notice may result in r acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall f further inform Borrower of the right to reinstate aRer acceleration and t6e rig6t to assert in the foreclosure proceeding the ~ non-~istence of a default or any other defenae ot Borrower to aoceleration and forecl~ure. It the breach is not cured on or I before the date apecified in tbe notice, Lender at Lender's optlon may declare all of the sums secured by t6is Mortgage to be i ~ immediately due and payable without further demand and may foreclose thip Mortga~e by judicia! proceeding. I.ender ehall be ! entitled to coliect in such proceeding all ezpen8ee of foreclosure, including, but not limited to. reasonable attorney's feea, and ~ costs of documentary evidence, abstracte and title reporte. ~ -19. Bortower's Right to Reinstate. Notwithatanding Lender s acceleration of the anma secured by thie Mortgage, Bornower shall have ' ~ the right to have any prooeedings begun by I.ender to enforce thia Mortgage discontiaaed at any time prior to entry of a judgment enforcing ~ F this Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage. the Note and notee eecuring Future F ; Advances, if any, had no acceleration oexurred; (b) Borrower rures all breachea of any other oovenante or agreementa of Borrower oontained in ~ this Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender in enforcing the oovenante and agreements of Borrower ' ~ oontained in this Mortgage and in enforcing Lender a remedies aa provided in paragraph 18 hereot, including, but not limited to, reseonablt? attomey's fcea; and (d) Borrower takes such action as I.~der may reaeonably require to aeaure that the lien of thia Mortgage. Lender'B intereet ± in the Property and Borrower'e obligation to pay the suma secured by thia Mortgage ahall continue unimpaired. Upon ench payment and cure by Borrower, this Mortgage and the obligationa eecured hereby ahall remain in full foroe and effect ea if no acceleration had occurred. : 20. Asoignment of Rents; Appointment of Reoeiver. As additional eecurity hereunder, Borrower hereby aasigna to Lendei the renta = of the Pmperty. pmvided that Borrower ahall. prior to aoceleration ander paragraph 18 hereof or abaadonment of the Property, have the right to coUect and retain anch rents aa they become due and payable. _ Upon aoceleration under pasagraph 18 hereof or abandonmeni of the Property. Lender ahall be entitled to have a receivex appointed by a ooart to enterapon, talce possession of and manage the Property and to collect the rents of the Property, including thoee paat due. All rents ~ collected by the reoe~ver shaq be applied 5rst to payment of the ooste of managemeat of the Property and eollection of renta, inclnding, but not i ~ limited to, receiver's fees, preminms on n~ceiver's bonda end reasonable attorney'e fces, and then to the aume secared by this Mortgage. The ~ ; receiver shaU be liable to aooonnt only for those rents actually received. j ~ ~ ~ ~ s ' ~ ~ . . ~ : Boo!c ~2 ~arE 241 ' ` ~ ~ -~o~ . _ _ - ' -~s ~u _ _ ~ r ~ ~ - -