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HomeMy WebLinkAbout0245 ~ 8. Ia~pectlon. Lender mqy maks or cawe to bs made re~wnaWs entria~ upoA aad irupections of the Pe~operty. pzovidd tbat Leada shall ~ive Bormwer aotice pdor b aay ~uch uupection ~Pecibrin~ r~ea~oaable cau~e therefo~ related to Lead~'~ intere~t ia the Property. 9. Condemn~doa. '!'~s prooeeds ot any award or claim fos dama~es. direct or coa~equeutial. ia oonnectiop with any ooademnatioa or other taldnQ of the props:ty, or part the~eot. os for conveyanos ia lieu oi ooadetnnation. are hereby aNiQaed aad shaU be paid b Leader. In We event of e btal takin~ of the Property, the prooeed~ aball be applied to the sums ~ecured by thi~ Mort~a~e, rrith tbe azoen, if eny, paid to Borrower. In the event of a partial takin~ ot the Propert,y. ualea Borrower snd Lende~ otherwi~e a~ree in writins, there ~haQ be applied to the auQU ~ecured by thia Mwrt~a~e such proportioa ~ the proceed~ es u equal to Wat proportion wrhich the aaoonnt ot We suma secured by this Mortgege immediately p~ior to We date of tsbnQ bean b the fair markd value of the Propsrty immediately prior to the date of takin~. witb the belauoa oi the prooeed~ paid to BorroMrer. . If the Prope:ty u abendoned by Horrovver. or if, atlsr notioe by Lendes to Borrow+~ that the oondaanor offe» to make an awsrd or ~ettle a claim for damages, Aore~ower fails to respond b I.ender withiu 30 day~ aRer the date ~uch aotioe ia meWed, Lender u suthorised to cdlect ead apply the pa~ooeeda. at Leader'~ option. e+ther ~o rescoraaon or repair of the pro~y or b che •am..scured by chi. Mos~a~e. Ualeea Lender and Borrower oW~ a~ree in writiaQ, any ~nch appUcation of p~ooeeds b principal shall not estead or po~tpone tbe due date of the monthly inatallmenta nferred b in paraQraphs 1 and 2 hereof or change We amount oi such itutallments. 10. Borrower Not Released. Extension of the time for paymsnt or modiScation of amortisatioa of the suma secured by this Mortgags granted by L~de! to any snccessor in intereet of Borrower shall not operate to releaee. in any manaer. the liability of We original Borrower and Borrower's auaxsson in intenst Lender shall not be required to oommenae prooeedings egaiast sach suo~eewr or refuse to e~~tend time for pa~yment or othawise modify amortization of the sums se~vred by this Mortgage by reawn of eny demand made by the original8orrower and Borrowds succeaeors in interest. 11. Forbearanoe by Leader Not a Waiver. Any forbearanoe by I.~de: in e:ercising any si~ht or remedy hereunder. or oWerwi~s agorded by applicabk law, shall not be a waiver of or preclude tlie aeirise of any each right or ramedy. The procurement of insuianoe a the payment of teaes or other liens or charges by I.end~ shall not be a waiver of I.ender'a right to sooelezate the matarity of the indebtednees ~ aeaued by this Mortgege. 12 Itemedlea G~mulative. All nmedies provided in thii Ma~t~age an distinct and camulative b aay other riQht or remedy under thia Mortgage or aftorded by la~v or equity. and may be esercised ooncarrendy. independently or suooessivdy. 13. Suoceeaors ~nd Asat~ Bound; Joint and 3everal LtabiUtp; Caption~. The ooveaants ead agrcements herrin oontained shsll bind. and the rights hereunder shall innre to. the re~pective sncceswrs and asagns of Lender and Bo:rower. aubjeet to the p~ovisione of paragraph 17 hereoL All covsnants and agreementa of 8orrower ahall be joint and sevezal. The captions and headinga ot t1?e paragraphs of thia Mortgage are for oovenienoe only and are not to be nsed to interpnt or de5ne the provisioas he~eof. 14. Notice. E:cept for any notice reqnired under applicable law to be given ia another manner, (a) any noaoe co sorro~e: ~o~aea tor~n this Mortgage ahall be given by mailing ench notioe by oertified mail addnes~d to Borrovrer at the Property Addr~s or at snch other address as Borrower may designate by notice to I.ender as pmvided herein. and (b) any notioe to Lender ahaU be given by oezti5ed mail. ret~m reoeapt requeated, to Lender s addreae etated herein or to snch other addnes as Lendar may designate by notiae to Borrower as provided herein. Any notice provided for in thie Mortgage shall be deemed to have been givea to Bon~ower or I.euder when givea in the manner deeignated herein. 15. Unifarm Mortga~e; Governing I.aw; 3everability. This form of mortgage oombines nniform aovenante for national uae and non- unifoim oovenante with limited variations by jurisdiction to oonstitute a uniform aecurity inatrument oovezing real property. This Mortgage shaU be governed by the law of the jarisdidion in which the Pcopetty ia located. In the eveat that any proviaioa or clause of thi,s Martgage or : the Note conflicte with applicable law. aoch conllict shall not a~ect other provisions of this Mortgege or the Note which can be given effect withont the eonflicting provision, and to this end the pmvisions of the Mortgege and the Nole are declared to be severable. 16. Borrower'e Copy. Botrower ehall be fiirniahed a oonformed copy of the Note aad of this Mortgage at the time of execution or afLez recor~ation hereof. - 17. 'itiranafer ot the Property; Assumption. If al~ or any pad of the Property or an inteieat Werein ia soW or transferred by Botrower vrithout I.ender'a prior written conaent, esduding (s) the creatioa of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of e purchase money eKcurity intereat for houeehold applianoes. (c) a traasfer by devie~, deacent or by operation of law upon the death of a joint te~ant or (d) the grant of any leasehold interest of three years or less not o~ntaining an option to purchase, Lender may. at I.endei s option. declare all the awns aecured by thie Mortgage to be immediately due and payable. I,ender ahall have waived such option to aocelerate if, prior to the sa'_e or tranafer. Lender and the pereon to whom !he Ptoperty ia to be sold or transfernd reach agreement in writing that the credit of anch pereon is satisfactory to Lender aad that the intereet payable on the sums aecured by this Mortgage shall be at euch rate aa L~der ehell request. If Lender has waived the option Lo acoel~ate provided in thia paragraph 17, and if Borrower's succeeaor in intenst has euecuted a written asewnption agreement aooepted in writing by Lender, Leader shaU releaae Borrower from all obligationa under thie Martgage and the Note. - If Lender euercieea such option to aocelerate, Lender ehall mail Borrower notice of acceleratioa in ac~ordance with paragrapb 14 hereoL Such notice ahall pmvide a period of not leae than 30 days from the date the notice is mailed within which Borrower msy pay thesums declared ' due. If Borrowrr faila to pay auch sums prior to the expuation of auch period, Lender may, withont further notice or demand on Borrower. i ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept es prnvided in paragraph 19 hereof, apon Borrower'e breac6 ot any oovenant or ; agreemeat of Borrower in this Mortgage. including the oovenanta to pwy ~v6en dne any snms secnred by this l~ortgage, I.eader E prjor to aooeleration e6a11 mail notice to Borrower se provided in paragraph 14 hereof epedl~ing: (1) the breach; (2j the action s required to cure suc6 breac6; (3) a date, aot leae than 30 days 6rom the date the notice is mailed to Borrowes. by which such ~ breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notioe may reealt in ~ acoeleration of the eums secured by this Mortgage, foreclosure by jndicial prooeeding and sale of th~ Property. T6e notjce ahall ~ further inform Borrower of the right to reinstate atter aoceleration and the ri~ht to assert in the foreclosnre proceeding the ~ non-eustence of a default or any ot6er defenee of Borrower to soceleration and foreclwnre. If the breach is aot ared on or ~ before t6e date specified in the notice, Leader at Lender's option may declare all of the wms secured by this ~ortgage to be immediately due and payable without further demand and may forecloae thie Mort~a~e by judicial proceeding. Lender ahall be ~ entitled w oollect in auch proceeding all ezpensea of loreclosure, including. bnt not limited to, reasonable attorney's fees. and ~ coste ot documentary" evidence, abstract8 and titie reporte. " ; 19. Borrower's Right to Reinstate. Notwithatanding Lender's soceltration of the aums secured by~ this Mortgage, Borrower ehaA have ~ the right to have any pmoeedings begun by Lender to enforoe this Mortgage disoontinned at any time prior to entry of a jndgment enforcing this Mortgage if: (s) Borrower pays Lender ali aums which would be then due under this Mortgage. the Note and notee securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curee all breaches of any other oovenants or agretmeate of Borrower oontained in this Mortgage; (c) Borrower pays all reasonable ezpeneea incurred by Lender in enfoning the covenanta and agreemeate of Borrower ~ contained ia this Mortgage and in enforcing Lender e reme~ies aspmvided in paragraph 18 hereof, inclnding, bnt not 1'united to, reaaonable attorney a fe~; and (d) Borrow~ talcea auch action ss Lender may reasonably reqnire to asaure that the lien of thia Mortgage. Lender'a interest in the Property and Borrowefa obligation to pay the auma eecured by thia Mortgage ahall oontinue unimpaired. Upon euch payment and care by Borrower, this Mortgage and the obligations eecured her+eby ahall remain in fiill foroe and eEfect as if no aoceleration had occnrred. 20. Assignment of Aents; Appointmeat of Receiver. As additional eecurity hereundei, Borrower hereby aaeigna to Leada the rents ; of the Property, provided that Borrower shaU, prior to aooelaetioa under paragraph 18 hereof or abandonment of the Property, have the right ; to colled and retaiu such rents ss they become due and payable. ~ Upon acoeleration undrr paragraph 18 hrreof or abandonmeat of the Properly, Lender shall be entided to have a receiv~ appointed by a oo~ut to enter~pon, take poesession of and manage the Property and to collect the rente of the Property, including those past due. All rente ~ ooUected by the reoeiver shall be applied Srat to payment of the aosta of manag~ent of the Praperty and oollection of renta, inclnding, but not ~ limited to, receiver's fees. premiuma on receiver e bonds and reasonable attomey's fcea, and then to Wesuma secured by this Martgage:'ILe - receiver shall be liabie to aooount only for those renta actually recxived. ~ ~ 3 ~ - ~ 800K e;~ i~CE 2~ E v 3 2 ; ~ ~ ~'t k . _ . - ' - y.~:~"r~-'w s _,f - . 'Y" ~ti"' r ~ 3 - ,~x as• ~ r.-~~'`TaH~. . ' ka ~ J _ ~