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HomeMy WebLinkAbout0473 . ' ; ~ . _ - t 8. I~I~p6M~OD. Lendes may make or cawe to be a?ade re~~oAable entria upoa wd inapection~ of the pmperty, provided that Lender ~haU F give Borrower notice prior to aay such iaapectioa ~pecityin~ reawnable cause therefor nlated to Len~es's iuterest ia the Property. 9. Condemnadoa. 'll~e pmoeed~ of any award or claim for damege~, dirsM ~ consequentisl. in connectiot? with any oondeinnation or other tskin~ ot Ihe pmperty, or part the~eof, or for conveyanee in Geu of oond~naation, are hereby astigned and shall bs paid to I.eader. In the eve~t of a btal takin~ of We Property. the pmceed~ ~haU be applied b the suma eecured by this MortgaQe. w+ith the esce~s. if any~ paid to Borrower. Ia the eveat of a partial takin~ of the Prope:ty, unlen Bosrower and Lender other~vise agree ia writing, tt~ere shaU be i applied to the sums ~ecured by thia Mortga~e such proportioa of the pmceeds as ia equal to that pmpor~ioA which the amoudt of the ~ums 4- scrured by this MortQage iaimediately prior to the date of W~ing bears b the [air market value of the Property immediate~y prior to We date of i takiag, with the balance of the proceeda paid b Bosrowes. ~ If the ProperRy u abaadoned by Borro~rer. or It; aRer aotioe by Lendes b Borrower that the condemnor o~en to make aa s~rard or settle s ~ cleim for damagea. Borruwer fails to respond to Leades within 30 days aRer the dste snch notioe ie mailed. Lend~ u anthorized to oollect and appiy the prooeeds, at I.end~'s option. eiW~ co re~oraaon os repair of ehe p~ or co ~he sums secured by thi. Mor~age. . ~ Ualess Lender and Borrower othawiee agree in writing, any such appUcation of proceeds b principal shall aot extwd or posqwne tbe dua date of the monthly inatallments referred to in paragraptu 1 aad 2 hereof or chauge the amonnt of auch inatallmenta. ~ 10. Borrower Not Releaied. Eztension of the ti~ne for payan~nt or modification of amortizatioA of the sums iecured by this Mortgage : granted by Lend~ to any suoceasor in interest o! Borrower ahall not operste to release. in any manner, the liability of the original Bor~owrer s and Borrowei s suecesaors in interea~ l.ender shel) not be required to aommenoe proceedings against such suocessor or refuse to eztend time ~ for payrment or otherwise modify amortization of the aums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowes a auct,~eaeors in int~reet. ~ 11. Forbearanoe by I.ender Not a Waiver. Any forbearance by L~der in e~ercising any right or nmedy hennnder. or othe~wrise afforded by appUcable law. ahaU not be a waiver of or preclude the esercise of any such right or remedy. The procurement of inauranoe ar We ~ payment of tase~ or oWer liens or charges by Lender shaU not be a waiva of Lender's right to socelerate the maturity of the indebtedneea ; eecui+ed by chis Mortgage. - 12 Remedie~ Gtimulative. All remediea pmvided ia this Mortgage are distinct and cumvtative to ~ Mortgage oT agorded by law+ or aAY oth~r right or remedy unds thia ~ equity, and may be ezercisevt ooncurrently independendy or sucxessively. 13 Suooeseon aad Assi~ns Bound; Jotnt and 3everal Wability; Caption~. The ooveaante and agreemente herein oontainedahall bind, and the rights hereunder shall inun to, the reapertive auoceesore and assigns of Lmder and Borrowez, subject to the provisioas of ~ paragraph 1? hereot All oovenents and agepemeata of Borrowet ahall be joint and eeverai. The captions and headings of the paragrapha oi this Mortgage are for Qpvenience only and are no! to be used to interprritt or de5ne the provisiona heteo? ~ 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin ~ t~ia Mortgage shall be given by mailing such notice by certi5ed mail addreseed to Bormwer at the Property Addresa or at wch other addn~ss as ~ Bormwer may designate by notice to Lender as provided herein, and (b) any notice to I.eqder shall be ~iven by certi5ed mail, return ieceipt t requeated. to Lender's addreea stated hrrein os to such other address ae Lender may designate by notioe to Borroarer as provided henin. Any - notice pmvided for ia thie Mortgage shall be deemed to have been givea to Borrower or I.ender w6en given in the manner designated he:an. ~ 15.UniformMortgage;Governingl.aw;3everability.'lLisformofmortgagernmbinesuniformoovenantsfornationaluaeandnon• } unifoma covenanta with limited variations by jnriadiction to constitute a nniform eecnrity inatrument aovering real property,'I'his Mortgage 3 ahail be govemed by the law of the jurigdiction in which the Property ie loceted. In the event that any proviaion or clause of this Mortgage or ~ the Note conflicts with applicabie law~ auch rnntlict eha'll not affect other provisions of this Mortgage or the Note which can be givea e8ect without the oonflicting provision, and to thia end fhe proviaione of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the time of euecation or after ~ recordation henof. ' 17. Transfer of the Property; Aasumption. If aU or any part of the Property or an intereat thenin is sold or transferred by Bo~wet ' without Lender's prior written rnnaent, eucluding (a) the creation of a lien or encambrance eubordinate to thie Mortgage, (b) the creation of a ~ purchase money eecurity in~t for household applianoee, (c) a tranefer by deviee, deec~nt or by operation of law upon the death of a joint = tenant or (d) the grant of any leasehold interest of three yeare or lees aot aontaining an option to purchaee, Lender may, at Lende:'s option, i declare all the sums aecured by thia Mortgage to be immediately due and payable. Lender ahall have waived auch option to socelerate if, prior ~ to the eale or tranafer. Lender and the person to whom the Property ia to be eold or trsnaferred reach agreement in writing that the credit of euch ~ peraon is satiafactory to I.ender and that the inter~t payable on the aums aecnred by thia Mortgage ahall be at such rate se [.ender ehall ; req~est. If Lender hae waived the option to aocelerate provided in thia paragraph 17, and if Borrower'e sucoessor in intereet has ea~ecvted a ~ written assumption agreement acoepted in writing by Lender, Lender shall release Borrower from sU obligationa under thia Mortgege and the ~ Note. . . E If Lender e:erciaea such option to accelerate, Lender aha11 mail Borrower notice of acceleration in sooordanoe with paragrapk 14 hei+eoi I Such notice ahall provide a period of not less than 30 daya from the date the notice ia mailed within which Borrower may pay the auma dedared ` ~ due. If Borrowe~ fails to pay such sums prior to the e:puation of sach period, Lender may, without further notice or demand on Horrower, ~ invoke any remedies p~mitted by paragranh 18 hereof. - ~ 18. Aooeleration; Itemedies. E:cept ae provided in paragraph 17 hereof, upon Borrower'g breach of aqp oovenant or ` E agreemeat of Borrower in thie Mortgage, including.the oovenante to Ray whea dne any sums secured by thia Mortgage, Lender ; ~ prior to aoceleration ehell mail aotice to Borrower as provided in paragraph 14 hereof specifying: (1) t6e breac6; (2) the action ; required to cvre suc6 breach; (3) a date. not leae t6an 30 days from the date t6e notice ia mailed to Borrower, by w6ic6 snch breach must be cured; and (4) that failure to cnre euc6 breach on or before the date specified in tbe notice maq result in ; acceleration of the eums secured by this Mortgage, foreclosure by judiciel pmoeeding and ealeof t6e Property. T6e notice e6aU ~ further inform Borrower of the right to reinstate atter acceleration and the right to aesert in the toreclosare proceeding the E non•e:istence of a defauit or any other defense of Borrower to soceleration and [oreclosure. It the lireacb ie not cured on or ~ before the date specified in the notice~ I.ender at Lender's option may declare all of the sume secured by thie Mortgage to be immediately due and peyable without furt6er demand and may foreclose this Mortgage by jndicial proceeding. Lender ehal l be ~ entitled to collect in such proceediag sll ezpenses of foreclosure, including, but not limited to, reaeonable attorney's feea, and coeta of documentary evidence. abstracts and tiUe reporte. ~ 19. Borrower'e Rig6t to Reinefste. Notwithafsnding Lender s acce{eration of the aume secured by thia Mortgage, Borrower ahall have ~ ~ ttie right to have any prooeedinga begun by I.ender to enforce thia Mortgage diacontinued at any time prior tb entry of a judgment enforcing : ~ thie Mortgage if (a) Borrower paya Lender all aums which would be then due nnder this Mortgage, the Note and notea eecuring Future ` ~ Advances, if any, Had no acceleration oocurred; (b) Borrower cures all breaches of any other oovenanta or agreemente of Borrower contained in ~ this Mortgage; (c) Borrower paya aq reseonable ~penees incurred by Lender in enforcing the oovenanta and agreementa of Botrower ~ contained in this Mortgage and in eaforcing Lender'a remedies ae provided in peragraph 18 hereof, including, but not limit~ed to, reasonable - ~ attomey e feea; and (d) Bormwer takes such actioa as I.ender may reasonably require to aaeure that the lien of this Mortgage. Lender's intereet r in the Property and Borrower's obligation to pay the sums secured by this Mortgage ahall rnntinue unimpaired. Upon such payment and care ~ by Borrower, thie Mortgage and the obligations eec,vred hereby ehall remain in fiill force and effect se if no aooeleration had occurred. Z0. Assignment of Rente; Appolntment of Receiver. As additional eecarity hereunder, Borrower hereby asa~igne to Lender the r~ta of the Property, provided that Borrawer ahall, prior to aaceleration under paragraph 18 hereof or abandonment of the Property~ have the right to collect and retain auch rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. I,ender ahall be entitled to have a receiver appointed by a oourt to enteraipon, take poeeeasion of and manage the Property and to oollect the renta o~ the Property, including ffioee paat dne. All renta r oollected by the receiver ahall be applied first to payment of the ooets of manag~ent of the Property and oollection of renta, including, bnt not ~ limited to, receiver's fees, premiuma on receiver'a bonds and reaeonable attorney's feea, and then to the auma eecured by this Mortgage. The ~ reoeiver ahall be liable to acaount only for thoee renta actually received. ~ ~ ~ s~ i . 5 ' ~ P 302 FA~~ 473 ~ 6GOK ~ ~ ' _ _ _ _ 4Tr' I . .~•s~x 3'~~~+ x~~ 'C,~'~~~.*._~~~~ ~ _'c . . ? .