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HomeMy WebLinkAbout0030 ' ~ , i ~ j ~ , . ~ 8. In~pectioa. I.ender mqy meke or cauas to be made se~wnabk eatrieaupoa ~nd iaspsction~ of the propertx. provided that Lader shall ~ give Hocrower aotica prior b any ~uch in~psctioa specib?u?~ rea~onable caws the~fo~ rslsted to l.snder u~ id the Pro{~cty. 8. Condea~n~tion.'1l~e prooeeds of any award or clsum for dama~w. direct ~ con~equeatisl. ia co with anY oo~de~anatioa o~ othez tmtin~ of the prop~rty. ~ W*t thereot. or foe ooaveYenoe in lie~ of oondeanaation. are hereby aasi~ued aad shrJl be paid to Lead~r. In tha event of s total takin~ of the Property. the pmoeed~ shall bs applied to We sua~ secured bY t6is Mort~e~. with ths esosa. if aaY. paid to Borrower. It~ the eveAt of a part~al takinS of the Proper~j?. nnleM BoROwe~ and Lendes othe~ri~s e~ree ia writia~. ther~ shall be applied to We sums secured by thu Mort~a~e ~uch PmPation af the p~oceed~ as i~ equal b that psoportioa which the umount ~ tbe sum~ secvred bY this MortBeQe immediat~ely prior to the dats of teWn~ bean b tbe fair mukat value oithe Propetty imme~att~y prior to tl~e date ot . takin~. with the baJaaca of the prooeed~ Paid to Borro~rez. If the Propecty ii ebandoned by Borrower. or it, aRsr aotics bY Leade~ to Borrow~ that tbe coad~na~oSen to me~l~e aa ~~vud or ~ettle a claim for dame8es. Bote+ower fails to respond b Leadar withia 30 d~,Ys aRar We dste such notios is miWa~. Lender i~ authorised to ooUect end 8PP1Y ~ P~~. at Leader'~ optiw~, either to redoration or repair of the prope~b? cs to the ~nm~ secured by thi~ Mc~t~a~e. Unle~s Lead~ and Borrow+e~ otherwiie +~ree in writin~, at?Y ruch application oiproceed~ to princippl shaU not eztead os pwtpone the due date of t6e monthly uutallmenta teferred bo in pua~n?pl~s 1 aad 2 hereoi or chan~e the amount of such insLtllments. 10. Borrower Not Released. E:tension of the time for pay~nsnt or modification of amo~tize~tioa of We sums ~ecured by this Mortgage granted by Lender to any suocessor in interest of Borrower sha11 aot operate to releass. in any manner. the liability of fhe ori~inal8orrow~ and Borrower'~ succeesor~ in intares~ L~der shall not be required to oommenoe prooeedings aBainat such suooe~wr or ref~se Lo eztead time for paymeat or otherwise modify amortisation of the sums aecured bY this MortBeBe bY rea~on of any demand made by the original Borrow?~ and Borrower s aua~eesora in iat~eres~ - - 11. Forbearanoa by I.ender Not a Waivar. Any forbsarenca by I.ende: in ezercisine aAY riSht ~ remedy heriwnder, or otherai~s aPforded by applicabk law. ahall not be a waivec of or preclude the exerci~e a~ any snch right or nmedy. The procunoa~t of inanranoe a~ the paymeat of tazes ar oW~r liew ~ charges by I.eader shell not be a waiver of Lender't sight t~o sooeleraee the maturity of the indebt~ednea eecured by thia Moztgage. 12 Rsmedies Cumulative. All remedies Provided in tbis Matga~e are distinct and comulative to any oth~ ri~ht o~ remec~j? nnd~ thi~ Mortgage or aff~ded by law or eqnity, aad may be esercisul ooncure~eatlY. indapeudmtly or suae~sivel,y. 13. Suocessore and Ae~i~ns Bound: Joint and 3ev~ral I.[ab~lity: GPtton~. T6e ooveaants and agreements herein contaiued shall bind. and the iighta herenader shall inare to. We reapective saoceswn and a~signs of I~ender and Borrow~. snblect to the proviaioiu of paragraph 1? hereut All oovenenta and egreementa of Hosrower shgll be i~t snd ~evael.'lbe captiona and h~diags of the paragrap~.of thia Mortgage are for oovenience only and are not to be ased to interpret or define the provisions hereof. . 14. Notioe. £:cept for any notioe required under applicable la~r to be given ia another manner. (a) any notiae to Borrowes provided for ia this Mortgage shall be given by mailing sach notioe liy ceitified mail addree~ed to Boremver at the Property Addre6s or at euch other address as Borro~v~ may desigaa~e by nocioe to Lender aa provided herein, and (b) eny noaoe w i.enda+r ~I bs ~ by oertified mail. return reoeipt requested, to Leader e addreea stated he:ein or to such other address as Lender may designa~e by riotioe to Borrower ea provided herein. Any notice pmvide~ for in this M~rtgage ahall be deemed to have been givea to Borrower or Leader when given in the manne~ designated ha~ain. 15. Uniform Mottgage; Governing I.aw;_SeverabilitT. 7Lia form of mortgage oombines unifosm oovenants f~ national nse and non- „nitorm oo~eaancs .viW limiced vari8aons by ~ur;adiction to oonsacnce a cnif~a secnrity insarumeat eovering real Pro~cy.'Ibie Mort~age ahall be goveraed by the law of the juriediction in which the Propedy is located. In the event that any provision or cla~se of thia Mortgage or the Note conflicte with applicable la~v, anch coaflict shall not a~'ect othar provisiona of this Mottgage or the Note which can be givea effect without We oonilicking pmviaion, and b thia end theproviaiona of the Mortgage and the Note are dedared to be eeverable. 16. Borrower's Copy. BoTrower shall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecntion or afiez recordation hereof. . 17. '15ransfer of the Property; Assnmption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender s prior written wnaent, e:cluding (a) the creation of a li~ or encumbranoe snbordinale to thia Mortgage. (b) the creation of a purchase mouey eecurity intereat for household appliaaoes. (c) a tranefer by devise. desoent or by operation of law npon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or less not oontaining an option to pnrchase. I.ender may, at Lende~s option. declare atl the snms eecured by thia Mortgage W be immediately due and payable. I.ender ehall have waived auch option to soalerate if, prior to the sale or transfer. Leader,~nd ihe pason to whom the Property ia to be aold or transferred reach agreement in writing that the credit of such p~son ie satiafactory to I.ender and that the intereet payabk on the auma secured by this Mortgage ahall be at ench rate as I.endrr ahaA request. If Lender has waived the optioA to aooel~ate provided in thia Paregraph 17. and if Borrowels suoceesor in interest haa ezecvted a writt~ asenmption agreement aooepted in writine by Lender, I.ender ehall release Borrower trom all obiigations nnder thia Mortgage and We ' Note. ! If I.ender eaercises such option to aocelczate, Lend~ shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereuL f Such notice ahall provide a period of not lesa than 30 days from the date the notice is mailed within which Borrower may pay the awne declared . ; due. If Borrowa fails to pay auch auma prior to the expiration of anch period, Lender may, wichout fnrch~ noace or demand on Bormwer. invoke any remediea permitted by paragranh 18 hereof. • ~ ~ 18. Acceleration; Remediea. Bzcept as provided in paragrapb 1T hereof, apon Borrower's breach of any aovenant or i a~reemeet of Borrower in this MortBaBe. inclnding the ooveaents to pay when dne aq~ sums se~aired b9 thie MortSaSe, Leader ~ prior to acceleration ehall mail notice to Borrower as provided in para~raph 14 bereof specifying: (1) the breach; (2) the ection required to cure such breach; (3) a date, aot leas than 30 days from the date t6e notice is mailed to Borrower, b~ ~vhich snch breach must be wred; and (4) that tailare to cure auch breach on or before the date speciHed in the notioe ma~ resolt in acceleration of the sums secured by this Mortgage, foreclosure by judicial prooeeding end sale of the Property. T6e notice ehall further inform Borrower of the right to reinstate aftes aoceleration and the rlght to assert in t6e foreclosure prooeeding the non-eziatence oi a default or any ot6er defense ot Borrower to aa:eleration and foreclosure. If the breach is not cured oa or before the dete.specifed in the notioe, Lender at Lender's option may declare all of tLe wms secnre~ by this Yortgage to be immediaRely due and payable withont further demand ead may foreclose thie Mortga~e by judicial proceeding. Lender ehall be entitled to ooltect in ench proceeding all ezpenses of foreclosure, including, bnt not limited to, reaeonable attorney's fees, and coete of documentary evidence, abstracte and title reports. 19. Borrower's Ri~ht to Reinstate. Notwithstanding Lender'a aoceleration of the sums eecnred by thia Mortgage, Borrower ahall have the right to have any prooeedinge begun hy Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya Lender all aums which would be then due nnder this Mortgage, tt?e Note and notes aecusing Fntare ~ Advances, if any, had no soceleration occnrred; (b) Borrower cures all breaches of any other covenants or agreemeats of Borrower oontained in thia Mortgage; (c) Borrower pays all reasonable e~cpenses incurred by Lender in enforcing the oovenante and agreementa of Borrowu oontained in this Mortgage and in enforcing Lender'e remedies ae provided in PareeraPh 18 here~f. iacluding, but not limited to, reaaonable ~ attorney'a fees; and (d) Borrower takes such action as Lender may reasonably reqnire to aasnre that the li~ of this Mortgage. Lende:'s interest . ~ in the Property and Borrower s obligation to pay the sums eecured by thie Mortgage ahall continue animpaired. Upc?n anch payment and cnn x by Borrow~, this Mortgage and We obligetions aecnrPd hereby shall r~sin in fnll force and effect as if no aooeleration had axurred. ~ 20. Assignment of Rents; Appointment of Receiver. Aa additional eecnrity hereunder, Borrovrer hereby aeaigns to Lender the reats s of the Propeety, provided that l3orrowrer ahall. prior to aoceleratioa nnder paragraph 18 hereof or abandonmrnt of the Prope:ty, heve the right ~ to colled and retain euch renta ea they become due and payable. ~ Upon aooeleratioa nndez paragraph 18 hereof ~ abandonment of the Property. I.eader shall be entitled to have a receiver appointed by a ~ oourt to enter.~pon, take poeaession of and manage the Property and to collert the rents of the Property, including those past dne. All rente ~ ooUected by the receiveT ahall be epplied firgt to payment of the aosts of management of the Propaty and aollectioa of rm4, including, bnt not limited to, receiver a fees, premiuma on receiver'a bonds and reaeonable atLorney's feea, and then to the auma secured by thia Mortgage. The ~ receiver ahall be liable to aooount only tor thase rents~actually received. ~ - ' ~ ~ 800K PACE ' ~ ~ = x - . ~ w=~.~ ~ ~ ~ . ~ . _ - ~