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HomeMy WebLinkAbout0230 r i . t s ~ ~ ~ ~ 8. In~pectlon. Lender m~,y meke or caws to be mad~ rsuoaaWe ~tsie~ upon sad 'uupection~ of tbe ~ ytqps~r, providedtlar~.eader shall F ~ive Borrower aotice prior ~o any ~uch in~pectioa ~pecityin~ rea~onabk caws eheiefar related to Lender's iate~est ia We Prope:ty. ~ 9. Condemnadon.lbe prooeed~ of aay aw~rd or c4im for daa~aQes. direct or con~equentisl. ia oonaectioa with any ooAdemnatioa or otha~ takin~ of the Pi'oPertY, or part thereot, or for ooaveysace in liea of oondea?naaun. are 6ereby a.siQned and shall be paid b Lender. { In the eveat of a tpt~al takin~ of tbe PropsrtY. the prooeai~ shaU bs applied to We ~ums ~ecured by this Mort~a~0. ~~q1?. t paid to Borrow+er. In We eveat of a partial tal~ia~ ot We Propert,~r. unle~s Horro~ver and I.ende~ otherwriss aaree in ~vritias. Were ~hell bs F applied to the sum~ ~scured by this Mort~a~e ~uch proportioa ot the proceed~ as iu equal fo that proportion wluch the amoun! ot We snm~ ~ secured by this Mortgage imanediate~y parior to Wa date of takinQ bean to the fair markd velue of the Prope~ty imnaediete~jr prior to tl~e data of ~ ta~inQ. wriW the balanoa of tha prooeed~ paid to Borcorres. If the Propert,y i~ abandoned by Bo~rower, or i~ altsr notioe by I.end~ to Borrower that the ooademnor oQen to make an award os ~ettk a - 4 claim for dama~a. Borro~res fail~ to ~poad to Ieader ~vithia 30 day~ aR~er the date snch notios u mailed. Lender is anthorissd to coUect and aPP1Y We prooeeda. st Lendee'~ optioA, dther t~o reNore?tioa or rcpair of the. prop~ty or to the suou ~ecured by this Moet~e~a Unles~ I.eudeT and Borrowez otherwi.e agree in writing. any snch a~plication of prooeeds to principsl shall notextend or pwtpone the due date of the month(y uutaUmenb referred to in para~raphs 1 aAd 2 hereof or chan~e the amonnt of snch uutalLnents. 10. Borrpwer Not Relea~ed. E:teaeion of the time for paymant or mo 'fification of amoitisatioa of the sums ~ecured by this Mortgage ~ granted by I.endec to any suoceasor in interest of Borrower sball notbperate to releaae. ia aay menaer. the liability of the original Borrower ~ and Borrower's sncceseors ia iatereet I.endes ahall not be requited b oommenae pmoeedings againstsuch snooeesor or refuse to e~d time for payment or otherwiee modify amortization of the suma aecvred by this Mortgage by reaaoa of aay demand made by the original Borrower and Borrower s auocessora in iatereet. 11. Forbearsaoe by Lender Not a Waivsr. Any forb~ranca by Leader in ~ercising any right or nmedy hereunder. a~ othenvise e?~orded by applicable lsw. shall aot be s waiver of or preclude the e:e~rise of any such right or nmedy. The procurem~t of inaaranas ~ We ; payment of tazes or other !i~ ot chuges by I.eader shall not be a~vaivet of I.ender'a right to aooeiesate the maturity of the indebtednees ; secured by thia Mo:tgage. ~ i 12 Remedies G~mulative. All remedies provided in this Mortgage are diatind aad cnmulative to any other right o~ remedy uade~ this Mortgege or afforded by law or eqaity. aad may be eua~cisc+l ooncarrent~y. independendy or enooeseively. . 13. Suooeasors end Asaipu Bound; Joint and Several I.iabiUty; Caption~. The oovenants and agreementa herein oontained.haU bind. and the righta hereunder ahall innre to, the respective euci~esson and assigns of I,ender end Borrow~. snbject to the provisioas of . paragraph 1? hereoL All covenanta and egeeemeats of Boreower shaU be joint aad sev~al.'iLe captioos and headings of the paragrsp6s of this Mortgage an for covenience only and an not to be uaed to interpret or debne the p~oviaiona hereof. ~ 14. Notioe. E:oept for any notice required under applicable law to be given in another manner, (a) any noace to Bonower provided for in ~ this Mortgage ahall be given by mailing anch notioe by oertified mail addreeeed to Borrower at the Pcoperty Addrees or at such other addreea as ~ Borrower may designaLe by ndice to I.ender as provided herein, and (b) anY notioe to I~spdae:~hel1 be given by cezti5ed anail. retnrn reoeipt ~ req~ested. to I.ende~'s addnss stated herein or to s~ch other address ae Lender may~d~sigaateby notioe to Borrower as providad hezein. Any ' notice provided for in thia Mortgage shaU be deemed to have beea given to Borrower or I.ender when given in the manner desigaated ha~e~n. 15. Uniform lltortaage; Governing I.aw; 3everability. This form of mortgage oombines uniform aovenanta for national nse and noa- uaifoim oovenants with limited variations by jnriediction to oonstitate a uniform eecurity inatrnment oovering real pmperty. Thia Mo:tgage ~ ahall be governed by We law of the jurisdiction in wrhich the Propedy ia located. In the event that any provieioA or claase of thie Mortgage or ~ the Note conflicta with applicable law, aucb oonflict ehaU not affect other proviaions of this Mortgage or the Nota which can be given effect without the oontlicting proviaion, and to thie end the provieiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrowa ehaD be furaished a oonformed oopy of the Note and of thia Mortgage at the time of ezecution or aiter ~ recordation hereof. ~ 17.'hanefer of the Property; Assumptioa. If all or any part of the Property or an intereat therein ie eold or transferrecl by Borrowec without I.endefs prior written ooneen~ escluding (a) the creation of a lien or encumbranoe subordinate to this Mortgage, (b) the creation of a ~ purchaee money security interest for household applianoea, (c) a tranafer by deviee, desoent or by operatioa of law npon the desth of a joint tenant ot (d) the grant of any leasehold intereat of three yeara or lees not oontaining an option to purchaae, I,ender may. at L~der's option. declare all the suma eecnred by thia Mortgage to be immedistely due and payable. I.ender ehaU have waived such option to socelerate if. prior to the eale or tranafer, I.eader aad the persoa to whom the Property ia to be eold or transferred reach agreement in writing that We credit of anch pezaon ie satiafaetory to Lender and that the interest payable on the sume aecnred by this Mortgage shall be at such rate ae I.ender ahall ~ requeet. If I.ender has waived the option to socel~ate pmvided in thia paragraph 17. end if Bormwer's snoceseor in intereat hae e:ecuted a written assumption agreement socepted in writing by Lender, L.ender shall releaee Borrower from all obligatione nnder this Mortgage and the ~ Note. ~ { If Lend~ eierciaea such option to aocelerate, I.ender ehall mail Borrower notice of soceleration in aooordance with paragraph 14 hereoL ~ Such notice shall provide a p~iod of not leae than 30 daya from the date the notice ia mailed within which Borrower may pay the sume declared ; i due. if Borrowe: faila to pay such eama prior to the e:piration of such period, L,ender may, withont fnrthe~ notice or demand on Borrower, E ?nvoke any remediee pe~mitted by parsgranh 18 hereof. ~ ~ . . ~ 18. Aoceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or 3 g agreement of Borrower in tbis Mortgage, inclnding the oovenants to pa,y when due any sams secured by this Mortgage, Lender s prior to eoceleration ehall mail notioe to Borrower as provided in paragraph 14 hereof apec~tjring: (1) the breac6; (2) the actiion ~ required te cure such breac6; (3) a date. not leas than 30 daye from the dste the notioe is mail~d to Borrower, by which such breach muet be cnred; and (4) that failnre to cure such breach on or before the date specified in t6e notice me3r res~lt in aooeleration of the sume secared by thie ~dortgage, loreclosure by judicial prooeeding and sale of the Property. The notice ehall furt6er iniorm Borrower of t6e rigbt to reiustate after aooeleration and the rtght to assert in the foreclosure pm~oeeding the non-ezistence of a default or any other defease oi Borrower to aoceleretion and foreclosare. If the breach ia not cured on or before the date specified ia the notice, Lender at Lender'a option may declare all of We eums secnred by thie Mortgege to be ; immediately due and payable without further demand and may forecloee this Mortga~e by judicial prooeeding. Lender shall be ~ entitled to collect in euch procecding all e:penees otforeclosure, including, bnt not limjted to, reaeoaable attorney's feea, and roats of documentary evidence, abetracte and title reporte. ' _ ` 19. Borrower's Right to Reinatate. Notwithstanding Lender e soceleration of the anme sec~red by thia Mortgage, Borrower shall have s the right to have any praeedings begun by Lender to enforce thie Mortgage discontinned at any time prior to entry of a judgment enforcing ~ e thie Mortgage if: (a) Bormwer paye Lender all suma which would be then due under this Mortgage, the Note and notee secaring I~ture ~ Advancee. if any, had no aoceleration oocarred; (b) Borrower cares all breaches of any other oovenante or agreements of Borrower oontained in this Mortgage; (c) Borrower paya ali reasonable ~penaea incurred by Lender in enforcing tbe oovenants and agreemente of Borrower ~ oontained in thie Mortgage and in enforcing Lender e rnmedies ae pmvided in paragraph 18 hereof, inclnding, but not limited to, reaeonable ~ ~ attorney'e feer, and (d) Borrower takea such action aa Lender may rraeonably require to aeanre that We lien of thie Mortgage, Lender's interest x in the Property and Borrower e obligation to pay the eums eecured by this Mortgage ahall oontinue unimpaired. Upon auch payment and cnre z' by Borrow~. this Mortgage and the obligationa secured hereby e6aU remain in full foroe and effect se if no soceleradon had oocurred. ~ Z0. Assignmeat of Rents; Appointment of ~teceiver. Aa additionel eecurity herEnnder, Borrower hereby aesigna to Lender We rents ~ of the Property, provided that Borrower shall, prior to aoceleration under paragraph IS hereof or abandonmeat of the Property. have the right ~ to oollect and retein euch.rente aa they become dne and payable. ~ .r I ~ Upon aooelerntioa under paragraph 18 hereof or abandonment of the Property, I.ender ehall be entiUed b have a receiver appointed by a oourt to enter~pon, take posee~on of and manage the Property and to oollect the rents of the Property, including those past due. All rents ~ collected by the receiver ahall be applied fuet to payment of the ooets of management of the Property and oollection of rents, incladiog, bnt not ; _ limited to, receiver'a fees, premiuma on receiver'e bonds and reasonable attorney'e fees, and then to the suma eecured by this Mortgage. The receiver ehall be Uable to aooo~wt only for thoae rents actually received. ~ t ~001( JVe~ PACE ze~ - ~ ~ , 7 ~ ~ ~ ~ ~ ~ ~ ~ ~ - - - - - ~ I~ _