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HomeMy WebLinkAbout0412 + S. laspectlon. l.ender may make or cause to be made naeonable entries upon and in~pection~ uf thdptoperty. provided d?at Lrnder shall give Bor~ower notioe prior to any wch inspection specifying resaonable cawe therefor related to L.ender~ inf~rest ia the Property. 9. COpd@RIA~UOq. The pmcceds of any swa[d or claim for damages, direct or rnnsequentiel, lI1 CODIICCU011 W1LIf 811~I 0011dt41J16~10A Oi other taking of the pmperty, or part thereof. or for conveyance ic~ Ueu oi condemaation, are hereby assigned and shall be peud to Lender. In the event ot e bfal talcing of the Property, the pioceeda shaU be ePPlied Lo the ~ums sacured by thia Mortga~e. ~vith tha ezoeas, it any. paid to Borrower. I~ the event of a partial taking of the Prop~rt,y. unlaa Borrower and Lender otherwise agree in writinQ. there ~hall be appGed to the sums secured by this Mortgage such pmportion oi the proceeds aa u Aqual to that proportion which the amoual of the suaAs secured by thia Mortgage immediately psior to the dete of takiag bears to the faiu market value of the Property immediately prior to the date of ~ taking, with the balanca of the proceeds paid to Bore~ower. lf the Property is abandoned by Borrower, or if. aRer notice by Lender to Borrower that the oondemnor offers w meke an award or setde a claim tor damages. Borrower fails to respond to Lender within 30 days atter the date such notioe is mailed. I.ender ia authorised to coqect and appiy the pmceeds, at Lendei s option. either to restoration or repair of the properiy or to the sums secured by this Mostgege. . Unless Lender and Borrower otherwi~e agree in writing, any such application of pmceeds to priacipal s~all not eztend or postpoae the due dete of the monthly installmenta referred to in peragrapha 1 and 2 haeof or change the amount of such installmenta. 10. 9orrower Not Released. E~ctenaion of the time for paymsnt or modification of amortisation of the aume eecured by this Mortgage granted by l.ender to sny aucceasor in interest of Borrower ehall not opera4 to release, in any manner, the liability of the original Borrower and Borrower a suoceesore in interest 1.ender ahall not be required Eo oommence proceedings againat auch succeesor or refuae to e:tend time for payment or otherwiae modify amortization of the sums secured by thie Mortgage by reaeon ot any demand made by !he original Borrower and Borrower B succeesors in intereet. • 11. Forbearaaoe by Leader Not a N?aiver. Aay forbearance by Lender in e:ercieing any riBht or remedy hereunder, oi otherwiee aitorded by appUcable law, ehaU not be a waiver of or preclude the e:erciee of any such right or remedy.'!~e procurement of inaurance or the paymen! of ta:es or other liene or charges by Lend~ ehaU not be a waiver of Lendei s right to socelerate the maturity of the indebtedn~ss ' eecurpd by this Mortgage. 12. Remedies Gtimulative. All remedies pmvided in this Mortgage are diatinct and cumulative to any other righi or remedy under this Mortgage or afforded by law or equity, and may be exercise~l ooncurrentiy, independeatly or suocessively. 13. 3ucceeeore and Asaigns Bound; Joint and 3everal Liability; Captions. The covenanta and agreements herein oontained shall bind. and the righta hereunder ehall inure to. the reepective eucceeeots and aeaigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All rnvenanLe and agreements of Borrower ehell be joiat and aeveral.'It~e captions and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be uaed to interpret or define the pmviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower pmvided for in thia Mortgage ahaU be given by mailing auch notice by ceirtified mail addreeeed to Borrower at the Property Addreas or at auch other addr~eae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be glvenby oertified mail, return receipt requeated, to Lender's eddreaa atated herein or to auch other addresa as I.ender may deaignate by notice b Bo:rower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the mannet deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage combines uniform oovenante for national uee and non- uniform covenants with limited veriationa by jnrisdiction to oonatitute a uniform security inatnuuent oovering real property. This Mortgage shall be gover~eed by the law of the juriadiction in which the Property is located. In the event that any provieion or clauee of this Mortgage or the Note conQicts with applicable law, auch conflict ahall not af[ect other provieiona of this Mortgage or the Note which can be given effect without the conflicting pmviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furnished a conformed wpy of the Note and of this Mortgage at the time of enecution or after recordation hereof. ~ 17.15ranafer ot the Property; Aesumption. If all or any part of the Property or an intereat therein is eold or transferred by Borrower without I.ender a prior written coneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchaBe money security intereat for household applianoea, (c) a tranefer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or leae not oontaining an option to purchaee, Lender may, at I.ender's option, declare aU the sums aecnred by this Mortgage to be immediately due and payable. I.ender ahall have waived sach option to aocelerate if, p»or to the sale or transfer, Lender and the pereon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of euch person ia satiefacto .ry to Lender and that the interest payable on the aums secured by this Mortgage sha11 be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Bortower's succeasor in interest has eaecuted a w~ritten assumption agreement accepted in writing by Lender, l.ender ahall release Borrower from all obligationa under thia Mortgage and the , Note. ~ If I4ender exercisea such option to aecelerate. Lender shaU mail Borrower notice of acceleration in accordance with paragraph 14 hereo£ ~ Such notice ahall provide a period of not less than 3(1 days from the date the notice ie ~r.ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such suma prior to the expiration of auch period, I.ender may, without further notice or demand on Borrower, - invoke any remediea permitted by paragraoh 18 hereof. ~ . _ l 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 6ereot. upon Borrower'e breach ot any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenants to pay when due any sume secured by this Mortgage, I.ender ~ prior to acceleration ehall mail notice to Borrower as provided in paragrap614 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 daye from the date the notice ia mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure auch breach on or befoXe the dete apecified in the notice may result in acceleration of the snme eecured by thie Mortgage. foreclosure by judicial proceeding and sale of the Property.'I'be notice ehall further inform Borrower of the right to reinetate after acceleration and the right to agsert in the forecloeure proceeding the non-eziatence of a default or any other defenee ot Borrower to acceleration and foreclosure. If the breach ie not cured on or before the dete specif ed in the notice, Lender st Lender's option may declare all of the sums eecured by this Mortgage to be immediately due and payable without further demand and may toreclose t6ie Mortgage by judicial proceeding. Lender ehall be entitled to collect in auch proceeding all expenaes of [orecloeure. including, but not limited to, reasonable attorney's feea, and costH of documentary evidence, abatracts and titte reports. 19. Borrower's Right to Reinetate. Notwithatanding Lendei s acceleration of the suma secured by thia Mortgage, Borrower ahall have the right to have any ptoceedinge begun by I.ender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing i thia Mortgage iF. (a) Borrower paya Lender all aums which would be then due under thie Mortgage, the Note and notea eecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenante or agreementa of Borrower rnntained in thia Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenante and agreementa of Borrower contained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited W, reasonable ~ attorney a feea; and (d) Borrower takes such action ae Lender may reasonably require to aseure that the lien of thia Mortgage. Lender's interest ~ in the Property and Borrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, thia Mortgage and the obligatione eecured hereby ahall remain in full force and effect ea if no acceleration had a.~curred. ~ Z0. Aeaignment of Renta; Appointment of Reoeiver. Ae additional sec~rity hereunder, Borrower hereby assigne to Lender the rente ~ of the Property, provided that Borrower shall. prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to rnllect and reiain such rente as they become due and payable. ~ Upot~ acceleration under paragraph 18 hereof or abandonment of the Property. Lender ehall be entitled to have a receiver appointed by a ~ oourt to enter upon, take poaeeseion of and manage the Property and to rnllect the rents of the Property, including thaee past due. All renta collected by the receiver ahall be applied firat to payment of the costa of managementof the Property and ooUection of rents, including, but not limited to, receiver'e feea, premiuma on receiver e bonda and reaaonable atLorney'e fees, and then to the suma eecnred by thie Mortgage. The ~ receiver ahall be liable to aooount only for those rente actually received. ~ soux 303 P~ 411 _ _ - ~~~.-~f:. t.;, - ~ ; ~ py ~ ' # ~ }ay`~ ' ~ - ~