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HomeMy WebLinkAbout0731 S. lnspectiop. l.ender may make or cawe b be made reasonable entries upo~ and inipections oithe property, provided that Lender shall give Bormwer notice prior to any such inspection specifying rea~wnable cawe therefor related to LeAder's interest ia the Property. I 9. Coademnatioa. The prooeeds of eny award or claia? for dama~es. direct or consequential, in connection with a~y aoademnation or ~ other taking ot the propesty, or part thereof, or for rnnveyanoe in lieu of oondemnation, an hereby assigned aad ehall be paid to Lender. ; In the event of a toLal taking of the Propedy. the proceeds ahall be applied to the sums secured by this Mortga~e. with the excees. If any. ? pnid to Borrower. In the event of a partial taking of the Prope:ty. unlas Borrower snd Lender otherwise sgree in writing. there shaU ba j epplied to the sums secured by this Mortgage such p[oportion of the proceed~ aa is equal to that pmportion which the amount of the aums i secured by this Mortgage immediately prior to the date of taking bean ta the fair market value of the Property immediately prios b the date of j ~ taking, with the balanca of the proceeds paid to Borrower. - ? I[!he Property is abandoned by Borrower, os it. aRer potice by I.eader b Borrower that the oondemnor offers to make an award or settle a F P ~ clai~n for dama~e+. Bore~ower fails to respond to I.ender within 30 days after the date such aotice is mailed. Lendez is authorised to coUect and ~ apply the prooeeda, at Lende~r s option. either to restoratioa or repair of the proper4y or to the swus secured by this Mortgaga Unless L.ender and Borrower otherwise agree in writin8. anY such application of pmceeda b principal shaU not axtend or poetpone the due date of the monthRyr inetallmenta referred to in paragraphs 1 aAd 2 heieof os cheage the amount of such iastailments. 10. Borrower Not Reteased. Estensiort of the time for paytaant or modification of amortization of the suma eecured by thia Mortgage giranted ~y I.ender to any aucceaeor in intereet of Borrower shaU not operate to releaee, in any manner, the liability of the original Borrower and Borrower's suceeseore in inter~t. Lender shall not be required to oommence proceedings againet such euoceasor or nfuse to eztend time for payment or otherwise modify amortization of the auma eecured by this MortgaKe by reason of any demand made by the original Borrower and Boarowe~'s euc~.~eaeors in interest. _ I 1. . Forbearenoe by Leader Not a Waiver. Aay forbearance by Lend~r in e~etcising any right or remedy hereunder. or otherwise a~orded by appGceble taw, shall not be a waiver of or preclnde the ~ercise of any such right or remedy. The procurement of inaurance or the peyment of t~es or other liena or charges by Lender shall not be a waiver o! Lender's right to eccelerate the maturity of the indebtedneea secured by this Mortgage. 12 Remediea Cumulative. All remedies pmvided in this Mortgage an diatinct aad cumulative to any other right or remedy ander this Mortgage or afforded by law or equity, and may be exerciee~i ooncurrendy. independently or euoceesively. 13. 3uccesaore and Aseigae Boand; Joiat and 3everal Liability; Captions.'11~e covenants and agreements herein contained ehall bind, and~the righte hereunde~ ahaU inure to, the respective euccessors and seaigne of Lender and Bormwer, eubject to the provisione of paragraph 17 hereof. Ail covenants and agreements of Borrower ehall be joint and eeveral. The captions and headinga of the paragraphs of thia Mortgege are for covenience only and are not to be ueed to interpret or de5ne the provieions hereof. ' 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided tor in thie Mortgage shall be give~ by mailing auch notice by certified mail addressed to Borrower at the Property Addrasor at euch other address as Borrower may designate by notice to L.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requeated, W Lender'a addrees atated herein or to auch other address as Lender may deaignate by notice to Borrower as pmvided herein. My notice pmvided for in thia Mortgege aha11 be deemed to have been given to Botrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage combinea uniforur oovenanta for national uee and aon• uniform covenants with limited variationa by jurisdiction to aonatitute a uniform security inatrument oovering real property.'11~is Mortgage - shall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauae of this Mortgage or the Note conflicta with applicable Iaw, auch conflict ehall not af~ect other proviaiona of this Mortgage or the Note which can be given e$ect without the oonflicting proviaion. and to thia end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. - 17. 7~aneter of the Property; Aeaumption. If all or any part of the Property or an intereat therein iB eold or transferred by Borrower without I.ender s prior written consent, excluding (a) the creation of a lien or enrumbrance subordinate to thia Mortgage, (b) the creation of a purchase money aecurity interest for houaehold appliances, (c) a transfer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any ieasehold intereat of three years or lesa not containing an option to purchaee, Lender may. at Lender's option, declare all the aums eecured by this Mortgage to be immediately due and payable. i.ender ahall have waived auch option to accelerate if. prior to the sale or tranafer, Lender and the person to whom the Property ia to be sold or tranaferred reach egreement in writing that the credit of euch person ia satisfactory to L.ender and that the interest payable on the suma secund by this Mortgage shall be at auch rate as i.ender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Boaower s auoCessor in interest has e:ecuted a written ass~unption agreement accepted in writing by Lender, Lender ahall releaee Borrower from all obligations under this Mortgage and the Note. ~ If I.ender exercises auch option to acoelerate. Lender shaU mail Borrovrer notice of scceleration in accordance with pazagraph 14 hereoL ' y pay the sums declared 4 Such notice s}iall pmvide a period of not leas than 30 daya from the 8ate the notice is a.ailed within which Borrower ma , due. If Borrowrr faila to pay auch sums prior to the expiration of such period, [.ender may, without turther notice or demand on I3orrower, _ j ~nvoke any remedies permitted by pazagraoh 18 hereof. i . ~ 18. Acceleration; Remedies. F~cept ae provided in paragreph 1? hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay whea due any eume secured by thie Mortgage, Lender • prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to c~re such breach; (3) a date, not less than 30 daye from the date the notice is mailed to Borrower, by which such breach muet be cured; and (4) that failure to cwe such breach on or before the date apecified in the notice may result in acceleration of the sume secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ahall further inform Borrower of the rig6t to reinetate at'ter acceleration and the right to easert in the foreclosure proceeding t6e non-ezistence of a default or any other defenae of Borrower to acceleration and foreclosure.~lf the breac6 ie not cured on or before the date specif ed in the notice, Lender at I.ender's option may declare all of the suma secured by thie Mortgage to be immediately due and payable without further demand and may forecloae thie Mortgege by judicial proceeding. Lender shall be entitled to oollect in such proceeding all e:penees of foreclosure. including. but not I~mited to, reaeonable attorney's fees, and costs of documentary evidence, abstracte and title reporte. - 19. Borrower'e Right to Reinatate. Notwithstanding Lender a acceleration of the suma secured by thie Mortgage, Borrower ahall have the right to have any proceedinge begun by Lender to enforce this Mortgage discontinned at any time prior to entry of a judgment enforcing this Mortgage it; (a) Borrower pays Lender all euma which would be then due under thie Mortgage. the Note and notes securing Future Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenants or agreement8 of Borrower rnntained in thie Mortgage; (c) Borrower pays all reseonable expensee incurred by Lender in enforcing the covenant8 and agreementa of Borrower contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attomey'e fees; and (d) Borrower tal~es auch action as Lender may ressonably require to assure that the lien of thie Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the aums aecured by this Mortgage shall condnue unimpaired. Upon such payment and cure ~ by Barrower, this Mortgage and the obligations eecured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aesignment of Rents; Appointmeat of Receiver. As additional eecurity hereunder, Borrower hereby sesigna to I.ender the rente ~ of the Pro vided that Borrower ahall, or to aoceleration under aph 18 hereof or abandonment of the Pro have the ri ht ~ ~y, v*o ~ r~r. g ~ to rnlleet and retain euch rente as they become due and payable. ~ Upon aoceleration under paragraph 18 haeof or abandonment of the Property. I.ender shall be entitled to have a receiver appointed by a aourt to enter~pbn, take poseesaion of and manage the Property and to oollect the rente of the Property, including thoee past due. All renta ] oollected by the reoeiver ahall be applied first to payment of the o~sta of management of the Property and cullection of rents, including, but noi ~ limited to, receiver e fees, premiuma ~n rnoeiver'a bonds and reaaonable attarney's fees, and then to the suma sec~red by thie Mortgage. The ~ reoeiver aball be liable to aooount only for thoee rents adually received. ~ ~ ~ ~ ° R 3U3 730 Boc!t ParE ~:r~ .,.,rz„~~. _ ~ : ~ , - - - _ _ _ _ _ •s ,~°Y. ~ ~`s~,v," ~K"-r~s~~ . a'~~ - . -