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HomeMy WebLinkAbout1009 ~ f ~ ~ , . ~ I . i 8. Iaspection. I.ender may wake or cauae W be made reawnabla entrie+ upon and'uupectiow of thep~ttY. pmvid~d Lender ~ha11 1 give Borrower aotioe prior b any such inspectioa apecifyin6 reawnable cause thetelor related to Lendes's iaterest in the~~operty. 9. Condetnnatlon. The proceed~ of any award or claim for dama~es, direct or con~e4ueatial. in connection with eny ooademnation or other takin~t of the pmperty. ot part thereof, or for coaveyanoe in lieu of oond«nnaaoa. are hereby ewigaed and shall be paid co Le~?der. In the event of a btal taking of the Propedy. We prooseds shall be applied b We ~ums sacured by this Mort~ag0. with the ea~oee~. if enY. paid to Borrower. In We eveat of a purtial taking of the Proper~y, unle~s Borrowez end Le~der otherwise uQree ia ~?ritin~. there shall be ~ applied b the sume sacared by this Mortga~e such propurtion of @?e Proceede aa is equal t~o that pmpo~rtion whic6 the amount of the ~um~ ~ secured by this Mortgage immediately prior to the date of taking bean to the tau merket value of the Propsdy imiaediatdy prior to We date of ; teldng. with the belance of the prooeeds paid to Borrower. - If the Prop~ty is sbandoned by Borrowar. or i~ aR,er aotioa by Lend~r to Bo:row+er that the oondemnor ogers to make an award or ~ettle a clairn for damages. Borrower fails to nspond to Leades within 30 days aRer the date such notioe is mailed. I.ender u authorised to collect aad apply the proceed~, at Lender's opaon. eithaz b reatoration or repair of the property or to the sum~ ~ecured by this Morfgage. ~ Unlese Lendes and Borrower otherwise age+ae in writiag, any such application of pmceeii~ to principal shaU not e:tend ~ po~tpone We due ~ date of the month~y installments nfarred to in para6rsphs 1 and 2 hereof or change the amount of such instaUmenta. ~ 10. Borrower Not Released. Eztension of the time for paymsnt or modification of amortization of the suma secured by this Mortgage e granted by Lendez to any euoceseor in interest of Borrower ehaU not operate to releaee. in any manner. the liability of the original Borrower ! and Borrowez'a succesaors in interes~ 1~ender ahall not be required to oommenoe procaedinga egainst such succeesor or refuse to e:tead time ; for pa~yment or othetwise modify emortization of the eums secured by this Mortgage by reason of any demand made by the original Botrowe~r and_ Borrower's successors in interest. t 11. Forbesranoe by I.ender Not a Waiver. My forbearanoe by Lender in ~erciaing any right or nmedy hereunder, or oWerwise affordeci by applicable law. shall not be a waives of or preclude the e:ercise of aay such right or remedy. The pmcur~ent of insuranoe or Lhe ~ payment of taues or other lieae or chargee by I.ender ahall not be a waiver of Lender's right to aocelerate the matnrity of the indebtedneas secured by this Mortgage. ' 12 Remedies Cnmulative. All remedies provided in thia Mortgage are distinct and cvmulative to say other right or remedy nnde~ this Mortgage ar afforded by law or equity, and may be ezerciee~l aonc~vrent~p. independendy or auocessively. 13. 3ucceseors and Assigne Bound; Joint aad 3everal I.iability; Captiona. The oovenante aad agreements herein coneained sball bind. and the tights hereunder ehall inure to. the nspective ancoeseors and sesigns of Lender and Borrower, subject to the provisioas of paragraph 17 hereof. All covenaata and agreementa of Borrowe! shall be joint and eeveral. 7'6e captions and headings of We paragraphs of this Mortgage are for covenience only sud are not to be ueed b interpret or define the proviaions heraof. 14. Notice. Except for any notice required under applicsble law to be given in another maaner, (a) eny notice to Borrower pmvided for in this Mortgage shall be givea by mailing ench notice by certified mail addreaaed to Bormwer at the Property Addrees or at euch other addrees as Borrower may deaignate by notioe to Lender as provided herein, and (b) any notice to Lender shall be given by oertified mail. retum teoeipt requeated, to Lendet's address atated herein or to euch other addreee as L,ender may designate by notioe to Borrower ae provided hezein. Any notice provided for in thie Mortgage ahalf be deemed to have been given b Borrower or Lender wrhen given in the manner designated hereia. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgageoombines uniform oovenaata for national use and aon- uniform rnvenante wiih limited variationa bY luried~ction to conatitute a uniform eecurity inetnunent aovering real property. Thia Mortgage ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clauee of this Mortgage or the Note rnntlicta with applicable law, such conftict ahall not atfect other provieione of thie Mortgage or the Note which can be given e~ect without the oonflicting pmvision, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower shall be furnished a oonformed oopy of the Note and of thia Mortgage at We time of ezecution or afi~er recorilation hereof. ~ 17. 'l5ranefer ot the Pcoperty; Aseumption. If all or any part of the -Property or an intereat therein ia eold or tranafetred by Borrower without Lender's prior written rnnsent, ezcluding (a) the creation of a lien or encumbrance eubordinaLe to this Mortgage. (b) the creation of a purchaee money security intereat for household appliancea. (c) a tranefer by deviae, dxeoent or by operation of law upoa the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeara or leea not aontaining an option to purchase. Lender may, at Lender'e option. declare all the suma eecured by thie Mortgage to be immediately due and payable. I.ender ahaU have waived euch option to aocelerate it; prior to the sale or transfer, Lender and the peraon to whom the Property ie to be eold or transferred reach agreement in a+riting that the credit of auch person is satiefactory to Lender and that the intereet payable on the sums aecured by this Mortgege shall be at auch rate as I.ender ahall request. If Lender has wsived the option to accelerate provided in thia paragraph 17. end if Borrower s auccessor in interest hae execnted a written assumption agreement socepted in writing by L.ender, Lender shall releaee $orrower 5rom all obligationa under this Mortgage and the Note. - j If I.eniler exercisea euch option to accelerate, I.ender ahall mail Borrower notice of aoceleration in sooordance with paragraph 14 hereoL ( Such notice ahall provide a period af not lese than 30 days from the date the notice is mailed within which Borrower may pay the suma declared ~ due. If Borrower fails to pay such sume prior to the expiration of auch period. Lender may, vrithout further notice or demand on Borrower. ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea E:cept as provided in paragraPh 17 6ereof, upon Borrower's breac6 of aqy ooveaant or ~ ~ agreement of Borrower in this Mortgage, including the oovenante to pay w6en dne any snms seeured by ihia Mortgage, I.euder prior to acceleration ehall mail notice to Borrower ae Rmvided in paragraph 14 6ereof epecifying: (1) the bresch; (2) t6e action required to cure such breach; (3) a date, not lese than 30 days from the date the notice is mailed to Borrower, by w6ich such breach muet be cured; and (4) t6at ieilure to cure such breach on or before the date epecified in the notice may result in acceleration of the sums secured by thie Mortgage, foreciosure by judicial prooeeding and eale of the Property. The notice ahall further inform Borrower of t6e right to reinstate after acceleration and the right to aesert in the foreclosure proceeding the non-ezietence of a default or any other defenee of Borrower to aaceleration and foreclosure. If the breach ia not cured on or before the date specified in the aotice. Leader at Lender'e option may declare all of the sums secured by thie Mortgage to be immediately due and payable without further demand and may forectose tWs Mortgsge by jadicial proceediag. Lender shall be entitled to oollect in euch proceeding all e:penses of foreclosure, including. but not limited to, reasonable attorney's feee, and ~ coets of documentary evidence, abetracte and title reporte. ' 19. Borrower'e Rigbt to Reinetate. Notwithstanding Lender a aoceleration of the aume eecwed hy fhis Mortgage, Borrower ehall have the right to have any proceedinge begun by Lender to enforce this Mortgage discontinued at any time prior to entryr of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all snms which would be then due under thie Mortgage, the Note and notea securing Future ~ Advanoea, if any, had no acceleration occurred; (b) Borrower curea all breachee of any other oovenante or agrEemente of Borrower oontained in ~ thia Mortgage; (c) Borrower paye all reasonable e:penees incvrred by Lender in enforcing the oovenanta and agreemente of Borrower ~ oontained in thie Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof. including, but not limited to, reaeonable ~ attomey's fees; and (d) Botrower lakes such action ae L,ender may reasonably require to asaure that the lien of thie Mortgage. Lender's interest ~ in the Property and Borrowei e obligation to pay the eume secvred by thia Mortgage ahall continue unimpaired. Upon auch payment and cnre . by Borrower, thia Mortgage and the obligationa eecured hereby shall remain in full force and dfed as if no acceleration had occurred. ~ Z0. Asaignment of Rents; Appointment of Receiver. As additional eecur~ty hereunder, Borrower hereby aeaigns b I.eader the rente ~ of the Property, provided that Borrower ahall, prior to aoceleration undei paregraph 18 hereof or abandonment of the Property. have the right ~ to colled and retain auch rents aa they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a reoeiver appointed by a ~ oourt to enter~apon, take posseseion of and manage the Property and to collect the renta of the Property, including thoee paat due. All rents . oollected by the receiver ehall be applied first to payment of the ooets of management of the Property and collection of rente, including. but not ~ limited to, receiver'e feea, premiums on receiver's bonda and reasonable attomey'e feee. and then to the euma secured by thie Mortgage. The ~ receiver ehall be liable to aocount only for thoee rents actually received. ~ 0R - ~ 800K ~U3 rqCE~000 ~ ~r . ~ _ _ - - 4 ~ _ _ . . . ~ _.r