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HomeMy WebLinkAbout1022 i 8. laepectioa. l.ender may ~nnke or cauxe to be mede relMoha~ld~iitri~s upoo apd inspections of lhe property, pmvided that I~nder shall ? give Bortower aotice prior Lo any such iaspection epecifying ceaao~able cauae thenfor related to l.endet a interest in the Property. ~ 9. Coademnatloa. The proceeda of any award or claim for damagea, direct or conaequential, in connection with any oondemnation or . ; other taking of the pmperty, or part thereof, or for rn~veyance in lieu of oondemnation, a~e hereby asaigned and ehall be paid to Lcnder. In the event of a total Wking of the Property, the proceeds shall be applied to the suma aecured by this Mortgage, with the e:oeas. if any. j paid to Borrower. In the event ot s partial taking of the Property, unlees Borrower and Lender otherwiee agree in writing, there shall be ~ applied to the auma eecured by this Mortgage such pmportion of the proceede as is equal to that proportior? which the amount of the suau eecured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the dab of ~ taking. with the balanq of the proceeda paid tio Borrower. II the Property is abandoned by Bor~ower. or if. after notice by I.ender to Borrower that the oondemnor offers to make an award or settle a claim for damagea. Borrower faib to reepond to i.ender within 30 daye atter the date such notioe ia mailed, Lender ie authorized b collect and ~ apply the proceeds, at Lender's option, eithec to restoration or repair of the property or to the sume eecured by this Mortgage. Unlees Lender and Borrower otherwiee agt~ee in writing. any such applicatioa of proceeds b principal ahall not e:tend or postpoae We due ' date of the monthly inetallmenta referred to in paragraphs 1 and 2 hereof or change the nmount of euch inetaUments. 10. Borrower Not Released. Extenaioa of the time for paym~nt or modification of amortization of the aums aecured by this Mortgage granted by [.ender to any auccessor in intereat of Borrower ahaU not operate to relesae, in any manner, the liability of the original Borrower t and Fiorrower's aucceasors in intereat: l.ender shall not be require~ to oommence proc~eedinRe against such suuceaeor or refuee to e:tend time ~ for payment or othervrise modify amortization of the sums aecured by this Mortgage by reaeon of any demand made by the original Borrower ~ nnd E3oROwer a succeeaore in intereat. i l. Forbearance by Leader Not a N?aiver. My forbearance by I.ender in e~ercising any right or remedy hereunder, or otherwise { af~orded by applicable law, ehaU not be a waiver of or preclude the e:erciee of any auch right or remedy.'Phe pmcurement of insurance or the ~ payment of ta~ces ot other lie~a or chargea by l.ender ehall not be a waiver of Lender a right to accelerate the maturity of the indebtednees ~ secured by. this Mortgage. . 12. Remediea Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under this ~ Mortgage or afforded by law or equity, and may be e:erciee~l ooncurrently, independendy or euocessively. 13. Succeeaore and Assigas Bound; Joint and 3everal Liability; Captione. The oovenanta and agreemente herein contained shall bind, and the righta hereunder ahall inure to, the reepective sueceseors and assigne of I.ender and Borrowet, subject to the provieions of para~aph 17 hereof. All covenante and agreemente of Borrower ehall be joint and eeveral. The captiona and headings of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisiona hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addresacd to Borrowes at tJu Propezty Adde+eae or at euch other address ae E3orcower may designate by notice to Lender ea provided herein, and (b) any notice to I.ender ehall be given by certified mail, return reoeipt • requested, to Lender'a addreas atated herein or to euch other addreae as Lender may designate by notice to Borrower ae pmvided herein. My notice provided for in this Mortga~e ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combines uniform oovenanta for national nee and non- uniform covenants with limited variatione by juriadiction to oonatitute a uniform security inatnuuent oovering real property.'l~ia Mortgege shall be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clause of thia Mortgage or the Note conflicts with applicable law, such contlict ahall not afiect other proviaiona of this Mortgage or the Note which can be given eg'ect without the rnnflictinq provision, and to thia end the provisions of the Mortgage and the Note sre declared to be severable. 16. Borrower'8 Copy. Borrower shall be furniehed a conformed copy of the Note and of thia Mortgege at the time of eaecution or after recordation hereof. ' 17. Transfer of the Property; Aesumption. If all or any part of the Property or an interest thereia ia sold or traneferrcd by Borrower # without I.endei a prior written conaent, eaccluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the ereation of a pumhase money eecurity interest for houeehold appliancea, (c) a tranafer by devise, deeoent or by operation of law upon the death of a joint tenant or (d) the g~ant of any leasehold interest of three years or leas not oontaining an option to purchaee, Lender may, at Lender'a option, declare al1 the sums secured by this Mortgage to be immediately due and payable. Lender ahall heve waived such option to aocelerate if, prior to the sule or transfer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at such rate as l.ender shall requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has exectited a written asaumption aqreement accepted in writing by I.ender, Lender ahall release Borrower from all obligationa under thia Mortgage and the Note. ~ If Lender ezercises such option to accelerate, Lender ahall mail Borrower notiee of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not less than 30 dayg from the date the notice is ~r,ailed within which Borrower may pay the aums declared ~ ~ due. If Borrower fails to pay such sums prior to the expiration of auch period, Lender may, without further notice or demand on F3orrower, ~ ; invoke any remedies permitted by paragraoh 18 hereof. ! ~ 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower'e breac6 of any oovenant or ~ ~ agreement of Borrower in thia Mortgage, including the oovenante to pay when due any sume eecured by this Mortgage, Lender ~ prior to aoceleration a6a11 mail notice to Borrower ea provided in paragrap614 hereof specifying: (1) the breach: (2) t6e action ~ required to cure such breach; (3) a date, not lese than 30 deys from the date the notice ie mailed to Borrower, by which auch breach mast be cured; and (4) that failure to cure auch breac6 on or before the date specitied in t6e notice may result in ~ acceleration of the aume secured by this Mortgage. forecloBUre by judicial proceeding and eale of the Property. T6e notice shall ~ further inform Borrower of the rig6t to reinatate after acceleration and the right to easert in the forecloeure proceeding the ~ non-e:istence of a default or any ot6er defenae of Borrower to aoceleration and forecloaure. If t6e breac6 ie not cured on or ~ t?efore the date epeciGed in the notice, Lender at Lender's option may declare all of the sums aecured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose thia Mortgage by judicial proceeding. Lender ahalt be ~ entitled to rnllect in auch proceeding all e:penses of forecloaure, including, bnt not limited to. reasonable attorney's feee. and ; y costs o[ documentary evidence, abstracta and title reporte. ~ l9. Borrower's Right to Reinatate. Notwithstanding Lender a acceleration of the aums eecured by thie Mortgage, Borrower ahall have ; the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prio: to entry of a judgment enforcing ? thia Mortgage if: (a) Borrower paya Lender all aums which would be then due under thie Mortgage, tl~e Note and notes securing Future Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenants or agreementa of Borrower rnntained in thie Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies a8 provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey's fees; and ld) Borrower takes such action as [.ender may reasonably require to asaure that the lien of this Mortgage, Lender'e intereet ~ ~ in the ProP4rty and Borrower's obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Botrower, thie Mortgage and the obligatione aecured hereby shaU remain in full force and effect as if no acceleration had occurred. ~ } 20. Asaignment of Rente; Appointment of Rec:eiver. As additional security hernunder, Borrower hereby assigna to Leader the rents = s oi Lhe Property, provided that Borrower shall, prior to acceleration under paragraph IS hereof or abandonment of the Property, have the right ° to collect and~retain auch rente aa they become due and payable, ° ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reoeiver appointed by a. ~ oourt to enter~pon, take poasession of and manage the Property and to collect the renta of the Property, including thoee past due. All rente ~ coUected by the receiver ahall be applied first to payment of the wata of managemeni of the Property and collection of rente, including, but not ~ limited to, receiver e fees, premiuma on receiver'a bonds and reseonable attorney's feee, and then to the sums aecured by thie Mortgage. The ~ receiver shal) be liable to acoount only for those rents actually received. ; ~ ` ~ ~ . 9~L'CK ~ 3U3 aCE1021 ~ - 6 . ~ ~ ; , v - - - - , - - , g-~:~ 4-~ ~ ,z ~ r ~ y-~ ~ : - ~v _s . . a