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HomeMy WebLinkAbout0074 ri. lnapectiun. lrnde~ may mxkr ur cnueie tu be made reasonable entriw upon and ine~tione of thr proprrty, provided that I.ender ehall ~;ive fk~rrower notice priur tn nny such inapection specifying reasunable cauae therefor rrinted to l.e~der's i~tereat in ?he Froperty. '.1. Condemnation. The proceecie? u( any award ur claim for damagee, direct or conerquential, i~ cunnection with any condemnauo~ o~ ~~the~ tx~king of the property, or paK thereof, o~ !or conveyance in (ieu of condemnation, arn hrreby aeeigned and ahall be paid to l.ender. In the event of a totul taking of the f'roperty, the proceede ahall be applied to the suma eecured by thia Mort~age, with the exceaa, i! any, puid to Ik~rrower. In the event of a partial taking of the !'roperty, unlese E3orrower nnd l.ender otherwiee agree in writi~g, there shall be :~pplit~cf u? the sume etiecured by thie Mortgage eurh proportion of the proceeds aa is eyual b that proportion which the amount of the sume ~crurccl by thiR Mortgage immediately prior to the date of taking beara to the inir market value of the Pruperty immediately prior to ihe date of ~aking, with the bxlnnca of the pn~ceeda paid to Rorrower. If the Property is abandoned by Borrower, or if, aRer notice by I.ender W Borrower that the cundemnoroffeta to make an award or setUe a claim for damagea, F3orrower faile to reepond W l.ender within 30 days atter the date euch notice ie mailed, l.ender ie authorized to collect and :~pply the prcx~ecde, at l.ender'a option, either to restoration or repair of the property or to the sume eecured by thie Mortgage. l!nleae I.ender and E3orrower otherwine aKree in writing, any such application of proceeda to principal ahall not extend or poetpone thedue ;tate oE the monthly installments referred to in para~crapha 1 and 2 hereof or change the amount of such installmenta. 11? Borrower Not Releaaed. F:xtrnaion o[ the time for paym~nt or mudification of amortization of the suma secured by this Mortgage Kr.?nt.~i by I.ender to any succee~~r in ~ntereat of t;o~mwer ahall not operate to reletise, in uny manner, the liability of the original E3orrower :+nd liorn~wer's aucce~ura in interest. I.ender ahall not be required to commence proceedinga aKainat euch succesaor or refuae to extend time i~~r pa~yment or otherwiye modifp nmurtizafiun of the suma securcd by thia Mortgugr by rr~uu~n uf nny demand made by theuriECinal Borrower und 13~~rruwer's succea~ors in intereat. 11. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in exercising any nght or remedy hereunder, or otherwiee <~fforded by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or rnmedy. The procurement of insurance or the payment of tazes or other liens or charRes by I.ender ehall not be a waiver of l.ender'a right to accelerate the maturity of the indebtedneee .ecumd by chia Mortgage. t Y.. Remediee Cumulative. AI! mmediea provided in thie Mortgage are distinct and cumulative to any other right or remedy under thia \tortgnge or afforded by law or equity, and may be exercise~i concurrently, independently or euccessively. 1:3. Succesaors and Aseigns Bound; Joint and Several Lisbility; Ceptions. The covenante and agreemente herein rnntained shall bind, and the riQhte hereunder shall inurn to, the reapective aucceasors and asaigne of I.ender and Borrower, aubject to the provieione of E~~?ragraph 17 hereof. All covenanta and agreements of Eiorrower ahall be joint and several. The captione and, headinga of the paragrapha of this hlortgaqe are for covenience only and are not to be used to interpret or define the provieions hereoL 1 a. Notice. Except for ainy noticr reyuirecl undPr applicable law to be Riven in another munner, (al any notice to Borrower provided for in t his MortgnRe shall be given by mailinK such notice by certified mail addrea.ged to Aorrower at the Property Addres~a or at auch other addreas as ltom~wer may designate by notice to l.ender as pmvided herein, nnd (b) any notice to Lender ahull be given by certified mail, return receipt r~uested, to I.ender's ~ddreas stated herein or to such other address as I.ender may designate by notice to Borrower ax provided herein. My notice provided for in this MortgaRe shnll be deemed to have been given to E3orrower or l.ender when given in the manner designated herein. 1:~. Unitorm Mortgage; Governing l.aw; Severability. Thie form of mortgage combinea uniform covenanta for national use and non- uni[orm covenante with limieed ~~ariations by juriesdictian to conatitute a uniform aecurity inatrument covering real property. This Mortgage ,hall be Koverned by the law of the jurisdiction in which the Property,is Iceateci. In the event that any provieion or clauae of thie Mortgage or the Note conflicts w~th applicable law, such conflict shall not aftect other provisions of this Mortgage or the Note which can be given effect ~.~-itnuut the conflictinK pmvision, and tu ihis end the provisions of the htortKage and the Note are declared to be severabt~. 1 F. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of this Mortqage at the time of execution or after rc~cordation hereof. 1~. Transfer of the Property; Aaeumption. If all or any part of the Yroperty or an intereat themin is aoid or traneferred by Borrower without Irnder's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a E~urchase m~~ney secnrity interest fi~r househnld appliances, (c? a transfer by devise, descent or by operation of law upon the death of a joint trnant or ld) the grAnt of any leasehoid intemst of three years or leas not containing an option to purchase, Lender may, at l.ender'e option, ~ieclare ~+11 the sums secured by this MortgaRe to be immediately due and payable. Ixnder shall have v~raived such option to accelerate if, prior ' u~ thr sale or trxnsfer, l.ender and the persun tu whom the I'roperty ia to be aold or tranaferred reach aQreement in w~riting that the credit of auch person is satisfactory to l.ender and that the intereat payable on the suma secured by this hfortqage shall ~t?e at such rate as l.ender ahall ' rer~urst_ If l.ender has wai~•ed the option to accelerate provided in this paragraph 17, and if E3orrower's successor in interest hae executed a j written assumption a~treement accepted in writinQ by [.endEr, I.ender shall relex~e Borrower from all obligations under this Mortgage and the ; \ ~te. ~ If I.ender exercises such option to accelerate. [.ender shall mail Rorrower notice of acceletation in accordance with paraqraph l4 hereof. ~uch notice yhali pro~ ide a pen~al ~~f not lcws th:in :i0 d.iys from the date the notice is mailed within v~•hich Borrov~•er may pay the sums declared ~ due. 1[ $orrower fails tu pap such sums prior to the expiration utsuch periucl, i.ender may, without further notice or demand on Eiorrower, ; im•oke any remedies permittecl by par.?qra~h IR hereof. ` 18. Acceleration; Remediea. F.xcept as provided in paragraph 1? hereof. upon Rorrower's breach of any covenant or ~ aRreement of Borrower in this Mortgage. including the covenants to pay when due any suma secured by this Mortgage. Lender ~ prior to acceleration aha11 mail notice to Rorrower ai+ provided in paragraph 14 hereotapecifying:ll) the brea~h;t2)theaction ~ reyuired to cure such breach; (3? a date. not less than 30 daya from the date the notice is mailed to Borrower. by which euch g breach must be cured: and (41 that failure to cure such breach on or before the date apecified in the notice may result in f?cceleration of the sums secured by this Mortgage, foreelusure by judicial proceeding and sale of t6e Property. The notice ahall ~ further inform Borrower ot the riqht to reinstate aRer acceleration and the right to assert in the forecloeure proceeding the ~ non-e:istence of a default or any other detenae of Eiorrower to acreleration and foreclosure. It the breach ie not cured on or ~ 1?e•fore the date specified in the notice. Lender et [.ender's option may declare all of the aums secured by this Mortgage to be ~ imme•diately due and payable witho~t furtherdemand and may foreclose this Mortgage by judicial proceedinq. Lender ehall be n ~•ntiUed to collect in such procerding all ezpenses of foreclosure. including. but not limited to, reasonable attorney's fees. and ~ ~•~?e~ts of documentary evidence, abstractr. and title reportx. n_ 19. Borrower's Riqht to ReinRtate. NotwithatandinQ I.ender's an-eleration of the suma secured by this Mortgage, Borrowershall ha~e the riKht to hs~ve any proceedinge beKun hy [.ender tu enforce this Mort~aRe discontinued at any time prior to entry of a judgnent enforcing r this blort~aKe if: la? &~rrower paya [.ender all sums which would be then due under thia Mortgage, the Note and notes aecurinR i~uture z Adva~ncea,ifany,hadnoaccelerationoccurreci;IhlKorn>w•ercnresallbreaehesofanyothercovenantaoragreementeofl3orrowercont~~inedin this Mort~aQe; Ic) F3orrower pay9 all reasonable expenses incurred by I.ender in enforcing the rnvenanta and agreements of Borrower ~ contained in thia Mort}~aKe and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's fees; and Id? Borrower takes euch aMion as Lender may reasonably require to asaure that the lien of this Mortgage, Lender's intereat ~ - in the Property and Rorrower's obligation to pay the tcuma urcured by this Mort~aqe ahall continue unimpaired. l?pon such payment and curn _ by i3orrower, this MortgaKe and the nbliKations secured hereby sh:~ll remain in full force and effect as if no acceleration had occurred. 'l0. Aeaignment of Rents: Appointment ot Receiver. As additional ~urity hereunder, Borrower hereby asaigns to [.enderthe renta ~ of the Yroperty, provided that I~,rrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to colle~t and retain such renta as they become due and payable. = lTpon acceleration under paraqraph lA hereof or abandonment of the Yroperty. Lender ahall be entitled to have a receiver appointed by a _ court to enter upon, take possession of and mannRe the Property and to collect the rente nf the I'roperty, including thoae past due. AU rents collectcKl by the receiver shall be appliecf first to payment of the coats of manaKement of the Property and collection of renta, including, but not ~ I~milyd to, receiver's fees, premiuma on receiver's bonds and reasonahle atti?rney's fee~, and then to the aums secured by this Mortgage. The R receiver shall be liable to account only for those rents actually receiveci. ~3 ~ ~ S k~: B}GkK JU4 ~AGE 74 _ , - - - - - . ~ ` - ~ ~-y"^ ~ ~ . . ,~:.s~