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HomeMy WebLinkAbout0109 . . 8. Ia~pectlon. Lender mqy make or c~u~e to be made reiuonablo entrie~ upon and iu~pections of the ~prrty, pmvid~d~?t Iende: shall Qive Borrower notice pria to any ~uch in~pectioa specib?ia~ reawaable cawe therefoe related to 1.eader ~ interest ia tbe Prope~ty. 9. Coade~don.'ILe p~s of aqy a~vard os claim for dameQe~, direct or ooa~equential. ia ooaaection witb eny oondemnation or other talritit of the proper~y. or part tAei+eof. or [ot ooaveyanos in lieu of oondemnatioa. ars hereby awi~ned aad ~hall bs paid to Irender. Ia the event of s total takin~ oi the ProPertJ?. the pe+ooesds ~hall be applied b We ~um~ ~ecured by thi~ Mort~~0. witb the esoe~. if aRY. paid to Borrower. Ia the event of a partial taidng of tM Propee~y. unlen BorSQwer and I.end~ oth~wiss agree in writin~. there shell bs applied to the sum~ secured by thii Mart~a~s ~ch ProPortion u~f the proos~i~ ~u equal b that proportioa which the awonat ot the s~ eec~red by this 1~lartga~e immediatsly ~iar ta We date of takin~ bean tfl the fair market value of the Property immediate~y prios to the date of taking. with the balenoa of the proceeds paid to BorroMer. Itthe Prope~ty is abaudoned by Borro~ver, ~ if. att~ notica by L~der to Borrow~ that the ooademnor of[ers to make an award or ~ettle a claim for damages. Bost~ower faila to re~poad to Lender within 30 days aR~s the dab such notice is mailed, Lender ia aut}wrised to collect and apply the prooeed~. at Lender's option. eiWer ~o restorsbion or repair of the proper~y or to the sumi aec~red by tbis Moctaaa~s. Unless Iender aad Borrower othenvi~e a~ree in ~vriting, any sucb applicatioa of procbed~ to ptincipal shall aot ezLead or poatpone the due date of the month~y inatallmeate referred ~o ia puagraphs 1 and 2 hersof or change We aaanat of such uutaUment~. ~ 10. Borrower Not Releaeed. F.xtension of the time for paymant ~ modi8cation of amortization of the enma secured by this Mort~age granted by I.ender to any sucoessor in interest of Borrower shall not operate to releaae, ia any mannez. the liability of the original Borrower aad Borrowa's sncceseore in interes~ Lender ahall not be required to oommenoe prooeedings agaiast such suoascor or refuse to extend time for p~yrment or otherwise modify amortization of the aums secured by this Mortgage by reason of any demand made by the original Borrower ~ and Borrower's successors in interest. - 11. Forbearanoe bp Lender Not a Waiver. My forbearanca by Lenda in e:erciaing any right or remedy berennder, ~ otherwi~e ag'orded by applicable law, shaU not be a waiver of or preclude We ~ercise of any such right or reme~j?.'l~e procunment of ins~ranoe or the payment of t~e~ or other lieaa or charges by I.ende~r ahall not be a waiver of I.ender's right to aaxlerate tha maturity of the indebtedness secund by this Mortgage. 12 Itemediea Cumnlative. All nmediea provided in this Mortgage are di~tinc! and cnmulative to any other right or remedy nndez thi~ Mortgage or afforded by law or equity, and may be ezercisc~i concnn+ently. independent~y or suoassively. . ia s~.~r. ~a w~i~. ~a; Joiat and Several Liability; Captions.'19~e oovenants and age~eemeats herein ountained shall bind. and the rights henuadez shall innre to. the respective suooessors and aasians of Lendes aad Borrower, subject to tbe provisions of paragraph 17 hereof. All covenaats and agreementa of Borrower shall be joint and aeveral. The c~ptiona snd h~dings of the paragraphs of this Mortgage are for covenienoe only and are not to be nsed to interpret or de5ne tbe provisions hereof. t d. i~ioiice. Ezcepf for any r~iriitx trqui~f under applicabie iaw io oe ~iven iri ~iita q~uurTr. ~~t) awy n~c$ ta Px,ra-s~:a ~r-vti-~3cti a`-vrin this Mortgage shall be given by mailing such notice by certified mail addressed to Borroar~r ~tt6e Propetty Addr~s or at euch other addnes aa Borrower may designate by notice to I.ender ae pmvided herein. snd (b) any notice to Lender shall be given by certified mail, nturn reoeipt requesud, to Lender's address stated haein or b snch other address as Lender may deaignate by notioe to Borrowez as provided herein. Any notice provided for in this Mortgage shall be deemed to have bcen givea to Borrower or I.ender ~vhen given in the maaner designated her4in. 15. Uniforw Mort~~age; Governing Law; 3everability. This form of mortgage oombines uniform aovenanta for natioaal uee and non- uniform covenante with limited variations by jnrisdiction to oonstitute a uniform security inatrament oovering real property.'Ibis Mortgage ahaU be govemed by the law of the juriadictioa in which the Property ie lo~ted. In the eveni ihat any proviaion or clsuse of ihis Aiorigaga or the Note conflicte with applicable Iaw. such contlict shall not affect other pmvisions of thia Mortgage or the Note which can be given effect without the rnnilicbing provieion, and to thia end the provisions of the Mortgage and the Note are declared to be severable. ' 16. Bormwer's Copy. Borrower shall be farniahed a oonformed oopy of the Note sad of thia Mortgage at the time of ~ecation or after recordation he:eof. ' 19. 'ltiraaster of the Property; Assumpdon. If al! or any part of the Propezty or an intenat thecein ia soW or tranefe~ed by Borrower without Lender's prior written consent, acluding (a) the creation of a lien or eacnmbranoe subordinate to this Mortgage, (b) the creation of a purchese money security interest for househoW applianoes, (c) a tranafer by devise, deaoent or by operation of law upon the death of a joint tenaat or (d) the grant of any leasehold interest of three years or less not oontaining an option to purchaee. Lender may, at Lender'e option. declare all the suma secnred by this Mortgage to be immediately due and payable. I.ender sha1) have waived such option to aocelerate if. prior to the eale or tranafer. I.ender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of snch pe:eon is satiafactory to Lendet and that the interest payable on the auma eecured by thia Mortgage ehall be at euch rate as Lender shall request. If Lender hae waived the option to accelerate provided in this paragraph 1T. and if Borrower's aucoeeaor in intere~et has e:ecuted a written aasumption agreement accepted in writing by I.ender, Lender ehall relesee Borrower from all obligadons under thie Mortgage and the Note. ! If Lend~ p~ercieee such option to aooel~ate, Lenda ahall mail Sorrower notice of aooeleration in sooordance with paragraph 14 hereoL i Such notice ahall provide a period of not lees than 30 daya from the date the notice ie maited within which Borrower may pay the eume declared i due. If Borrower faila to pay euch eume prior to the e:p'uation of auch period, L,ender may. without further aotice or demand on Horrowa, E invote any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept aa provided in paragraph 17 hereof, upon Borrower's breach of any ooirenant or ~ agreemeat of Borrower in this Mortgage. inclnding the oovenaats to pay whea due aay sums secured by this Mortgage, I.e,nder ~ prior to aoceleration ehall mail notioe to Borrower as provided in paragraph 14 6ereof ep~cifping: (lj the breach; (2) the action ~ required to cure such breach; (3) a date, not lees than 30 days l~om the date the notioe is mailed to Borrower. by which such breach mnet be cnred; and (4) that tailure to cure such breach on or before the date speciHed ia the notioe may resnlt in acceleration of the sums secured by t6ie Mortgage, foreclosure by judicial prooeedin~ and sale of the Property. The notice shall furt6er inform Borrower ot the ri~ht to reinstate after aooeleration and tbe ri~ht to assert in the foreclosure proceeding the non-ezistence ot a defeult or any other defenae oi Borrower to~aoceleration and toreclosure. Ii tbe breach is aot cured on or before the date speciRed in the notice, Lender at Lender's option may declare all of the sams aecured by this Mortgage to be ~ immediately due and payable without turt6er demand and may toreclose thia biortgage by judicial prooeeding. Lender ehall be x~ entitled to collect in auc6 proceeding ali e:penees otforeclosure, including, but not limtted to, reaeonable attorney'e feee, and ~ coste of documentary evidence, abstracta and title reports. 19. Borrower's Right w Reinatate. Notwithstanding Lender s acceleration of the snma secured by thia Mortgage, Borrower ahall have the right to have any prooeedinge begun by Lendez to enforce fhis Mortgage discontinued at any time prior to entry of a jndgment eaforring thia Mortgage i! (a) Borrower paye Lender all aums which would be then due under thie Mortgage. the Note aad notea securing I~ture ~ Advances, if any, had no aoceleration oavrred; (b) Bonower curea all breaches of any other covenenta or agreements of Borrowez contained in ~ this Mortgage; (c) Borrower pays all reaaonable e~cpenees incarred by Lender in enforcing the oovenante and agreementa of Borrower ~ oontained in thia Mortgage and in enforcing Lender's remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable attorneyi s fees; and (d) Borrower takee snch action as Lender may reseonably require to seaure that the lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower'e obligation to pay the sams eecured by thia Mortgage ahall continue unimpaired. Upon auch payment and ciue ~ by Borrower, this Mortgage and the obligationa eecured hereby shall remain in full force and effect ae if no accel~ation had occurred. ; 20. Asai~nment of Renta; Appointment of Reoeiver. As additional eecurity herennder, Borrower hereby aasigns to Lender the re~nta ~ of the Property, provided that Borrrower ahall, prior to aoceleration nnder paragraph 18 he~of or abandonment of the Property, have the right a to oolled and retain such renta as they become due and payable. ~ Upon aooeleration ~u?der paragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a receivr.r appointed by a ~ oo~ut to entera~pon, take po~seion of and maaage the Property and to oollect the renta of the Property, including those past due. All rents ~ aollected by the receive: shall be applied firat W payment of the ooeta of managementof the Property and oollection of rente, inclnding, but not ~i limited to, reoeiver'a feea, premiums on receiver'e bonda and reaeonable attomey'e fees, and then to the suma ~ecured by this Mortgage. The ~ reoeiver shall be liable to acoount only for thoee rente ectually received. ~ ~ i ~ ~ - ~~r~3U6 109 ~ ~ ~ 3 L~~ _ ~ _ ' . ~~d.~z'. 4 ~ . ri. a . . . . _ . . `~~cF'~ ~ _:::*~vrSr.