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HomeMy WebLinkAbout0390 1 . j . ~ , I f 8, ln~pection. Lender may make or cewe b be mede rauouable eatrie~ upou and'uupsctioas of the propsrty, pmvided that Lsad~ shaU y give Borrower notica priot to any such inspection ~pecifyin~ reasoaabk caws therefor related to Leader'~ intere~t ia tbe Properbr. 9. Condemnatioa. The prooeed~ of any award or claim for damaQes, direct or conaequeatial. in oonaection with aqY cond~nnatioa or other talcia~ of the P~i~Y. or part thee~eof. or for oonvsyaaca in lieu of oondea~nation. are he:eby wigned aad ah~ll be psid to Lender. In the eveat of s toW takin~ oi We Pcoperty. t!?e Proceeds ~hall be applied to the sum~ ~ecured by this Mort~a~0. wiW the e=oep. if eRY. paid eo BorroWer. In the eveat of a partial tal~iaS oi the Prope:ty~ unless Borrower and Geader otherwise agree in writia~. there shaU bs applied to the sum~ ~ecured by this Mort~a~e such proportion of the proceede ae ia equal to that proportion which the amouat of the sums se~vred bY this Mort~a6e immediat~ely prior b Ws date of talrinQ bears to the fair market value oithe Propeity immediately prior to the dats of ta1~. writh We balanoa ot the proceed~ Peid to Borrower. ' I[ the Properfy is abandoaed by Borrower. or if, aRer aotioe by Lender to BoiroMrer that the oondemnor olfers to make an a~rard or settle a claim for dema~es. Bon~ower fails to respond to Lender within 90 daYs aRer the dats such aotioe is wailed. Lendat u authorised to collect snd aPPLY We P~~• at I.endee's option. either to reatoratioa or repair of the property ~ to the sums ~ecured by this Mwrt~+~s. Udeas Leader uid Bosrowe~r otherwi~e agree in writ~n6. anY such application of pmceeda to principal sha11 not ~tend or postpone the due date of the month~y in~tallments nfes~ed fa in paragraphs 1 and 2 hereof or chanae We amount of such installmeats. 10. Borrower Not Aelea~ed. Extensian af the time for paymant os modificatioa of amortisation of the euma secured by this Mortgage grantsd by Lender to any euacessor in iaterest of Borrower ehall not operate to release. in any manaer. the liability of the original8onower and Borrower's auoceeaors in interest I.ender shaU not be required to oommenoe proceedinge against such suoceesor or refuee to eztend time for psyment or otherwiee modity amortizetion of the auma eecund by this Mortgage by reaeoa of any demand made by the original Borrower and Borrower's aucoessors in interest. I1. Forbeacance by Leader Not a Waiver. Any forbearaace by Lender in e:erc~sing any ri8ht or remedy hereunder, or otherwi~e afforded by appUcabk law. ahall not be a~vaiver of or preclnde the ~ercise of any anch righCor remedy. The procurement of insuranoe or the payment of tazea or olher liens or charges by Iender shall aot be a waiver of Lender's right to aocelerate the mat~uity of the indebtedness secured by this Mortgage. ~ 12 Aemedies G~muladve. All nmedies pmvided in thi.e Mortgage an distinct and cumulative to any other right or remedy und~ this Mortgage or afforded by law or equity. and may be ~ezcise~i ooncuaendy. independendy or snooesaively. 13. Sua:essor~ and Assisns Bound; Joint and 3everal Liability; Captions. The covenants and agreements haein oontained shall bind, and the rights hereunder shall inure to. the reapective auoceesors and assigns of I.ender and Borrower, aubject to the proviaioas of paragraph 17 heteo~ All covenanta and agreementa of BoTroaer shall be joint and several. The ceptions and headings of the paragraphs of this Mortgage are for covenience only aad are not b be used to interpret or define the proviaione h~eof. 14. Notice. E:cept for any notice required under applicable law to be given in another menner, (a) any notice tb Borrower provided for in thia Mortgage ehell be given by mailing such aotice by oertified mail addressed to Borrower at the Property Addr~s or at such other addrese as Bormwer may deeignace by nocice to Leader es provided herein, and (b) any notice to Lender ehall be given by oertified mail. return reoeipt reqneated~ to Lender's address atated hesein or to such other addrees as Leader may designate by notice to Bo~ower aa provided herein. Any notice provided for in this Mortgage shall be deemed to have been given b Borrower or Lender ahen given in the manner designated heeein. 15. Uniform Nortgage; Governing Law; Severabilit~.lLis form of mortgege combines uniform aovenants for nationel uee and non- unifomn oovenants with limited variatioas by juriedictioa to aonatitnte a nniform eecurity inatrun~ent covering real pmpesty. This Mortgege ahall be goveraed by the law of the jurisdictioa in which the Property ia located. In We eveat that any ~roviaion or clause of thie Mortgage or the Note coatiicts with applicable law. auch conAict ahall not affect other pmvisioas of thie Mortgage or the Note which can be given effeet without the oontlictiag proviaion, and to this end theprovisions of the Mortgage and the Note~are declaced to be severable. 1& Borrower's Copy. Borm~rer shall be furniehed a conformed aopy of the Note aad of thie Mortgage at We time of ~ecution or atter recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is eold or transferred by Borrower without Lender e prior written rnnaent, ezcluding (a) the creation of a lien or encumbrsace aubordinate to thia Mortgage, (b) the creation of a purchaee money eecurity intereat for houeehold appliances, (c) a tranefer by deviee. deecent or by operation of law upon the death of a joini tenant or (d) the grant of any leaeehold intereat of three yeare or leas not aontaining an option ta purchaee, Lender may. at Lendei a option, declare all the suma eecnred by this Mortgage to be immediately due and payable. Lender shall have waived euch option to aocelerate if. prior to the eale or transfer, Lender and the person to whom the Property ie to be aold or transferred reach ag~eement ia writing that the credit of ench person ie satisfactory to Lender and that the interest payable on the sume eec~red by thia Mortgage ahail be at euch rate as Lender ahall reque8t. If I.ender hae waived We option to aocelerate pmvided in thia paregraph I?, and if Borrowei s succeesor in inten~et has ~ecuted a ' written aaeumption agreement accepted in writin8 by Leader, I.ender ahall release Borrower from all obligatioaa nnder thia Mortgage and the ~ Note. I If I,ender ezerciees such option to accelerate. L,ende~ ahall mail Borrower notice of aoceleration in accordance with paragraph 14 hereof. F Such notice ahall provide a period of not lees than 30 days from the date the notice ie mailed within which Borrower may pay the suma declered ~ due. If Borrow~ fails to pay auch sums prior to the e:piration of such period, Lender may, without further notice or demand on Borrower, ; ~nvoke any remediee permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in psragraph 17 hereof, upon Borrower'e breach of any ooveqant or ~ agreement of Borrower in this Mortgage, including the oovenanta to pay when due aqq same eecured by thi~ Mortgage, Iwsnder prior to accelerstion s6a11 mail notice to Borrower as pmvided in paragraph 14 hereof epecifying: (1) the breach: (2) tbe adion reqnired to care snch breach; (3) a date, not lese than 30 days from t6e date the notice ie mailed to Borrower. by w6ich snch breac6 must be cured; and (4) that failure to core suc6 breach on or before the date specified in the notice may Teeult ia acceleration of the sums eecured by this Mortgage. foreciosure by judicia! proceeding and sale of the Property. T6e notice ehall furt6er inform Borrower of the right to reinstate after acceleration and the right to aesert in the foreclosure proceeding the non-eustence of a default or any other defense of Borrower to aoceleration and forecloaure. If the breach is not wred on or before the date specified in t6e notice, Lender at I.ender's option may declare all of the suma secured by thia Mortgage to be immediately due and payable without fi~rther demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be entitled to oollect in such proceeding sll e:penaea of foreclosure, including. but not limited to. reseonable attorney's fees, and rosts of documentary evidence. ebstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's aoceleration of the suma eecured by this Mortgage. Borrower ahall have the right to have any prooeedings be8un by Lender to enforce thia Mortgege discontinued at any time prior to entry of a judgment enforcing thia Mortgage i~ (a) Borrower paya Lender all euma which would be then due under this Mortgage, the Note and notee aecuring I~ture Advances. if any. had no sooeleration oocurred; (b) Borrower cures all breaches of any other oovenante or agreemente of Borrower oontained in ~ this Mortgage; (c) Borrower paye all reasonable e~cpenees incurred by Lender in eaforcing the covenante and agreementa of Borrowe~ oontained in this Mortgege and in enforring Lender's remediee as provided in paragraph 18 hereof, including, bnt not limited to, reasonable = attorney's fees; and (d) Borrower takea such action aa Lender may reaaonably reqnire to aesure that the lien of thia Mortgage. Lender's interest ~ in the Property and Bonower's obligation to pay the aume eecured by this Mortgage ehall continue unimpaired. Upon anch paymeat and cure ~ by Borrower. thia Mortgage and the obligationa secured hereby ahall remain in full foroe and effect as if no acceleration had axurred. _ ~ Z0. Asaignment of Rents; Appointment of Receiver. Aa additional security herEUnder. Borrower hereby assigna to Lender We r~te ~ ¢ of the Property, pmvided that Borrower ahall. prior to acceleration nnder paragraph 18 hereof or abandonment af the Property. have the right ~ to coUect and retain euch rents as they become due and payable. ; Upon aoceleration under paregraph 18 hereof or abandonment of the Property. I.ender ahall be entitled to have a reoeiver appointed by a ~ court to enter.upon, take poeseeaion of and manage the Property and to collect the renta of the Property, including those paat due. All rents ~ aollected by the receiver ahall be applied 5ret to payment of the oosta of management of the Property and oollection of renta, including, but not : limited to, receiver's fees, premiume on rn:eiver'a bonds and reasonable attor?zey'a fcea, and then to the sums eecnred by this Mortgage. The reoe~ver ahall be liable to aooount only for thoee rent8 actually received. ~ a ~ U R ~'7 PAGE ~ 90GK ~ ~ ~ . ~ ' ~ ~ ~ej,3~n.'r,-~ ?;"~ry5 ~ •+~~s~.~ .e,~'S~~ ~ y ~.z x'-- ~~"V' ~ ' 4~tri . . =k'-"~'~-~~_ : .