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HomeMy WebLinkAbout0609 ! . j . • ` i ~ R \ ` 1 ~ ~ 8. Inspoctioa. l.ebdes may make or cause to be made nawnaWe eatsie~ upon and inspectio~u of the property. provided that Leader shall give Borrower notice prior to any such inspection ~pecifyinB reasonable cause therefor nlated to Lender's iatere~t in the Property. 9. Coademnattoa.'i~e proceeds of any sward or claim for dame~e~. direct or conse9~entieJ. in connectioa with any oondemnation or othe~ taking oi the pmperty. or part thereof. or f~ oonveyaaca in lieu of oondemaation. aee hereby assigned and ahaU be pedd Lo Lendsr. In the event of a total taking of the Ptoperty. the prooeeds shall be applisd to We ~uau aecured by this MortgaQe, with We e~coea. if any. paid to Borrower. In the eveat of e partial tekin8 of the Property. unle~s Botrovrer and Lender oWerwiee a6ree u? wrritinS. there ~bell bs apptied to the sums ~ecured by this Mortga~e such proportion of the proceedo a~ u equal to that pmportion which the amowit oi the ~ums secured by this Mott~sge iaunediately prior to the dste of talcinQ beers to the fair warket value oithe Propedy immediately prior to the date ot taking. ~rith the balanoe of the proceeds paid to Bore~ovrer. If the Prope:ty is abandoned by Borrower. or if. aRer notice by Lend~ to Borrower that the oondemnor offen b make an awaed or setde a claim for damage~. Borrower feWs to respond b Lendet ~vithin 30 days aft~er the daLe such notioe is mailed. Lend~ ia authorized to coUect aad apply the prooeeds. st Lender's option. either to restoration or npair of the pmp~ty or to the sums secured by this Mortga~e. Unless I.end~ aad Horrower othe~vi~e a~ree in wRitinB. ~Y ~u~ aPPUcaaoa of proceeds b priucipal sha11 not e=tend or po~tpoae the due date of the monthly installmenta nferred b in psragraphs 1 and 2 h~eof or chaage the amount of such installments. ~ 10. Borrower Not Released. E:tension of the time for paymaAt or modification of amortization of the suma secured by Lhia Mortgage granted by Lender to any sucoeasor ia intenet of Borrower ahall not operate to nlease. in any manner. the liability of the original Borro~ver and Borrower's suoceeaors in iaterest I.ender ahall ~ot be required to oommence pmceedings aBainst euch sueoeasor or refuse to e:tend time for pa~yment or othezwise modity amortization oi the sums eecured bY this Mortgage by reaeot? of any demand made by the original Borrower and Borrower a auoceaeors in interest. 11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender in ~erciaing any right or nmedy hereander. ar otherwiae afforded by applicable law. shall aot be a waiv~ of or preclude the ezercise of any such right or nmedy.'11~e procurement of insuranoe or the paym~nt of ta:es or oWer liens or charges by Leader ahall not be a waiver of Lender'a right to aooelerate the maturity of the indebt~edness eecured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Ma~igage an diatinct and cumulative to aay oLher right or remedy nnder this Mortgage or af~orded by law or equity~ Blld mB~I ~@ eIC~CIQ~~ COACIII~'BA~y. independendy or su~ceeaively. 13 Successors and Assigna Bound; Joint and 3everai I.iability; Captioas. The covenanta and agreements herein oontained shall bind, and the righta hereunder ehall inure to. the respective succeesore and aeeigna of Lender and Boirower. eubject to the proviaions of paragraph 1? hereof. All rnvenanta and agreementa of Borrower ehall be joint and eevaal. The captione and headings of the paragraphs of this Mortgege are for covenience only and an not to be ~eed to interpret or define the proviaions hereof. 14. Notice. E:cept [or any notice required under applicable law to be given in another manner, (a) eny notice to Borrower provided for in thia Mortgage ahaU be given by mailing auch notice by certified mail addreased to Borrowes atthe P[opectY Addrese or at auch other address as Borrower may designate by notioe to I.ender as provided herein, and (b) any aotice to I.ender 1hai1 be given by certified mail, return receipt requested, to I,ender's addrees stated herein or to such other addrees aa I.ender may designate by notice to Borrowrer ea pmvided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the maaner desigaated herein. 15. Uniform Mortgage; Governing Law; $everab[lity. Thia form of mortgage combinee uniform oovenants for national ~ise and non- uniform rnvenanLe with limitRd variations by jurisdiction to oonetitute a uniform aec~uity instrument aovering real property. This Mortgage ahall be govemed by the law of the jariadiction in which the Property is located. In the event that any proviaion or clanee of this Morfgage or the Note conflicte with applicable law. euch conilict shall not affect other pmvisiona of this Mortgege or the Note which can be given effect without the conflicting provision, and to thia end the proviaions of the Mottgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ehall be furniehed a conformed oopy of the Note and of thia Mortgage at the time of euecution or after recotdation hereof. 17. Transfer of the Property; Aesumption. U all or any pait of the Propetty or an interest therein is aold or traneferred by Borrower without L.endefa prior written rnneent, ~cluding (a) the creation of a lien or enrumbrance aubordinate to lhis Mortgage, (b) the creation of a purchaee money eecurity intereat for houeehold appliances, (c) a tranefer by devise. dc~cent or by operation of law upon the death of a joint tenant ot (d) the grant of any leaeehold intereat of three yeare or lesa not oontaining an option to purchaee. Lender may, at Lender's option. declare all the auma eecvred by thia Mortgage to be immediately due and payable. L.end~ ehall have waived euch optioa to aocelerate if. prior ' to the aale or eransfer, Lender and the pereon to whom the Property ia to be eold or tranaferred reach agreement in writing thai the credit of such peraon is satisfactory to Lender and that the intereat payable on the suma secured by thie Mortgage ehall be at auch rate ae Lender ahall request. If Leader has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's suoceesor in interest hea e:ecuted a ' written aseumption agreement accepted in writing by Lender. Lenderahall releaee Borrower from all obligationa under thia Mortgage and the { Note_ _ i If Lender ~ercises such option to aocelerate, Lender ehall mail Borrower notice of soceleration in accordance with paragraph 14 hereot ' E Such notice ahall provide a period of not lesa than 30 daya firom the date the notice ia mailed within which Botrower may pay the autns declared ~ due. if Borrower faila to pay auch aums prior to the expiration of auch period, Lender may. without further notice or demand on Botrower, ~ invoke any remediea permitted by paragraoh 18 hereof. ~ 18. Aoceleration; Remedies. E:cept ae provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or , agreement oi Borrower in thie ~ortgage, including the covenante to pay when due any sams secured by thie Mortgage, Lender ~ prior to aoceleration ehall mail notice to Borrower ae provided in paragrap614 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lees than 30 daye from the date tbe notice is mailed to Borrower, by which such breach must be cnred; and (4) that failure to cure such breach on or before the date specifie~ in t6e notice may result in acceleration of the suma secured by thie Mortgage, foreclosure by judicial prooeeding and sale of the Property. T6e aotice ahall furt6er inform Borrower of the right to reinstate after acceleration and the rig6t to aesert in the forecloeure proceeding the non•e~stence of a default or aay other defense of Borrower to acceleration and foreclosure. If the breach is not cnred on or before the date apecified in the notice, Lender at Lender'.s optioa may declare all of the sume aecured by this blortgage to be immediately due and payable without further demand and may torecloae this Mortgage by judlcial proceeding. Lender ahall be entitled to coilect in such proceeding all e:penses of forecloaure, including. bnt not limited to, reasoaable attorney'8 feea. and coste of documentary evidence, abstracte and title reporte. - ~ 19_ Borrower's Right to Reinatate. Notwithatanding Lender's acceleration of the sums eecured by fhie Mortgage, Borrower ahall have the right to have any pmceedinge begun by I.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgmant enforcing ~ thia Mortgage if: (a) Borrower paye [.ender ail suma which would be then due under this Mortgage. the Note and notea securing Future ~ Advances, if any, had no acceleration oocurred; (b) Borrower curea all breachea of any other oovenante or agreemeate of Borrower contained in : thia Mortgage; (c) Borrower pays all reseonable apenees incurred by Lender in enforcing the oovenenta and agreements of Borrower oontained in this Mortgage and in enforcing Lender's remedies aa provided in paragraph 18 hereof. including, but not limitsd to, reseonable ettorney's fcea; and (d) Borrower takea such action ea Lender may reasonably require to assure that the lien of thia Mortgage, Lender's interest in the Prop~ty and Borrowei a obligation to pay the aume secured by thie Mortgage ehall continue unimpaired. Upon such payment and c~re ~ by Borrowez, thie Mortgage and the obligatione eecured hereby ahall remain in full force and effect ae if no acceleration had oocurred_ ° 20. Aeeignment of Aents; Appointment of Beceiver. Aa additiona! eecurity hernunder, Borrower hereby aasigne to Lender the renta ~ perty. provided that BoTrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the rig6t ~ of the Pro ~ to colleet and retain anch renta as they become due and payable. Upon acxeleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entided to have a receiver appointed by a oourt to enter~pon, Leke poeaeaeion of and manage the Property and to collect the renta of the Property, including those past due. All rente ~ oollected by the receiver shall be applied first to payment of the ooats of management of the Property and oollection of rente, including, but not ~ limited to, receiver's (ees, premiums on receiver's bonds and reasonable ettorney's feea, and then to the eume eecured by this Mortgage. The ~ receiver shall be liable to aooount only for thoee renta actually received. ~ ~~o~ 3U~ ~A~E 609 ~ ~ _ _ _ . - a~.