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HomeMy WebLinkAbout2289 ' . , S. I[I~~CUOII. Lender may make or cauee b be made rea~onsble eatrier upon and inspectioas of the pmpesty. pmvided that Lender shall give Borrower notioe prior to aay eueh inapectioa specifyine reasonable cawe thenfor releted to Lebdai s interest in the Property. 9. Condemnation.'I~e pmcceds of any award or claim for damages, direct or consequential, in connection with any ooademnadon or oth~ taking of the propedy, or part thersof. or for rnnveyance in lieu of oondemnation, are henby aasigsed and aheU bs paid to Lender. In the event of a total taking of the Property. the pe~ocaeds shall be applied to the sums secured by this Mortgege. with the ezoas. if any. paid to Borrower. In the event of a partial taldng uf the Property. unless Borrower and Lender otherw~ise agree in writing, there shaU be ~ applied b the auma secured by this Mortgage such proportion of the proceeds as ia equal to that proportion which the amount of the ~ums secured by fhie Mortgage immediately prior to the date of taking bEars to the fair a?arket value of the Propedy itnmediately prior to the dab of talcing, with the balanca of the proceeds paid eo Borrower. If the Property is abandoned by Borrovrer. or if. after notice by Lender to Borrower that the oondeanaor ogers to make an award or aettle a claim for damages. Borro~ver faile to r~pond to I.ender within 30 days aRer the date such notioe is mailed, I.ender is authorized to oollect and apply the pmoeeds, at I.ender s option, eithrr to reetoration or repair of the properiy or to the eums eecured by thia Mortgaga Unleae Lender and Borrower otherwise agree in writin8, anY auch application of pmoeeds to principal shall not e:tend or poetpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereoi or change the amount of euch inatallmeats. 10. Borrower Not Releaeed. Eatension of the time for paymant or modificetion of amortization of the eums secured by this Mortgage granted by Lender to any aucceaeor in intereat of Borrower shsll not operate to releaee. in any manner, the liability of the original Borrower ~ and Borrower s aucceesore in interea~ Lender ehall not be required to commence proceedings againat euch succeeeor or sefuee to e:tend time for payment or otherwise modity amortizetion of the suma secured by thie Mortgage by reaeon of any demand made by the original Borrow~ and Botrower s aucceseora in intereat. 11. Forbeareaoe by Leader Not a Ntaiver. Any forbearance by I.endrr in e:ercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the e:ercise of any auch right or remedy. The procurement of ineurance or the payment of ta:es or other liens or chargea by Lender ahall not be a waiver of I.ender's right to aocelerate the maturity of the indebt~edneea aecured by this Mortgage. 12 Remedies Cumulative. All remedies pmvided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exsn-iae~l aoncurrendy, independendy or auocesaively. 13. 3uccessore aad Aseigne Bound; Joiat and Several Liability; Captions. The covenants and egreemente herein oontained ehall bind, and the righta hereunder ahall inurP to, the reapective succesaore and asaigns of L.ender and Borrower, eubject to the provisions of paragraph 1? hereof. All covenaate and agreementa of Borrower ahall be joint and eeveral. The captions and headings of the paragraphs of this Mortgage are for rnvenience only and are not to be ueed to interpret or define the proviaione 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 this Mortgage ahall be gi ven by mailing such notice by certi6ed mail addreaecd to, Borrower at the Property Address or at such other addresa ae Borrower may designate by notice to Lender as provided hemin, and (b) any notice to Lender ahall be given by certified mail. return receipt requeated, to Lender's address atated herein or to auch other address as Lender may deaignate by notice b Borrower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designaled herein. 15. Uniform Hartgage; Governing Law; Severabillty. Thie form of mortgage combines uniform oovenanta for national uae and non- uniform cove~ante with limited variationa by juriediction to conatitute a uniform security inatsument oovering real pmperty. This Mortgage shall be governcd by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauae c+f this Mortgage or the Note conflicts with applicable law, such conflict shall not aPfect other proviaiona of this Mortgage or the Note which can be given effect withont the oontlicting provieion, and to this end the proviaions of the Mortgage snd the Note are declared to be eeverable. 16. Borrower'a Copy. Borrower ehall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Aseumption. If all or any part of the Property or an interest therein ia eo4d or traneferred by Borrower without Lender's prior written conaent, e:cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money security intereat for houeehold appiiancea. (c) a tranefer by deviee. deecent or by operation of Iaw upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or less not aontaining an option to purchaee, Lender may, at I.endei's option. declare all the suma secure.rf by this Mortgege to be immediately due and payable. Lender shall have waived auch option to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property ie to be eold or transferred reach agreement in writing that the credit of such person ia satiafactory to Lender and that the interest payable on the eums secured by this Mortgage shall be at auch rate as I.ender shall ; request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s succeasor in intetest hae executed a ; w-ritten assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under thia Mortgage and the ~ Note. E If I.ender e:ercises auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 19 hereoL i Such notice shall provide a period of not lesa than 30 days from the date the notice is ~r,ailed within which Borrower may pay the suma declared ~ due_ If Borrower fails to pay such aums prior to the eapiration of auch period, Lender may. without further notice or demand on $orrowet, ~ mvoke any remedies permitted by paragraoh• 18 hereof. 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the oovenante to pay when due any sums secured by this Mortgage, Lender ~ prior to aoceleration ehall mail notice to Borrower as provided in paragreph 14 hereof epecifying: (1) the breach; (2) t6e action required to cure such breach; (3) a date, not leas than 30 daya from the date the notice is mailed to Borrower, by vrhich euch ( breach muet be cured; and (4) that failure to cnre such breach on or before the date specified in the notice may reault in ~ acceleration otthe aums eecured by this Mortgage, foreclosure by judicial proceeding and eale of t6e Property. The notice ehall ~ further inform Borrower of the right to reinetate after acceleration and the right to aesert in the forecloeure proceeding the ~ non-ezistence of a default or aay other defenee of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ before the date specified in the notice. Lender at Lender's option may declare all of the suma secured by thie Mortgage to be immediately due and payable without further demand and may foreclose t~is Mortgage by judicial proceeding: Lender ahall be ~ entitled to collect in such proceeding all expene~es of foreclosure, including, but not limited to, reaeonable attorney's feee. and ~ costs of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinatate. Notwithatanding Lender's acceleration of the eums aecured by this Mortgage, Borrower ahall have the right to have any proceedinge begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgtnent enforcing ~ thia Mortgage if: (a) Borrower pays Lender all suma which wonid be then due under this Mortgage. the Note and notea eecuring Futare ~ ~ Advancee, if any, had no acceleration occurred; (b) Borrower cures all brnachee of any other eovenanfs or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the oovenante and agreemente of Borrower ~ contained in this Mortgage and in enforcing Lender'8 mmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's feee; and (d) Borrower takee such action as Lender may reaaanably require to saeure that the lien of this Mortgage, Lender'a interest ; in the Property and Borrower's obligatiQn to pay the aums aecured by thie Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby ahall mmain in fu11 force and effect ae if no acceleration had occurred. 20. Aesignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigne to Lender the renta ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the righi ~ to collect and retain auch renta as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterapon, take poseeHaion of and manage the Property and to rnllect the rente of the Property, including thoee past due. All rents ~ collected by the receiver ehall be applied first to payment of the coste of management of the Property and oollection of rente, including, but not ~ limited to, receiver'e feea, premiuma on receiver's bonda and rearsoneble attorney's feea, and then to the sums secured by thie Mortgage. The ~ receiver ehal) be liable to acrnunt only for those renta actuaily received. % L ~ 311 , ,.22~8 s ~S_ _K ~Av: