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HomeMy WebLinkAbout2301 . . ~ i . . ~ - ~ ~ : . 8. ln~pection. Lender may make or cauae to be made reeaon#bk entria upon aad inspectioas of the property, provided that Lender ~haU give Borrower notice prior ~o any ~uch inspection specifyi~g res~oaeble cau~s therefot related to I.end~'s iaterost in tbe Property. _ 9. Condemnation.'ll~e prooeeds of any award or claim for damages, direct or coneaquential. in connectioa with aqy oondemnation or ~ other talong of the prop~ty. or part thereof. or for oonveyance in lieu of ooAdeaanation. an hereby assigned and ahall be paid to Lender. In the event of a total taking of the Property, the prooeeds shall be applied to the suma secured by ehis Mortgage, rvith the esces~, if any, paid to Borrower. Ia the event of a partial taking ot the Peoprcly. unlas Borrower snd Lend~ otherwiss aQree in writin~~ there shall be ~ applied to the euau ~ecured by this Mortgage such proportion of the proceed~ a~ ia egual to that proportioa which the amount of We sums j secvred by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediate~y prior to the date of ; tating. with the balanoa of the proceeds paid to Borrower. i If the Property is abandoned by Borrower. or if. aRes notioe by Lender to Borrower that the oondemnor offers to make an aaerd or settle a ' claim for damages, Borrower fails b respoad to Lender within 30 daya after the date such notice is mailed. Lendez is authoriud tocollect and apply !he proceeds. at I,end~'s option, eithe: to resbration or repair of the prop~ty or b the suma secured by this Morfgage. ~ Unlesa I,ender and Borrower otherwise agree in writing, any such application of prooeeds to principal shall aot estend or postpone the due date of the monthly iastallments referred b in paragraphs 1 and 2 haeof or change We amount of eucb instaUments. 10. Borrower Not Releaeed. Extension of the time for paymant or modification of amorti~tion of the eume secured by this Mortgage granted by Lender to any aucceeeor in interest of Borrower ahaU aot operate b retease. in any manner. the Uability of the original Borrower ' and Borrower's sucoeseors in intenet Lender ehall aot be reqaired to oommence proceedings against auch auoeeeaor or refuse to e:tend time for payrment or otherwiee modify amortization of the auma secured by thie Mortgage by reaeon of any demand made by theoriginal Borrower and Botrowei e auocessors in interest. 11. i~orbearaace by I.ender Not a Waiver. My forbearanoe by Lender in ezercising any right or remedy hereunder. or otherwise afforded by applicable law. ahall not be a waiver of or pnclude the ~escise of any such tight or nmedy. The procurement of ineurance or the ' paymeat of teaes or other liens or charges by Lendez ahall not be a waivez of Lender's right to aocelerate the maturity of the indebtednesa eecured by this Mortgage. 12 Remediea Cumulative. All remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or ai~orded by lew or eqnity, and may be ezerciee~l ooncurrer.tly, independently or euooeseively. 13. S~cceaeors and Aseigna Bound; Joint and 3everal Liability; Captions. The oovenants and agreementa herein wntained ehall bind, and the righta hereundez shall inure to. the reepective eacceeeore and seaigns of I.ender and Borrower, aubject to the provisiona of paragtaph 17 hereof. All covenanta and agreemente of Borrower ahall be joint and several. The captione and headinge of the paragrapha of thia Mortgage are for oovenience only and are not to be ~aed to interpret or define the pmvisiona hereof. 14. Notice. E:cept far any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in thia Mortgage ahall be given by mailing auch notice by certified mail addressed to Botrower at the Property Addrees or at such other addreea ae Borrower may designate by notice to Lender se provided herein. and (b) any notioe to Lender ahall be given by certified mail. retarn receipt requeated, to Lender a addreae etated herein or to euch other addrees as L.ender may deaignate by notice to Borrow~ aa provided herein. Any notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deeignaf,ed herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thie form of mortgage rnmbinea unifornn oovenanta for national use and non- uniform covenenta wifh limited variations by jwriediction to oonatitute a uniforro sec~uity inatrument oovuing real property,'Phia Mortgage ahall be governed by the law of the j~uisdiction in which the Property ia located. In the event that any pmvieion or clauee of thie Mortgage or - the Note rnnilicte with applicable law, auch rnnflict shall not af~ect other proviaione of thie Mortgage or the Note which can be given effect without the rnnflicting pmviaion, and to thia end the provisione of the Mortgage and the Note are declared to be severable. - 16. Borrosver's Copy. Borrower ahell be furnished a conformed oopy of the Note and of this Mortgage at 4`~e time of e~cecution or after recordation hereof. 17. Transfer of fhe Property; Aesumption. U all or any part of the Property or an interest therein is eold or traneferred by Borrower without Lender s prior written conaent, ezcluding (a) the creation of a lien or encumbranoe aubordinate to thia Mortgage, (b) the creation of a , purchaee money eecurity interest for houeehold appliances, (c) a transfer by devise, deecent or by operation of law upon the death of a joint ° tenant or (d) the grAnt of any leaeehold intereet of three years or lesa not oontaining an option to purchaee, Leader may, at Leader a option, declare all the auma secured by this Mortgage to be immediately due and payable. L.ender ahall have waived sach optian to socelerate if. prior to the sale or transfer, Lender snd the person to whom the Property ie to be aold or tranaferred rnach agreement in writing that the credit of auch person is eatiefactory to Lender and that the intereat payable on the sums secured by thia Mortgage ahall be at auch rate aa Lender ahall , request. If Lender has waived the option to accelerate provided in thie paragraph 17, and if Borrower a succeasor in interest hea e:ecvted a ' written assumption agreement accepted in writing by Lender, I.ender shal! releaae Borrower from all obligationa under this Mortgsge and the ' Not~ If Lender euercisea auch option to accelerate, I.ender shall mail Borrower notice of aoceleration in accordance with paragraph 14 hereoL Such noticr ahall provide a period of not lesa than 30 days from the date the notice ia ff,ailed within which Borrower may pay the sums declated ~ due. If Borrowrr faila to pay auch auma prior to the expiration of such period, Lender may. without furth~ notice or demand on ~3otrower, ~ invoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof. npon Borrower's breach o! any oovenant or ~ ~ agreement of Borrower in t6ie MoKgege, including the oovenante to pay when due nny sume secured by thie Mortgege, Lender ~ prior to acceleration ehall mail notice to Borrower as prnvided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure such breac6; (3) a date, not leae than 30 deys from the date the notice is mailed to Borrower, by which sach ~ breach muat be cured; and (4) t6at failure to cure such breach on or before the date epecified in the notice may result in ~ acceleretion otthe eums eecured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. T6e notice ehall furt6er inform Borrower of t6e right to reinstate after soceleration and the right to aseert in the foreclosure proceeding the ~ non-ezietence of a default or any other defenee of Borrower to acceleration and toreclosure. It the breach is not cured on or before the date epecifed in the notice, Lender at I.ender'e option may declare ell of the eume secured by thie Mortgage to be immediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Leader shall be ~ entitled to collect in auch proceeding all ezpenaea of forecloeure, including. but not limited to, reasonable attorney's fees. end costa ot documentary evidence, abatracts and title reporte. g 19. Botrower'e Right to Reinetate. Notwithetanding Lender's acceleration of the aume eecured by thie Mortgage, Borrower ahall have q the right to have any proceedinge begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya Lender all suma which wonld be then due under thie Mortgage, the Note and notee eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cuies all breaches of any other covenants or agreemente of Borrowerrnnfsined in 5 thie Mortgage; (c) Borrower paye all reseonable ezpenaea incurred by Lender in enforcing the oovenante and agreements of Borrower ~ oontained in thia Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e fees; and (d) Borrower takes auch action ae L.ender may reasonebly require to aesure that ihe lien of thia Mortgage, Lender'e intereet = in the Property and Borrower'e obligation to pay the aume aecured by this Mortgage shall continue unimpaired. Upon euch payment and care ~ by Borrower, thie Mortgage and the obligations aecured hereby ahall remain in fuli fotce and ef[ect ae if no acceleration had occurred. ~ 'l0. Aseignment of Rente; Appointment of Receiver. As additional secnrity hereunder, Borrower hereby aseigna to Lender the rente ( of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereotor abandonmeat of the Property, have the right to collect and retain such rente ae they become due and payable. ~ Upon aooeleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a ; oourt to enter-upon, take posseaeion of and manage the Property and to rnilect the rentb of the Property, including thoee paet due. All rente ~ oollected by the receiver ehall be applied firat to payment of the coste of management of the Property and collection of renta, inclnding, but not ~ limited to, receiver'e feea, premiuma on receiver'a bonds and reaeonable attorney e fees, and then to the auma eecured by thie Mortgage. The ~ receiver shall be liable to aooount only for those renta actually received. ~ ~ p 311 ~A~~ 2300