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HomeMy WebLinkAbout0241 ~ I S. IA/pOCtIOA. LeAder may make or cause to be made reasonable entriee upon etid inspections olthe pmperty. provided that Lender ahall giva Borrower notioa prior to any such inspection epecifyinB reeeonable cause thenfor relat~ed to Lender's intereet in the Property. ; 9. Condemnatfoa.'11~a procaeds of any award or claim for damages. direct or coneequential, in rnnnecaon wish any oondemnaaoa or ~ oth~ taking of the property. or part thereof. or for conveyanae in lieu of ocmdemnation, an hereby assigned and rhall be peud to l.ender. ; Ia the event oi a total taking of the Pmperty, the proceeda sha11 be appUed to the suma secured by thie Mortgege, with the e~ccess. if any. pnid fo Bore~ower. In the event of a pertial taking of the Property. unleas Borrower and Lender otherwise agree in writing, there shall be applied b the suane aecured by this Mortgage such proportion of the proceeds aa is e4ual to that pmportion which the amount of the eums aecured by this Mortgage immediately prior to the date of taking beare b the fair market value of the Propetty immediately prior to the date of taking, with the balanoa of the prooeeds paid to Borrower. If the Property ia abandoned by Borrower, or if. after notice by Lender to Borrower that the oondemnor offers to make an award or settle a claim for dameges, Borrower fails to respond to Lender within 30 daye aRer the date such notioe is mailed. Lender ia authorized b coUect and apply the prooeedi. at I.endez's option. either to natoration or repair of the prope~rty or to the suins secured by this Mostgage. Unlese Lender and Borrower otherwise agree in writin8. anY such epplicatioa of praceeds to principal sha11 not extend or postpone the due ~ date of the monthly inetallments nferred to in paragraphs 1 and 2 hereof or change the amounL of snch inatallmeats. ' 10. Borrower Not Iteleased. E:tension of the time for paym=nt or modification of amortiaation of the suma eecured by this Mortgage ; granted by L.ender to any eucceseor in intereat of Borrower ehall not operate to releaee, in any manner, the liability of the original Borrower i and Borrower'a successore in interes~ l.ender ahall not be required to wmmence pmceedings againet such succeseor or refuee to e:tend time ~ for payment or otherwiae modify amortization of the sums secured by this Mortgage by reaeon of any demand made by the original Borrower ~ and Borrower's sncceasors in interest. : I1. Forbearanoe by I.ender Not a Waiver. My fosbearance by Lender in exercising any riBht or nmedy hereunder. or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any euch riBht or remedy. The procurement of insurance or the payment of tazes or other lieas or chargee by Lend~ ehall not be a waiver of Lender's right Lo accelerate the maturity of the indebtedneae secured by this Mortgage. " 12 Remediee Cumulative. All remedies pmvided in thie Mortgage are dietinct and cvmulative to any other right or remedy under thie Mortrage or afforded by law or equity, and raay be eze~cieed ooncurrently. independendy or euocesaively. 13. Succeseors and Aseigns Bound; Joint and Several Liability; Captione. The covenante and agreements herein contained shall bind. and the rights hereunder shall inure to, the reapective aucoeaeors and aseigne of -I,ender and Borrower, aubject to the provieione of paragraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and eeveral. The captione and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or de6ne the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, la) any notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at such other addrese as Aorrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified tnail, return reoeipt requeated, to I.ender's address stated herein or to such other addreas as Lender may designate by notice to Borrower as pmvided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Boaower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability.'l~ie form of mortgage combinea uniform oovenants for national use and non- uniform covenants with limited variations by juriadiction to constitute a uniform security inetrument wvering resl property. Thia Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provu+ion or clause of this Mortgage or the Note conflicta with applicable law, such conflict shall not affect other pmvisione of this Mortgage or the Note which can be given effect without the oonflicting proviaion, and to this end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnforsned copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. '[~ansfer of the Property; Aesumption. If all or any part of the Property or an intereat therein is sold or transferred by Borrower w~thout 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 interest for houeehold appliances. (c) a tranefer by devise, deecent or by operation of law upon the death of a joint ten ant or (d) the grant of any leseehoid intereat of three yeara or leas not containing an option to purchase, Lender may, at Lender'e option, declare all the sums secvrea by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of eu~h ~ person is satiafactory to Lender and that the interest payable on the aums secured by this Mortgage ahall be at such rate as Lender shaU j request. If Lender has waived the option to acc~lerate provided in this paragraph 17, and if Borrower s successor in interest hae executed a j written assumption agreement accepted in writing by Lender, Lender shall rnlease Borrower from all obligations under thia Mortgage and the ~ Note. ; If Lender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is rr.siled within which Borrower may pay the sums declared ~ due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on Korrower, ' invoke any remedies permitted by paragraoh 18 hereof. E 18. Aceeleration; Remediee. Ezcept se provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay when due any eums eecured by this Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required W cure such breach; (3) a date, not leas than 30 days from th~ date the notice is meiled to Borrower, by which such breach must be cured; and (4) thet failure to cure such breach on or before the date epecified in the notice may result in acceleration of the eums aecured by thie Mortgage, forecloaure by judicial proceediag and eale of the PropeMy. The notice shall further inform Borrower of the right to reinatate after acceleration and the right to assert in the forecloaure proceeding the non-ezietence of a default or any other defense of Borrower W acceleration and forecloaure. If t6e bresch ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the aums aecured by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial prceeeding. Lender shall be entitled to collect in such proceeding all e:penses of forecloaure. including, but not limited to. reasonable attorney's tees, and costa of documentary evidence, abstracts and title reports. 19. Borrower'e Right to Reinatate. Notwithstanding Lender's acceleration of the aume aecured by thie Mortgage, Borrower ahail have che right to have any proc~eedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Future Advancea. if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenanta or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in thie Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney B feea; and (d) Borrower takes such action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower s ohiigation to pay the aums secured by this Mortgage shall continue unimpaired. Upon euch payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby ahall mmain in full force and effect ae if no acceleration had occurred. , 20. Asaignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigns to I.ender the rents ~ of the Property, proyided that Borrower sha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch renta as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. I.ender ahall be entitled to have a receiver appointed by a ~ oourt to enter~pon, take poaseaeion of and manage the Property and to rnllect the renta of the Property, including thoee past due. All rents ~ oollected by the rec~eiver shall be applied first to payment of the ooats of management of the Property and oollection of rente, including. but not limited to. receiver'e feee, premiume on receiver's bonds and reasonable attorney'e feeb, and then to the suma secared by this Mortgage. The receiver ehall be liable to acoount only for those renta actually received. ~ ''~D~ 31z ~ 241 ~ - _ _ .