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HomeMy WebLinkAbout2367 . : ~ i , , ~f . , i : y~.~~ : . i S. IA~pOMjOQ. Lender may make or cewe tu be made reawneble entries upon and inspections of the pmperty. ptovided that Lender shall Rive Borrower notice prior to eay? such inepedion epecityin6 re~onable cause therefor related W Lender's interest in the Property. 9. C.ondemnation. The proceed~ of any award or claim for damagea. d'?rect os conse4uential. in connection with any oonde~anatioa or o~~ ~y~p~ of the ptoperty~ or part theseof. os for conveyaace in liea of oondemnation, are hereby awigned and shaU be paid to Leader. In the aveat of a total takinS of the Property. the pcocbed~ shaU b° spPked t° the sum° "ecured by thi~ Mortgage. with the e:oes~, if anY. paid b Borrower. Ia the eveat of a partial taldn6 oi tbe Property. unle~s Bormwer and Lender otherwise a~ee in writin8. there shall be applied to the ~um~ secured bY this bortga~e such proportion of the Proceeds es is equel that pmportion which the amount of the sums m secured by Wu MortgaQs immediately prior to the date of takin6 bears to the fair market value of the Pwpedy immediately prior to the date of takine. with the balanca of the prooeeds Paid t~o Borrower. ' If the Propat~? is abandoned by Bon~ow~er. or if. aRer notioe by I.ender to Borrower thaL the oondemnor oPfers to meke an award os settle a claim for dama8e~. ~*~'~wer fails to respond io I.ender within 30 days after the date such notioe is mailed. I.endsr ia authoriud Lo colleM and app~y the pmceed~. at Leader's option. eather to e~atotation or nPair of the propeztY or La the sums secured by this Mortgage. V~~ ~d go~~~ o~~wise ag~ee ia writing~ any such application of proceeds to princiPal ahal~ not e:tend or postpone the due date of the monthly insWlments nferred to in paragrapt?s 1 and 2 henof or change the amount of such inetsllments. 10. Borrower Not Released. Fa~tenaion of the time for paymant or modification of amortization of the sums eecured by thia Mo~tgege ~ granted by I.ertder to any aucceeeor in interest of Borrower eha11 not operate to re~eaee. in any manner, the liability of the original Borrower i and Bormwei e aua:eesors in intenst I.ender shall not be required to commence proceedings againat auch succeasor or refuee to e~ctend time k for payment or otherwise modify amortization of the auma eecund by thie Mortgage by reaeon of any demand made by the original Borrower ; and Borrower s eutt~caeore in interest• ' 11. Rorbearanoe by Lender Not a Waiver: My forbearance by I.ender in ezercising any riBht or remedy hereunder, or otherwiee afforded by applicable law. shall not be a waiver of or preclude the e:erciee of any eudh riBlit or remedy. The procuremerit of ineuranoe or the payment of t~es or other liens or chargee by Lender shall not be a waiver of I.ender's right to a~xelerate the maturity ot the indebtednees ~ecured by this MortBaBe• c 12. Itemedlea Cumulative. Ali remediee provided in this MortgaBe are distinct and cumulative to any other right or remedy under thie : Mortrage or afforded by law or equity. and maY be exerciee~i concurrently, independently or euccessively. ` 13. 3ucceseore aad Aeetgne Bound; Joint and Several Liability; Capttona. The covenante and agreementa herein rnntained ehall 3 bind, and the righte hereunder ahall inure to, the reapective aucceaeors and aeeigns of Lender and Borrower, eubject to the provieione of paragraph 17 hereof. All covenants and agreemeate of Borrower ehall be joint and several. The captions and headings of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereof. 14. Notice. Except for any notice requi~ed under applicable law to be given in another manner, (a) any notice to I3orrower Provided for in this Mortgage shall be given by mailine such notice by certified mail addreaeed to Borrower at the Property Addreas or at euch other addreea aa ; Borrower may deaignate by notice to I.ender as pmvided herein. and (b) any notice to I.ender shall be given by certified mail, return receipt i requeated, to Lender's addrees atated herein or to euch other addrese as Lender may designate by notice to Borrower as provided herein. My I notice provided for in thia MortgaSe ahall be deemed to have been given to Borrower or L.ender when given in the manner deeignated herein. 15. Uaitorm Mortgage; Governing I.aw;'3everability. This form of mortgage combines uniform aovenanta for national uee and non• ~ uniform covenants with limited variations by juriadiction to oonstitute a uniform eecurity instrument covering real propertY• Z7?is Mortgage shall be governed by the law of the jurisdiction in which the Property ia located• In the event that any proviaion or clauee of thia Mortgage or € the NoLe contlicKs witl? applicable law, such conflict shall not affect other pmvisions of this Mortgage or the Note which can be given effect = w without the oonflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed copy of the Note and of thia Mortgaee at the time of e:ecution or atter recordation hvreof - 1 i. 'ilranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia sold or traneferred by Borrower ~ w~t hou t L en der's prior written coneent, e:cluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) the creation of a ~ purchaae money aecurity intereat for household appliances. (c) a tranefer by devise. deecent or by operation of law upon t he dea t h o f a join t tenant or (d) the grant ot any leaeehold intereet of three yeare or leee not oontaining an option to purchaee. Lender may, at Lender's option, declare all the sums aecurea by this Mortgage to be immediately due and payable_ I.ender shail have waived such option to socelerate if, prior li to the sale or transfer, Lender and the peraon to whom the Property ia to be sold or trana[erred reach agreement in writing that the credit of such ~ ~ person is satiafactory to [.ender and that the interest payable on the aums aecured by this Mortgage shall be at such rate as L.ender shall ~ request. If Lender has waived the option to accelerate pmvided in this paragraph 17, and i[ Borrower a succesaor in intereet has execuled a w•ritten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ~ ti ote. If Lend~ exercises such option to accelerate. Lender ahall mail Borrower notice of acceleration in accordence with paragraph l4 hereof. ~uch notice shall provide a period of not less than 30 days firom the date the notice ia tnailed within which Borrower may pa.y the sums declared due. If Borrower faila to pay such sums prior to the expiration of such period. l.ender may, without further notice or demand on E3orrower, ?nvoke any remedies permitted bY P~*aKraoh 18 hereof. ° 18. Aoceleration; Remediea L:cePt ae Provided in paragraph 17 hereof, upon Borrower'e breach of any coveaant or ~ agreement of Borrower in thi8 Mortgage. including the oovenanta to pay when due any euma eecured by thie Mortgage.I.ender prior to aoceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 day e from the date the notice ie mailed to Borrower, by which such breach muet be cured: and (4) thaR failare to cure such breach on or before the dete apecified in the notice may result in acceleration of the sums secu*ed by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ahall further inform Borrower of the right to reinatate after acceleration and the right to eaeert in the foreclosure proceedinB the _ non-e:istence of a default or any other defenae of Borrower to aoceleration and foreclosure. If the breach is not cured on or before the date epecified in the notice, Lender at Lender'e option may declare aU of the eume eecured by thie Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceed~ng. Lender shall be entitled to collect in such proceeding aU ezpenses of foreelosure. ineluding, but not limited to, reasonable attorney's fees, and coste of documentary evidence, abstracts and title reporta. 19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the aums eecured by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing th~s Mortgage if: (a) Borrower paye Lender all aums which would be then due under thia Mortgage, the Note and notea securinB Future Advances, if any, had no aoceleration occurred; (b) Borrower curee all breachea of any other covenanta or egreements of Borrower oontained in ~ this Mortgage; (c) Borrowgr pays all reaaonable e:penees incurred by Lender in enforcing the wvenanta and agreements of Borrower contained in this Mortgage and in enforcinB Lender'e remedies ae P*ovided in paragraph 1 S hereof, including, but not limited to, reasonable attorney's fees: and (d) Borrower talcea auch action as Lender may reasonably require to aesure that the lien of thia Mortgage, Lender's interest in the Property and Borrower'e obligation to pay the sums aecured by this Mortgage ahall continue unimpaired• Upon auch payment and cure by $orrower, this Mortgage and the obligations secured hereby ahall reraain in full force and effect as if no acceleration had occurred. ; 20. Aseignment of Reata; Appointment of Receiver. Aa additional security hereunder, Borrower hereby aeeigns to Lender the renta ~ of the Property, provided thet Borrower shall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property. have the right ~ to rnUect and retain auch renta as they become due and payable. ~y~ ~nder ahall be entitled to have.a receiver appointed by a ~ Upon acceleration under para8raph 18 hereof or abandonment of the Pro ; court to enter+~pon, tai~e posseaeion of and manage the Property and to rnllect the renLe of the Property, including thoee peat due. All renta collected by the receiver shall be applied firat to payment of the ooste of management of the Property and collection of rente, including. but not limited to, receiver's feee, premiuma on receiver's bonds and reasonable attomey'a feea, and then to the aums eecured by thia Mortgage. The reoeiver shall be liable to sooount only for thoee renta actaally received. '?R312 P~~E2365 e~i.;~.