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HomeMy WebLinkAbout2374 . ~ t . ; . i . . ` ~.r , ~ ~ , } ; : ~ ~ 8. Iaapectlon. Lender mqy meke or cauae b be made rea~on~bk entries upon and 'uupections of the pmparty. pmvided that Lend~ ~hall , give Bortowar notioe prior to any ~uch iaspectioa specibrin6 reaeoaable cause therefoz nlated b Lender's iaterest in the Property. ~ 9. Condeuwatioa.'1l~e pmceed~ of any award or clsim fos damages. direct or con~aquentisl. in rnnnection with an,y oondemnatioA or ~ other Lsldng of We pmpe~ty. or part Weerof. or for coaveyance in Geu of ooademnation. ara hereby assigaed and ahap be paid to Lender. : I~ the event o[ a total taking of the Propedy. the proceeds shall be applied to the ~ume secured by this Mortgage. with the ~cew, if any, : ~aid b Bormwer. In the event of s paitial tak?n8 of the Property. unleea Bortow~ and Lender otherwiss agree in writing. lhere ~hall be applied to the sum~ secured by this Mo~sge sach proportion ot the Prooeeda as is e9ua1 to that proportion which fhe amouat of Lhe enms eecured by this Mortgege itnmediately prior to We date oi talong bears to We fair market value of the Property immediately prior to the date of taking. ~vith the balanoa of the proceeds paid to Borrowar. If the Property is abandoaed by Borrower. or if, after notioe by Lender to Borrower that the oondemnor o~ers to make an award or settle a claim for damages, Bormwer fails to respond to I.ender within 30 days after the date such notic~ is mailed. Lend~ ia authoTized to oollect and apply We pmoeed~. at Lndet's option, eith~ to re~toration ot repair of the property or to the s~ms secured by this Mortgage. ~ Unless Lend~ and Borrower oth~wise agree in writin6. aaY s~ aPPU~hon of pmceede to princiPal she11 not r~tend or poetpone the due E date of the monthly inetallmeata referred to in psraBraphs 1 and 2 hereof or change the amount of such iastallments. 10. Borrower Not Released. FacteAeion of the time for paymant or modi5cation of amortization of the aums aec~ued by this Mortgage ~ granf~ed by I.ender to any successor in intereet of Bonower ahaU not operate to releaee, in any manner. the liability of the osiginal Borrower ; and Barrowez s sucoesaora in interest Lender shall not be required to oommence proccedings againet such euccessor or refuse to extend time for payment or otherwiae modify amortization of the euma secured by this Mortgage by reason of any demand made by the origiaal Borrower and Borrower's ancceesora in intereet. i 11. Forbearanoe by Lender Not a Waiver. My forbearanoe by Leades in exercieing any riBht or remedy hereunder. or othervviee ~ afforded by applicable law. ahall not be a waiver of or preclude the aercise of any such right or remedy. The procurement of inaurance or the ! payment of tazee or other liens os cherges by Lender shall not be a waiver of I.ender'a right b socelerate the maturity of the iadebtednees } secured by this Mortgage. ~ ; 12 Remediee (.~tmulative. All remediea pmvided in thia Mortgage are diatinM and cumulative to any other right or remedy under thia t Mortcage or afforded by law or equity. and may be ezercieed ooncurrendy, independently or auocesaively. . ~ 13. 3ucceaeore and Aesigns Bound; Joint and 3everal Liability; Captions. The covenants and agreementa herein oontained ehall ! bind, and the righte hereund~ shall inure to, the reapective eucceesors and aeeigne of I.ender and Borrower, eubject to the provisione of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captiona-and headings of the paragraphe of this Mortgege are for covenience only and are not to be used to interpret or define the provisione 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 Mottgage ehall be given by mailing auch notice by certified mail addresecd to Borrower at the Property Address or at such other addrese as Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt } requeated, to Lender's address stated herein or to auch other addrees sa I.ender may deaignate by notice to Botrower ae provided herein. My ~ notice provided for in this Mortgage ahall be deemed to have been given to Borrower or l.ender when given in the manner deaignated herein. r 15. Uniform Mortgage; Goveraing I.aw; 3everabiiity.'11~ia form of mortgage combinee uniform oovenants for national use and non- ~ uniform covenante with limited variationa by jurisdiction to oonstitute a uniform eecurity instrument oovering real property. This Mortgage ~ ahall be govemed by the law of the juriadiction in whieh the Property ie located. In the event that any proviaion or clauee of this Mortgage or the Note conflicte with applicable law, such confiict ahall not at~'ect other proviaiona of thie Mortgage or the Note which can be given effect ; K~thout the rnnflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be severable. 5 16. Barrower's Copy. Borrower shall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recotdation hereof. 17. Trans[er of the Property; Aseumption.lf all or any part of the Froperty or an interest therein ia sold or transferr~d by Borrower _ w-ithout Lender's prior written consent, ezcluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a } purc4~ase money security intereat for household appliancea, (c) a transfer by devise. dxaoent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any leasehold intereat of three yeara or less not oontaining an option to purchase. Lender may, at I.ender's option. ~ declare all the suma secured by this Mortgage to be immediately due and payable. L.ender ahall have waived ench option to aa:elerate if. prior ~ ~ to the sale or tranafer, Lender and the peraon to whom the Property ia to be sold or transferred rnach agreement in writing that the credit of auch j ~ person is satiafactory to Lender and that the interest payable on the sums aecured by this Mortgage ahall be at such rate as I.ender shall ! request. If L.ender has waived the option to accelerate provided ip this paragraph 17, and if Borrowei s auccessor in interest has executed a ~ .+~ritten easumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the ' ' ti ote. If Ixnder exerciaea such option to accelerate, Lender shall mail Borrower notice of aoceleration in accordance with paragraph 14 hereoL Such notice ahall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay auch sums prior to the e:piration of such period, Lender may, without further notice or demand on ~3orrower, invoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thia Mortgage, including the oovenants to pay when due any sums secured by this Mortgage, Lender _ prior to aa:eleration ehall mail notice to Borrower ae provided in paragrap614 hereof epecifying: (1) the breac6; (2) the action required to cure such breach; (3) a date. not lese then 30 daya from the date t6e notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may reeult iu acceleration of the sume secured by this Mortgege. foreclosure by judicial prooeeding and sale of the Property. The notice ahall further inform Borruwer of the right to reinetate aRer acceleration and the right to aasert in the foreclosure proceeding the non-e:isteace of a default or any other defense of Borrower to soceleration and foreclosure. If the breach ia not cured on or before the date epecified in the notice, Lender at Lender'e option may declare all of the sume seCUred by thie Mortgage to be - x immediately due and payable without further demand and may foreclose ihie Mortgage by judicial proceeding. Lender ahall be { entitled to collect in auch pr«,~eeding all e:penses of foreclosure, including, but not limited to, reasoneble attomey's fees. and ~ costs of documentary evidence. abatrecte and title reports. 19. Borrower's Right to Reinetate. Notwithatanding I.ender s acceleration of the euma eecured by this Mortgage, Borrower ahall have _ the right to have any pr+oceedings begnn by L.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya i.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no soceleration occurred; (b) Borrower curea all breachee of any other rnvenante or agreemente of Borrower rnntained in ~ thie Mortgage; (c) Borrower pays all reaeonable expenaea incurred by Lender in enforcing the oovenanta and agreements of Borrower ~ contained in thia Mortgege and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable ; ~ attorney's fees; and (d) Borrower takea auch action as Lender may reasonably require to aaeure that the lien of thia Mortgage, Lender'e intereet ~ in the Property and Borrower's obligation to pay the aums secured by this Mortgage ehall continue unimpaired. Upon euch payment and cure ° ~ by Borrower, thie Mortgage and the obligations secured hereby ahall remain in full force and effect ae if no acceleration had occurred. ~ 20. Aseignment of Renta; Appointment ot Receiver. Ae additional security hereunder, Borrower hereby aesigns to Lender the renta of the Property, provided that Borrower ahall, prior to acceleration under paregraph 18 her4of or abandonment of the Property, have the right ta collect and retain auch rente as they become due and payable. ~ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reoeiver appointed by a rnurt to enter~pon, take poaseasion of and manage the Property and to rnUect the rente of the Property, including thoee past due. All renta ~ collected by the receiver ahall be applied firat to payment of the ooets of management otthe Property and ooUection of rents, including. but not L limited to, receiver's feea, premiuma on receiver'a bonde and reasonable attorney's feea, and then to the auma secured by this Mortgage. The ; receiver shal) be liable to aooount only for thoee rente actually received. ~ ~ 2 i a e~~~;K31z F~GE~72 , y - . - -