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HomeMy WebLinkAbout2899 • i _ l l ~ 1 ' ' 1, / j .i ~ ; 8, In~psctlop. Lender msy make or cauae to be made reswaable eatria~ upon and in~pections of the property. proeided that Leader ~hall give Bormw~ notios prior to aay such inspection apecifYu?S reasonable caws therefor releted to Lend~'s interest in We ProperRy. 9. Coudemnadoa.'l~e prooeeds of any award or claim for dnmsSa. direct o* con~e4~a+~• i° ~°n°ochon wiW any oondemnatioa or other La1dn8 of the P~P~Y. ~ P~ ~e~f, or for conveyanoe ia lieu of oond~nnaaon. an hereby a~signed and shaU be paid to I.end~. In the event oi a total takinB of We Property, ths pmceeds sha11 be aPPlied to the sums eecured by thi~ Mostgage. with tha e~coe~a. if aqY. paid to Borrower. Ia the eveat of s partial taiun~ of the Property?. unlea Borrower and l.ende~r otherwi~e aeree in wririn~. Were shall be applied to the sum~ ~ecured by this Mortgage such Pi'oPortion of the proceed~ as is equal to that pmportion which the amount of the sums secured bY thie MortgeHe unmediately Prior to the date of WrinB beam to We fair martd value oithe Property immediatelY Prior to We date of takin8. with the balanoa of We prooeeds Paid ~o Bor~ower. . If the Prope~rty is abandoned by Borrower. or if. aRer notioe by Lender to Borrower that the oondemnor offers b make an award or eattle a P claim for damages. Bore~ower fails to respond to Lender within 30 daye aR~c the date such aotice is mailed, Leader is auLhorized to ooAect app~jr We p:ooeeds. at Lendez's option. athe: to nstoration or nPair of the property or b the eums secused by this Morfgage. Ualess Lender aad Borro~?e~r otheswise a6ree u? writing. anY snch application of proceede to princiPal ahe11 aot eutend or poetpone the due date of the monthly installments seferred La in Paragrapb° 1 and 2 hereof or chan8e tlie amouat of such instaUmenta. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortisation of the auma secured by thia Mortgage granted by Lender to any succesaor in interest of Borrower ahall not operate b releaee, in enY manner. the liability of the original Bosrower and Borrower'e sua~eseors in intereei Lender ahall not be required to oommenoe P~nBs aB~~t such euoceesor or refuse to eztend time for ps~yment or otherwise modify amortization of the aums secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrowez s aucceesors in interest. 11. Forbeare~noe by Lender Not a Waiver. My forbearance by Lender in ezercisin8 aAY ri8ht or remedy hereunder. or otherwiae afforded by applicable law. shall not be a waivez of or preclude the ~erciee of any snch right or remedy. The procurement of insurance or the payment of tazes or oWez liena or chargee by Lender shall not be a waiver of L.ender's right to aocelerate the maturity, of the indebtednesa aecured by thie Mottgage. iZ ftemediee Gtimnlative. All rPmedies provided in this Mortga8e are diatinct and cumulative to any oWer right or remedy und~ this Moricage or afforded by law or equity. and may be.ezerciee~l concurrently. u?dependent~y or au~ceeaively. 13. Suoceseore and Aesigne Bound; Jolnt and 3everal I.iability; Captlons.'I2ie oovenant8 and agreemente herein oontained ahall bind. and the rights hereundear shall inure to. the reapective aucceeeore and aasigns of Lender and Borrower,-eubjeci to the proviaions of paragraph 17 hereof. All oovenaate and agreementa of Borrowez shall be joiat and eeveral. The cappons and headings of the paregrapha of thia Mortgage are for covenience only and are not to be uaed to interpret or define the pmvisiona hereof. 14. Notice. Except for any notice sequired under applicable law to be given in another manner, (a) any notice to Borrower provided for in y thie Mortgage ehall be given by mailing ench notice by ce:ti5ed mail addreaeed to Borrower at the Property Address or at auch other addrees as Borrower may designate by notice to I.ender as provided herein. and (b) any notice b Lender ahall be given by certified mail, return receipt requested. to Lender'e addreea atated herein or to euch other addrees as Lender may designate by notice to Borrower aa provided herein. AnY notice pmvided for in thie Mortgage shall be deemed to have been given to Bormwer or Lender when given in the manner designated herein. 15. Unitorm Mortgage; (~overning I.aw; 8everabiUty. This form of mortgege combines uniform oovenante for national use and noa- uniform rnvenanta with limited variatione by jnriediction to aonatitute a uniform security instrument ooverin8 P;OP~Y. Thia Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note coi?flicts with applicable law, auch oonflid ahall not affect other pmvisiona of this Mortgage or the Note which can be given effect without the conflicting provieion. and to Wis end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be furniahed a confoimed oopY of the Note and of thia Mortgage a! the time of ezecution or after recordation hereof. ~ 17. Transfer of the Property: Assumption. If all or any pa:t of the Property or an intereat therein is aold or transferred by Borrower . withont Lender's prior written conaent, ezclading (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money security intereet for household appliancea, (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not oontaining an option b purchase, I.ender may. at Lender s option. declare all the suma eecured by thia Mortgage to be immediatelY due and payable. Lender ahall have wsived euch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be eold or traneferred reach agreement in writing that the credit of euch peraon is satiafactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at auch rate as Lender ahall requeat. If Lender haa waived the option to accelerate provided in thia paragraph 17, and if Borrower's sucoesaor in interest hae e:ecuted a written asaumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligationa under thia Mortgage and the ~ Note. ' i If Lender e:erci~es such opLion to accelerate, I.ender shall mail Borrower notice of acceleration in acoordance with paragraph 14 hereoL ~ Such notice ahall provide a period of not lesa than 30 daya from the date the notice is mailed within which Borrower may pay the aums declared due. If Borrower fails to pay such auma prior to the e:piration of auch period, Lender may, without further notice or demand on ~3orrower, invoke anY remed~es Permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Ezcept se provided in paragraph 1? hereof. upon Borrower's breach of any oovenant or agreement of Borrower in t6ie Mortgage, including the ooveaante to pay when due any sume secured by this Mortgage, Lender prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 daye from t6e date the notice ie mailed to Borrower, by which such breach must be cured: and (4) that failure to cure such breach on or before tbe date epecified in the notice me3r result in ~ acceleration of the sums eecured by this Mortgage, forecloaure by judicial proceedinB and sale of the Property. The notice shall further inform Borrower of the right to reinatate after soceleration and the right to assert in the foreclosure proceeding the non-esistence of a default or any other defenae of Borrower to aceeleration and forecloeure. If the breach ie not cured on or before the date epecified in W e notice, Lender at Lender'e option may declere all of the eums secured by thie Mortgage to be immediately due and payable without further demand and may torecloae tW s Mortgage by judicial proceeding. Lender shall be entitled to collect in auch proceeding all e:penses of foreclosure, inclading, but not limited to. reaeonable attorney's fees, and costs of documentary evidence, abatracte and title reporte. 19. Borrower's Right to Reinetate. NotwithatandinB Lender's acceleration of the sums secured by thie Mortgage. Borrower ahall have the right to have any proceedinga begun by Lender to enforce thie MortgaBe diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Bormwer paye Lender all aums which would be then due under this Mortgage, the Note and notea eecuring fl~ture Advances, if any, had no soceleration occurred; (b) Bon'ower cures all breachea of any other rnvenante or agreements of Borrower oontained in ~ this Mortgage; (c) Borrower pays e11 reseonable eiPer~s~ incurre~ by Lender in enforcing the oovenants and agrPemente of Borrower ~ oontained in this Mortgage and in enforcing Lender'a remediee ae Provided in Para6*aPh 18 hereof, includipg, but not limited to, reasonable ~ attorney's feea; and (d) Borrower tekea euch action as Lender may reaeonebly require to assure that the lien of thie Mortgage, Lender'e interest in tt?e Property and Borrowe~s obligation to pay the xuma secured by this Mortgage ehall oontinue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligatione eecured hereby ahall remain in full force and effect ae if no aoceleration had occnrred. a 20. Assignment ot Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby seaigne to Lender the rente ~ of the Property, provided that Borrower ahell. prior to aoceleration under paragraph 18 hereof or abandonment of the Pcoperty, have the tight ~ to oollect and retain such rents as they become due and payable. ~ Upon aoceleration nnder paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a ooutt to enterupon. take poseesaion of and manage the Property and to mllect the rents of the Property, including thoee paet due. All renta oollectsd by the receiver ahall be applied 5rat to payment of the costs of management of the P~ropedy and ooUection of renta, including, bnt not (imited to, receiver's fees, premiuma on receiver e bonds and reasonable attorney's fees, and then to the auma secured by thia Mortgage. The receiver shall be liable to aooount only for those rents actually received. ~ ~:~'~K 312 PA~,E 2894 - ~ _ _ . _ . _ ~ : . . . . _ .