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HomeMy WebLinkAbout0607 . . - _ - _L. _ _ _ ' -Kilt.'. ?~ZL. - 8. Inspection. Lender may a eke or cave to b made reasonabM entries upon and inspections o[the poapesflr. priwiided that Lender shall give Rortnwer notice prier tt+ aqy such inspection epedlS?ing reasonable Danes therefor related to Lender's lateral im the Pr~oper>3r. { 8. Caademaatioa.'ILe ptooeeds of any award oe claim for damages, duect or oonsegirential, in eoonsction with any eoadeaeaatioa or other fairing of the property. or part thereof, or for oonveysaoe in lien of oonderanation, are hereby asrigaed sad shall be paid to Lender. In the event of a total taping of the Propergr, the proceeds shall be applied to the sums secured by this Mortgage, with the eozoea, if acv, - paid to Borrower. In the event cf a partial taW~g of the Property. naless Harrower sad Lender oWerwias agree is writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as ie equal to that proportion which the amonat d the some _ secured by this Mortgage immediately prior to tare date of tslring bears to the fair market value of the Property immediateb? prior to Wsdale of !eking. with the balanaa of the peooeeds paid tg Borrower. - IftheProperty is abandoned by Ilorro~rer. x i~ aRer notice by Lender to Borrower that the condemnor otters to make an award orsettlea claim for damages. $orrower fails to respond to Lender within 30 days after the date arch notice is mailed, Lroder is antharized to col?ed and app?y We proceeds, at Lender's option, dtber to restoration or repair of the property or to the sums secured by this Mo~a~e. Unless Leader sad Borrower otherwise agree in writing. any each application of proceeds to principal shall aotRSte:td a postpone the due date of the monthly installmeata referred to in paragraphs 1 and 8 hereof or change the asaonat of sock installments. i IQ. Borrower Not Released. R:Mansion of the lima for payment or modif cation of amortization of the sums secured by this Mortgage granted by i.eader to any sncceasor in intere~ei v1 Buurn,wer ei,all Hat operate to release, in any manner. the liability of tltia s.-is-iua: Borrower and Borrower's suooceaora in interest. Leader shall sot be required to commence proceedings agsina:.~nch suoceesor or refuse :+o eztend time for payment or otherwise modify amartizati~n of the sums secured by this Mortgage by reason of any demand made by the original Boxrower and Borrower's successors in interest. 11. ForbeaFanee by Lender Not a Waiver. Any forbearance by Lender in ezerasing any right or remalj? hereunder, or otherwise afforded by applicable law, shall not bE a waiver of or preclude the e:erciae of any such right o: remedy. The precateaaent of irworance or the payment of fazes or other liens or charges by Fender shall not be a waiver of Irrrder's right to a~_ ate We maturity of the indebtedaeea se. ue+ed by Win Mortgage. 12 Remedies Cumulative. All remedies providedur this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or-equity. and may be ezercised ~ncnrrently, independently or snooestiveiy. 13. Suooeasors and Assigns Hound; Joint and Several Liability; Captions. fibs covenants and agreements Mein contained shall ' bind, and We rights hereunder shall inure to, the respea'ive eaooessora and assigns of Lender and Bonvwer, subject to the provisions of paragraph 1T hereof All covenants and agreements of Borrower shall be joint and several. The captions sad headings of the paragraphs of this Mortgage are for covenience only and are not to be need to interpret or define We provisions hec+eo£ 14_ Notice. Ezcept for any notice required under applicable law to be given in anotlret manner, (s) any notice to Borrower provided far in this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower at the Property Address oral such other address as Borrower may deaignat~ by notice !o Lender as provided herein, and (b) any notice to Lem shall be given by certified mail, r+ehrrn receipt ,j requested, to Lender's address stated herein or to such older addrea as Lender may designate by notice to Borrower as provided herein. Any notice_provided for in this Mortgage shall be deemed to have been given to Borrower or Leader when gives in the manner designated herein. 15. Uniform Mortgage; Governingl.aw; Severability. This form of mortgage combines uniform wveaants for national nee and aon- uniform oovenanta wild limited variations by jnrisdiatioa to constitute: a aniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which We Property is located. In We event that any provision or clause of this ldartgage or the Note contli'cta wild applicable law, each conflict shall not affect alder provisions of this Mortgage or the Note which can be given effed without We conflicting provision, and to this end We provisions of the Mortgage and the Note are declared to be severable. Ili. Borrower's Ce!!y. Borrower shall be furnished a eonforrned Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. . 17. Transfer of the Prc.Ferty; Assumption. If all or any part of the Property or au interest Werein is sold or transferred by Borrower without Leader's prior written conscet, excluding (a) the creation of a lien or encumbrance subordinate to this 1liortgage, (b) the cr+eatian of a purchase money securty interest for household appliances, (c) a trensferby devise. descent or by operation of law upon the deaW of a joint tenant or (d) the grant of any leasehold interest of Wree years or less not containing an option to purchase, Lender may, at Lenders option; ~ J, decla-+e all We sums secures by Wis Mortgage to be immediately due and payable. I.ecder shall have waived arch option to aooelezate if, prior . to the sale ortranafPr, Lender and Weperson to-whom WeProperty islobeaold ortranafereedreach agreemcetin writing thatthecreditofsnch \ 1 person is srtisfactory to Lender and that We interest payable on We arms scarred by this Mortgage shall be at such rate as Leader shall k V request_ If Lender has waived We option to aooelerate provided is this paragraph 1T, and if Bon~owei s suooesso~r in interest has e:ecnted a . ~ 't'in assumption agreement accepted in writing by Leader, Lender shall release Borrower from all obligations nnderthis Mortgage and the ~ ~I r ~o~ ~ - ~ y If Lender ezercises such option to acxelaate, Lender shall mail Borrower notice of aooeleration in accordance wild paragraph 14 hereof ~ ; - Such notice shall provide a period of not less Wan 30 days from We date the notice is wailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the ezpiration of such period, Lender may, wiWont farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. - I _ _ ~ 18. Acceleration; Remedies. Bx cept as provided in paragraph 1? hereof, upon Borrowe'r's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ere provided in paragraph 14 hereof spe~:~ing: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 3Q days from the date the notice is mailed to Borrower, by which sndr breach must be cured;-and (4) that failure to care such breach on or before the dafi~ spedfied in the notice may result in ~ acceleration of the sums aecrrred by this Mortgage, foreclosare by judicial proceeding and sale of the 1?roperty:The notice shall t further inform Borrower of the right to reinstate after acceleration and the rigltit to assert in the forecloeare proceeding the non-ezirteace of a default or any other defense of Borrower to acceleration and f~ecloeure. If the breach is not cured on or before the date specifred in the notice, Lender at Lender's option may declare all of We soma secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proee~ding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure,_ including, bat not limited to, reasonable atxorney's fear, smd ~ coats of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to R$inatate. Notwithstanding Lenders aooeleration of the sn~ secured by this Mortgage. Borrowee shall have i the right to have any Frooeediags begun by Lender to enforce this Mortgage disoontinred at any time prior to entry of a jndgmeat enforcing :;;is 1liortgage if: (a) Borrower pays Leader all some which would be then due under ibis Mortgage, tht Note and notes securing Fpture Advances, if any, had no acceleration occsrred; (b) Borrower cures all breaches of any other covenants or agreements of Borroweroontained in this Mortgage; (c) Burrower pays all reasonable ezpensea insured by L~~.~der in eaforc;ing the eovenanta sad agreements of Borrower oontair:ed in this Mortgage and in enforcing Lender's rem~ies as provided in paragraph 18 hereof; including, bus not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably negaire to assure Watthe Lien of thin Mortgage, Lends interest' s ~ in the Property and Borrower's obligation to pay the soma secuued by this Mortgage shall continue unim ' paired. Upon sash payment and cure by Borrower, t1,is Mortgage and the obligations secured hereby shall remain in !till force and effect sa if ao aeoe3ezation ha3 oaurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security heee~mder, Borrower hereby assigm to Leader the yenta ~ of the Property, provided that Borrower shall, prior to aoceieration Hader paragraph 18 hereof or abandonmcet of the Property, have Weright iu colieci and retain such rents as they become due and payable. Uppn acceleration under paragraph I8 hereof err abandonment of the Proprety, Leader shall be entitled to have a reoeicer ~ appointed by a coact w enterarpon, ts'ye possession of and manage the Property and to Dolled the Trots of the Property, iadnding those past dae. AU rents i collected by the receiver shall be applied first to payment o° the costa of managem-,.ntof the Property and collectioobf rests; iadiiding. bat not limited to. receiver s fees, premiums on rea~iver's bonds sad reasonable attornev's fees, and Wen to the sans secored by this llartgage. The t r-~oeaver shall be liable to aoc+oant only f~ Woes rents adaally received. r i _ i Bt1~s~~ P~Cf ~ - i