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HomeMy WebLinkAbout1663+• ~ .+ S. I~spection. I.ender may make o~ cause W be made reaeonablerotries upon and inepectiuna of the property, provided that l.enderehall Kive Borrower notice prio~ to any euch inepection specifying reasonable cauee therefor related to I.ender'e interest in the Property. 9. Condemnatlon.ll~e proceeds of any award or claim [or damagea, direct or co~eequential, in connection with any oondemnation or other taking of the property, o~ part thee~eof, or for conveyance in lieu of condemoation, are hereby aesignrd and ehall be paid to I.ender. I~ the event of a Lotal taking of the Nroperty, the proceeds shall be applied to the sume aecured by this Mortgage, with the excess, if any. paid W Ru~ower. In the event of a pariial taking of the Property, unleae Rorrower and l.ender otherwiee aRree in writing, lhere ehall be :-pplied to the sums aecured by this Mortgage such proporiion of the proceede as is equal to that proportion which the amount of the sums secu~ed by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balancr of the proceede paid b Borruwer. If the Property is abandoned by Eiorruwer, or if, aRer notice by l.e~der to I3orrower that the rnndemnor uffera to make an award or aetUe a claim for damuges, f3orrower fails to reepond to I.ender within 30 days after the date auch notice is mailed, l~ender is authorized to collect and :ipply the proceeds, at [.ender'e option, either b reatoration or repair ot lhe property or to the eums aecured by thie Mortgage. Unless l.ender and Borrower otherwiee agree in writing, any auch application of proceeda to principal ahalt not extend or poatpone the due dt-te of the monthly inatallmente mferred to in paragraphs 1 and 2 hereof or change the amount of auch installmenta. 10. Horrower Not Released. F:xtension of the time for paym~nt or modification i-f t~mortization of the sums e~ecured by thi$ Mortgage ~;ranted by l.rnder to s~ny succexaor in interest ot f3orrower shail not operate tu mler~xe, in nny manner, the liability of the ori~Cinal ~orrower and F3orrower's succ~~surs in interest. I.ender shnll nol be rnquired lo cY~mmence prcx-ecdingx agninst such succesxor or refusse to exlend time f~~r pa~yment or otherwise modify amortizaliun of the sums scrun~i by this Mortg:ige by reu.w-n uf any demund m~de by theonRinul Borrower and t3~~rn-vver's sucre~w~rs in interc~t. l 1. Forbearance by I.ender Not a Waiver. Any forbexrance by l.ender in exemiaing any right or remedy hereunder, or otherwiee :~fforded by applicable law, shall not be a waiver of or preclude thr ~xercise of nny such riRht ur remedy. The procurement of insurance or the payment of taaea or other liena or chargea by l.ender ahall not be a waiver of l.ender's righl to nccelerate the maturity of the indebtedneas .crured by thia Mortgage. 1'L Remediea Cumulative. All mmediea provided in this Mortgage are distinct and cumulative to any other riQht or rnmedy under thie \tortrage or afforded by law or equity, nnd may be exercise~l concurrenUy, independently or aucressively. 13. Successora and Assigna Bound: Joint and Several Liability; Captions. The covenants and agreements herein c~ntained ehall t~ind, and the rights hereunder ahall inure to, the respective successors and assigns of l.ender and Rorrower, subject to the proviaions of paragrnph 1? hereuf Al) covenunts nnd agreements of Rorrower ahal) be joint and se~ eral. The captions and headings of the paragraphs of this htortgage are for coveniznce only und am not to be used to interprnt or define the provieions hereof. 14. Notice. Exmpt for t~m• nuiicr required under .~pplicnble law• to t-e given in anuther manner, lal :my notice to Bom-wer pmvided forin this Mortgage shnU be gi~en by mniling such notice b~ certified ma~il addressed to Barrov~rr at the Pn~perty Addressor at such other address as {inrrower mny desiKn~te by noticr to l.ender as pmvided hemin, t~nd Ib) any notice to i.ender ahnll be qiven by certified mail, return receipt rc~~uestecl, to l.rnder's address stated hemin ur to such othe~ uddress as I.ender may designate by notice to Fiorrower as provided herein. Any nuti~r providrd for in this Mortg~~ge shull be deemed to have been given tu &+tn-wer or I.ender when given in the manner designated hernin. 1~. Uniform Mortgage: Guverning l.aw; Severebility. This formof mortKage rnmbines uniform crovenants fornational useand non- unifurm ro~~enanls with limitecl variations by jurisdiction to mnstitute n uniform security instrument a;verin~ reUl property. This Mortgage ;hull t-e Ku~•ernecl by the law of the jurisdiction in which the YropeR}• is locatcd. In the e~•e~t that any provi~ion or clause of this Mortgage or the Note conflicts K-ith applicable luw, such a~ntlict shall not a~ffeet other provisions of thie~ MortKngP or the Note which can be given effect ~ti•ithuut the cY~nflictinK pruvisiun. ~nd tu this end the pm~~isions of the N1ortKaKe and the Note are declared to be severable_ 16. E~rrower's Copy. fiorn~wer Fhall t-e turnishrd u conformed rnpy of the Note and of thia Mortgage at the time of execution or after rcrurclation hereof. 17. Transfer ot the Property; Assumption. [f all or any part ot the Property e~r an interest therein is sold or traneferred by Borrower ..•ithout I.ender'~ prior v-ritten consent, excluding 1~) the creation of a lien or encumbrance sutwrdinate to this Mortgage, tb) the crnation of a pum!~ase mone~ aerurity interest for household appliances,lcl a trans(er by devise, d~xcent or by operation o[ law upun the death of a joinl trnant or ldl the grnnt of any leasehuld interest of three years or lesa no! containing an opfion tu purchase, I~ender may, at Lender s option, d~~cl:~re all the sums serurea by this MortgaKP to he immediately due and payable. Ixnder ahall have waived such option to accelerate if, prior a~ the sale or transfer, l.ender and the person to whom the Yruperty is to be scdd or Uansfernd reach agreement in writing that the credit of auch p~•ra~-n is satisfactory to I.ender and that the intere~t payable un the sums stevmcl t-y this MortKaKe shall t~e at such rate as l.ender shall nti~urst_ If Ixndrr h.LS w•ai~•c~ the nption to accrler.ite provided in this par.iKraph 17, .~nd if 13orruwei s sumrssnr in interc~t has executed a :.•ritten aw.tiumptiun aKrermrnt accepted in writinK b~• IAnder.l.~•ndershall re1r.~.veRorrowerfrom a1lobliKation~underthis MortgaKeandthe \ ute_ If t.endrr rxercisE~ such option to an-elerate, l.ender shall mail Korn~wer notice of acceleration in accordanm with paragraph 14 hereof. >uch nutice shall pru~•ide a peri~~c1 of not les.g ths~n:30days frum thedate the notice is m.iil~ri w•iihin w•hich Borrower mav p~iv thesums declared ~lue. If Rurrower fails to pay surh sums prior tn the~ expir:itiun of such peri~xl, lxnder may. ~•i-huut furiher notice or demand on Iforrower. ~nvoke:in}• rcmi~ciiia; ~rrmiucd by par:~Krauh 1K ht•nti~f. I8. Acceleration; Remedirs. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or aKreement of Borrower in this Morlgage, including the covenanta to pay when due any sums serured by thiw Mortgege. Lender prior to acceleration ahall mail notice to 13orrower ae provided in paregraph 14 hereofspecifying:l l) the breach; ('l) the aMion required to cure auch breach:l3) a date. not lesa than 30 days from the dete the notice is mailed to Borrower. by which such breach muat be cured; and 14) that failure to cure such breach on or betore the date epecified in thr notice may result in acceleration of the suma secured by thiR Mortgage, foreclosure by judicial proceeding and sale of the Yroperty. The noticeahall furth~r inform Rorrower of the ri~ht to reinatate after acceleration and the riqht to assert in the foreclosure proceeding the non-existence of a default or any other defense of I3orrower to acceleration and foreclosure. [f the breach ia not cured on or 1-efore the date specified in the notice. I.ender at Lender's option may declare al) of the sums secured by this Mortgaqe to be immrdiately due and payable v- ithout further demand and may foreclose this Morlqage by judicial proceeding. I.ender shall be t~ntitled to collect in such proccedinR all ~::pens~~ of foreclosure, including. bul not limited to, reasonable attorney's feea. and i•oxts ot documentary evidencc. abstracts and title reports. 19. Borrower's Right to Reinatate. Notwithet<+ndinK I.ender's acceleration c+f the suma secured by this MortgaRe, Borrower ahall have the right to have any pmceedinks begun by I.ender to enforce thia MortKaKe discontinued at any time prior to entry of a judgment enforcinq this Murtgage if: ta1 Borrower pays I.enaer all aums which wnuld be then dae under this Mortgage, the Note and notes securing Future Advances, if any, had no accelerntion occurred:lb) I3orrower cures all breaches of any otherrnvenants or agreements of A~rrowerconlained in this MortKage; fc1 Korrower pays all reasonable expensea incurred by [.ender in enforcing the covenants and agreements of E3orrower contained in this l~iortgage and in enforcing I.ender'a remedies ax provided in r~araqraph 18 hereof, including, but not limited to, reasonable attorney a fees; and (dl E3orrower takes auch action as l.ender may masonably require to assure that thelien of this Hlortgage, [.endei a intemet in the Property and E3~rruwer's obligation to pay lhe sums secured by this Morlgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mort~CaRe and the obliqationa secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Renta; Appointment of Receiver. As nddilional security hernunder, Borrower hereby assigns to Lender the rnnts ~~ftheProperty,providedthatEiorrowershall,priortoaccelerationunderparagraph IShereoforabandonmentoftheProperty,havetheright to collect and retain auch mnts as they become due and payable_ Upon acceleration under paragraph 18 hereof or abandonment of the }'roperty, I.ender shall be entitled to have a receiver appointed by a oourt to enter upon, take posaesaion of and manage the Property and to collect the rents of the Property, including those past due. All rnnte collected by~the receiver shall be applied first to payment of the costs of management of the Property and rnllection of renfs, including, but not limited W, receivei s fees, premiums on receiver's bonda and reasunable attorney's fees, nnd then to the aums secured by thie Mortgage. The receiver ahall be liable to account only for those rents actually received. ~ 6 ~ ~~'~"c^`~-~'~ - . '~ ~,~~ `~R~~7 ~~~~~~ ~ ~~,~. . y`f ~~.•~~ 7