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HomeMy WebLinkAbout0921 . ' , . ~ 1 . ~ ~ a~ . 8. Iaspsction• Iwader miU? auke os cavse to be msdsre~wiu?b1~ mtries upon iind inrpection~ of tl~ prop~rqr. p~ovided Wat Iw~s ~hall Qiw Bormwee aotios prior to aqy ~nch ia~pectioA ~pe~ci~yint nawnebl~ caws thereta~ rel~tal to Lendec'~ interat ta t!w p4npeet3r. 9. C~oademn~don. The prooesd~ oi aW? awerd or claim for dam~e~. direct or oon~eqnsntial. ia oonnecatoa wntli aqy oondwnnat~on a: other talrin~ ot the P~P~b?. oe part tbe~f. or tar o~wyenos in lien of oondemaa6on. are bereby as~i~nd sad ~heU be paid to Leadar. In the eveat of a total taking oi tha PropertY. We pevoesds shall be applied b We snms ~ecured by tbis MartQa~e. with the eacoa~. if scU?. paid to Borrower. In the eve~t of a partial takins of the Property. unlaa Borco~rer wd I.ende~ otberwias agres in weiting. thers shall bs applied io the wm~ ~scured bY thia Mo~a~e snd? ~oPatian af the pmoeeds aa i~ equal b that pe~opoction ~rWch the amonnt ot tbe ~um~ eecured bY this Mort~sBe ic~m«liataly prios tfl t6e date o~ tstin~ bear~ to We fair martet value oithe Propedy immediatsly prior to tbe dats of te~ia6. with the balanoe of the proceed~ Paid to Borro~rer. If the Peoperty i~ abandoaed by Borro~var, or i~ sRes Aotica by Lead~ to Ba~rower thet the oondamaor ogers to make an award or ~etW a clai~a~ for dam+~8a. Borrower fails to respond to Leader ~?ilhin 30 days after the date such aotioe is meiled. Leader ie anthorirAd to oollect and aPP1Y ~e peooeed~. at Lender'~ option. eithet to reetoration os repair ot the parope~ty or to the swns se~wred by thi~ Mort~+~e. Ualea I~der and Borrower oWenirise agree in writine. aaY snch appucaiion oipmoaeds to principal shall not eztss?d o~r postpoaa tha dw dxts of tbe montb~y izutallments refarred to in paragraPhs 1 and Z hereof or change the aawunt oi euch installme~ata. 10. Bomower Not Released. E:tension of the time for payms~a! os modification of amortisation of the aums secared by thi~ Morf~e~s granted by Lez~der to anY auccess~r in intereat of Borrower ahall not operate to release. in any manner~ the liebility of t}ie original Boriowa: and Borrower's sucresaon in interest Lender ahall not be required to oomraenoe prooeedines against auch suoceseor or refwe to eztend time for payment or otherwise modify amottisation of the suma securecl bY this Mortgage by reason of any demaod ,nade by the ~iginal BormwQ aad Borrower'a auocessors in interea~ 11. Forbearanoe by Lender Not a Weiver. Any forbearancs by Leader in eierciaing any ri8ht wr nmedy hanunder, or otheswi~s a~'orded by applicable lew. ahall nat be a waiver of or preclude We e:ercise of any ench right or nmedy. The pzocurement of insuranoe at the payuaent of tases or othar liena or cha:ges by I.end~ ahalf not be a wraivet of I.eude~'e right to aooelerate the maturity of the indebtednea eecnred by this Mortgage. • . , 12. Remedies Cumulsttvo. All remedies provided in this Mortgage are distinct and c~unulative ta aqy oth~ right or remedy nnder this Mortgage or afforded by law or equity. and may be ez~ciee~i ooncurrently. independendy or snaoeesively. 13 3ueoeesors and Asslgns Bound; Joint and Several Liability; Captions. The covenanb and agreemeuta herein oontaiaed aball ~±en~~ A~ the rights hereund~ shall innre to. the respective auooessors and assigns of Lender and Borroaer, subject to the provisioas of oarngraph 17 hereof. All oovenants and agreements of Bormwer shell be joint and several. The captions and headings of the paragrap2u ~ this Mottgage are for ooveaience only and are not Lo be aead to interpnt or define the p~ovisions hereof. 14. Notice. E:cept for any notice required undes applicaWe law to be given w aaother mann~. ta) any noaoe to Bo~rower ~rovided f~ in thia Mortgage shall be given by mailing anch notioe by certified mail addrPased to Borrower at the Property Addras or at such other sddt~ew ea Borrower may deai8nate by notioe to Lender as pmvided hetein. and (b) any notioe to I.ender shall be given by certified mail, retum reoeipt requested. to I.ender's addresa atated htrein or to auch other addrees ae Lender may deai~Tnate by notioe to Botrower as provided herein. Aqy notice provided for in thia Motfgage shall be deemed to have been given to Botrower or Lez?der when givea ia the manner d~signated herein. 15. Uniform Mortgage; Governing Law; Severability.l7~is form of morfgege oaubines nniform aovenants for national nse and non- uniforn? covenants with limited variationa by juriedidioa to o~natitute a aniform aecurity instrnarent oovering nal property.lLie Mortgage shall be governed byi the Iaw of the juriadiction in which the Property is locatsd. In the event that any pmvision ar clanse of thia Mortgage or the Note rnnflicts with applicable law, such contlict ahall not atfect other pmvieions of thie Mortgage or the Note which can be given effed without the oonDicting provision. and to thia end the provisiona of the Mortgage and the Note are deciared to be severable. 16. Bon~ower's Copy. Borrowe~r shall be fnrniehed a conformed oopy of the Note and of thie Mortgage at the time of e:ecutioa or after recordation hereof. 17. 'l~anefer pf the Property: Assumption. If all or any pad of the Property or an intereat therein ie eold or tzansferred by Borrower vrithout Lender's prior written conaent, e:cluding (a) the creation of a lien or encumbrsnce subordinate to thia Mortgege. (b) the rreation of a purchaee aaoney security interest for household appliances. (c) a transfer by devise. deaoent or by operation of law npon the death of a joint tenant or (d) the grant of any leaeehold interest of three years or leae not oontaining an option to pu~haee, Lendec may. at Lender's option, declar~ all the auma eecurea by this Mortgage to be immediately due and payable. Lender shall have waived sucL optioa to accelerate if. prior to the sale or tranefer. Lender and the person to whom the Property ia to be sold or traneferred reach egrcement in writing that the credit of snch ' pereon ia eatiafactory to Lender and that the interest payable on the stuos sec~ired by this Mortgage ahall be at auch rate as I.ender ahell ~ ~ request. If I.ender has waived the option to accelerate provided in thie paragraph 17, and if Borrowe~a euoceesor inrinterest hes ezecuted a I written aasumptioh agreement aocepted in writing by Lender, Lender ehall release Borrower from all obligatione underthia Mortgage and the ~l Note. ~ If Lender e:ercises such option to accelerat~, Lender shall mail Borrower notice of soceleration in accordance vrith pataBraph 14 hereoL Such notice ahall provide a period of not lesa than 30 daya from the date the notice is rr.ailed within which Borrower may pay the sume declared ( due. If Barrower faile to pay euch sums prior to the e:piration of such period, L.ender may, without further notice or de~nand on $orrowet. i invoke anY r~nedies permitted by patagraoh IS hereof. 18. Accelerstion; Remedies. E:cept ae provided in paragraph 17 hereof. upon Borrower'8 breach of an~* oovenant or agreement ot Borrower in this Mortgage, including ~he aovenants to pay wben due asy sums secured b~? thie Mortgage, Lend~ prior to acceleration shaU mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a d~te, not leas than 30 daye [rora the date tbe notice is mailed to Bornower, by whlch sucb ~ breach must be cured: and (4) that failure to cure such breach on or before the date specifled in the notioe mely rewlt in acceleratton of the eume secured by this Mortgage, forecJ~r?a re by judicial proceeding and sale of We Property.'Tbe aotice shall furt6er inform Borrower of the right to reinetate aRer acceleratfon and the right to aseert in t6e foreclosure proc~ediag the non-ezistence of a default or any other defense of Borrower to aoceleration and foreclosure. If t6e breach is not cured on or before the date apecified in the notice, Lender at Lender's option may declare all of the sume eecured by this Hortgage to be ~ i mmediately due and payeble withoat further demand and may forecloee this Mortga~e by judicial prooeeding. Lender shall be entitled to collect in euch proceeding all ezpenaee otforecloeure. includjng, but not limited to. reaeonable attorney'r fee~. and s costs of documentary evidence, abstracts and title reporte. ~ 19. Borrower's Bight to Retastate. Notaithstanding Lender a acceleratioa of the aume eecured by this Morigage, Borcower shaU have ~ the right to have any pt~ooeedings bepun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a jndgmeat enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes secusing Futnre , Advances, if eny, had no acceleration occurred; (b) Barrower curea all breaches of any othet covenarite or agreemmb of Bortower oontained in ; thie Mortgage; (c) Borrower pays all reasonable expenaee incur~ed by Lei?der in enforcing the covenants and agreem~ts of Borcower oontained in this Mortgage and in enfor~ing I.ender'e remedies as pmvided in paragraph 18 hereof, inclnding, b~ not limited to. reeaonable r in ~ attorney's fees; and td) Borrower tal~ea auch action as Lender may reaeonably reqaire to aesure that the lien of this Mortgage, Leader's intee~est in the Property and Boreower's obligation to pay the auma secured by this Morlgage shall continue unimpaired. Upon sach paymeat and'care i by Borrower, this Mortgege and the obligationa secured hereby shall remain in full force and effect ae if no aoceleration had occarred. P Z0. Aeaignment of Rents; Appointment of Rec~eiver. As additionel eec~rity hereunder. Borrowrr hereby seeigne to Lender the seats i of the Property, provided that Borrower ahaU, prior to aoceleration under paragraph 18 6ereof or abandonment of the Property. have the right ' to colled and retain euch renfs as they become due and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled b have a receiver appointed by a ~ oourt to enternpon, take poeaeasion of and manage the Property and to oollect the renta of the Proprrty, including thase past due. All rents oollected by the receiver aha11 be appiied firat to payment of the oosts of manageroent of the Property and oollection of rents, including. bat not timited to, receiver a fcee. premiwns on reoeiver e bonds and reaeonable attomey's fees. and then to the sums secvred by this Mortgage.'!be receiver ahall be liable to aooonnt only for thoee rente actually reoeived. • ~ ~ - • E~'~353 ~wE 919 . ~ , { ~ , . . ~ , . , . . . .