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HomeMy WebLinkAbout0317_ . . .__. _ _ . :~ - - - - - ~ ~. ~ . ~ j~/t ~ '~-'~ 8. IDepOMIOD. I.ender mqy make or cawe to be made reawaable e~tries upon and iaspectioru of the pcopert~r. provided that Lead~ ~haU ~ive Borrowe~ notice prior to sny n~ch iiupection ~pecitying nasonabls caws therefor related to I.eader's intera~t in We Property. 9. Coademnadoa. The pmceed~ of any award or claim for daine~e~, dinct or oonsequential, in connection with any oondemnation or other taking of the proper~jr. or part thereof. or tat rnnveyanoe in lieu of eoademnation. are hereby a~aigned and ~haU be paid to Leader. In the event oi a total taking oi the Propedy. the proceeda shall be applied to the uuau secured by this Mort~ege, with the e:ceN. ii sny, paid to Borrower. ta the event of e partial taking of the Propdrty. unles~ Bo~mwer and Lender otherwi~e egree in writina. there irhaU bs applied to the suaas secured by Wu Mortgage such pmportion of tha proceeds es ie equal to that proportion which the amount of the ~ums secvred by this Mottgage immediately prior to the date of taking beara to the fair market vslue of the Property immediately prior to the dab of taking, with the balancv of the pcoceeds pai~! to Borrower. If the Property is abandoned by Borrower, or if, aRer notioe by l.ender to Borrower that the ~~.ndemnor oPtcn to make an eward or ~ettle a claim for damages. Borcower fails to respond to I.ender within 30 days after the date such notice ia mailed. I.ender is authorized bcollect snd apply the proceeds, at Lender s option. either to restoratioa o~ repair of the property or to the sums secured by this Mortgage. Unless I.ender and Borrower otherwiee agree in writing. any such ap~lication of proceeds to principal shall not extead or poetpone the due date of the monthly installmenta referred to in paragraphe 1 and 2 hereof or change the amount of auch inatallments. l0. Borrower Not Releaeed. Extension of the time for paymsnt or modification of amortization of the suma eecured by this Morigage Kranted by l.ender to any succeaeor in inter~t of Borrower ehall not operate to rele~ee. in any manner. the liability o! the original Borrower nnd Borrower'e succ~essore in interea~ [.ender ahall not be required to eommence proceedings againet auch auccessor or refuee to e:tend time for payraent or otherwise modify amortization of the suma eecured by this Mortgage by reaaon of any demand made by the original Borrower und E3orrowei a aucceasora in intereat. ~ 11. Forbearanoe by Lender Not a R-aiver. Any forbearance by I.ender in exercieing any right or remedy hereunder, or otherwiee a fforded by applicable Iaw. ehali not be a waiver of or preciude the exetcise of any auch right or remedy. The procurement of ineurance or the payment of taxea or other liens or chargea by Lender ehap not be a waiver of I.ender a right to accelerate the maturity of the indebtednees secured by thie Mortgage. ' 12 Itemedles Cumulatlve. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under this 1~iorteage or aftorded by law or equity. and may be e:ercise~l concurrently, independently or auccessively. 13.-3ucceasore pnd Aasigas Bound; Joint and 3everal Liabtlity; Captione. The rnvenants and agreementa herein rnntsinedehall h;nd, and the righte hereunder ehall inure to; the respective aucceesors and aesigna o[ I.ender and Borrower, subject to the proviaions of pnragraph 17 hereof. All covenants and agreements of Borrower ehal) be joint and eeveral. The captione and headinge of the paragraphs of thie Mortgage are [or coveuienc~! only and are not to be uaed to interpret or define the provisione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided forin this Mortgage shall be given by mailing such notice by certified mail addreased to Borrower at the Property Address or at auch other addreae aa fiorrower may deaignate by notice to l.ender as pro~-ided hereih, and (b) any notice to [.ender ehall be given by certified mail, return rcoeipt requested, to I.ender's addreas stated herein or to such other addrese ae Lender may deeignate by notice to Borrower as pmvided herein. My notice provided for in this Mortgage ahall be deemed to have been given t~, Borrower or Lender when given in the manner deeignated herein. I~. Uniform Mortgage; Gover~ing Law; Severabitity. Thia form of mortgagecombinea uniform oovenantefor national useand non- uniform cbvenante wilh limited variationa by juriadiction to oonatitute a unitorm eecurity inatrument oovering real property. Thia Mortgage shall be governed 'oy the law of the jurisdiction in whicl~ the Property ia located. In the event that any provision or clauae of thie Mo[~gage or the I~toie conflicta with applicable law, such contliM ahall not affect other provieions of this Mortgage or the Note which can be given effect w•ithuut lhe contlicting proviaion, and to this end the proviaions of the Mortgage and the iVote are declared t~ be eeverable. 16_ Borrower's Copy. Borrower shall be [urniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. ' I7.1~anster of the Property; Aeaumption. If al! or~any part of the Property or an interest therein ia sold or transferred by Borrower without [.ender's prior written rnnsent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase ~noney secarity interest for houeehold appliances. (c) a tranafer by devise, dc~ecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaBehold intereat o[ three years or less not containing an option to purchaa~ Lender may, et Lender's option, declare all the sume secureu by this Mortgage to be immediately due and payable. Lender ahall have waived such option to socelerate if, prior to the sale or transfer, Lender and the person to whom the.Property is to be eold or transferred rnach agreement in writing thut the credit of such peraon is aatislactory to l.ender and that the interest payable on the sums secured by this Mortgage ahall be at auch rate as I.ender sha!! request_ If Ixnder has waived the option to acceleratr provided in thie paragraph 17, and if Borrower's aucceseor in interest has e:ecuted a K•ritten asnumption agreement accepted in writing by l,ender, I.endershall release I3ortr-wer from all obligationa underthis Mortgageand the \ ote. . If Lender racercises auch optiun to accelerate. Lender shall mail Borrower notice of acceleration in accordance wilh paragraph 14 hereot tiuch notice shall provide a period of not less thun 30 duys from the dute the notice ia rr.ailed within which Borrower may pay the suma declared due. If Borrower tails to pay such autns prior to the expiration of auch period, l.ender may, wilhout further notice or demand on liorrower, ~nvoke any remediea petmitted by paragraoh 18 hereof. IS. Acceleration; Remediea E:cept aa provided in patagrapl~ 17 hereot. upon Sorrower's breach of any oovenant or agreement of Borrower in thie Mortgage. including t6e oovenanta to pay when due any suma secured by this Mortgege. Lender prior to ecceleration shali mail notice to Borrower an provided in paragraph 14 hereotspeciFying: (1) the breach;(2) the ection required to cure such breach; (3) a date, not lese than 30 daye from the date the aotice ia maiied to Borrower, by which euch breach must be cured; and (4) that failure to cure such breach on or before t6e date specified in the nottce may result in acceleration otthe suma secured by thie blortgage. forecloeure by judicial proceeding and sale of the Property. The notice s6all further infurm Borrower of the right to reinetate after acceleretion and the right to aesert in the toreclosure proceeding the non-e:ietence of a default or any other defense of Borrower to acreleration and foreclosure. Itthe breac6 ie not cured on or before the date apecified in the notice. Lender at I.ender'e option may declare al! ot t6e sums aecured by thie Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgege by jud'eciel prooeeding. Lender ahall be entitled to collect in such proceeding all e:penses otforecloeure. including, but not limited W. reaeonable attorney's fee3. and coats of d~cumentary evidence, abatracta and title reports. 19. Borrower'e Riqht to Reinstate. Notwithatanding Lender e acreleration of the sume eecured by thia Mortgage, Borrowerahall have the right to have any pmceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to eatry of a judgment en[orcing this Mortgege if: (a) Borrower paya I.ender all suma which would be then due under this Mortgage, the Note and notea securing Future Advances, if any, had no acceleration ocrurred; (b) Borrower curea all breaches of any other eovenants or agreements of Borrower rnntained in thie Mortgage; (c) Borrower paye all reasonable c:peneee incvrred by Lender in enforcing the covenanta and agreemente of Borrower cwntained in thia Martgage and in enforcing I.ender a remedies ae provided in paragraph 1 S hereof, inciuding, but not limited to, reasonable a ttorney'e fees; and (d) Borrower takes euch action as [.endrr may reaeonably require to asaure that the lien of thie Mortgage, [.ender's intereat in the Property and Borrower'e obligation to pay the aume aecured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure by Borrower. thia Mortgage and the obligationa eecured hereby ahal) remain in full force and effect ae if no acceleration had occvrred. Z0. Assignment of Rente; Appointment ot Receiver. As additional eec~rity hereunder, Borrower hereby easigns to I.ender the renta ~,f the Pmperty, provided that Borrower ahall, prior to acceleration under paragraph l8 hereof orabandonment of the Property, heve the right to coqect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or ebandonment of the Property. Lender shall be entitled to have a receiver appointed by a court to enter~pon, take posseaeion of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the ooeta of management otthe Property and oollection of renta, including, bnt not f imited to, receiver's fees, pcemiuma on receiver e bonds and reasonable attomey's feea, and then to the sums sec~red by this Mortgage. The rectivrr shall be liable to amount only tor those renta actually received. ~ N.~ - t ~ ..~.>,,, . ~ -..- _ ~..i~.~_.er ,,.-.. . .. -- ~~K348 PA~E 31? .~ • # _ :~s _ ~~_.