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HomeMy WebLinkAbout0918 _ ( . ) . ~ - \ ~ i 8. Ia~pectioa. Lender ma~y make or eswe to bs made eee~onable amtria~ upon and 'uups~tiau of tbe property. provided that Lsndec shall give Horm~ver aotice pria~ b aay ~uch iaepsctioa ~peci~yin~ ebawaable cau~s tbenfo~ related to Leiad~'~ intete~t ia tlu Penpert,y. 9. Condemaatioa.lUe pmaeeds of any award or cl~im for dama~es. direct a oon~equsntial. in oonnectioa with aay oondemn~tion o~ oth~ tairinQ of the prop~ty, or part thareof, or for conveyanos in Gen of oonderanaeo~, ars hereby .ri~ned ~ad .hail bs peid ~o t.eader. Ia the event of a bial tskinQ of the Property. the proceeds ~hall bs applied to the ~ecwred by thi~ Mast~a~e, with tbs ezoea. if anY. paid to Borrower. In the event of e partial teia~ of the Property, nnlea Borrower and Leader oth~ ~~see in wei4n~. thers ~haU bs applied to the sua?s ~ecured by thia Mort~e~e ~uch proportion of Lhe proceeds as i~ equal to thst propotiion which the emonnt o[ the ~um~ aecured by this Mortgage immediately prior to the date of takiAa bear~ to the fair market valus of the Property immediatel,y prior to the dats ot taking, with the balanoa of tl:e pmoeed~ paid to Borrower. If the Property u abandonad by Borrower. or if, after notioe by Lender to Bo~ro~re~r that the oondemnor oifen to make an award or ~ettle a claim for damages, Borrower feils to re~poad b leades withia 30 day~ atter the date ~uch notice i~ mailed. Lendet ia anthorir~ed to ooUect and apply the proceedt. at Lender's option. e~the: to restoration or repair of the prop~iy or to the ~uan~ ~ecnnd by thi~ Mort~age. Unlees Lender end Borrower oW hrwise egree in writing. any such applicatiou of pmceeds to principal shall aot estend ~ po~tpone the due date of the monthly inetallments referred to in pasagraph~ 1 and 2 hereof or change. the amoant of snch inatallments. 10. Borrower Not Releaeed. Eztension of the time for paym~nt or modification of amortisation of the sums ~ecured by this MortQage Rranted by Lender to any euoceasor in interest of Borrower ahal! not operate to release, i~ any manner. the liability of the original Borrower and Borrower's succeasors ii~ intereat Lender shall not be required to oommenoe proceedings ageinet such auacaeor or refuse to estead time for payment or otherwiae modify amortization of the euma secvred by this Mortgage by maeon of any demand made by the original Botrower and Borrower's aucceseore in intere8t. 1 l. Forbearaaoe bq Lender Not a R?aiver. My forbearance by Lender in e:erciaing any.r{~ht or ~ymedY hereunder, or otherwiae afforded by applicable law, shall not be a waiver of or preclude the e:~ciee of any such right or nmed'y. T!?e pevear~nent of insurance or the payment of tauea or other liens or charges by Lend~ shall not be a waiver of Lender's right to aooelerate the maturity of the indebtedness aecured by this Mortgege. 12 Remedies Gtimulative. All remediea pmvided in thia Mortgage are diatinct and cumulative to any other right or remedy under t6is Nortcage or afforded by law or equity. and may be e~cercise~i concurrently, independently or suooeasively. 13. 3uooea8ors and Aseigne Bound; Joiat and Several Liability; Captions. The oovenants and agreements herein oontained shall bind, and the righta hereunder ahall inure to. the respective eucceesors and assigns of Lender and Borrower. subject to the provisions of paragrapK 17 hereof. All rnvenanta and agreementa of Borrower ahall be joint aad eeveral. The captions and headings of the peragraphe of this Mortgage are for rnvenience oniy and are not to be uaed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in anoth~r manner, (a) any notice to Borrower provided for in th ia Mortgage ahall be given by mailing such notice by certified mail addreeeed to Borrower at Lhe I'roperty Address or at such other address ea Borrower may deeignale by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requeated, to I.ender'e addresa stated herein or to euch other address ae Lender may designate by notice to Borrower aa provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated henin. 15. Uniforta Mortgage; Governing Law; 3everability. Tfiia form of mortgage combinea uniform oovenants for national uee and non- uniform covenants with limited variatione by jurisdiction to conatitute a uniform aecurity inatrument oovering real proprrty.'I~ia Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clanee of this Mortgage or the N conflicta with applicable law, auch conflict shall not afi'ect other provieions of this Mortgage or the Note which can be givea effect , with t the conflicting proviaion, and to thie end the provieione of the Mortgage and the Note are declared to be eeverable_ 16. Borrower's Copy. Borrower ehall be fiirniehed a conforn~ed oopy of the Note and of thia Mortgage at the tune of eiecution or after t ordation hereof. ' ~ 1T. 'I`ranefer of tbe Property; Aesumption. If all or any part of the Property or an interest therein ia sold or transferred by Borrower ~ 'without Lender'e prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mo ~ rtgage, (b) the creation of a i purchase money eecurity intereat for household appiiances, (c) a tranafer by devise, de.soent or by operation of law npon the death of a joint ' tenant or (d) the grant of any leaeehold intereet of three yeare or leas not oontaining an option to purchase, I,ender may, at Lender's option, ~ declere all the aume securea by this Mortgage to be immediately due and payable. Lender shall have waived anch option to accelerate if. prior tn the sale or tr~nsfer, Lender and the pereon to whom the Property ie to be eold or traneferred reach agreement ia writing that the credit of anch pereon is eatisfactory to L.ender and that the intereat payable on the auma secured by this Mortgage ahall be at such rate as Lender ahall ; request. If Lender has waived the option to accelerate provided in thie paragraph 17, end if Borrower s auccessor in intereat has e:ecuted a ~ wTitten aeanmption agreement acceptc~ in writing by Lender, I.ender ahall release Borrower from ali obligationa under thia Martgage and the ; G ti ote. ~ ` If Lender e:erciaea auch option to accelerate, Lender shall mail Borrower notice of acceleration in acoordance with paragraph 14 hereof. ~ ~ Such notice ehall rovide a E p period of not less than 30 daya from the date the notice is rr,siled within which Borrower may pay the euma declsred ~~ue. It Borrower fails to pay auch auma prior to the expiration of auch period, Lender may, without tnrther notice or demand on ~3orrower, ~nvoke any remedies permitted by paragraoh IS hereof. ~ 18. Aoceleratioa; Remedies. E:cept as provided in paragraph 17 hereot. upon Borrower's breach of any oovenant or ' agreement of Borrower in this Mortgage, including the oovenanta to pay when due aay sums secured by this Mortgage, Leader ~ ~ prior to aoceleration ehall mail notice to Borrower se provided in paragraph 14 hereof epectfying: (1) the breach; (2) the action ~ , required to cure suc6 breach; (3) a date, not lese than 30 daye from t6e date the notice is mailed to Borrower. by which such ~ ~ breach muet be cured; and (4) that failure to cure such breach on or before t6e date speciRed in t6e notice may result in ~ acceleration of the aume eecured by this Mortgage, forecloenre by judicial proceeding and sale of the Property. The notice shall ~ further intorm Borrower of the rig6t to reinetate aRer acceleration and the ri~ht to assert in the forecloeure proceedin~ t6e ? non-ezistence of a default or any ot6er defense o! Borrower to aoceleration and foreclosure. If the breac6 is not cured on or ~ ~ before the date apecified in tl~e aotice, Lender at Lender'e option may declare all of the ~ums secared by thie Mortgage to be k i mmediately due and payable without further demand and may foreclose t6is Mortgage by judicial proceeding. Lender s6a11 be ' entitled to collect in such proceeding all e:penses of forecloeure, includiag, but not limlted to, reasonable attorney's teee. and a costs of documentary evidence, abetracte and title reports. _ ~ $ 19. Borrower's Right to Reinstate. Notwithetanding Lender s acceleration of the suma eecured by this Mortgage, Borrower shall have ~ the right to have any proceedinge begun by Lender to enfotce thia Mortgege dieoontinued at any time prior to entry of a judgment enforcing _ thie Mortgage if: (a) Bormwer paye Lender all euma which would be then due under thie Mortgage, the Note and notes securing Fy~ture ; Advances, if any, had no aoceleration occurred; (b) Bore+ower cnrea all breachee of any other covenante or agreements of Borrower contained in thie Mortgage; (c) Borrower pays all reaeonable e:peneea incurred by Lender in enforcing the oovenante and agreemente of Borrowez contained in thia Mortgage and in enforcing Lender's remediee as provided in paragraph 18 hereof, including, but not limited to, nasoneble attorney e feee; and (d) Borrower takes euch action se Lender may reaeonably require to aeeure that the lie~n of this Mortgage, Lender's interest in the Property and Borrowei a obligation to pay the sums eecured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations eecured hereby ahall remain in full force and effect as if no aoceleration had occurred. Z0. Assignmeat of Rents; Appointment of Iteceiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rente - of the Property, provided that Borrower shall. prior to aoceleratioa under paragraph 18 hereof or abandonment of the Property, have t6e right to collect and retain euch rente ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehail be entitled to have a receiver appointed by a court to enter-upon, take poeseseion of and manage the Property and to collect the rents of the Property, including those paat due. All rents ~ rnllected by the receiver shall be applied firet to peyment of the ooeta of management of the Proprrty and collection of reuts, including, bnt not ~ limited to, receiver's fees, preminma on reoeiver's bonde and reaeonable attorney's fees, and Wen to the eums secvred by this Mortgage. 7~e receiver shall be liable to aooount only for thaee rente actually received. ; ; 8Q~ PdGE ~ ~ ~3 ~