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HomeMy WebLinkAbout0921 ~ , ~ ' : . ' ~t ' - ~ 8. Inipeetion. Leader may make or cauoe to be made nawnable entries upan snd inrpections oithe property, provided that I.ender st?all give Borrower noQoe p:ior to any such inspectioa ~peci(jrin~ reasonable catue thenfor telated to Lender'~ interest in We Property. 9. Condemnation.'l~a p~roceed~ of any sward or c,laim for dama~e~, direct or con~equential. in coanection witb any oondemnation or other takiug of the property, or psrt thereof, o: for conveyance in Gen of oondannaaon, are h~eby aesi~ned and shall be paid to L,~ader. In the event of a total taldug of the Property, the proceeds shall be applied to she sums ~ecured by thia Mortga~e, ~rith the ezoe~s, if any, paid to Borrower. Ia the event of a partial taking of the Property. unlees Borrower and Lender oWanri~e agree in writin~. Were shall be applied to the sums secured by this Mortgage such pmportion of the proceed~ as is equsl to that proportion ahich the amount of the sums eecured by thie MortgaQe immediately prior to the date of taking bears to the fair market value of the Property immediattely prior to the date of caking, wiLh the balanca of the proceed~ paid to Borrower. If the Pmperty u abandoned by Borro~rer, or if. atter notioe by I.ender to Borrower that the oond~nor otfers to make aa sward or ~ettie a claim for damages, Borrower fails to respond to Lender w}ithin 30 days atter the date auch aotice is mailed, Lender is anthorized to collect and apply the proceeds, at Lender's option, eith~r to reetoration or repair of the property or to the auma eecured by this Mort~age. Unleee I.ender and Borrower otherwiee agree in writing, any euch application of proceeda to principal shall not ezLead or postpone the due date of the monthly installments referred to in paragrapha 1 and 2 hereof or changa the amount of such inetallmenta. 10. Borrower Not Released. E:teneion of the time for paymant or modification of amortizatioa of the eums eecured by this Mortgage granted by I.ender to any auccesaor in intereat of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower ~ and Borrower'a succ~eaors in intereat. I.ender ahall not be required to oommence proceedinge againat auch succeaeor or refuse to eztend time for payment or otherwise modify amortization of the sums aecured by this Mortgage by reason of any demand made by the original Borrower and Borrower'a succeseore in interest. 11. Forbearanoe by Lender Not n Walver. My forbearance by Lender in ezerciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be e waiver of or preclude the ezerciee of any such right or r~~ady:'IUe phrocurement of insurance or the payment of tazee or other liene or charge8 by I.ender ahali not be e waiver of Lendefa right to accelerate the meturity of the indebtednesa secured by thie Mortgage. 12 Remediee G~mulative. All remedies provided in thie Mortgage are distinct and cumulative to any other right or remedy under thia Mortrage or affotded by law or equity, and may be ezerciee~i concuaently, independendy or encceseively. 13. Succeseors and Aseigne Bound; Joint and 3everal Liabillty; Captione. The covenant8 and agreementa herein oontained ehall bind, and the righte hereunder ehall inure to, the reepective succeseore and aeeigns af Lender and Botrower, aubject to the provieione of paragraph 17 hereof. All covenants and agreements of Borrower ehail be joint and severai. The captiona and headings of the paragraphe of this Mortgage are for covenience only and are not to be ueed to interpret or define the provisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addreesed to Borrower at t~he Property Addrese or at such other addrees aa t3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipL ' requested, to Lender's address stated herein or to such other addreas as I.ender may deaignate by notice to Borrower ae provided herein. Any ~ notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform covenant8 for national use and non- uniform covenanta with limit~ed variations by jurisdiction to constitute a uniform aecurity instrument oovering real pmperty. This Mortgage shalI be governed by the law of the juriadiction in which the Property is located. In the event that any provinion or clause of this Mortgage or the Note conflicta with applicable law, auch conflict ahall not affect other proviaions of this Mortgage or the Note which can be given effect ~ without the conflicting proviaion, and to thia end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ehall be furniahed a conformed oopy of the Note and of this Mortgage at the time of euecution or after ~ recordation hereof. 17. Tranefer of the Property; Aseumption. If all or any part of the Property or an interest therein is sold or traneferred by Borrower ~ ~ without Lender'E prior written conaent, e:cluding (a) the creadon of a lien or encumbrance suboidinate to this Mortgage, (b) the r.reation of a purchase money eecurity interest for houaehold appliancea, (c) a~anafer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeare or leae not containing an option to purchase, Len~ier may, at Lender e option, li declare all the sums securea by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the aale or t~anefer. Lender and the peraon to whom the Property ie to be eold or traneferred reach agreement in writing that the credit of such person is satisfartory to Lender and that the intereat payable on the sums secured by this Mortgage ahall be at euch rate as Lender ehall I request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succesaor in interest haa executed a j ; written asaumption agreement accepted in writing by Lender, Lender shail releaee Borrower from all obligationa under thie Mortgage snd the ( ;r'ote. ~ If Lender exerciaea such option to accelerate, Lender ahall mail Borrower notice of acceleration in acxordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 day s from the date the notice is rr,ailed within which Borrower may pay the sums declared ~ due. If Borrower faila to pay such aums prior to the expiration of such period, Lender may, without further noiice or demand on F3orrower, ~ mvoke any remediea permitted by paragraoh 18 hereof. ~ ~ 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay when due any sumB secured by this Mortgage, Lender prior to acceleration ehail mail notice to Borrower ae provided in paragraph 14 hereof epecitying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lese than 30 daye from the date the notice ie mailed to Bonower, by which such E breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the sums secured by this Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinstate after acceleration and the right to aeaert in the foreclosure proceediag the i non-ezistence of a default or any other defenae of Bonower to aoceleration and forecloaure. If the breach ie noi cured on or ~ before the date epecified in the aotice, Leader at Lender's option may declare all of the suma aecured by this Mortgage to be immediately due and payable without further demand and may foreclose thi8 Mortgage by judicial prooeeding. Lender ehall be E entitled to collect in auch proceeding all e:penaes of foreclosure. inciuding, but not limited W, reasonable attorney'e fees, and j costa of documentary evidence. abstracts and title reporta. ° 19. Borrower's Right to Reinetate. Notwithstanding I~ndei a acceleration of the eama eecured by thie Mortgage, Borrower ahall have ; the right to have any proceedings begun by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paye Lender all sums which would be then due under this Mortgage, the Note and notee eecuring F~ture Advances, if any, had no accelerstion occurred; (b) Borrower curea all breachea of any othez covenants or agreemente of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenanta and agreementa of Borrower oontained in lhis Mortgage and in enforring Lender's remedies ae provided in paragraph 18 hereof, including, but not limited to, reasenable attorney'e fer~; and (d) Borrower takea such action as Lender may reasonably require 4o aesure that the lien of thie Mortgage, Lender's intereat in the Property and Borrower's ob;igation to pay the suma secured by this Mortgage ahall continue animpaired. Upon such payment and cure by Borrower, this Mortgage and the obligatione eecured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Asaignment of Rente; Appoiatment of Reoeiver. Ae additional eecurity hereunder, Borrower hereby aeeigne to Lender the rents of the Property, provided that Borrower shall, prior to acceteration under paragraph 18 hereof or abandonment of the Pt~operty, have the right to collect and retain euch rente aa they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender aha11 be entitled to have a receives appointed by a ~ court to enter.~pon, take poeseasion of and manage the Property and to collect the rente of the Property, ineluding thoee pest due. All renta s wllected by the receiver ehall be applied firat to payment of the ooata of management of the Property and collection of renta, inciuding, but not ~ limited to, receiver'e feea, premiume on receiver'e bonds and reaaonable attomey's fees, and then to the sume eecured by thie Mortgage. The receiver ahall be liable to acaount only for thoae rente actually received. ~0'~407 P~~~ 9~7 e F - , _ - s~ ~ . - :~r i