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HomeMy WebLinkAbout0916 ! , . ~ 8. IuspectlQn. Lender may make or cRws to be auds re~wn~ble e~trie~ upon end iaapectiona of the pmperty, provided Wat Leader ~hall give Bo~rer aotios pri~ to any wch iiupeetioa speci$ria~ reawnable cswe We:efor related to I.endar's interat ia tbe Property. 9. CondemnRdon.'IUe prooeed~ of aay award or claim for dama~es, direct or ooa~equential, in ooanection writh aay oondemnation or otH~ taking of the propert,y. or part thereot. os foe conveyanca in lien of oondemnation. are he:eby aasigned and ~haU be paid to Leadet. ~ In the event of a total Laking of tha Property, the prooeeds shell be applied to the swns eecured by thia Mortgage, with the ~oess, if any, ! paid to Borrower. Ia the eveAt of a partial taking of the Property, nnless Borrower and Lender otherwise agree ia writing, there shall be ~ applied to the suaas secured by this Mort~ag~e such proportioa of t6e proceeds as is equal to that proportion which the amount of the sums ~ eecund by thia Mortgage immediately prior to the date of takiag bears to the fair market value of the Property imaaediately prior to the date of . taking, with the balanea of tha prooeed~ paid to Borrower. If the Property is abandoned by Borrower, or if. after notioe by Lender to Borrower that the oondemnor offere to make an award or settle a claim for damagea. Borrower fails to respoad to Leader within 30 days after the date auch notice ia mailed. Lendet ia authorized to collect and apply the proceeda, at I.enda's option. either to restoration or repair of the property or to the aume eecured by thia Mortgege. Unless Lender and Borrower othervvise agree in writing. any such epgUcation of proceeds to principal shall not ea~tend or poetpone the due . date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. i 10. Borrower Not Releaeed. Facteneion of the time for paymant or modification of amortization of the suma secured by thia Mortgage granted by Lender to any aucceaeor in iatereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower's successore in interest Lender shall not be required to oommence proceedings againat auch succeseor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succeasora in intereet. 11. Forbearanoe by Lender Not a R?aiver. My forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwise afforded by appGcable law, ahall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of inaurance or the payment of t~ee or other liena or charges by Lender ehall not be a waiver of Lendei s right to aocelerate the maturity of the indebtednees aecured by thie Mortgage. 12 Remediee Cumulatjve. All remediee provided in thie Mortgage are dietinct and cumclative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be exerciee~ ooncurrently, independendy or aucceeaively. 13 Successors and Aesigne Bonad; Joint and Several I.iability; Captiona. The covenants and agreementa herein rnntained ahall bind, and the rights hereund~ shall inure to, the reapective aucceaeors and aesigns of I.ender and Borrower. aubject to the proviaions of paragraph 1? hereof. All covenanta and agreements of Borrower ahall be joint and eeveral. The captiona and headings of the paragrapha of this Mortgage are for covenience oaly and are not to be used to interpret or define the pmvieione hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ehall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreae or at auch other addrees ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeeted, to Lender's addreae atated herein or to such other addreae as Lender may deeignate by notice to Borrower aB 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 designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thie form of mortgage combines uniform oovenante for national uee and non- uniform rnvenante with limited variationa by juriediction to oonatitute a uniform security instrument covering real property. This Mortgege shall be governed by the law of the jurisdiction in which the Property is located. In the event thaS any provu+ion or cla~se of this Mortgage or the Note cnnf~icts with applicable law, euch confliM shall not affect other pmvisions of this Mortgage or the Note which can be given efl'ect «~thout the contlicting provision, and to thie end the proviaiona of the Mortgage and the Note are declared to be severable. t 16. Bo: rower'e Copy. Borrower ahall be furniehed a rnnformed oopy of the Note and of thie Mortgage at the time of ezecution or after recordation t.ereof. ~ 17. 'ISrandfer of the Property; Aseumption. If aU or any part of the Property or an interest therein is aold or traneferred by fiorrower without Lender s prior written consent, ezcluding (a) the creation of a lien or encumbraace subordinate to this Mortgage. (b) the creation of a purchase cr.oney security interest for houeehold appliances, (c) a tranefer by devise, dc~oent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeara or leae not oontaining an option to purchase, Lender may, at I.ender s option, "f declare all the aums eecurea by this Mortgage to be immediately due and payable. Lender shall have waived such option to socelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such peraon is satisfactory to Lender and that the intereat payable on the sums aecvred by this Mortgage shall be at such rate as Lender ahall request_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Boaowei s successor in interest has ezecuted a wTitten assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligatione under this Mortgage and the ti ote_ j If Lender eaercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereof_ ~ Such notice ahall provide a period of not less than 30 days from the date the notice is rnailed within which Borrower may pay the aums declared ~ due. If Borrower fails to pay such sums prsor to the expiration of such period, I.ender may, without further notice or demand on Iiorrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the oovenante to pay when due any suma secured by thie Mortgage, Lender _ prior to aa:eleration ehall mail notice to Borrower se provided in paragraph 14 bereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower. by which such ~ breac6 muet be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in acceleration of the aums secured by thie Mortgage, foreclosure by judicisl proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinstate after acceleration and the right to asaert in t6e forecloeure proceeding the ~ non-eziatence of a default or eny other defenae of Borrower to aceeleration and forecloenre. If the breach ie not cured on or ~ before the date epecified in the notice. Lender at I.ender'e option may declare all.of the sums secured by thie Mortgage to be i mmediately due and payable without further demand and may forecloae thie Mortgege by judicial proceeding. Lender ehall be ~ entitled to collect in euch proceeding all e:pensee of toreclosure. including, but not limited to, resaonable attorney's feea, and ~ coste of documentary evidence, abatracts and title reporta. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the euma eecured by thie Mortgage, Borrower shall have the right to have any proceedinga begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) t3orrower paya Lender all aums which would be then due under this Mortgage, the Note and notes eecuring Future ~ Advances, if any, had no acceleration oocurred; (b) Borrower cures all breachee of any other rnvenante or agreements of Borrower contained in ~ ihis Mortgage; (c) Borrower pays all reasonable eapeneea incurred by Lender in enforcing the oovenante and agreementa of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies aa provided in paragraph 18 hereof including, but not limited to, reasonable ~ attorney's feee; and (d) Borrower takes such ackion aa Lender may reasonably require to aesure that the lien of thie Mortgage, I.endei e interest ~ in the Property and Sorrower s obligation to pay the a~ms secured by thie Mortgage shall continue unimpaired. Upon euch payment and cure ; by Borrower, thie Mortgage and the obligationa eecured hereby ahall remain in full force and effect as if no acceleration had occ~rred. ~ Z0. Aesignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigna to I.ender the renta of the Property, pmvided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents ae they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Propetty, Lender ahall be entitled to have a reoeiver appointed by a court to enter.upon, take podeeaeion of and manage the Property and to collect the rente of the Property, including thoee past dne. All renta collected by the reoeiver eh all be applied Sret to payment of the ooete of management of the Property and oollection of rente, including, but aot limited to, receiver e fcee, prEmiuma on receiver'e bonds and reseonable attomey's fcea, and then to the sums eecnred by thia Mortgage. The ~ receiver shall be liable to acoount only for thoee rents adually received. if F ~ F ~ ;+i ~k ~lo PA6E ~7~6 ~ - ~ -