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HomeMy WebLinkAbout0948 ; , , ~ 1 , 8. Inspeetion. [.eadsr may make or cauae b be made reawaabie eatrie~ upoa and 'uup~ctions of ebe peopez~r. provided Wat Iwnd~r ~haU give Bormwer aotiot prior b aqy wch itupectioa specibrin~ reawaabb cau~s Lha~etot relatsd to Leadac'~ inbewt iA tM Prop~jr. 9. Condemaadon.'lUe pcooesd~ of any a~rard or claim for daa~~es. dir~ct or ooo~equential. ia connertion wiW aqy oond~mcu~tion or other ta~ of the property. or part thereof. or for conveyance ;n lien of ooAdaanadoa are herebY a~a~ned and shell be paid to Leader. In the event ot a totel taking of the Propedy. We prooeed~ ~hall be applied to tl~e sum~ ~ecured by this Mort~s~a. wi W tM e=oe~a, if anY. paid to Borrowrer. In the event of a psrtial takit~g of the Property. unlee~ Borrowrer aad Leader otherwi~e agree in writin~, there ahaU be appGed tfl the wau sec~ued by this Mott~age anch proportioa of the procaed~ as u equal to that pmportion which the amount of We ~ums eecured Dy this Mortgage imadediataly prior to the date of taking bes» ~o the feir market valne of the PcopertY immediaWy priur to tha daLe of taking, with the belanoa of !he pe~oceed~ paid to Borrower. ' If W e Property i~ abandoaed by Borrow~. oT ii. aRer notice by Lender to Borrower that the oondea~nor oQer~ to make aa award or ~ettle a claim for damages. Borrorver faiL to re~pond to Leader within 30 days after the date such notioe ie mailed, L~d~ ia authorised to coAect and apply the procbeds. at I.ende~s option, either to ndoration or repair of the property or to the sums secured by thia Moet~aga Unless I.euder end Borrowrr otherwise agree in arriting. aay such applicatioa of prooeede to principal ahall not eztend ot po~tpone the due date of the monthly inataliments ref~red to in paragraphs 1 and 2 hereof ~r change Lhe amount of such iastallments. 10. Borrower Not Relea~ed. E:tension of the time for paymant or modification of amortization of the auma secured by this Mortgage ~ranted by Lender to any suocessor in intereet of Borrower ahaU not operate to releaae, in any manner. the liability of the original Bormwer and Borrower's aucceseors in intereet- I.ender shall not be required to commence procecdings against such auc~aor or refuee to eztend time for payment or otherwiae modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a auccessore in interest. 11. Forbearance by I.ender Not a Waiver. My forbearance by I.ender in ezerrieing any right or remedy herennder, or oWerwise affarded by applicable law. ehaU not be a waiver of or preclude the ~ercise of any auch right or remedy. The procurement of ina~uance or the paymeat of tauee or other liena or charges by Lender ahall not be a waiver of I.ender a right to aocelerate the maturity of the indebtedness aecured by thia Mortgage. - 12 Remedies Gtimulatjve. All remedies provided in thia Mortgage are diatinct and cum~:lative to any other right or remedy under this biortrage or afforded by law os equity, and :nay be exerciee~i ooncwrendy, independently or auoceseively. 13. Succeseors and Aseigne Bound; Joint and Several Liability; Captione. The rnvenants and agreementa herein wntained ehall bind, and the righte hereunder ahall inure to, the reapective aucceseors and aesigne of Lender and Aorrower, aubject to the pmvieiona of paragraph 1? hereof. All covenants and agreementa of Borrower shall be joint and eeveral. The captions and headings of the paragrapha of thia Mortgage are for covenience only and are not to be ueed.to interpret or define the pmviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in anoth`r manner, (a) any notice to Borrower pmvided for in thia Mortgage shall be given by mailing such notice by certified ruail addreaeed to Borrower at the Property Addreae or at such other addn~ss as Borrower may designate by notice to Leader ae prcvided herein. and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to Lender'e addreas etated herein or to euch other addreas as Lender may deeignate by notice to Borrower as provided herein. My notice provided for in thie Mortgage ehall be deemed to have been given to Botrovver or Lender when given in the manner deaignaf~ed herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thie form of mortgage combinea uniform oovenante for national uee and non- uniform covenanta with limited variations by juriedictioh to rnnatitute a uniform aecurity inatrument oovering real property. This Mortgage shall be governed by the law of the juriediction in vrhich the Property ie located. In the event that any proviaion or clause of this Mortgage o~ ~ the N~te conflicts with applicable law, auch contlict ahall not affect other provisiona of this Mortgage or the Note which can be given effect ~ w~thout the oonflicting pmviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 3 16. Borrower's Copy. Bortower ahall be~rniehad a conformed oopy of the Note and of thia Mortgage at the time of e~ccecution or after ' rec;o.dation hereof. ~ • h: ~f ' 17. Tranefer of the Property umption. If all or any part of the Property or an int~reat therein ia eold or traneferred by Borrower ± without Lender E prior written rnneent, e:cluding (a) the creation o~a lien or encumbrance subordinate to this Mortgage, (b) ihe creation of a ~ purchase money eecurity intereat for houeehold appliancea, (c) a transfer by deviae. deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold intereat of three yeare or less not oontaining an option to purrhaee, Lender may. at Lende~s option, declare all the auma eecurea by thie Mortgage to be immediately due and payable. I.ender ahall have waived such option to aocelerate it; prior to the sale or transfer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the intereat payable on the suma eecured by thie Mortgage shall be at auch rate aa Lender ahall request. If I,ender has waived the option to aacelerate provided in thia paragraph 17, and if Borrower's aucceasor in intereat haa ezecuted a written aasumption agreement accepted in writing by Lender, I.ender shall releaee Borrower from all obligations under thia Mortgage and the \ ote. If Lender e:ercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in aocordance with paragraph 14 hereot 5uch notice shall provide a periad of not leas than 30 days from the date the notice is mailed within which Borrawer may pay theaums declared due. If Borrower fails to pay such sums prior to the eapiration of such period, Lender may, without further notice or demand on ~3orrower, ~nvoke any remediea permitted by pazagraoh 18 hereof. 18. Acceleration; Remediea. Ezcept as provi in paragraph 17 hereof. upon Borrower'e breach of any oovenant or agreement of Borrower in t6is Mortgage, including e oovenante to pay when due any sums secured by thie Mortgage, Lender prior to acceleration shall mail notice to Borrower ae rovided in paragraph 14 hereof specifying: (1) the breach; (2) the action - required to cure such breach; (3) a date, not leae than daye from the date the notice is mailed to Borrower, by which such breach mnet be cured; and (4) that failnre to cure suc breach on or before t6e date specified in the notice may reeult in i acceleration of the eume secured by thie Mortgage, forecld~nre by judicial proceeding and sale of the Property. The notice shall s further inform Borrower of the risht to reinstate aRer acceleratioa and t6e ri~t to assert in the foreclosure proceedin~ t6e ~ non-esistence of a default or atiy other defense of Borrower to aoceleration and forecloeure. If the breach is not cnred on or before the date specified in t6e notice, Lender at Lender'e optiou may d@clare all of the ~ums secured by t6is ~ortgege to be " immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender e6a11 be entitled to collect in auch proi,~eeding all e:penses of foreclosure, including, but not limited to, reaeonable attorney'e f¢ee~ and costa of documentary evidence, abstracte and title reports. 19. Borrower'e Right to Reinetate. Notwithatanding Lender'a accelerarion of the eums secured by thie Mortgage, Borrower ehall have ~ the right to have aay proceedinga begun by Lender to enforce thia Mortgage dieoontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Bo=e+ower pays I.ender all eume which would be then due uader thie Mortgage, the Note and notee eecuring Fy~ture Advances~ if any, had no aooeleration occurred; (b) Borrower curee all breaches of any other oovenaate or agnements of Bon~owet contained in this Mortgage; (c) Borrower pays all reaeonable e~penaea incurred by Lender in enforcing the covenante and agreements of Borrowe~r rnntained in this Mortgage and in enforcing Lender'e remediee aa provided in paragraph 18 hereof, including. but not limited to. reasonable attorney'e feea; and (d) Borrower takea Buch action as L.ender may reaaonably require to aseure that the liea of thia Mortgage, L,ender'e interest i n the Property and Borrower a obligation to pay the sume eecured by thie Mortgage ehall continue unimpaired, Upon euch paymeat end cure by Borrowez, this Mortgege and the obligations ee~vred hereby shall remain in full force and effect as if no aoceleration had ocxurred. Z0. Aeaignment of Rents; Appointment oi Receiver. Ae additional aecurity here~nder, Borrower hereby aeeigna to I,ender the reats o f the Property; provided that Borrower shall, prior to soceleration under paregraph 18 hereof or abandonment of the Property, have the right co colled and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abaadonment of the Property, Lender ahall be entided to have a receiver appointed by a court to enter~pon, take poseeaeion of and manage the Property and to collect the rents of the Property, including those pest due. All rents collected by the receiver shall be applied first to payment of the ooeta of management of the Property and oollection af rents. including, bnt not limited to, reoeiver's fees, preminms on receiver'a bonds and reasonable attorney's fees, and then to the auma eecared by this Mortgage. The receiver ahall be liable to aooount only for thoee tente actually received. • n~ . )~~R 1~1~ PdGE 9~0 ~ ; - - ,e~,~ ~ ' a.~~ . _ 1 _ - ~ ~ ~