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HomeMy WebLinkAbout0098 ; 8. Inspection. Lendar mey make or caws to be made rM~onable ent~ie~ upoa aad 'uupectioru oithe property, provided that Lead~ ahall • Qiw Borrorver aotice prior b aqy such uupection specit~rin~ rauoaable cauae therefo~ related to Lepder'a intee~at in the Propeity. 9. Coademnatton. ~,a Roo~aa ot ~,y sward or claim tor aamasa•. di~cc ~ cou.equ~,aal. iA oo~u,eccion wiw auy aondamn.aon os other tahiaQ of th~ pmperRy. or part th~eof. or ior oonveywos in li.u of oondemmaon, ars hereby as.i~ued and .hall bs paid co I.eader. In the event of a~otal taicin~ of tAe ProPe~,Y. We proceed~ shaU bs applied to We aum~ ~ecured by thia Mozt~a~e. with ths ~oeM. it a?~Y. paid to Borrower. In We eveat ot a partial taldn~ of the Prope:qr. unlea Horrower aad Leader otherwi~s sgres in writin~. tl~ece ~hall bs appGed to the ~ secured by thL Mo~a~e s~h proportioa of We prooeed~ as iu equal to tbat pro~ortion which tbe amount ot the ~um~ secured by this MortBeSe immediately prior to tb~ dats oZtal~ bean ~ t~s fair marlcet value of the Property ia~aaediately prior to We date of taldaB. wiW the balena~ ot the prooeeds paid 11 Boceowrr. ~ Iithe Property is aban~aed by Bozrowa:. or if. alter notioe by Lendee to Ao~rrower that the aondeannor offen b maks an a~vard or ~sttle e cleun for damages, Borro~ver feil~ tQ respond to Leader ~vithin 30 dqri aft~er the date ~uch notioe i~ mailed, I.ender is auWorised `o oo~lect and apply We p~ooeeds. st I.endd~ option, eith~ b re~toration or repair of the paropert,~r car to the ~ums secnred by thi~ Moitga~e. Unlea Lsnd~ aad Borrower otherwi~e aQres in w~ritin~. any such application of pmceed~ to principal ahall not eYt~d a~ pwtpone the dne _ date ot the montl~y uutallmenb referrad to in paragrapbs 1 ead 2 hereoi or change the aaannt of such installments. 10. Borrower Not Releaaed. Bactension of the time for paym3nt or wodificatioa of amoztisation of the swas eecuend by this Mortgage granted by Lendec to any snooessor in intcrest of Borrorver ahall not operate to release. in eny mann~. the liability of the original Borrower . and Horrower'e suoceseors ia intenst. Lender shall not be required to o~mmenoe prooeodings against such suooeseos or refuse to ~tend time for payment or otherwise modify amortisation of the eums secured by this Mortgage~ Y~opsoiany danend made by the oTiginal Borrowe: and Borrowds eucceseors in interesk • 11. Forbearanoe by Leadas Not a Wdver. Any fo:bearance by La~der in e:eerising any right or nmedy hereunder~ or othe:wi~e agorded by applicable law~ shall not be a waiv~ of or preclude the esercise of any such right or remedy. The pe~ocur~ent of insmanoe or the payment of ta:es or othe~ liens or charges by I.endar shall not be a waivec of Lender's right to accel~ate the maturity of the indebtedae~e eecured by this Mortgege. _ 12 Remedies G~malative. All remedies provided in this Matgage are distinct and cnmulative to aay other right or nmedy nnder this Morlgaa~ee ot afforded by law or equity. and may be e:ercise~l ooncarreatty. independa~ntly or suooeasivdy. 13 Suooessors and Asai~u Bound; Joipt and Several I.iabl[ity; Captton~. The covenants and agreementa herein a~ntained ehall bind, and the rig6t~ hereunder shall innre. to. the respective snooessors and aisign~ of Leader and Borrower. sabject to the proviaions of paragraph 17 hereot All covenants and agreementa of Borrower ahaU be joint and sevaal. The captione and headings of the paragraphs of this Morf$age an for covenienoe only and are not to be used to interpret or define the provisions hereof. 1~. Notice. Ezcept for any notioe required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be givea by mailing such aotice by certi5ed mail addreseed to Borrower at the Property Ad.irees or at euch other addrees as Barrow~ may desigaate by notioe to Lender as provided herein. and (b) any notice to I.ender ahall be giv~ by oertified mail. retarn reoeipt requested. to Lcnder's address aLated berein or to s~ other addrese aa Lendes may designate by notioe to Bormwe~ as provided herein. Any notice pmvided for in this Mortgage ahali be deemed to have been given to Borro~ra or Lender when givea in the manner desigasted herein. 15. Uniform ~ortga~e; Governing I.aw; Severabllity. Thia form of mortgage oombines aniform oovenants for national use and non- uniform oovenants with limited variationa by jurisdidion to oonetitate a uniform eecurity instrument oovering real property.lliis Mortgage ehall be governed by the law of the jurisdiction in which the Property ia locat~ed. In the event that any proviaion or clause of this Mortgage or the Note rnnflicts with applicsble law. such contlict ehall not affect other pmvisiona of thia Mortgage or the Note which caa be given effed without the oonflicting provieion, and to thia end We proviaions of the Mortgage attd the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be fumiehed a oonformed aopy of the Note and of thie Mortgage at the time of ezecation or aft~r reoordation hereof. ~ ~ . . 17. Transfer o! ihe Propesly; Assumption. V all ar any part of the Property or an interest therein is eold or transferred by Borrower without Lender'a prior written cons~a?k esclnding (a) tbe aeation of a lien or encvmbrance eubordinate to thia Mortgage, (b) the creation of a purcheae money aecurity intereet for honaehoM appliances, (c) a tranefer by deviee. desoent or by operation of law upon the deaW of a joint tenant or (d) the grant of any leaeehold intereat of three years or lees not oontaining an optioa to purchase; Lender may. at I.ender's opRion, declare all the euma eecuren by this Mortgage to~be immediately dne and peyable. Lender ehall have waived ench option to accelerate if. prior to the aale or tranafer, Lender and the pereon to whom the Property ia to be eold or transferred reach age+~emeat in writing Wat the creditof anch ~eracen ie aati~factory to Lender and that the intereet payable on the~euma secured by thie Mortgage ahall be at such rete as Leader ehell reqnest. If Lender haa waived lhe option to aooet~ate pmvided in this paragraph 17. and if Borrowe~s suaceseor in interest has e:ecuted a written assumption agreement aocepted in writing by Lender, Lender shall releaae Bprrowes from all o~bligations under this Mortgage and the i Note. ~ If L~der ~erciees euch option to accel~ate, Lender ehall mail Borrower noticx of aocele~ation in aocordance with paragraph 1~ hereoL t Soch notice shall provide a period of not leee than 30 daya from the date the notice is mailed within which Borrower may pay the eums declered ; due. If Borrower faile to pay anch sume prior to the apiration of such period, Lender may. without further notice or demand on Borrorver~ - j invoke any remediea permitted by paragra~h 18 hereof. f 18. Acceleration; Remediea Ezcept as pmvided in paragraph 1? 6ereof. npon Borr~wer's breach of any owrenant or ~ agreement oi Borrower in this l~tortgage, inclnding the oovenents to pay when dne any snms secared by thie ~tortgage, Leader prior to sooeleration sball mail notice to Borrower as provided in paragraph 14 hereof ~pecifying: (1) the breach; (2) the adion E required to cure snch breach; (3) a date, not less than 30 days trom the date tbe notice is mailed to~Borrower, by wl~ich snch breac6 must be cured; aad (4) that tailnre to cure such breacL on or before the date specified in the notioe may resnlt in acceleration of the sums secured by thia Mortgage, foreclosure by judicial pmcee~ing and sale of the Property. The notice shall further inform Borrower of the right to reinetate aRer aooeleration and the ri~ht to assert in the forecloeure prooeeding tLe non-ezistence oi a defanlt or an,q other defease of Borrower to aoceleration and foreclosare. If t6e breacb L not c~red on or before tbe date epecifted in the notic.e, Lender at Lender's option m~y declare all of tbe snme secured by t6is Mortgage to be immediately due and payable without turther demand and may foreclose this Mort~a~e by judicial prooeeding. Lender ehall be entitled to oollect in auch proceeding all ezpenses of foreclosure, inclnding, bnt not ILnited to, reasonable attorney's fees, end coste ot documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of the sama secured by this Mortgage. Borrower ahall hsve . ~ the right to have any ptnc~eedings begun by I.ender to enforoe this Mortgage dieoontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Bormwer paya I.ender all anme which would be then due ander this Mortgage, the Note and notea eecaring I~ture Advances, if any. had no aoceleration oocurred: (b) Borrower cures all breachea of aay other oovenanfs or agreementa of Borrower oontained ia this Mortgage; (c) Borrower pays aU reaaonable ezpensee incarred by L.euder in enforcing the aovenants and agreementa of Borrower ~ oontained in thia Mortgege and in enforcing Lender's remedies aa provided ia paregraph 18 hereof, inclading. bnt not limited b, reasonable ~ attorney's fces; end (d) Borrower takes such action as I.ender may nasonahly require to assure that the lien of thia Mortgage, I.endds interest ~ ~ in the Property and Borrowes'e obligation to pay the sume secured by Wis Mortgage ehall oontinne unimpaired. Upon sach payma~t and cure a by Borrower. thie Mortgage and the obligations eewred hereby ahall remain in fnll to~oe and effect sa if no acceleration had oaatrred. Z0. Assignment of Rents; Appointment of Reoeiver. As additional aecurity here~nder. Borrower h~eby aasigns to Le~der the reata , ~ of the Property, provided that Bormwer ahall. prior to aoceleratioa under paragraph 18 hereof or absndorimeat of the Prope:ty. have the right ~ to coAed and retain sach rents as they become due and payable. { ~ Upon acoeleration nnda paragraph 18 6ereof or abandonment of.the Property, L.ender shall be eatided to have a receiver appointed by a ' oourt to enterapon, take posseasion of and manage the Property and to ooUect the renta of the Penperty. including thwe past due. All rente j e~llected by the receiver shall be applied Srat to payment of !he oosts of management of the Property and oolleciion of rents, inclttiding. bnt aot ~ limited to. receiver's fees, preminms on receiver'a bonda and reasonable attorney'a fees. and thea to the anma secured by fhia Mortgege.'!be reoeiver shall be liable to acoount only for those renta actually received. ~ ~ ~ : ~ BOOiI~B~ PA6E ~ ~ . . ~ J, 4 _ _ _ y,. - _ - ~...,s=.~ C"2 7`.c_.:.M-~. v_ r-r~ , x r.. Pi . . . ~'4e-.~_'sc.-'. ",-S°~ .