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HomeMy WebLinkAbout0731 8. Inspectioa. L,eader may make or cawe to be made i~sawaabb entries upon ~nd 'uupertion~ of the propert~~. provided thnt I.endes ~haU ~ give Bor[owe: notioe prior b any ~uch in~pection ~Peci~jrini reYenabl~ cau~e tbsrefot rslsLed Lo Leader'~ intere~t in 1he Property. ! 9. Condemnatioa.'lUs proceeds of aay award or clsim for damka. dirbct ur oon~pueAtial. in connectioa with any ooademnation or i othe: takin~ of the property. or peut theteoi, or i~r coaveyanoe in Geu o! ooadeoan,~aon, are hereby a~aigued and shall bs paid to Leader. ~ Ia the eveat of a toeal takinQ of the Property. the pmoeed~ ~hall bs applied to the sums iecured by thi~ Mort~a~e, witb tbe ezoeM. if eny. paid to Bosrower. In the eveat of e partial takit~_ of the Prnpe~ty. unles~ Borrower snd Leader othervi~s a~ree in writiag. there shall be ; applied b the suao~ secured by thi~ MortgeBe such p~oportion oi the proceed~ aa is equsl to W at proportion which the emount of the suma . i secured by this Mortgage immediately prior to the date of taking bean to the fair naarket value of the Property immediately prior to the date of , taking. aith the t>aleaa~ of the proceed~ paid ~o Borro~rer. + If the Propetty i~ abendoaed by Botrower. or if. aRet aotice by Lende: to Borrower that the ooadeinaor o~ers to make an award or ~ettle a I claim for damage~. Borrower fails b rapond to Ls?der within 30 days aRer the date such notios is mailed, Lender u authori~d to oollect and ~ apply fl~e pmceeds. at Leader s option. either to ratoration or repair oi the property or to We suau secured by this Mort~a~e. ~ Unless Lend~ and Borrower oWerwise agree in writin6. enY auch application of proceeds to priacipal ahall aot eutend or pwtpone the due i date of We monthly iastsllmenta referrod to in pera~rep~hs 1 and 2 hereof or cbange the emonal of such installmeAt~. - 10. Borrower Not Released. E:tension of the time fos paymsnt or modificatioa of amortization of the sums eecund by this Mortgage ~ grented by i.ender to any suc~sor in intereet of Borrower shaU aot operaLe to release. in any maaner. We liability of the original Borrower and Borrower's euc~.~esaors in interes~ I.ender ahall not be required b mmmence proceedinga ageinst such succesw~ or refuse Lo ezfsnd time i f~ payment or otherwise modify aniortizatioh of the auma ee~vred by thia Mortgage by reason of any demand made by the original Borrowa j and Borrow~'s euccesaore in intereat. . 11. Forbearance by Lender Not a Waiver. My forbearance by Lend~ in esercisin8 any riSht or nmody here~nder. or oWerwiie ~ afforded by applicable law, shall not be a waives of or preclude the exezciee of any such right or nmedy. Ths prpcunment of iasuraaca or the ~ payment of tazes or other liena or charges by Lender shall not be a waiver of Leader s tight to sooelerate the maturity of We indebtednes~ ~12~. Remedies Cnmulative. All nmedies provided in this Mortgage sre distinct and cumulative to a0.Y other ri8ht or remedy nnd~ tbis ? Mortgage or aPfarded by law or eqnity. and may be ezercise~i ooncurrently. independently or snooessively. 13. 3aooeesors and Assi~ns Bound; Joint and 3everd Liability; Captions.'I'be oovenante aad agreearenta herein oontained shall bind, and the righta hereunder ehall inun to~ the respective eucc~sore end assigna of Lender and Bormwer~ subject to the pmvisions of paragraph 17 hereof. All covenante and agreementa of Borrower ahell be joint and severai. The captions and headinge of the paragraphs of thie Mortgage an for covenience only and are not to be used to interpret or defiae the proviaioas haeof. „ 14. Notice. E:cept for any notice required under applicable law to be Biven in another manner. (a) any nocioe co BorroN?er provided for in this Mortgage ahall bg given by mailing auch notice by certified mail addressed to Borrower at the Property Addresa or at such other address as Borrower may deaignate by notioe to Lender as pmvided herein. and (b) any notice to I.euder ehall be given by oertified mail. nturn reoapt requeated, to I.ender's addreea stated herein or to such other addnea es I.ender may designate by notioe to Borrowe~r aa provided herein. Any notice pmvided for in thie Mortgage ahall be deemed to have been given to Borroaer or I.ender when given in the manner designated herein. 15. Uaiform 11[ortgage; Governing I.aw; 3everebility. Thia form of mortgage oombiaee uniform oovenanta for national nse and aon- ~ uniform oovenanta with limited variatioae by jurisdiction to oonstitute a uniforan eecurity instrumeat oovering real property. ~ia Mortgege ahall be governed by the law of the jurisdiction in which Lhe Property ie located. In the event thet any pmvieion or clause of this Mortgage or _ the Note conflicte with applicable law, euch conflict ahall not a~'ect other provieiona of this Mortgage or the Nole which caa be given effect ° without the ooaflicting provieion. and to thia end the provisioae of the Mortgage and the Note are declared to be eeverable. 4 16. Borrower's Copy. Borrower ehall be f~unished a oonformed oopy of the Note and of this Mortgage at the time of ~ecution or after s recordation hereof. ~ 1?.'Ilranafer of the Property; Assumption. If all or any part of the Property or an interest therein ie eold or transferred by Bosrower ~ without I.ender'e prior written rnneent, eucluding (a) the creation of a liea or encumbrance subordinate to thie Mortgage. (b) the creation of a ~ purchaee money eecurity interest for household appliancea, (c) a tranefer by devise, desoent or by operation of law npon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeare or leae not oontaining an option to pnm.hsee. I.ender may. at Lendels option, declare all the suma eecured by this Mortgage to be immediately due aad payable. I.endez shall have waived auch optioa to aooelerate if, prior to the sale or tranafer. I.ender and the person to whom the Property is to be soM or tranaferc~ed reach agrcement in writing that the credit of such peraon is satiafactory to I.ender and that the interest payable on the aume secured by thia Mortgage ehall be at auch rate as I.ender ahall request. If Lender has waived the optioa to sooelerate pmvided in thia paragraph I7, and if Borrowe~a succesaor in interest has r~ecuted a ~ written assumption agreement accepted in writinB by Lender, I,ender ahall release BocroweT from all obliga~iona under thia Mott;age and the ~ Z Note. ' V Lender ~erciaee such option to aooel~ate. Lender shall mail Borrower notice of acxelezation in sooordance with paragraph 14 hereoL ; Such noti~e ahall provide a period of not lesa than 30 days from the date the notice ie mailed within which Borrower may pay the aums declared i due. If Borrower faila to pay auch euma prior to the eupiration of snch period, Lender may. without fuTther notice or demand on $orrower. . } i u?voke any remediea permittcd by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, npon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, includiag t6e oovenants to pay when due any snms secured by this ~ortgage.I.ender ~ ~ prior to aoceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specitying: (1) the breach; (2) the adion j required to cnre wch breach: (3) a date. not less t6an 30 daye trom the date t6e notice is mailed to Borrower, by which snch i ~ breach maet be cured; and (4) that failnre to ca~re suc6 breach on or before the dete specified in the notice may reanlt in acceleration of the sume eecured bY thie Mortgage, foreclosure by judicial proc~eeding and sale of the Propecty. The notice ehall further inform Borrower of the right to reinstate aRer acceleration and the right to aseert in the forecloeure proceeding the non-ezistenoe of a defeult or any other defenae of Borrower to aoceleration and foreclosure. If the breach ie not cared on or before t6e date epecified in the nodce, Lender at Lender'e option may declare all of tbe enma secured by this Mortgage to be . immediately due and payable without further demand aad may forecloae t6is Mortgage by judicial proceeding. Lender ehall be ~ ~ entitled to oollect in suc6 proceeding all ezpeaBes of forecloeure, including, bnt aot limited to, reaeonable attorney's fees, and coste of documentary evidence, abetracte aad title reports. 19. Borrower's Aight to Reinstate. Notwithatanding Lender'a acceleration of the e~tus secured by thia Mottgage. Borrower ahall have _ the right to have any pmoeedinga begun by I.ender to enforce thia Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrowes paye I.euder all suma which would be then dae under this Mortgage. the Note and notea eeruring ~tnre Advances, if sny, had no acceleration oocarred; (b) Bormwer caree all breachee of any other covenanta or agreemeats of Borrower contained in = this Mortgage; (c) Borrower paya all reasonable eupensee incurred by Lender in enforcing the aovenants and agrcements of Bormw~ f oontained in this Mortgage and in enforcing I.ender'a remedies aa provided in paragraph 18 hereof, inclnding, but nd lizaited to. reasonable ~ ~ attorney's feea; and (d) Borrovver takea sach action as Lender may reaeonably reqnire to assure that the lie~ of thia Mortgage. Leader a interest ~ ~ ia the Property and Borrowe~a obligation b pay the auma secured by thie Mortgage ehall oontinue unimpaired. Upon such payment and cure i by Borrower. thia Mortgage and the obligationa eecured hereby ahall remain in fnli force and effect as if no aoceleratioa had oocarred. ~ ~ 20. Aeaignment of Rents; Appointment oi Receiver. Aa additional eecarity hereunder. Borrower hereby aseigns to I.ender the r~ts ~ of the Property, provided that Borrower ahall, prior to soceleration under paragraph 18 hereof or abandonment of the Property. have the right ~ ~ to oolled and retain euch rents as they become due and payable. ' ~ Upon aooeleration undez paragraph IS hereof or abandonment of the Property, Lender ahall be entided to 6ave a receiver appointed by a ~ oonrt to enter.npon, take po4eession of and manage the Property and to oollect the renta of the Property; including thoee paet due. All rents ~ oollected by the receiver shall be applied Srat to payment of the ooets of management of the Property and oollection of reata, inclnding, but not limited to, reoeiver's fees, preaninme on receiver'a bonda and reaeonable auorney's fees. and then ta the eums secared by thia Mortgage. The reoeiver shall be liable to aooount only f~ thoee rents actaaUy received. ~ ~ ~ go~~ 287 ~ .728 ~ ~ ti ~ - ..~a?.-_ t...~...~...... a.. - ~X , ,-"~r ~~~3~~~.~'..'~. ± _ - .