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HomeMy WebLinkAbout0741 ~ ~ . • ~ • . , ' • , , • 8. 1n~peMlop. Leader may make or cauee to be made reewnaWe eatrie~ upoa and itupectiotu of the property. pmvided tl~at l.endu ~hall give Horrower notice prior to any such itupection speci[yir?~ reasoaable caws there[or nlated b Leade~ s intereat in the Property. ; 9. Coademnwtion.'ll~s pwceeds of aay award or claim for dama~es. direct or coa~equential. lil CORII9C~IOD WlL}I 6[1~1 OQRdIldl718t10A O! ~ othe~ takin~ of the properbr. or patt thenoi, or for oonveyanca in lieu of oondannatioa. are hereby awiQned as~d ~hall be paid b l.ender. ~ Ia the eve~t of a total takin6 of the Prope~rty. the proceed~ ~haU be applied to We suaas sacured by this Mortgage, with the ~ce~a. if aaY. paid to Borrower. In the event of a pairtisl takin~ of the Property. unles~ Bor[ov?~' end Lend~ otherwise agree in writin~. there ahaU be applied to the auuu secured by thi~ Modgage such proportion ot the prooeeds as ii equal to that propo~tion which the amount of the sums { eecured by thia Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the da~e of ' taking. wiW the balanca of the proceecb Paid to Borrower. i If the Property is abandoned by Bore+ower. or if. aRer notiee by Leader to Bocrower Wat the oondemnor ofters to make an a~rard or settle a j claim for damages. Borrower faib to nspoad to I.ender arithin 30 dsyr~ aft~et the dete such notioe is mailed, I.eudes is authorired b collect and ~ apply the proceeds. at Lender's optioa. either to restorstioa or repair of the pTOperty or to the suma secured by this Mottgage: ~ Unless Lend~ and Borrower otherwise agree in wrritinB. anY such application of proceeda b principal shall not estend or poetpone the due ~ date of the monthly installmenta referred to in paraSraph~ 1 and 2 hereof Qr chan~e the amount of such inetaUmenta. ~ 10. Borrower Not Reteased. Extension of the time for paymant or modiScation of amortization of the sums sec~red by this Mortgege ; granted by Lender to any suocessor in intereat of Borrower ehall not operate to release. in any manner. the Uability of the original Borro~ver and Aorrower'a euccessora in interest Lender ahall not be reqaired to oommence proocedinge againat such sua~eseor or ref~se to e:tend time for payment or oth~wiee modify amortization of the sums aecured by thia Mortgage by reason of ar~y demand made by the original Borrower and Borrower's succeseore in interes~ 11. Forbearnaoe by I.eader Not s Watver. My forbearanoe by I.ender in e=ercising any right or remedy hereunder. or otherwise ai~orded by applicable law. ahall not be a waiver of or preclude the e~cercise of eay such right or nmedy. The procue~nent of insurance or the payment of t~es or other Uene or chargee by Lender ahall not be a waiver of I.ender's right to aocelerate fhe meturity of the iadebtednese eecured by thia Mortgage. - - 12 Remediea Cumulatlve. All remedies provided in thia Mortgage are distinct and camulative to an other right or remedy under this Mortgage or afforded by law or equity. and may be e~cerci~ai ooncurrendy. independeady or sucaessivel~r. 13. Suoceaeors and Assigna Bound; Joint and 3everal Liability; Captions. The oovenanta and agrcementa herein aontained shall bind, and the rights hereunder shall inure to. the respective succesaors and aesigns of Lender and Borrower. aubject to the proviaions of paragraph 171~ereof. All oovenante and agreementa of Borrower ahall be joint and eeveral.'ihe captions and headings of the paragrephs of this Mortgage are for covenience only and are not to be ueed to intetpret or define the provisions hereof. ; 14. Notice. E:cept for t+ny notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in : thia Mortgage ahall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addrese or at euch other addrees ae ~ Borrower may deeignate by notice to Lender as provided hereia. and (b) any notice to I.ender ahall be given by certified mail. return receipt ~ requeated, to Lender's addreas atated herein or to such other addr~s as Lender may designate by no4ce to Botrower ae provided herein. My S notice pmvided for in tbis Mortgage-ahaU be deemed to have been given to Borrower or Lender when given in the mannet designated herein. ~ 15. Uniform Mortgage; Governing I.aw; 3everability. Tt~ie form of mortgege combinee uaiform oovenants for national use and non- ~ unifoim covenante with limited variatione by juriadiction to oonatitute a uniform eec6n'Eyi7 sRrument oovering real pmperty.'11iie Mortgage ~ shall be governed by the law of the juriadiction in which the Property ia located. G the event that any provision or clanee of this Mortgage or the Note conflicta with applicable law, euch rnnflict ehall not af[ect other pmvisione of thie Mortgage or the Note which can be given effect ~ without the contlicting pmviaion, and to thia end the proviaions of the Martgage ~nd the Note are declared to be eeverable. 16. Borrower'~ Copy. Borrower ahall be furnished a oonformed oopy of the Note and of thia Mortgage at the time of e~cecution or after reoordation hereof. 17. 'ltiransfer of the Property: Aesumption. U aU or any part of the Property or an intereet W erein ia eold or transfared by Borrow~ without I.ender's prior written rnnaent, ezcluding (a) We creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchaee money secvrity interest for household appliancea, (c) a tranefer by devise, descent or by ope~ation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or less not oontaining en option to purchase. Lend~ may, at Lendefe option. ~ declare all d.e suma eecurea by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer. Lender and the person fu whom the Property is to be eold or tranaferred reach agreement in writing that the credit of anch ~ person is satisfactory to I.ender and tt~at the interest peyable on the auma eecured by thia Mortgage ahall be at such rate as I.ender shall ~ request. If I.ender has waived the optioa to aocelerate provided in this paragraph 17, and if Borrower e sutt~essor in intereet hae e:ecuted a ~ written assumption agreement accepted in writing by Lender, Lender ehall release Borrowez trom all obligatioas under this Mortgage and the ~ Note. ~ ~ If Lender e:ercasea auch option to accelerate, Lend~ ahall mail Borrower notice of acceleration in aocordance with paragraph U hereoL ~ f ~ ~ Such notice ahall provide a period of not leas than 30 day a from the date the notice is mailed within which Borrower may pay the anma declared ~ due. If Borrower faila to pay auch suma prior to the e~piration of such period, Lender may, without furthez notice or demand on Eiorrower, ; j ?nvoke any remedies permi~ted by paragra~h 18 hereof. ~ i 18. Aoceleration; Remediea Ezcept aa prnvided in paragraph 17 hereof, npon Borrower's breach of any oovenant or ~ ' agreement ot Borrower in thie Mortgage, inclading the oovenants to pay when dne any aums secured by this Mortgage, Leader = prior to acceleration e6a11 mail notice to Borrower as pmvided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not lese than 30 days ~om t6e date. the notice is mailed to Borrower, by which sac6 breach muet be cared; and (4) that failure to cvre euch breach on or before the date epecified in the notice may result in ~ acceleration of the sums eecured by this Mortgage, forecloaure by judicial proceeding end eale of the Property. The notice shaU further inform Barrower of the rig6t to reinetate after acceleration and t6e right to assert in the foreclosure proceeding the non-euatence of a default or any other defense of Borrower to-aoceleration and foreclosure. If the breach ia aot cured on or ` before the date epecified in the notice, I.ender at Lender'e option may declare all of the suma secured by thia Mortgage to be . ; immediately due and payable without further demand and mey forecl~e thie Mortgege by judieial proceeding. Lender ehell be ~ ; entitled to rnllect in anch proceeding all e:penses of forecloeure, including, but not limited to, reaeoneble attorney'e fe~. and ? : coeta ot documentary evidence, abstracts and title reporte. ~ 19. Borrower'e Aight to Reinetate. Notwithetanding L.ender s aoceleration of the sums secured by Wia Mortgage, Borrower ahall have ~ the right to have any proc~eedings begun by Lender to enforce this Mortgage discontinued at any time prior to enhy of a judgment enforcing thie Mortgage if: (a) Borrower pays I.ender all eums which would be then due under this Martgage; the Note and notes eecuring Fnture Advances, if any, had no acceleration axvrred; (b) Borrower cures all breachea of any other covenante or agreemente of Borrower oontained in ~ this Mo:tgege; (c) Borrowrr pays all reasonable eupensea incun~ed by I.ender in enforcing the covenants and agreements of Borrower oontained in thiB Mortgage and in enfotcing Lender'e remedies as provided in paragraph 18 hereof, induding, but not limited to, reseonable ~ attorney'e feea; and (d) Borrower takea such action ae I.ender may reaeonably require to assure that the lien of this Mortgage, Lender's intereet a in the Property and Borrowe~a obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon euch Rayment and cure ~ by Borrower, this Mortgage end the obligatione aecured hereby shall remain in fiill force and effect es if no acceleratioa hed oocurred. ~ Z0. Aesignment of Rents; Appointment of Receiver. As additional eec.vrity hereunder, Borrower hereby eseigna to Lender the renta 3 ~ of the Propezty, provide~ thet Borrower shaU, prior to acceleration ander paragreph 18 hereof or abandonment of the Property, have the right ~ to colled and retain ench rents as they become dne and payable. ` Upon acceleration under paragraph 18 hereof or abandonment of the Property. I.ender shall be entitled to have a receiver appointed by a s ~ oourt to enter~npon, take poseeesion of and manage the Property and to collect the rente of the Property, including those paat dne. All renta ooUected by the receiver ahaU be applied firat to payment of the oosts of management of the Property and oollection of rents, inclnding. but not ~ ~ limited to, receiver's fees, premiums on receiver e bonds and reaeonable attorney'e feea, and then to the anms eecured by thia Mortgage.'ILe ' ~ reoeiver ahall be Gable to sooount only for thoee rente actually received. ~ ~ ~ ~ ~ ~ R 287 ~~E 738 ~ ~ 6001( ~ _ , _ .r~._.. - - ~ - ~~5 ~-a .-.t. . ~ _ .