Loading...
HomeMy WebLinkAbout0936 { . . j 8. Ia~peMloa. Lender may make or cauee b be made reawnable entries upon and inspection~ oithe propert~, pmvided t L.ender ahall i give Botrow~ notica prios to any such inepection specitying reatonable cawe therefor nlatld td fsn~e~?o ~iterest I4 ~ 9. Condema~doa. The proaed~ of aqy award or claim for damaQe~. direct or rnn~equential, in osanbction with ai~? ndemnatioa or other taking of the properb+. or psrt thereof. or for coaveyaace in Ueu of ooadempation. are hereby assi~ned and ehaU bs paid to Let?der. ~ In the event of a total taking of the Peoperty. We proceeds shall be applied to We sums aecured by this Mortgage, wiW the exoe~s, if e~ny, paid to Borrower. In the event oi a partial talriag oi the Prope=ty, unless Boemwer and Lender otherwiae agree in writia~, there ehall be • ~ applied to the suma eecured by this Mortgage such pmportion of the proceeds as ia equal b thet proportion which the amount of the sum~ ~ secured by this Mort~age immediately prior to Lhe data of talcing bears b the fair market value oithe Property immediately prior to tha date of talon6. ~vith the balanw? of the proceeds paid b Bonoarer. ~ If the Propaty u pbandoaed by.Borrower. or if, aRer aotioe by Lander to Borrower that the oondemnor offecs to make aa award or settle a claim for damages. Borrower faile fo reapond to Lender within 30 daya after the date such aotioe is mailed, Lendet is authorized b oollect and ~ apply the proceeds, at I.ender's option, either to natoration or repair of the property or b the eums secured by this Mortgage. Unlese Lender and Bormwer otherwise agree in writinB, anY sach application oiproceeda to principal shall not eutend or poetpone the due date of the monthly installmeats referred to in paregrephs 1 and 2 hereof or change the aawunt of such inetallmenta. ~ 10. Borrower Not Releaeed. E:teneion of the time [or paym~nt or modificatio~ of amoYtization of the suma secuted by thia Mortgage granted by l.ender to any eucceeeor in intereat of Borrower ahall not operaLe to release, in any manner, the liability of the original Borrower and Borrower's auccessors in interest. Lender ehall not be required to oommence proceedings against auch aua~eseor or refuse to e:tend time for payment or otherwiae modify amortization of the sums aecured by thie Mortgage by reason of any demand made by the origiaal Borrowa ' and Borrower a eucceaeo~s in interest~ - 11. Forbestanoe by Lender Not a VNaiver. My forb~rance by Lendez.in e:erciainEt any right or remedy hereuader. or otherwisa afforded by appGcable Iaw. ehall not be a waiver of or preclude the r~ercise of any eucA right or remedy. The procurennent of inanranoe or the payment of ta:es or other liens or charg~ by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness escured by this Mortgage. 12 Remedles Gtimulative. All remediea provided in this Mortgage are distinct and cwnulative to any other right or remedy under this ~Mortgage or af~orded by law or equity, and may be e:erciee~i ooncurrentl~y, independendy or suocesauve~y?. . , 13. Suooeseors and Assigne Bound; Joint sad 3everal Liability; Captions. The oovenaate and agreemeata herein oontained ehall bind, and the righta hereunder ahall inure to, the reapective eucceeeore and seaigna of I.ender and Botrower, eubject to the pmvisione of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of thie Mortgage are for oovenience only and are not to be used to interpret or define the provisions hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borro~ver provided for in thia Mortgage shall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addrees or at auch other addreas as Borrower may deaignate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mai1, return reoeipt~ requested, to Lender's addreea atated herein or to euch other adde+eee ae Lender may designate by notice to Borrowez aa provided herein. My notice pmvided for in this Mortgage ehall be deemed to have been given to Borrower or I.ender when given in the manner designated herEin. 15. Uniform Mortgage; Governing I.sw; 3everability. Thia form of mortgage oombinea uniform oovenanfa for national use and non- uniform covenante with limited variationa by jurisdiction to oonatitute a uniform eecurity instrument oov~ing real property.'t7iie Mortgage ahall be governed by the law of t6e juriadiction in which the Property ie located. In the eveat that any proviaion or clauee of thie Mortgege or the Note conflicts with applicable law, such conflict shall not agect other provisiona of this Mortgage or the Note which can be given eftect without the oontlicting proviaion, and to thia end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Bornower shall be fnrniehed a conformed oopy~of the Note and of this Mortgage at the time of e~cecution or after recordation hereof. 17. Tranafer of the Property; Assumpdon. If all or any part of the Property or an intereat therein ia eold or transferred by Borrower without Lender e prior written consent, eucluding (a) the creation of a Gen or encumbrance aubordinate to this Mortgage. (b) the creation of a purchaee money eecurity intereat for household appliancee. (c) a transfer by devise. deecent or by operation of law npon the death of a joiat tenant or (d) the grant of any leaeehold intereat of three years or leas not oontaining an option to purchase, Lender may, at Lender'e option. declare all the euma secured by this Mortgage to be immediately due and payable. Lend~ shall heve waived snch option to socelerate if. prior to tha eale or transfer, Lender and the peraon to whom the Property ie to be sold or traneferred resch agreement in writing tLat the credit of snch person ia eatiafactory to L.ender and that the interest payable on the suma secured by thie Mortgage ehall be at auch rate ae Lender ahall request_ If Lender has waived the option to accelerate provided in this paragraph 1~, and if Borrower s succesaor in intereat has e:ecuted a . i written asaumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligatione underthis Mortgage and the _ ~ Note. ~ ; If Lender ezercises such option to accelerate, Lender ahall mail Borrower notice of acoeleration in accordance with paragraph 14 hereoL ~ Such notice shall provide a petiod of not lesa than 30 days from the date the notice is ir.ailed within which Borrower may pay the aums declared ~ due. If Borrower faila to pay euch sums prior to the espuation of such period, Lender may, without further notice or demand on Borrower. , involce any remedies permitted by paragraoh 18 hereof. _ I - ~ ~ 18. Acceleration; Remediea Ezcept as-pmvided in paragraph 17 6ereof. upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, includiag the oovenants to pay when due any Bume secured by thia biortgage, Lender a prior to soceleration shall mail notice to Borrower as provide~ in paragraph 14 hereof epecifying. (1) t~e breac6; (2) the action required to cnre suc6 breach; (3) a date, not less than 30 daye from the date the notice ie mailed to Borrower, by which such breac6 must be cured; and (4) that failure to cure such breach on or before t6e date specified in t6e notice may result in - acceleration ot the sume secured by this bioctgage, foreclosure by judicial prooeeding and eale of the Property. The notice ehall : further inform Borrower of the right to reiaetate aRer acceleration and the right to asaert in the toreclosure proceeding the non-eziatence of a default or any ot6er defense of Borrower to acceleration and foreclosure. If the breach ia not cured on or ? before the date epecifed in the notice, Lender at I.ender's option may declare all of the sums secured by thie Mortgage to be ; immediately due and payable without further demand and may foreclose this Mortgege by judicial prooeeding. Lender ehall be entitled to oollect ia euch proceeding all ezpenaes of forecloeure, including, but not limited to, reseonable attorney'8 feee, and coste of documentary evidence, abstracts and title reporte. 19. Borrower'e Right to Reinstate. Notwithatanding Lender a acceleration of the anma eecured by thia Mortgage, Borrower ehall have i the right to have any proceedinge begun by Lender to enforce this Mortgage disoontinued at any time prior to entry of a judgment enforring thia Mortgage if: (a) Borrower pays Lender all sume which would be then due under thie Mortgage, the Note and notee securing F~ture _ Advances, if any. had no acceleration occurred; (b) Bori+~wer cures all breachee of any other covenanta or agrEem~ts of Borrower oontained in ~ thiB Mortgage; (c) Borrower paya all reseonable e~cpensee incurred by Lender in enforcing the oovenants and agreemente of Borrower ; ~ oontained in this Mortgage and in enforcing Lender's remedies ae provided ip paragraph 18 hereof, including, but not limited to, reaeonable = ~ attoraey a fcea; and (d) Borrower takea such action ae Lender may reasonably require to aseure that the lien of thia Mortgage, Lender's interest ~ ~ ~ in the Property and Borrowei a obligatioa to pay the auma eecvred by this Mortgage ahall oontinue unimpaired. Upon such payment and cure ~ ~ by Borrower, this ~blortgage and the obiigationa eecured hereby ahall remain in full force and effect as if no aoceieration had axvrred. ~ ~ Z0. Asaignment ot Rents; Appointment of Receiver. Ae additional security hereunder, Borrower hereby aseigns to Lender the rents i ~ of the Property. pFOVided that Borrower sha11, prior to aooeleration under paragraph 18hereof or abandonment of the Property, have We right = to coUect and retain snch renta as they become due and payable. ' ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a reoeive: appointed by a ~ oourt to enter.apon, tal~e poseession of and manage the Property end to collect the rents of the Property, including thoee paat due. All rents g ~ oollected by the receiver ahall be applied first to payment of the oosta of management of the Properly and oollection of renta, including, !wt not ~ limited to, receiver's fees, premiuma on receiver's bonds and reseonable attorney's feee, and then to the aums eecured by this Mortgage. The receiver ehall be liable to aooount only for thoee renta actually received. ~ ~ ~ s°oo,r287 ~ S ~ ~ ~ € 7 ~ ~ ~ _ . _ _ _ - - . -