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HomeMy WebLinkAbout0155 . • • 8. Inspectioa. Lender ma~y make or cawe b be made reewnable entrie~ upoa eurd'uupectiocu of the propert,y, provided Wat Lend~ shall give Borrower notice prior to any such in~pection speci$ring reasonable cawe therefor related to Lender i interest in the Pmperty. 9. Condemaation. Ttie proc~eed~ of any award or cl~im for d~m~~. ~ir~ct ~ evas~~nii~l. ia coan~.=iion with any oandemnatiau ar othe~ talring of We pmpe~ty. oar psrt thereof, or for cot?veyance ia lieu of oondemnation, an hereby asaianed and shall bs paid to Leader. I~ the ev~t of a total taking of the Property. the pmceeds shaU be applied tqtbe auau ~ecured by thi~ Mortgage. with the ezoea. if any, paid to Borrower. In the event of a pa~tiial Laking of the Prop~ty. unleas Borrower and Lender otherwise agree iu ~vriting. there shaU be. applied to the sumr ~ecured by this Mort~aQe auch proportioa of tbe pmceed~ as ia equal to that proportion which the amount of the ~uau eecund by this Mortgage immedialely prior b the date of taking beeu+e to the fa'v market value of the Property immediately psior b the dets of talcing, with the balanoa of the proceeds paid to Borrowe:. If W e Properf~y u abandoaed by Borrower. or it, aRer notioe by Lender to Borrower that the oondemaor ogers to make an e~rard or ~ettk s claim for damages. Bormwer fails to respond to I.ender withia 30 days afLer the date such botice is mailed. Lender ia suthorired to oollect and apply the pe+oceeds. et I.endar's option, either to restoration or npair of the property? or to the eums secured by Wia Mortgage. Unles~ Lead~ sad Borrower otherwise agree in writing. any such application oipmceedi to principal ehall not ~tend or postpone We due date of the monthly installmenta referred to in paragraphe 1 and 2 her~of or chan~e tbe aedonnt of such installmenb. . 10. Bbrrower Not Released. Extensioa of the time for paymant or modification of amortiaation of the sums aecur4d by thia Mortgege granted by Lender to any sucoessor in intenet of Borrower shall aot operate to releaae. in any manner. the liability o`~ the original Borrower and Bormwrr's auocesaors in interes~ Lender rhall not be required to o~mmenee pmceedinga againat such successor or refuse to eztend time for payment or otherwiae modify amortization of the auma secured by thia Mortgage bg reaeon of any demand made by the original Borrower and Borrower'e auccessors in interee~ 11. Forbearanoe by Leader Not a Waiver. My forbearaace by i.ender in esercieing apy right or remedy hereuader. or otherwi~e afforded by applicabla la~r. ahall not be a waiver of or preclude the e:ercise of any snch iight or remedy.l~e procurement of insuranoe or the payment of tasea or other 6ens or charges by Lendez aha11 not be s waiver of Lender'e right to soceleraee the maturity of the indebtednesa eecured by thi~ Mortgage. ~ 12 Remedies G`~mulative. All remedies pmvided in this Mortgage are distinct and cumulative to any other right or remedy nnda tLis Mortgege or afforded by la~r or equity. and may be e~erciaeti oouc~urendy. iadependendy or s~ooessively. 13.8uoceesors and Aseigne Bound; Joint and 3everal LiabiUty; Captioas. The covenanta and egreementa herein oontained ehall bind, and the righta hereunder shall inure to. the r~pective ancceasors aad asaigns of Lender and Borrower, aubject to the provisiona of paragraph 17 hereof. All oovenanta and agrcements of Borrowu ehall be joint and eeveral.'11ie captione and headings of the paragrapha of thia Mortgage are for covenience only and are not to be used to intetpret or define We provisions hereof. 14. Notice. Excepttor any notice rPquired under applicable law to be given in anothrr manner, (a) any notice to Borrower provided [or in this Mortgage shall be given by mailing auch notice by oertified mail addressed to Borrowes at the Property Addreas or at euch other addnee aa - Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shaU be given by certified mail, retum receipt requeated, to Lender s addrees etated hezein or to auch other addrese as I,ender may deeignate by notice to Borrower ea pmvided hezein. My notice provided for in this Mortgege shell be deemed to have been given to Borrower ar Lender when given in the manner designated hezein. 15. Unitorm 11[ortgage; Governiag Law; 3everability. Thia form of mottgage oombinea uniform oovenants for national uee and non- uniform covenants with limited variationa by jurisdiction to aunatitute a uniform security inatrument oovering real pmperty.'Iliie Mortgage shall be governed by the law of the jurisdiction in which the Pro(?erty ia located. In the event that any pmviaion or dause of this Mortgege or - ihe IVoie contiicts with appiicable Iaw, auch conflict ahall not a~ect other provieione of this Mortgege or ine Nol~ which ran be given effect without the oonflicting provision, and to thie end the provisions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniahed a conformed oopy of the Note and of this Mortgage at the time of e~cecution or efter reo9rdation hereof. 17. 'Iyranefer of the Ptoperty; Aesumption. If all or any pad of the Property or an intereat therein is eold or tranaferred by Borrower without Lender's prior written consen~ excluding (a) fhe creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchase money eec~rity iatereat for houeehold appliancea, (c) a transfer by devise, descent or bjr operation of law upon the death of a joint tenant or (d) the grant of any leasehold inter~eat of three yeare or leas not containing an option to purchase, Lender may, at Leadei s option, declare all the suma secured by thia Mortgage to be immediately due and payable. Lende~r shall have waived such option to aocelerate if, prior to the eale or tranafer, I.ender and the person to whom the Property ia to be eold or transferred reach age~eement in writiag that the credit of snch ~ peraon ie aatisfactory to L.ender and that the interest payable on the aume secured by thia Mortgage shall be at auch rate as Lender ehall request. If Lender haa waived the option to acoelerate provided in thia parsgraph 17, and if Borrowei s auccesaor in intereet hae ezecuted a j written assumption agreement acoepted in writing by I.ender, I.ender shall releaee Borrower from aU obligationa under thia Mortgege and We Note. . ; If Lender e~ercises auch option to accelerate, Lender ahall mail Borrower notice of acoeleration in acoordence with paragraph 14 hereoi ~ Such notice ahall pmvide a period of not leas than 30 daye from the date the notice ia mailed within which Borrower may pay the aums declared due. If Borrower fails to pay such auma prior to the expiration of such period. Lender may, without further notice or demand on I3orrower, ~nvoke any remedies permitted by paragranh 18 here~of. S S ~ 18. Acceleration; Remedies. E:cept as prnvided iq paragraph 17 hereof. upon Borrower's breach of aqy covenant or ~ agreement of Bortower in thie Mortgage. inclading the ooveaante to pay when due any sums eecured by this Mortgage, I.ender prior to aoceleration a6a11 mail notice to Borrower ae provided tn paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 daye from the date the aotice is mailed to Borrower, by which ench breach muat be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in acceleration of the sume eecured by thie Mortgage. foreclosure by judiciat prooeefling aad sale of the Property. The notice ehall further it~form Borrower of the right to reinstate aRer acceleration and the right to aseert in the forecloeure pmceeding the non•ezistence of a default or any other defense of Borrower to acceleration and foreclosnre. If the breach is not cured on or before the date specified in the notice, Lender at Lender'.a option mey declare all of the eume aecvred by this Mortgage to be immediately due and payable without further demand and may toreclose thie Mortgage by judicial proa~eediag. Lender ehall be entitled to oollect in such procecding all e:peneea of foreclosure. including, but not limited to, reasonable attorney's feea, and coats of documentary evidence, abstracte and title reporte. ~ ' l9. Borrower's Right to Reinetate. Notwithatanding Lender a aoceleration of the aums aecured by this Mortgage, Bosrower shall have the right to have any proceedinga begun by Lendez to enforce this Mortgage disoontinued at any time prior to entry of a judgment enforcing thia Martgage if: (a) Borrower paye Lender all suma which would ~e then due nnder this Mortgage. the Note and notes eec~ring l~ture Advancee, ifany, had no acceleration oocvrred; (b) Borrower cures all breachee of any other oovenante or agreementa of Botrower ooatained in ~ this Mortgage; (c) Borrower pays all reasonable e~cpensee incurred by Lender in enfotcing the oovenanta and agreemente of Borrower - ~ oontained in this Mortgage and in enforcing Lender a remedies aa pmvided in paragraph 18 hereof, including, bnt not limited to, reaeonable s attoraey'a fees; and (d) Borrower takes auch action se I.ender may reasonably require to aaenre that the lien of this Mol~tgage, Lender'a interest ; ~ in the Property and Borrower a obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon snch payment and cnre ' by Borrower. thie Mortgage and the obligationa secured hereby shall remain in full foroe and effect ae if no aoceleration had oocurred. ~ ~ Z0. Asaignmeet ot Rents; Appointment ot Receiver: Aa additionel eecurity hereunder, Borrowrr hereby aseigns to Lender the rents ' ~ of the Property, provided that Borrower ahall, prior to aoceleration under paragraph I S hereof or abandonment of the Property, have the right ~ to rnlled and retaiv auch rents as they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a reoeiver appointed by a oourt to enterapon, take poseeeaion of and manage the Property and to collect the rente of the Property, including Woee paat due. All renta ootlected by the receiver ahall be applied firet to payment of the oosts of management of the Property end oollection of rents, including, but not limited to, receiver's feee, premiums on receivei a bonda and reasonable attorney'e fces, and then to the suma secured by thia Mortgage. T6e receiver shall be liable to aoo~vnt only for those renta actually reoeived. . ~ ~ R ; y ~ 8~~~ 288 ~~A~. 155 ~ ~ ~ - ~.ti~ . : - ~ _ _ - - y .Y+~" ~i f, _ _ a~.."_ yia = ~..:"~d~ '.:.J _+c .i ~ ~r'~.'F:~~ ~