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HomeMy WebLinkAbout0163 t } l i S. Inspection. Lender may make or cause to be msde nessonaWa entrie~ upoa ond ia~pecdona of the property, pmvided that Lender ~hall give Borrow~ aotioe prior fo any such ilupection apecifjriag ntuonable cawe thenior nlated to I.ender'~ interest in the Property. 9. CondemastioA.'111e pmoeeds of uny award or claim for damaQes. direct or coruequential. in connectioa with any oondemnation or other taidng ot the property, or part'thereof. or for oonveyenoe in Ueu of ooadeianation. se~e h~eby assigned and shall be paid to Lender. In the eveat of e total taking oi the Property. the prooeeda ahall be applied to the ~ums ~ecured by this Mortga~e. with the euae~s. if any. -,a:~ w, r;.~..a~. ir? ~-ent af a~a,-tisl ta~inS ~L ih~ ~ra~;. ;s.:.~ ~~ztus~~ ~ r.~ L.-~dez oi.hsz~eias a~e i~ srritin~~ lt:tzc ah:.~! ~s t applied b the sums secured by this Mortgage such propo~tioa of the prooeeds aa iu equal to that proportioa which the amount of tha suma secured by thi~ Mortgage immediately prior to the date of taking bears to the fair market value oithe Property immediately prios to the dab of t talunB, ~rith the balanc~ of the proceeda paid to Borrower. ~ If the Property ia abaadoned by Borrower. or if, after notice by Lender to Borrower that the oondemnor offers b make sn award or eettle a ` cleim for damaQea. Borrower faib to respond to Lender within 30 daye ntter the date euch notioe u mailed. Lende: is autlwrized to collect aad apply We proceeds. at Lendez's option. eithet to restoration or repair of the pmperty or b the sums secured by thi~ Mort~age. Ualess Lend~ and Borrower otheiwise agree ia writing, aay such application of proceeds to ptincipal ahali not e:tend or postpone the due date oi the moathly instapmenta referred to in paragraphs 1 and 2 hereof or change the amount of such instaUmeats. 1Q Borrower Not Iteleased. Exteasion of the time for paym~nt or modification of amortizetion of the aums eecured by t~his Mortgage qranted by Lender to any aucY.~eaeor in interest of Borrower ahaU not operete b release, in any manner, the liability of the original Borrower and Borrowrr's succeasors in interee~ Lender shall aot be required to aommence ptacee~in~s again~t saeh auoceeeor or refase to eztend time for payment or otherwise modify amortization of the sums aecured by thia Mortgage by reason of ariy demand made by the original Borrower and $orrower s succeseora in intereat. 11. Forbearanoe by Iwsnder Not s Weiver. My forbearance by Lender in e:ercising any right or remedy henvnder. or otherwise . afforded by applicable law. shall not be a waive~ of or preclude We ~erciee of any euch right or remedy. The procurement of ina~uance or the ~ payment of ta:es ~ other liens or chargee by Lender ehaU not be a waiver of Lender's right to aocelerate the maturity of the indebt~edness secured by this Mortgage. 12 Remedies G~mulative. Aq remediee pmvide~ in this Mortgage are distinct aad cumulative to any oWer right or remedy nnder thia ~ Mortgage or afforded by law or eqnity. and may be e:erciee~l ooncurrently, independentiy or succeseively. 13. 3neceswrs and Assigns Bonnd; Joint aad 3e,veral Liabllity; Captlons. The oovenants and agreemente herein oontained shall bind. and the rights hereunder shall inure to, the reapective aucceaeois and aesign~ of Lender and Borrower, aubject t~s the provisions of - paragraph 17 hereof. All covenanta and agreements of Borrower ehall be joint and eev~al. The captione and headinge of the paragraphs of' - thia Mortgage an for rnveaience only and are not to be ueed to interpret or define the provieione hereof. • 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ehal! be given by mailing such notice by certified mail addresecd to Borrower at the Property Addrese or at euch other addrees as Borrower may designate by notice to Lender ae provided herein. and (b) any notice to Lender ehall be given by certified mail, returu receipt requested, to Lender's addrees etated herein or to wch otber addrees as L.ender may designate by notice to Borrow~r as provided herein. Any ~ notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaigaated herein. ' 15. Uniform ~lortgage; Govetning I.aw; 3everability. This form of mortgage rnmbines uniform oovenanta for national nee and non- uniform covenante with limited variations by jnriediction to oonstiWte a uniform aecurity inetrument oovering real pmperty.'I7~is Mortgage i shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clauee of thia Mortgege or - the Note conflicta with applicable law, such rnnflict ahall not aHect other pmviaiona of this Mortgege or the Note which can be givm effect without the oonflicting provieion. and to this end the provisions of the Mortgage and the Note are declared to be eeverable. 16_ Borrower's Copy. Borrower ahall be furnished a conformed oopy of the Note-and of thia Mortgage at the time of e~ccecution or after recordation hereof. • 1T. 'l~anafer o! the Property; Assamptioa. U all or any part of the Property or en interest therein ia eold or traneferred by Borrower without I.ender a prior written conseat, ezcluding (a) the creation of a Uen or eacumbrance aubordinate to thie Mortgage, (b) the creation of s purchaae awney aecurity interest for household applianas, (c) a trsnafer by devise, descent or by operation of law npon the death of a joint tenant or (d) the grant of any leaeehold interest of three years or leas not aontaining an option to purchaee. I.ender may. at I.ender's option. - declare all the sama eec~red by this Mortgage to be immediately due and payable. Lender ehall have waived such option to aocelerate if, prior to the sale or tranafer, I.ender and the person to whom the Property is to be eold or traneferred reach agreement in writing that fhe credit of such pereon is satisfactory to Lender and that the intereat payable on the suma secured by thia Mortgage shall be at snch rate as I.ender ehall requeat. If Lender ha8 waived the option to accelerate pmvided in thia paragraph 17, and if Borrower's aucc~eaor in inLerest has e:ecvted a j written assamption agreement acoepted in writing by Lender, Lender ahall relesee Borrower from all obligationa under this Mortgege and the r . ~ If Lender e~cercieee such option to accel~ate, Lender ahall mail Borrower notioe of aoceleration in aocordance with paragraph 14 hereoL Such notice ahall provide a period of not lesa than 30 daya from the date the notice ia mailed within which Borrower may pay the sums dedared ~ due_ If Borrower faila to pay such suma prior to the expuation of such period, Lender may, without further notice or demand on Borrowa, ~nvoke any remediea permitted by paragranh IS hereoL . 18. Aaceleration; Remedies. Ezcept aa provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement ot Borrower in t6is Mortgage, inctuding the uovenante b pay when due any sume secured by this Mortgage. Lender prior w aoceleration ehall mail notice to Borrower as prnvided in paragraph 14 hereof specitying: (l~ the breach; (2) the action required to cure suc6 breac6; (3) a date, not leas than 30 daye froa~ t6e date the notice ia mailed to Borrower, by ~vhioh such brese6 must be cured; and (4) that tailure to cure such breach on or before the date epecifies~ in the notice mdy result in acceleration of the aums e¢cured by this Mortgage, forecioaure by judicial prooee.ding and sale of the Property. The notice ehall further inform Borrower of the right to reinetate after acceleration and the right to a8eert in t6e foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to soceleration and foreclosure. If the breach ie not cared on or - before t6e date epecified in t6e noticeR Lender at Lender'e optioa may declare all otthe eumx se~red by thie Mortgage to be . immediately due and payable without further demand and mey foreclose thie Mortgage by judicial proceeding. Lender shall be entitied to oollect in sue6 proceeding all espenaea otforeclosure, including, but not limited to. reaeonable attoraey's fees, and coate of docamentary evidence. abstracte and title reporta. ' 19. Borrower'e Itjght to Reinetate. Notwithatanding L.ender a soceleration of the snms secuned by thia Mortgage, Borrower ehall have ~ the right to have any prooeedinge begun by Lender to enforce thia Mortgage diecontinue~ at any time prior b entry of a judgment enforcing thie Mortgage if: (a) Borrower p~ya Lender all euma which would be then dne ander thie Mortgage. the Note and notes securing F~ture Advancea. if any, had no acceleration occurred; (b) Borrowercures all breachee of any oLhercovenanta or agreementa of Borroweroontained in , thie Mortgage; (c) Borrower paya all reaeonable e:pensea incurred by Lender in enforcing the uovenanfe and agreements of Borrower contained in this Mortgage and in eaforcing Lenda a remedies ae pmvided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney'e fees; and (d) Borrower takes auch action as Lender may reasonably require to aasure that the lien of thia Mortgage, Lender's intereet in the Property and Borrower's obligation to pay the aums secured by thia bfortgage ahall oontinue unimpaired. Upon such payment and care . bg Borrower, thia Mortgage and the obligationa eecvred hereby ahall remain in full force and effect es if no acceleration hed occarred. 20. Assignment of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby sesigne to Lender We renta of the Property. provided that Borrower shall, prior b aoceleration under paragraph 18hereof or abandonmentof the Property.6ave We right to coUect and retain such rente as they become due and payable. Upon aooeleration under paragraph l8 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appoiated by a oourt to enter apon, take possession of and manage the Property and to collect the renta of the Property. including ihose paet due. All reata ~ collectedbythereoeiverehallbeappliedfirattopaymentottheo~taofmanagcmentofthePropertyandoollectionofrente,including,butnot limited to, receiver'e fees, pre~niuma on receiver's bonds and reasonable attorney e feea, and then to the ewne secured by thia Mortgage. The receiver shall be liable to aooount only for those renta artual~y received. C ~ i~- ? 3GuX t ~ ~ - ~ - _ , ~ . - z . _ . Lx.m...g ...-K"' ..a-r~T, s~rS . . .