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HomeMy WebLinkAbout0948 8. in~pecUon. Lender may make or causa to be made reswnable entrie~ upon aad inspections of the pmperty, pmvided that Lendes ~hall give Horcower notioe prior to any such inspectioa ~pecifying reawnable cau~e theref~ related b I.endei s interest ia the Property. : 8. Condemnatioa.'111e proceeds oI any aweud or claim for dama~es. direct or con~aQueatial. in rnnnection with any oo~demnation or other taidng of the pmperty, or part theraof, or ior conveyance in lieu of rnndemnatioa, ars hereby awi~ned and shall be paid to I.endcr. ` In the event of e bte~l taking ot the Property. the pmceeds ahall be spplied to the suws secured by this Mortgage, with the ~cea. if any. ; paid to Borrower. Ia tha eveat of i? pertial takinQ ot the Prope~Ay. unle~s Borrowa and Lender otherwiee agree ia vrriting, then shell be ~ applied to the suau aecured by lhis Murt;age such pmportio~ ot the proceed~ as is equal to that pmportiop which the amaunt of the sums ! eecured by this Mortgage immediately prior to the date of taking bears to the feir markd value oithe PropeKy immediately prior Lo the daLe of s taking. with the balanoa of the proceed~ paid W Bore~ower. ~ ! If the Propcrty iu abandoned by Borrower. or if. $fter notioe by Lender to Borrower that the oondemnor o~len to make an sward or settle a f claim for damages, Borrower faila fo respond to I.ender wilhin 30 days after the date euch notice is mailed, I.e~der ia authorized to rnUect and eppty the pwoeeds. at Lender's option. either b restoretioa or [epair of the property or to the sums secured by fbis Morfga~e. ~ Unless Lender and Borrower otherwise agree in writine. anY euch application of prooeeds to principal shaU not eutend or postpoae the due date of the monthly inatallmenb nferred to ia paragrephs 1 and 2 hueof or chanBe the amount of such inetaltments. 10. Borrower Not Released. E:Lension of the time for paymant or modificatioa o! amortizatioa of the sutns secured by thie Mortgage granted by I.ender to any succeseor in intereat of Borrower ahall not operate b release. in any manner, the liability of the original Borrower } and Botrowei a succesaors in interea~ I.ender ahall not be requiied to oommence proceedings against auch aucceasor or ref~ee b extend time ~ for payment or otherwise modify amortization of the suma eecured by this Mortgage by reason of any demand made by the original Borrower and Borrowei a euccesaore in interest. I1. Forbearance by I.ender Not a Waiver. My forbearance by Lender in ~ercising any right or nmedy hereunder, or otherwise ; afforded by applicable law. shaU not be a waiver of or preclude the e:erciae of any such right or remedy. The procuranent of insurance or the ' payment of ta:es or other liena or chargea by I.ender shaIl noi t~ a waiver of Le~ier'e ridhi ta a+xe2~raLe Lhe maturity of Lhe in~i~bL~ittess ! aecnred by this Mortgage. - 12 Reraedies Cumulative. All remediee provided in this Mortgage an dietinM and cvmulative to any other right o: remedy undu this Mortgage or at'fforded by law or eqnity. and may be exercised ooncurrently. independendy or sucoeasively. : I3 3ucceasors and Assigne Bouad; Joipt and 3everal l.lability; Captioas. The rnvenanta and agreementa herein oontained shall } bind, arid the righte hereunder shall inure to, the reapective succeaeors and assigna of Lender and Borrower, subject to the proviaions of ; paragraph 17 hereof. All covenants and agreementa of Horrower ahall be joint aad eeveral. The captions and headings of the parngraphs of ' thia Mortgage are for covenience only and are not to be used to interpret or define the pmviaions heteof. t 14. Notice. Ezcept for any notice required under applicable law ta be given in anoth~ manner, (a) any notice to Borrower provided for ia ~ this Mortgage ehall be given by mailing auch notice by certi6ed mail addreaeed to Borrower at the Property Addreea or at euch other addrese as Borrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to I.ender's addrees atated herein or to such other addrees ae Lender may deeignate by notioe b Borrower as pmvided herein. Aay notice provided for in this Mortgage ahall be deemed to have been given to BoFrower or I:ender when given in the manner deeignated ha~ein. ~ 15. Uniform ~ortgage; Governing I.aw; 3everabillty. Thia form of mortgage combines uniform oovenante for national use and non- uaiform rnvenante with.limited variationa by jnriadiction to oonetitute a uniform security inatrument oovering real property.'Iliia Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clauee of this Mortgage or ; the Note conilicts vrith applicable law, euch rnciflict ahall not at1'ect other provieiona of this Mortgage or the Note which can be given ePfect F without the oonfticting proviaion, and to thia ead the provieiona of the Mortgage and the Note are declared to be eeverable. : 16. Botrowet's Copy. Bosrower shall be fumiahed a conformed oopy of the Note and of t6ia Mortgage at We time of ezecutioa or after recordation hereof. } 17. Trenafer of the Property; Assumption. If all or any part of the Property or an interest therein is eold or traneferred by Borrower _ without I~nder'e prior written consent, ezcluding (a) the creation of a lien or encvmbrance aubordinate to thie Mortgage, (b) the creation of a ` purchase money aecurity intereat for household appliancee, (c) a tranafer by deviBe. deeoent or by operation of law upon the desth of a joint f tenant or (d) the grant of any leaeehold intereat of three yeare or lese not containing an option to purchase. Lender may, at Leade~s option. declare all the eums secuseA by th'ia Mortgage to be immediately due and payable. Lender ahall have waived auch option to aocelerate if. prior ~ to the eale or transfer, Lender and the peraonto whom the Property ie to be sold or transferred reach agreement in writing that the credit of such person ia satiafactory to I.ender arid that the intereat payable on the sume secured by thie Mortgage ehal! be at such rate as I.ender ahall request. If Lender haa waived the option to accelerate provided in thie paragraph 17. and if Borrowei a snccesaor in intereat hae ezecuted a written ass~unption ngreement accepted in writing by I.ender, Lender ehall releaae Borrower from a11 obligatione under thie Mortgage and the j Note. F ~ If Lender ezercises such option to accelerate, Lender ahall mail Borrower notice of accei~ation in accordance with paragraph 14 hereoL ~ Such notice shall provide a period of not less than 30 daya ttom the date the notice ia mailed within which Borrower may pay the suma declared due. If Borrow~ faila to pay such sums prior to the e:piration of snch period, Lender may, arithout further notice or demand on ~3orrower, ~ invoke anY remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea E:cept es provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgege. including the oovenante to pay when dne any sume secured by thie ~ortgage, Lender ; prior to aoceleration ahall~mail notice to Borrowes as provided in paragraph 14 hereof specifying: (1) t6e breac6; (2) the action ' required to cure such breac6; (3) a date, aot less then 30 daye from the date t6e notice is mailed to Borrower, by which euch breech muet be cured; and (4) that failore to cure such breach on or before t6e date epecified in the notice may res~lt in ~ acceleration of the sums eecured by this Mortgage. foreclosure by judicial proceeding and aale of the Property. The notice shall r further inform Borrower of the right to reinetate afler acceleration and tbe right to sesert in the foreclosure proceeding the : non-ezistence ot a default or any other defense of Borrower to auceleration and forecloeure. If the breac6 ie not cnred on or ; before t6e date epecified in the notice. Leader at Lender'e option may declare all of the eama secured by t6is Mortgege to be immediately due and payable without further demand and mey toreclose ttus Mortgage by judicial proceeding. Lender shall be s entitled to collect in such proceeding all ezpensea of torecloeure, iacluding. but not limited to, reasonable attorney's feee. and coets of documentary evidence, abetracte and titie reporte. 19_ Borrower'8 Bight to Reinetate. Notwithatanding Lender a soceleration of the suma eecured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all euma which would be then due under thie Mortgage, the Note and notes aecuring Future Advancea, if any, had no acceleration occurred; (b) Borrower cures aU breaches of any other covenants or egreement8 of Borrower oontained in ~ thia Mortgage; (c) Borrower pays all reasonable e:penaea incurred by Lender in enforcing the oovenanta and agreements of Borrower - oontained in this Mortgage and in enforcing Lender a remediee as provided in paragraph 18 hereof, including, but riot limited to, reaeonable attorney's feea; and (d) Borrower takea such action aa Lender may reasonably require to aeaure that the lien of thia Mortgage, Lender's intereat ~ ~ in the Property and Borrower e obligation to pay the suma eecnred by thie Mortgage shall rnntinue unimpaired. Upon euch payment and cnre i ~ by Borrower, thia Mortgage and the obligationa secured hereby ahall remain in full force and dfect aa if no aecel~ation had occarred. ~ Z0. Asei~nment of Rents; Appointment ot Receiver. Aa additional eecurily hereunder. Borrower hereby assigns to Lender the rents { ~ of the Property, provided that Borrower sha11. prior to accelera6on under paragraph 18 hereof or abandonment of the Property. have the right ~ ~ to rnllect and retain such renta es they become due and payable. . ~ ~ Upon aooeleration under paregraph 18 hereof or abandonment of the Property, L.auder shall be entided to have a receiyer appointed by a aonrt to enternpon, take poeseasion of and manage the Property and to rnllect the renta of the Property, including those past due. All r~ta oollected by the receiver sha]1 be applied firat to payment of the ooab of management of the Property and ooUection of rents, inclading. but not limited to, receiver'e fees, premiuma on receiver''e bonda and reaeonabie attoroey's feea, and then to the sums aecvred by this Mortgage. The receiver shall be liable to account only for those rente actaally reoeived. , ~1. k 4 . BOuK ~QS PAGE 94V , ; .:r .