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HomeMy WebLinkAbout0224 s S. Iaspectioa. Leader msy rnake or cawe to be madered~onable entrZe~ upon and inspections of the property, pmvide~ that I.ender ehall give Borrower notice prior to any auch inspection specifying reaaonable cause therefor related to L.ender'e intereet in the Property. 9. Coademnation. The proceeds of any award or claim for dataages. direct or consequential. in connection with any oondemnation or other taking of the property. or part thereof. or for conveyanoe in lieu of oondemnation. are hereby esaigned and shall ba paid to I.ender. In the event of a btal taking of the Property. the pmceeda shall be applied to the sums eecured by thia Mor~gage. with the e:cees, if aay. ; paid to Bor[ower. I~ the event of a partial taking of the Property. unless Borrower and I.ender otherwise agree ia writing. there shall be - ` applied to the sums eecured by this Mortgage such pmportion of the proceeds as is equal to fhat pmportioa wh~ch the amouat of the suma i secvred by thie Mortgage immediately prior b the date of taking bears to the fair market value of the Property immediately prior to the date of ~ taking. with the balanca of the pmoeeds paid to Borrower. ~ ' If the Property u abandoned by Borrower~ or if. aRer notice by I.ender to Borrower that the oondemnor offere to make an award or settle a claim for damag~. Borrower faila to reepond to L,ender within 30 days after the date such notioe is mailed. L,endar ia authoriisd to coltect and apply the proceeds. at Lender s option. either to reetoration or repair of tha pt~operty or to the aums secured by this Mortgage. 1 Unleee Lender and Horrower otherwiee agree in writing. any such application of prooeeds to principal ahall not ~tend or postpone the due ~ date of the monthly installments referrod to in paragraphe 1 and 2 hereof or change the amount of such inatallmenta. 10. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of Lhe auma eecured by thie Mortgage ~ granted by Lender to any succeseor in intereat of Borrower shall not operate to releaae, in any manner, the liability of the original Borrower and Borrower's auccessora in interes~ l.ender ahall not be required to cummence proceedings againat auch successor or refuee to e:tend time for pqyment or otherwise modify amortization of the aums eec~red by this Mortgt~e by reason of any demand ~eade by the original Borrower and Borrower a aucceaeora in interest. 11. Forbearanoe by I.ender Not a VYaiver. My forbearance by l.ender ia ezerci~ing any right or nmedy hereander, or otherwiee afforded by applicable law. ahall not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of inaurance or the ; payment of ta~cea or other liene or chargea by I.ender shaU not be a waiver of I.ender s right to accele: ate the maturity of the indebtedness secared by thia Mortgage. ~ 12 Remediee Gtimulative. All remediee pmvided in thia Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity. and may be ~ercieed ooncurrently. independendy or suoceeeively. 13. 3uccessore and Aseigne Bouad; Joint and Several l.iability; Captione. The rnvenants and agr~eements herein contained ahall bind, and the righte hereunder shall inure to, the respective aucceseora and aseigna of I.ender and Botrower, aubject to the proviaione of paragraph 17 hereof. All covenante and agreemente of Borrower ehall be joint and aeveral. The captions and headinge of the paragraphe of thia Mortgage are for oovenience only and are not to be used to interpret or define the pmviaione hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this 111ortgage ahall be given by mailing auch notice by certified mail addreased to Bo:rower atthe Property Address or at euch other addreea aa Borrower may designate by notice to Lender as pmvided herein. and (b) any notice to I.ende.r ahall be given by certified mail, return receipt requeated, to Lender a addreas atated herein or to such other addrees as Lender may deaignate by notice to Borrower ae provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given ia the manner deeignated herein. 15. Uaiform Mortgage; Governing Law; 3everability. Thia form of mortgage combinee uniform oovenants for national uee and non- i uniform covenanta with lunited variatione by juriadiction to constitute a uniform security inetrument oovering real property.'I7~ia Mortgage a shall be governed by the Iaw of the jurisdiction in which the Property is located. In the event that any proviaion or clauee of this Mortgage or ± the Note conflicts with applicable law, such rnntlict ahall not aftect other provisions of this Mortgage or the Note which can be given e~ect ; without the contlicting proviaion, ahd to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed oopy of t2xe Note and of thie Mortgage at the time of e:ecution or after recordation hereof. - . s 1 T. '1`ranafer of the Property; Aseumpdon. If all or any part of the Property or an interest therein is aold or traneferred by Borrower wlthout Lender a prior written rnnsent, e~cluding (a) the creation of a lien or encumbrance aubordinate to thia biortgage, (b) the creation of a purchaee money aecurity interest for houeehold appliancea, (c) a transfer by dea~iee. deecent or by operation of law upon the death of a joint t tenant or (d) the gtant of any leasehold internat of three years or leea not oontaining an option to purchaee, Lender may, at Lender a option. > declare all the euma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to acceletate if, prior ` to the sale or transfer, Lender and the person to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of auch ~ person is satisfactory to Lender sitd that the intereat payable on~the suma eecnred by this Mortgage ahall be at auch rate as Lender ehall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succeasor in intereat has executed a written assumption agreement accepted in writing by Lender, I.ender shaA release Borrower from all obligationa under thia Mortgage and the - Note_ If Lender exercises auch option to accelerate, Lender ahall mail Borrower notice of acceleration in acoordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days ftom the date the notice ie ~r,siled within whicfi Borrower may pay the aums declared due_ If Bortower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on Iiorrower, ~ invoke any remediea permitted by paraggrauh IS hereof. ~ , . ~ 18. Acceleration; Remedies. E:cepi as ptovided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ! agreement of Borrower in thie Mortgage, including the oovenante to pay w6en due any suma secured by thie Mortgage, I.ender ~ prior to acceleratioa ahatl mail notice to Borrower as provided in paragraph 14 6ereof epecifying. (1) the breach; (2) the action _ i required to cure auch breach; (3) e dete. not less than 30 days trom the dste the notice is mailed to Borrower, bq which such ',E breach muet be cured; and (4) that failure to cure auch breach on or before the date epecifed in the notice may result in ~ acceleration ott6e eume secured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall further inform Borrower of the right to reinstate aRer acceleration and the right to aseert in the foreclosure proceeding the - noa-e:iatence of a detault or any other defenae of Bortower to aceeleration and foreclosure. If t6e breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sume secured by thie Mortgage to be immediately due and payable without turther demand and may foreclose this Mortgage by judicial proceeding. Lender ehail be entitled to rnllect in such proceeding all e:penses of foreclosure. including, but not llmited to, reasonable attorney's fees, and costs of documentary evidence. abetracts and title reporte. ~ ~ 19. Borrower's Rig6t to Reinatate.l~Iotwithatanding Lender s acceleration of the suma eecured by this Mortgage, ~3orrower ahall have ~ the right to have any proc~eedinge begun by [:ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if (a) Borrower paya Lender all auma which wouid be then due undeT thie Mortgsge, the Note and notes eecuring Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curres all breachea of any other covenanta or agreementa of Borrower oontained in thie Martgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the oovenante and agreemente of Borrower contained in this Mortgage and in enforcing I.endei s remedies as provided in paragraph 18 hereof, including, but not limited to, resaonable ~ attorney's fees; and (d) Borrower takes euch action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender's inteieet - ` in the Property and Borrower's obligation to pay the aums secured by this Mottgage ahall rnntinue unimpaired. Upon anch payment and enre ~ by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no aoceleration had occurred. ~ 20. Aaeignment of Rente; A intiaent of Receiver. Ae additional securit hereunder. Borrower hereb aasi PPo~ Y Y 8~ to I.endertherents ~ of the Property, provided that Borrower shall, prior to acxeleration under paragraph 18 hereof or abandonment of the Property. have the right i ~ to coliect and retain euch rents aa they become due and payable. ~ { Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a , k oourt to enter~pon, take poseesaion of and manage the Ptoperty and to oollect the rents of the Property, including thoee past due. All rente ~ oollected by the receiver ahait be applied first to payment of the ooets of management of the Property and oollection of rente, induding, but not ~ limited to, receiver'a fees, premiums on receiver's bonds and reasonable attorney e fe~, and then to the eums eecured by this Mortgage. The ~ reoeiver ahall be liable to aooount only for thoee rente actually received. ~ ' ~ ~ e~~K 289 ~E 224 f ~ ~ - : - _ _ ~ _ - t , ~ ~ - ~ ~ ~ ~ s~ _ ~ ~ ~ j ~ - _ ' . ' ~ '