Loading...
HomeMy WebLinkAbout0228 ~ ~ : . . . 8. Iaspection. Lender mqy make or cauae to be made reawnable entries upon and'uwpections oithe property, provided that l,ender shall give Borrow~ notioe prior to any auch inspection ape~:ifying reasonable cause therefor nlated to I.ender'~ intereat in tt?e Property. 9. Condemnatloa. 't1~e pmc~eeds of any award or claim for damages~ direct or con~equential, in connection with any oondeinaatioa or olher taking of the pmperty~ o~ part thereof. or for rnnveyanoe in lieu of condemnation, are hereby assigned and shaU be psid to Lender. In tha event of s btal.taking of the Property, the proceeds shall be appliad b the eume secund by thie Mortgage, with the ~cess. if any, paid to Borrower. In the event of a partial taking of the Property. unlees Borrower and Lender otherwiee agree in w+ritin~. there shaU be • applied to the auma secund by this Mortgage such pmportion ot the proceede aa is equal to that pmportion which the amout~t of We eums aecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property imaaediately prior to the date of teltin8. with the balaaoa oi tRe proceedi paid to Borrowes. ' ` If the Property is abandoned by Borrower, or if, aRer notioe by Lender to Borrower that the oondemnor ol~en to make ea award or setde a claim [or dawages, Borrower fails to reapond to Lender within 30 daye after the date such notice is mailed. Lenda ia authorir,ed to coUect and apply the proceeda, at Lender e option. either b reatoratioa or npair of the property os to the aums secured by this Mortgage. Unleea Leader and Botrower otherwiee agree in writing, any auch application of pm~.~eeds to principal shall not r~tend or postpone the due date of the month~y~ineLallments nferred to in paragraphs 1 and 2 hereof os chanee the amount of such inatallments. 10. Borrower Not Releaaed. E:tension of the time for paymant or modification of amortization of the auma secured by this Morigage granted by Lender to any aucceaeor in inter~t of Borrower ehaU not operate to release, in any raanner, the liability of the original Borrower and Borrower's euccesaora in interes~ Lender ahall not be required to oommence proceedings against such euoceesor or refuse to extend time fur payrment or oEherwise modifjr amortization of the sums eecared by this Mortgage by reaeon of any de~and made by the original Borrower and Borrower s aucceseors in intereat. ' 11. Forbearanoe by Lender Not a Weiver. Any forbearance by I.ender in e:ercieiag any right or remedy hereunder. or otheiwise afforded by applicable law, shall not be a waiver of or preclude the eacerciee of any such right or remedy. The procurement of ineuranae or the payment of ta:ea or other liene or chargea by I.ender ahall not be a waiver of Len3er'e right to aocelerate the maturity of the indebtedness secured by this Mortgage. _ 12 Remedies Cumulative. All remedies provided in thia Mortgege ara dietinct and cumulative to aay other reght or remedy under this Mortgage or afforded by law or equity, and may be e:ercieerl ooncurrently, independently or suoceeaively. 13. 3ucceaaore and Aasigna Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall bind, and the righte hernunder shall iaure to, the respective aucceesors and assigns of Lender and Borrower, aubject to the proviaions of paragraph 17 hereo[ Alt covenanta and agreemente of Borrower ahall be joint and eeveral. The captione and headings of the ~.aragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. F.xcept tor any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be giyen by mailing euch notice by certified mail addreseed to Borrower aL the Property Addresa or at auch other addreae as Borcowet may deaignate by notice to Lender as pmvided herein. and (b) any notice to Lender ahall be given by certi5ed mail. return receipt requeated, to Lender'a address atated herein or to such other addreas ae Lender may designate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage ahall be deemed to heve been given to Borrower or I.ender when given in the manaer deaignated herein. 15. Uaiform Mortgage; Governing I.aw; 3everability. Thie fotrm of mortgage rnmbinea uniform oovenanta for national uee and noa- uniform. covenante with limited variationa by jurisdiction to oonati2ute a uniform aecurity inatn~ment a~vering real property.lT~is Mortgage shall ~e governed by the iaw of the juriadiction in which the Property ia located. In the event that any provic+ion or clause of thie Mortgage os the Note rnnilicte with applicable law, auch confli~t shall not affect other provisiona of this Mortgage or the Note which can be given effect without the rnnflicting provieion, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16_ Borrower's Copy. Bormwer shall be furniahed a conformed copy of the Note and of thie Mortgage at the time of ~ecution or after recordation hereof. ~ ~ 17. '1lrana[er of We Property; Aseumptioa. If all or any pad of the Property ar an interest therein is sold or trsneferred by Borrower without Lender s prior written rnnaent, e:cluding (a) the creation of a lien or.encumbrance aubordinate to this Mortgage, (b) the creation of a purrhase money eecurity intereet for houeehold appliances, (c) a tranefer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not oontaining an option to pnrchase, Lender may, at I~ender'a option. declare all the sums serured by this Mortgage to be_immediately due and payable. Lender ahall have waived auch option to accelerate if. prior _ to the eale or traaafer, Lender apd the per~pn ~o~vhom t~e Property ia to be sold or transferred reach agreement in writing that the credit of snch peraon is satiafactory to L.eridpRr and that e mter~l payable on the aume secured by this Mortgage shall be at auch rate as Lender ahall requeat. If Lender has waive~ tRe opti 'accereraf~'provid~ in thie paragraph 17, and i( Borrower's aucceasor in intereat haa ezecuted a written assumption agreement acoepted in writing by Lender; Lender ahall release Borrower from all obligations under thia Mortgage and the Note. ' If Lender eaerciaea such option to accelerate, i.ender ahall mail Borrower notice of accele~ration in accordance with paragraph 14 hereoL j Such notice shall provide a period of not less than 30 days from the date the notice ia Tr.ailed within wtfich Borrower may pay:he sums declared ~ due. If Borrower fails to pay auch auma prior to the expiration of such period, Lender roay, without further notice or demand on E3orrower, ; mvoke any remedies permitted by paragraoh 18 hereof. - 'E 18. Acceleratioa; Remediea Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or E agreement of Borrower in t6is Mortgage, including t6e oovenants to pay when due any sume secured by thie Mortgage, Lender ~ prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure euch breach; (3) a date, not less than 30 daye from the dete the notice is mailed to Borrower. by which auch breacb muet be cured; and (4) tt~at failure to cure such breach on or before t6e date epeciCed in the notice may ~esult in ~ acceleration of ~he sume secured by this Mortgage, forecloaure by judicial proceeding and sale of the Propesty.The notice ahall ~ furt6er inform Borrower of t6e right to reinstate aRer acceleration and the right to aeaert in the loreclosure proceeding the non-ezietence of a default or any ofher defenae of Borrower to aoceleration and foreclosure. If the breach ie not cured oa or ~ before the date epecified in the notice, Lender at Lender'e option may declare all of the surne aecured by thie Mortgage to be immediately due and payable without further demand and may forecloae t6ia Mortgage by jndiciel proceeding. Lender ahall be ~ entitled to coliect in euch proceeding aU ezpenses of foreclosure, including, but not limited to. teasonable attorney's fees, and coste of documentary evidence. abatracte and title reporte. ~ 19. Borrower'e Right to Reinatate. Notwithstanding Lender's acceleration of the aume eecured by thie Mortgage, Borrower ahall have the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Ixnder all auma which would be then due under thie Mortgage. the Note and notes securing Future Advanoes. if any, had no acceteration occurred; (b) Borrower cures all breaches of any other covenants or agreemente of Borrower oontained in thia Mortgage; (c) Borrower pays all reasonable eapenses incurred by Lender in enforcing the covenants and agreementa of Botrower oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bnt not limited to, reasonab:e attomey's fees; snd (d) Borrower takee auch action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrower s obligation to pay the aums secured by thia Mortgage shall rnntinae unimpaired. Upon euch payrnent and cure ~ by Borrower, this Mortgage and the obtigatione secured hereby ahall remain in full for~e and eNect as if no aocaleration had oocurred. ~ 20. Asai gnment of Itente; Appointment ot Receiver. As additional eecurity hereunder. Bonower hereby assigne to Lender the renta : of the Property, provided that Borrower ahall, prior to aceeleration under paragraph 18 hereof or abandonment of the Property, have the righi f to rnllect and retain auch rrnts se they become due and payable. ! ~ Upon acceleration under paragraph 18 hereof or abandonment of the Pro t ~ oourt to enter~pon, take P~Y. ~nder ehell be entitled to have e reaeiver appointed by a poeeesaion of and manage the Property and to collect the rente of the Property, including thoee paat due. Al) rents ~ ooUected by the reoeiver ahall be epplied firat to payment of the ooat8 of management of the Pioperty and coUection of rents, inclnding, but not ~ limited to. receiver'a feee, premiuma on receiver's bonde and reasonable attomey's feee, and then to the auma secvred by thie Mortgage. The ~ receiver shall be liable to aooount only for thoee rents actually reoeived. ~ ~ . ~ , i ° ~ 289 2z8 6UuR PAGE ~ ~ - - N ~ ~ 'T qr ~ "X{ h ~ T ~ . ~^''L~ r _ ' _ ~F `^s : ~ ~Z~` "x`k 4 _ ' s~ ~~e'?, ' . . . - . .sir~ .