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HomeMy WebLinkAbout0627 8. It1~j10QL~OD. I.ender may make or ca~se to be made ree~onablo entrie~ upoa and in~pectione of the property, provided thet Lendsr shell give Borrower notice prior to any such inspection ~pecifyinQ reswaaDle cauae therefo: related to l.ender's intece~t ia the Property. ~ 9. Coademnatloa. The proceed~ of any awatd or claim for dama~es, dirOct vr cunsequential, in conaection with any aoudemnation or othut takinQ of the property, or part thereof. or for convey+uo~a in lieu of aoad~mnation, are hereby aaaigned and ahall be paid to Lender. In the eve~t of a btal tahin~ of the Propedy. the proceeds shall be applied b tho sums ~ecured by this Mo~a~e, with the exoe~a, if any. paid to Borrower. [n the event ot a pattial Laking of the Property. unle~s Borrower aad Lender otherwiae agree in writin~. thare shall be applied to th~ eums secured by this Mortgege such proportion of the pmceada ea ia equal to that proportion which the amount of the ~uws eecured by this Mort~age immodiataly prior W the date of taking bears to the lair market value of the Property immediutely prior to the date ot _ talcinQ. with the balance of the proceeds paid to Borrower. If the Property u abandoned by Borrower. or if, aftes notice by I.ender to Borrower ehat the oondemnor ofien b make aa award or settle a ciaim for damages. Borrower fails to ~eepoad to Lender within 30 days after the date such notioe ia mailed, Lender is authotized 6o coUect and apply the prooeeds. at Lender's option. either to restoration or repair ai the property or W the ~ums secured by thii Mortgage. Unleas L,ender and Borrower otherwise agree in writing, any such application of prooeeds b principal ahall not e:tend or pos~one the due . date of the monthly installments nferred to in paragrapha 1 and 2 hereof or change the aawunt of such installaAents. ~ . 10. Borrower Not Relea~ed. E:tension of the time for paya~~nt or modification of amortization of the eums eccured by this Mortgage granted by Lender to any aucceesor in interest of Borrower ahaU not operate to release, in any manner, the [iebility of the original8orrowrer i and Borrower'a aucceasore in interESt~ I.ender ehall not be required to oommence proceedings againat such auccessor or refase to e:tend tiane for pe~yment or otherwise modify amortization of the sums eecured by this Mortgage,6y rea~on of any demand made by the original Borirower and Borrower e aucceseora in interest. ~ 1 l. Forbearanoe by I.ender Not a Waiver. Any forbearence by Lender in e~erciaing any right or remedy hereuader, or otherwise af~orded by applicable law. shall not be a waiver of or pnclude the exeirise of any such right or remedy. The procutement of insurance or the payment of taues or other liens or charges by Lender ahall not be a waiver of Lender s right to aocelerate the maturity of the indebtedness eecured by thie Mortgage. 12 Remediea Cumulative. All remedies provided in this Mortgage are distinM and cumulative to any other right or remedy under this ' Mortgage or aPforded by law or equity, and may be ezercise~l eoncurrently, independenUy or suooesaively. 13. Successore and Assigns Bouad; Joint and Several I.iability; Captions. The oovenents and agreemente herein oontaiaed ehall . bind, and the righte hereunder shaq inure to, the reapective succesaors and aeaigne of Lender and Borrower, aubject to the provisiona of paragraph 17 hereof. AU covenente and agrPementa of Bornower shall be joint and severel.'11ie captions and headinge of the paragrapha of this Mortgage are for covenience only and are not to be ueed to interpret or define the provisibns hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a). any notice to Borrower pmvided for in thia Mortgage ehall be given by mailing auch notice by certified mai) eddressed to Borrower at the Property Addresa or at such other address as ~ Borrower may deaignate by notice to l.ender as provided herein, and (b) any notice to Lender ahall be given by certified mail. return receipt requested, to I.ender's eddreaa stated herein or to euch other address ae Lender may deaignate by notice to Borrower ea provided herein. Any notice provided for in ihis Mortgage ehall be deemed to have be+~n given to Borrower or Lender when give~? in the manner d~ignated herein. ~ 15. Uniform blortgage; Governing Law; 3everabiliiy. Thie form of mortgage combinea uniform oovenante for national uee and aon- uniform covenanta with limited variatione by jurisdiction to oonetitute a uniform eecurity instrument oovering real property. Thia Mortgage ahall be govemed by the law otthe jariadiction in which the Property ia located. In the event that any provision or clause of this Morfgege or the Note conflicte with applicable law, such contliM ehall not affect other proviaiona of this Mortgage.or the Note which can be given e~'ect without the.oonflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ehall be furniehed•aoonformed copy of the Note and of this ~iortgage at the time of e:ecutioa or afier recordation hereof. 17. Trenafer of the Property; Asaumption. If a11 or any part of the Property or an interest therein ia eold or traneferred by Borrower ~ without I.ender e prior written coneent, e~ccluding (a) the creation of a lien or encambrance subordinate to this Mortgage, (b) the creation of a - purchase money eecurity intereat for houaehold appliances, (c) a transfer by deviae, deacent or by operation of law upon the death of e joint - tenant or (d) the grant of any leseehold intereet of three yeare or less not oontaining an option to purchase, Lender may, at I.ender a option, declare aU the suma secured by thie Mortgage to be immediately due and paysble. I.ender ahall have waived such option to aocelera4e if. prior to the sale or transfer. Lender and the person to whom t~e Property is to be eold or tranaferred reach agreement in writing that the credit of auch ~ • pereon ia satisfactory to Lender-and that the interest payable on the sums aQCUred by this Mortgage ehall be at auch rate as Lender shall request. If I.ender has waived the option to accelerate provided in thia paragraph 17~ and if Borrower'8 auccesaor in interest has e:ecuted a written assumption agreement accepted in writing by Lender, I.ender ehall release Borrower from all obligatiuna under thia Mortgage and the I~Iote. ` If Lender eiercises euch option to accelerate, Lendet.ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereot _ ~ Such notice ahall provide a period of not less than 30 days from the date the notice is rnailed within which Borrower may pay the aums declared ~ due. If Borro}~v~ fails to pay auch auma prior to the expiration of auch period, I.ender may, without further notice or demand on Borrower, ~ ?nvoke any remedies pennitted by paragrauh 18 hereof. . ~ t 18. Acxeleration; Remediea E:cept as provided in paragraph 17 hereof, upon Borrower's breac6 of any oovenant or agreement of Borrower in this Mortgage, inciuding the covenanta to pay when due any snms aecured by this Mortgage. Lender prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) s.date, not [ess than 30 days from the date the notice ie mailed to Borrower. by whic6 suc6 breach must be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in acceleration of the eums secured by thia Mortgege. foreclosure by judicial proceeding and eale of the Property. T6e notice shall further inform Borrower of the right to reinatate after acceleration and the right to sasert in the toreclosure proceeding the non-ezistence of a default or any other defenee of Borrower to aoceleration and forectosure. If the breach ia not cured on or before the date specifed in the notice, Lender at I.ender's.option may declare all of the eume eecured by thieMortgage to be immedietely due and payable without further demand and may foreclose t6is Mortgage by judicial proceeding. Lender shall be entitled to collect in euch pTOCet,~ding all e:penaes of toreclosure, including, but not limited to. reaeonable attorney'e fees. and coats o! documentary evidence, abetracts and title reports. 19. Borrower's Right to Reinetete. Notwithetanding I.endee's acceleration of the euma secured by this Mortgage, Borrower ahaU have the right to have any prooeedinga began by L.ender to enforce this Mortgage discondnued at any time prior to entry of a judgment enforring thia Mortgege if: (a) Borrower paya Lender all sums which would be then due under thia Mortgage. the Note and notes aecuring ~ture . Advancea, ~f any, had no aoceleration occurred; (b) Borrower rurea all breaches of any other covenanta or agreemente of Borrower contained in thia Mortgage; (c) Bormwer pays all reasonable e:pensea incurred by I.ender in enforcing the covenanLs and agreementa of Bomower ~ contained in thie Mortgage and in enforcing Lender'e rnmediee as pmvided in paragraph 18 hereof, including, bnt not limited to, resaonable ~ atiomey's fees; and (d) Borrower takes auch action as Lender may reasonably require to ceaure that the lien of thie Mortgage, Lender'a intereet ~ in the Propetty and Borrowei e obligation to pay the auma secured by thie Mortg~ge ahall rnntinue unimpaired. Upon auch payment and cnre ~ by Borrower, thia Mortgage and the obligadons eecnred hereby ahall remain in full force and effect se if no acceleration had oocurred. ~ 20. Assignment of Rents; Appointment ot Receiver. Aa additiona! aecurity hereunder, Borrower hereby assigns to Lender the renta ~ of the Property, prnvided that Borrower ahall, prior to acceleration under paragreph 18 hereof or abandonment of the Property. heve the right ~ w coUec! and retain such renta aa they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a reoeiver appointed by a - ~ oourt to enter-upon, take posaeasion of and manage the Property and to collect the renta of the Property. including thoee paat due. All rents ~ oollected by the receiver ahall be applied fuat to payment of the cosLe of management of the Property and oollection of renta, inclading, bnt not ~ limited to, receiver'e feea, preminms on receiver'e bonda and reasonable attorney's teee, and then to the sume secured by thia Martgage. The ~ receiver ahall be liable to aooount only for thoee rente actually reoeive~. ~ • ~ ~ a~~289 ~~~E 624 : ~ . - ~ _ _ _ . ~ ~ ` ` ~ ~ _ ~ ~ • ~ _ . y ~ , _ ~ ~~=~Y . . - °~..,:;s::~ -