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HomeMy WebLinkAbout0993 R. lnepertion. Irnde~ may make or caune to be made ~easunable entriee upon anJ inapectione uf the p~uprrty, pruvided that l.e~der ehaU give 13orruwer notice prio~ to any such i~~apeMion apecifyi~g reasonable cause thereto~ related to l.ender's intemat in the Property. 9. Condemnation. The pnx~eeds ut any award o~ claim tor damages, direct or coneequential, in : annection with any oondemnation or othe~ taking nf the property, or part thereof, or for conveyance in lieu of condemnation, are nereby aaeiKned and shall be paid to l~ender. [n the event of a total taking of the Property, the procceda ehaU be applied to t}ie aume aecund by thie Mortgage, with the eaceas, if any, paid to Borrower. In the event of a partial taking ot the Property, unieae Hurrower and Lender otherwiee aRree in writing, there ahall be applied to the auma eecured by thia Mortgage such proportion of the pmceede ae ie equal to that proportion which the amount ot the euma aecured by thie Mortgage immediately prior to the date o[ taking beare to the fair market value of the Property immediately prior to thedate of taking, with the balance ot the proceeds paid to Borrower. If ihe Property ie abandoned by Borrower, or if, after notice by Ixnder to Borrower that the condemnor of~'era to make an award or setUe a claim [or damagea, Borrower fails to rnspond to I.ender within 30 days after the date euch notice ie mailed, l.ender ie authorized to collect and apply the proceede, at Lender e option, either to reetoration or repair ot the pmperty or to the sume eecured by this Mortgage. Unleae Lender and Borrowe~ othervrise agree in writing, any auch application of proc~eede to principal ehall not extend or poetpone the due date of the monthly inatxllmenta referred to in paragraphe 1 and 2 hereof or change the amount of such inatallmenta. 10. Borrower Not Released. Extenaion of the time for paym~nt or modificntion of amortization of the sums aecured by thie Mortgage Rranted by l.ender to any aucreasor in intereat of Borrower ahall not operate tr? release, in any manner, thr l~abil~ty of lhe original Borrower and 13orrower'e succeaezora in internat. l.ender ahall not be required to commence proceedings againat auch succesaor or refuae to extend time for p~yment or othervrise modify amorti7ation o[the xums securecl by this Mortgage by rei~n of any demund made by the original Borrower nnd 13orrowei s aucceasors in interest_ 11. Forbearance by l,ender Not a Waiver. Any forbearance by I,ender in exercieing any right or remedy heteunder, or otherwiae afforded by applicable law, ehall ~ot be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of inaurance o~ the payment of taxea or other liene or charges by L,ender shall not be a waiver of [.ender'e right to accelerate the maturity of the indebtedneae secured by this Mortgage. 12 Remedlee Cumulative. All remediea provided in thia Mortgage are diatinM and cumulative to any other right or [emedy under thie hfortgage or aftorded by law or equity, and may be exercise~i concurrendy, independently or aucceseively. 13_ Succeseore and Aasigae Bound; Joint and'aeveral Liability; Captione. The covenanta and agreementa herein rnntained ahall bind, and the righta hereunder shatl inure to, the respective aucceasors and assigae of Lender and Borrower, subject to the provisiona of paraqraph IT hereof. All covenants and agreements of Borrower shall be joint and several. The captiona and headings of the paragrapha of this Mortgage nre for covenience only and um not to be used to interpret or define the proviaiona hereof. 14. Notice. Except for xny notice reyuired under tipplicable law to !~e Qiven in another manner, (a) any notice to E3~nower provided forin this Mortgage ahull be given by mailing such notice by certi6ed mail addresaed to Aorrower at the Property Addresa or at auch other addreas ae Korrower may designate by notice to l.ender us provided herein, and (b) any notice to l.ender ahaU be given by certified mail, return receipt requested, to I.ender'a address stated herein or to such other addrese as I.ender may designate bv notice to Borrower ax provided herein. Any notice provided for in this Mortgage shall be deemed lo have been given to Horrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of murtKage combines uniform covenant8 for national uae and non- uni[orm covenants with limited variationa by jurisdiclion to rnnstitute a uniform security instrument covering real property. This Mortgage shall be Rovemed by the law of the jurisdiMion in which the Property is located. In the event that any provision or clauae o[this Mortgage or the Note conilicts with applicable law, such conflict shall not affect other pro~ isions of this Atortgage or the Note which can be given effect without the conflictinR provieion, and to this end the provisions of the INortgage and the Note are declared to be aeverable. 16. Borrower'e Copy. Rorrower shall be [urniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tranafer of the Property; Asauroption. If all or any part of the Property or an intereat therein ia sold or tranaferred bv f;orrcwer without I.ender's prior written consent, excluding la1 the creation of a lien or encumbrance subordinate to this Mortgnge, (b) the creation of a pumhase money aecurity interest for household applinnceH, lc) a transfer by devise, descent or by operation of law upon lhe death of a joint tenant or (d) the grant of any leasehold interest of three yeart: or less not containing an option to purchase, Lender may, at l.ender's option, declare all the sums secured by this Mortgaqe to be immediately due and payable. (.ender ahall have waived such option to accelerate if, prior to the sale or transfer, l.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is ~tisfactory to Ixnder and that the interest payable on She sums secured by this Mortgage shall be nt such rate as [.ender ahali request. If I.ender h~s waived the option to accelerate provided in this paragraph I7, and if BorroMer's successor in interest has executed a written assumplion agreement accepted in writing by Ixnder, l.endershall release Korrower from allobligations underthis Mortgageand the Note. (f I.ender exerciseia such option to accelerate, l.ender shall mail Rorrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a periud of not less than :3(1 days from the date the notim is mailed within which Borrower may paY the sums declared I due. If Burrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on tiorrower, j mvoke any remcdies permitted by paraKraoh IR here~?f. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or j agreement of l3orrower in thia Mortgage, including the oovenante to pay when due any eums secured by this Nortgage. Lender ~ prior to acceleration ahall maii notice to Borrower as provided in paragraph 14 hereofepecifying: (1) the breach; (2)theaction ~ required to cure auch breach; (3) a date. not leas than 30 days from the date the notice ia mailed to Borrower. by which euch ~ breach muet be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in ~ acceleration of the eume aecured by this Mortgage. forecloaure by judicial proceeding and sale of the 1'roperty.The notice shall p further inform Borrower of the right to reinstate aRer acceleration and the right to asaett in the torecloaure proceeding the ~ non-e:istence of a defauit or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or ~ before the date specified in the notice. Lender at Lender's option may declare all of the aums aecnred by thia Mortgage to be immediately due and payable without turther demand and may foreclvae this Mortgage by judicisl proceeding. t.ender ahaU be ~ entitled to collect in such proceeding all expenaes of foreciosure, includinq, but not limited to, reasonable attorney's fees. and ~ costs of documentary evidence. abatracL9 and title reporta. 19. Borrower's Right to Reinstate. NotwithatandinR I.ender's acceleration of the suma secured by this Mortgage, Borr~wer shall have ~ the right to have any proceedings begun by I.ender to enforce thia Mort~age discontinued at any time prior to entry of a judgment enforcin~c ~ this Mortgage if, la) Borrower pays I.ender all aums which would be then due under this Mortgage, the Note and notes securing Futurn ~ Advances, if any, had no acceleration cecurred; (b) liorrower curea all breachee of any other covenanta or agreements of E3orrower contained in this Mortgage; (c) Borrower pay,s al) reasonable expenses incurred by [.ender in enforcing the covenants and agreemenie of I3orrower oontained in thie Mortgage and in enforcing l.ender's remedies as pru~~ded in paragraph 18 hereof, including, but not limited to, reasonable 3 attorney's feea; and (d) Borrower takea such action as I.ender may reasunably require to asaure that the lien of thie Mortgage, Lender'a intereet ! in the Property and Borrower'a obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by E3orrower, this Mortgage and the obligations secured hereby aha11 remain in full force and effect as if no acceleration had occurred. i 20. Aaeignment o! Rente; Appointment of Receiver. Ae additional aecurity hereunder. Borrower hereby assigns to Lender the renta of the Property, provided that E;orrower ehall, prior to acceleration under paragrnph lA hereof or abandonment of the Property, have the right to collect and retain auch renta as they become due and payable. ' Upon aoceleration under paragraph 18 hereof or abandonment of the Yroperty, Lender shall be entitled to have a receiver appointed by a f oourt to enter-upon, take posaeeeion o~t and manage the Property and to collect the rents of the Property, including those past due. All renta ' coilected by the receiver ahall be applied firet to payment of the costa of manaqement of the Property and collection of rente, including, but not ' 6mited to, receiver'e fees, remiuma on receiver'e bonds and reasonable attorne a[eea, and then to the aums eecured b this Mo ~ P Y~ y rtgage. The receiver ehall be liable to account only for thoae renta actually received. r i ~ E - a;;,i~~7O F'AGc V~ 3 . _ _ ' _ ' " r"""_ _ . ~ . " ~ ~ ~ ~~~.`r~"-z' ~ ~,."~~"~,`A'-~ :~M~~~s.~ ~x~