Loading...
HomeMy WebLinkAbout0969 • • i t f ~ : . ~ - ~1~rv S. I[f~pB~~~O~l. l.e~der may mate or cauee to be made reawnable entries upon ~nd inspections of the property, pwvided that I.ender shall give $orrower notice prior to any such inspectio~ spccitying reaaonable cause therefor related to Gendei s interest in the Property. 9. CO!!d@IOl10UOp.'l~e procecde of any award or claim fo~ damagee. direct o~ consequential, in connection with any oondemnetion or other taldng of the pioperty, or part thereof, or for conveyance in lieu o! oondemnation. an hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property. the proceeds ahall be applied to the suma aecured by this Mortgage. with the escess, if any, paid to Bon~ower. In the event of a partial taking of the Propetty, unlees Borrower and Lender otherwiee agree in writing, then shall be applied to the aums sccured by this Mortgage auch proportion of the proceeds ae is equal to that proportio~ which the amount ot We sums secured by this Mortgage iminediately prior to the date of taking beare b the fair market value of the Property immediately prior Lo the date of taking. with the balanoa of the proceeds paid to aorevwer. If the Property is abandoned by Borrower. or if, aRer notice by I.ender to Borrower that the oondeaanor offers b make an award or settle a claim for dameges, Borrower faila to respond to Lender within 30 daye afl.er the date auch aatice is mailed, Lender is authorised to coAect sad apply the proceeds, at Lender's option, either Lo restoration or Tepair of the pmperty or to the ~ums eecured by this Mortgage. Unleee Lendet and Borrower otherwiee agree in writing, any euch application of praceede to primKpal ehall not e:tend or postpone the due date of the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmente. 10. Borrower Not Releaeed. E:tension of the time for paym:nt or modification of amortization of the sume eecured by this Mortgage granted by Lender to any aucceaeor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's aucceseors in interest~ Lender shall not be required to oommence pmceedinge againat such auecessor or refuse to e:tend time [or payment or otherwise modify amortization of the auma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower'e successora in interest. - 11. Forbearaaoe by I.eader Not a R/aiver. Any forbearance by I.ender in e:erciaing any right or remedy hereunder. 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:ee or other liene or chargee by Lender ehall not be a waiver of Lender e right to aocelerate the maturity of the indebtedneea aecured by thie Mortgage. 12 Remediee Gtimulative. All remediee provided in thie Mortgage are distinct and cumuletive to any other right or remedy under this Mortgage or afforded by law or equity, ~nd may be ezerciee~i aoncurrendy. independendy os euccesaivdy. 13. 3ucoesaore and Aeaigne Bound; Joint and 3everai Liability; Captions, fihe covenanta and agreements herein contained ehell bind, and the rights hereunder shall inare to, the respective eucceesors and aseigna of Lender and Borrower, subject to the provieione of paragraph 1? hereof. All covenanta and agreementa of Borrower shall be joint and eeveral. The captions and headings of the paragraphe of thia Mortgage are for covenience only and are not to be uaed to interpret or de5ne the proviaiona hereof. 14. Notice. Except for any notice required under applicable I~wto be given in another manner, (a) any notice to Borrower provided forin thia Mortgage shall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addresa or at auch other addreee as Borrower may deeignate by notice to Lender aa provided herein, and (b) any nodce lo I.ender ehaU be given by certified mail, return receipt requested, to Lender'e addreas atated hernin or to such ather addrena ae Lender may deaignate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage rnmbinea uniforan oovenante for national uae and non- unifoe~a cove~ante with limited variationa by jnriadiction to oonetitute a uniform eecurity inetrument oovering real property. Thia Mortgage shall be governed by the law of the jurisdiction in which the Property is located_ In the event that any provision or clause of this Mortgage or the Note conflicte with applicable law, such conflict shall not affect other provieions of this Mortgage or the Note which can be given effect without the rnnilicting proviaion, and to thie end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ahall be fumiehed a rnnformed copg of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17.1`ransfer of t6e Yroperty; Aesumption. If all or any part of the 1'roperty or an intereat therein ia eold or tranaferred by 13orrower without [.ender a prior written consenl, e:cluding (a) the creation of a lien or encumbrance aubordinate w thia Mortgege, (b) the creation of a purchaee money aecurity intereet for houeehold appliancea, (c) a tranefer by deviee, descent or by operation of law upon the death of a joint tenani or (d) the grant of any leasehold intereet of three years or lese not containing an option to purchase, Lender may. at I.ender's optioa, declare all the sums aecurea by fhis Mortgage to be immediately due and peyable. Lender sha11 have waived such option to accelerate if, prior 'I to the sale or tranaler, Lender and the peraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch person ia satiafactory to L.ender and that the interest payable on the auma eecured by this Mortgage ehall be at such rate as Lender shall requeat. If Lender has waived the option to accelerate provided in thie paragraph 17, and if Bonower a aucceaeor in interest has e:ecuted a j written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from aU obligations undei thia Mortgage and the ~ j ti ote. ~ If Lender exercises such option to accelerate, Lender sha11 mail Borrower notice of soceleration in accordance with paragraph 14 hereof. ; Such notice shall provide a period of not less than 30 days [rom the date the notice is tr.siled within which Borrower may pay the aums declared due. If Borrower faila to pay sach suma prior to the eapiration of auch period, Lender may, without further notice or demand on E3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. E 18. Acxeleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ¢ agteement otBorcower in this Mortgage, including the oovenante to pay when due any sume eecured by thia Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 19 hereof epecifying: (1) the breach; (2) the action _ required to cure such breach; (3) a date, not lees than 30 deya from the date the notice ie mailed to Borrower, by which euch j breach must be cured; and (4) that [ailure to cure auch breach on or before the date epecified in the notice may reault in F acceleration of the aume aecured by thie Mortgage, forecloeure by judicial proceeding and eale of t6e Property. The notice ahall ~ further inform Borrower of the right to reinatate after ecceleration and the right to eaeert in t6e forecloaure proceeding the ~ non-e:iatence of a default or any other defense of Borrower to soceleration and forecloeure. If tKe breach ia not cured on or before the date apecified in the notice, Lender at Lender's option mey declare all of the sume secured by this Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's feea, and ~ ~ coate of documentary evidence, abstracts and title reporta. , a 19. Borrower's Right to Reinstete. Notwithatanding Lender's acceleration of the sums aecured by thie Mortgage, Borrower ahall have `w the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (ai Borrower paya Lender all suma which would be then due under thia Mortgage, the Note and notes eecuring Future - Advances, if any, had no acceleration occurred; (b) Borrower curea all brnachea of any other covenanta or agreemente of Borrower contained in this Mortgage; (c) Borrower pays a11 reasonable e:penses incurred by Lender in enforcing the oovenante and aPreemente of Borrower rnntained in this Mortgage and in enforcing Lendet e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d) Borrower takea such action as Lender may reesonably require to asaure that the lien of this Mortgage, L.ender's intereet = in the Property and Borrower'B obligation to pay the suma secured by this Mortgage ehall rnntinue unimpaired. Upon such payment and cure ~ by Borrower, thie Mortgage and the obligationa eecured hereby ehall remain in full torce and effect as if no acceleration had occarred. Z0. Aseignme~it of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigns to I.ender the rente of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ' to collect and retain euch rente as they become due and payable. ' Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a court to enter.upon, take poeseseion oi and manage the Pruperty and to collect the renta of the Property, including thoee past due. All renta ~ oollected by the receiver ahall be applied firat to payment nf the ooate of management of the Property and rnllection of rente. including, but not limited to, receiver's fees, premiuma on receiver'a bonda and reasonable attomey'e feee, and then to the suma secured by thie Mortgage. The "u receiver ahall be liable to acoount only tor those rents actualiy received. ' s - .ry ~ r, ~ B0~( ~ ~ ~ ~ ~ ~ ~ ~ - - - ~ 1~--y Y F,~7.~ S~t~' 'X~~ y``*~`tT _ C~.w ' F..S-~.: ~...~y:. Khr-4.'~^""`.