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HomeMy WebLinkAbout0987 • ; ~ ~ : . ~ • ! ~r 8. inspection. [.eader may make or ceuae to be made reawnable entries upon and inspectiuns of the property, provided that le~der shall give Borrower notice prior to any such inspection specifying reasonabk cauee therefor related to I.ender's intereat in the Property. 9. Goademnation.'[1~e proceeds ot any award or claim for damegea, direct or coneequentiel, in con~ection with any oondemnation or other teking of the praperty, or part thereof, or for conveyance in lieu of condemnation, are hereby assig~ed and shdl be paid to Lender. In the event oi a total taking of the Property, the proceeds shall be applied to the auma eecured by this Mortgage, with the ~oese, if any, paid to Borrower. In the event of a partial taking of the Property, unlees Borrower and [,ender otherwiee agree in writing, there ~hall be epplied to the sums aecured by this Mortgage euch proportion of the proceeds as ie equal w that proportion which the amount of the aum~ secured by thie Morlgage ia~mediately prior to the dete of taking bears to lhe fair market value oithe Property immedintely prior to the date of taking; with the balanoa of the proce~.~ds paid to Borrower. If the Property ia abandoned by Borrower, or it aRer notice by I.ender to F3orrower that the candemnor oPfera to make an award or eettle a claim for damages, Borrower faila to respond to Lender within 30 days after the date such notice ie mailed, I.ender is authorized to rnllect and apply the proceeds, at Leader's option, either to restoration oT repair of the property o~ to the euma secured by this Mortgage. Unleae Lender and Borrower otherwise agree in writing, any auch applicadon of proceeds b principal ehall not e:tend or postpone the due date o! the monthly inetallments refere~ed to in paragraphs 1 and 2 hereof or change the amount of auch inetallments. 10. Borrower Not Released. Extenaion of the time for paymant or modificalion of amortization of the auma eecured by thie Mortgage granLed by I.ender to any succeseor in interest of Borrower ehall not operate to release, in any manner, the liability of the original Borrower and ~3orrower's aucceasora in intereak Lender shall not be required to oommence proc~iings againat auch eucceseor or refuee to extend time for payment or otherwiae modify amortization of the auma secared by thie Mortgage by reason of any demand made by the original Barrower and I3orrowei a successora in intereBt. 11. Forbearanoe by I,ender Not a Rtaiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwise sfforded by appGcable law, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of inaurance or the payment of taxee or other liene or chargea by Lender ehall not be a waiver of Lenuer's right to aocelerate the maturity of the indebtednesa . aecured by this Mortgage. ~ 12 Remediee Cumulative. Al! irmediea provided in this Mortgage are dietinct and cumulative to any o1.,~er right or remedy ander this Mortgage or afforded by law or equity, and may be e:erciae~i rnncurrendy, independently or aucceaeively. 13. Succeseore and Assigne Boiwd; Joint and Several Liability; Captione. The covenante and agreemente herein contained shall bind, and the rights hereunder ehall inure to, the reapective aucceseors and seaigna of Lender and Borrower, aubject to the provisiona of paragraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and eeveral_ The captiona end headinge of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to ~3orrower provided for in this Mortgage ahall be given by mailing such notice by certi6ed mail addressed to$orrower at the Property Addreaa or at auch other addreas as Borrower may designate by notice to Lender as provided hernin, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to L,ender s addresa stated herein or to euch other addreas ea i.ender may deaignate by notice to Borrower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing l.aw; Severability.lliis form of mortgage combinea unitorm covenants for national uee and non- uniform covenante with limited variationa by jurisdiction to oonatitute a uniform aecurity inatrument oovering real property. This Mortgage shali be governed by the iaw of the jurisdiction in which the Property is located. In the event that any proviaion or clauee of this Mortgege or the Note conflicts with applicable law, such confliM shall not affect other proviaions of this Mortgage or the Note which can be given effect without the rnntlicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. t 6. Borrower'a Couv. Borrower ahall be furniahed a conformed conv of the Note and of thie Mortita¢e at the time of execution or after recordation hereof. ~ 17_ 'Itiranafer of t6e Property; Aasumption. If all or any part of the Property or an interest therein ie aold or tranaferred by Borrower without Lender a prior written consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money secarity interest for houaehoW appliances. (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint j tenant or (d) the grant of any leasehold interest of three years or lesa not rnntaining an option to purchase, Lender may, at I.ender's option, f declare all the sums eecured by this Mortgage to be immediately due and payable. Lender shaU have waived such option to accelerate if, prior j to the sale or tranafer. Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of snch ~ person is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shali be at such rate as I.ender sha11 ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ; written asaumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligations under this Mortgage and the Note. ~ If I.ender eaercises auch option to accelerate, I.ender shall mail E3orrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay auch sums prior to the expiration of such period, l.ender may, without further notice or demand on E3orrower, € invoke any remedies permitted by paragraoh 18 hereof. . ~ ; 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 6ereof. upon Borrower'e breach of any covenaat or ~ agreement of Borrower in thia Mortgage. including the covenante to pay when due any eums aecured by thie Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower se provided in paragreph 14 hereof epecifying: (1) the breach; (2) the action 3 required to cure auch breach; (3) a date. not leae than 30 days from the date the notice ia mailed to Borrower, by which such breach-must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleretion of the eums eecured by this Mortgage, foreclosure by judicial proceeding and sale 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 ~ non-eziatence of a default or any other defense ot Borrower to acceleration and forecloaure. If the breac6 ie not cured on or ~ before the date apecified in the notice. Lender at Lender's option may declare all of the aume recured by this Mortgage to be ~ immediatefy due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's feea. and ~ costs ot documentary evidenee, abstracis and title repvrts. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender's acceleration of the aums aecured by thia Mortgage. Borrowershall 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 thia Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Ruture Advances, if any, had no acreleration occurred; (b) Borrower cures all brnachea of any other rnvenanta or agreements of Borrower contained in this Mortgage; ~c) Borrower pays ail reasonable expenses incurred by Lender in enforcing the covenante and agreementa of Borrower oontained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reaaonably requirn to aasure that the lien of thia Mortgage, Lender'e interest in the Property and Borrower s obligatiun to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure _ by Borrower, this Mortgage and the obligatione secured hereby shaU remain in full force and effect se if no acceleration had occurred. 20. Aseignment ot Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aeaigne to Lenderthe rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right rn W rnllect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter~pon, take possession of and manage the Property and to collect the renta of the Property, including those paat due. All renis ~r oollected by the receiver shall be applied firet to payment of the oosts of management otthe Property and collection of rente, including, bue noe ~ limited to, receiver'a feea, premiums on receiver's bonds and reasonable attorney e feea, and then to the aums secvred by this Mortgage. The ~ receiver ahall be liable to acoount only for thoee renta actually received. r ~ ~ ~ Uk ~ 6U01( t~~ ~ - ~ ~ ~ < ; - ; . _ ~