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HomeMy WebLinkAbout0995 ~ r r 8. Iaspectloa. L,ender may make or cauee to be mede ewiwa~bleentries upod ~ad inspections of the pmperty, provided that Lender shall give Borrower natice priur to any auch inapection speciiying reasonable cawe therefor related to Lendei s inte~eet in the Property. 9. Coademnatloa. The proceeds of any award or claim for damages, direct or consequential, in connection with any oondemnetion or other taking of the pmperty. or part thereof, or for conveyance in lieu of rnndemnatio~, are hereby a~aigned and shall be paid to Lender. In the event of a fotal taking of the Property. the proceedi ehaU be appUed to the eums eerured by thia Mortgage. with the e:oeN. if any. paid to Borroyver. In the event of a partial taking of the Piroper4y. unless Borrower and L,ender otherwise agree in writing, there shall be applied to the eums secured by this Mortgage such proportion of the proceeds aa u equal to that pmportion which the amount of the sums eecured by this Mortgage immediately prior to the date of takiag bears to the fair market value of the Property immediately prior to the date of taking, with the balanea of the proceeds paid to Borrower. If the Property, is abandoned by Borrower. or if. aRer notice by Lender to Bormwer that the ooademaor otYers Lo make an award or setde a - claim for damages. Borrower faile to respond to Lender within 30 days after the date such aotice is mailed. Lender is authorized ~o collecL and apply We prooeeds, at Lender's option, either to restoration_or npair of the property or to the aums eecured by this Mortgage. Unleea I.ender and Borrower otherwise agree in writine, anY such applicadon oiprooeeds to principal shaU not extend or postpone the due date of the monthly instalLnenta referred to in paragraphe 1 and 2 het+eof or change the amouat of such inetallmeats. 10. Borrower Not Released. Extension of the time for paym=nt or modification of amortization of the eums eecured by thia Mortgage . granted by Lender to any succeeeor in intereet of Bormwer ahall not operate to retease, in any manner. the liability of the original Borrower ; und Borrower's eucceseors in interes~ I.ender ahall not be required to oommence proceedings againet auch suecessor or refuse to e:tend time for payment or otherwise modify amortization otthe aums aecared by thia Mortgage by reason of any demand made by the original Borrowet and Borrow~ s auccesaora in interest. 11. Forbearanoe by Lender Not a Rlaiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwise . aftorded by applicable law, shall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of inaurance or the payment of ta~cea or other liena or chargea by Lender shall not be a waiver of I.ender's right to aocelerate the maturity of the indebtedneea aecured by thia Mortgage. 12- Remedies Cumulative. All remedies pmvided in this Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or sfforded by law or equity. and may be exerciee~i ooACUrrently. independandy or euooeesively. . 13. 3uccessore and Assigns Bound; Joint and Several Liability; Captions. The covenante and agreements herein oontained ahall bind, and the rights hereunder ehall inure to. the respective eucceesora and aeeigne of Lender and Borrower. aubject W the pmviaiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ehaU be joint and eeveral. The captions and headinge of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing anch notice by certified mail addreased to Borrower at the Property Addreea or et euch other addreee as Borrower may designate by notice to I.ender se provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to I.ender's addrese etated herein or to euch other addreee ae Lender may designate by notice to Borrower aa pmvided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thie foron of mortgage oombines uniform oovenaate for national uee and non- - uniform covenanta with limited variations by jnrisdiction to oonstitute a uniform security instrument oovering real pmperty. This Mortgage ' shall be governed by the law of the juriadiction in which the Property ia located. In the event that any pmvision or clauae of this Mortgage or ` the Note rnnflicts with applicable law, auch rnnflict ahall not af~'ect other provieiona of thie Mortgage or fhe Note which can be given effect without the oonflicf.ing provision, and to thia end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shsll be furniahed a oonformed oopy of the Note and of thia Mortgage at the time of execution or after recordation heceof. 2?. 'ltisnsfer s~f the Pz~~°rtY: A°°i'~~'*1^~= If nll nr ,~ny ~+nrt of the Prooerty or an intereat therein ia eold or traneferred by Borrower without Lender s prior written consen~ excluding (a) the creation of a lien or encumbrance eubordinate b thia Mortgage, (b) the creation of a ~ purchane money security intereat for household appliancea, (c) a transfer by deviae. deacent or by operation of law upon the death of a joint tenant or (d) the ,grant of any leseehold intereat of three yeara or lesa not oontaining an option to purchase. Lender may, at Lender'a option, declare all the sumr aecured by this Mortgage to be immediately due and payable. I.ender ehall heve waived auch option to accelerate if. prior to the sale or tranafer, Lender and the person to whom the Property ia to be sold or tranaferred reach.agreement in writing that the credit of auch - person is satiafactory to Lender and that the interest payable on the sums aec~red by this Mortgage shall be at auch rate as Lender shall ~ request. If Lender has waived the option to accelerate pmvided in thia paragraph I7, and if Bortower's successor in intereat haa eYecuted a written asaumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the I Note. If Lender exerciaes such option to accelerate, Lender ahall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof. ; Such notice ahall provide a period of not less than 30 daya from the date the notice ia ir,ailed within which Borrower may pay the auma declared s due. If Borrower fails to pay auch aums prior to the e:piration of auch period, Lender may, without further notice or demand on E3orrower, I ?nvoke any remedies permitted by paragraoh 18 hereof ~ l8. Aoceleration; Remedies. Bzcept as provided in paragraph 17 hereof, upon Borrower'8 breach of any oovenant or ~ agreement of Borrower in t6is Mortgage, including the oovenants to pay when due any sums aecured by this biortgage, I.ender ~ prior to acceleration e6a11 mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action g required to cure such breach; (3) a date, not lese than 30 daya from the date the notice ie mailed to Borrower, by which suc6 ~ breach muet be cured; and (4) that failure to cure such breach on or before t6e date specified in the notice may result in acceleration of the eums eecured by this Mortgage, torecloeure by judicial proceeding and sale of the Property.The notice ehall ~ further inform Borrower of the right to reinetate aiter acceleration and t6e right to aasert in the foreclosnre proceeding the ~ non-eziatence of e default or aay other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, I.ender at Lender'e option may declare all of the auma eecured by thia Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be Y entitled to collect in such proceeding all e:penses of forecloeure, including, but not limited to, reaeonable attorney'8 fees, and : coste of documentary evidence, abatracte end title reporte. ~ 19. Borrower'e Right to Reinetate. Notwithetanding Lender s acceleration of the sume eecured by thie Mortgage, Borrower ehall have the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing - ~ thia Mo;tgage if: (a) Borrov~er paya Lender all suma which would be then due under thie Mortgage, the Note and notea eecuring I~ture ~ Advances, if any. had no acceleration occurred; (b) Borrower curne all breaches of any other rnvenants or agreementa of Borrower contained in ~,B8B ' PaY Pe ' ' this Mo e, (c) Borrower e all reaaonable e: nsea incurred by Lender in enforcing the oovenants and agreemente of Borrower oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not lunited to, reaaonable = atiorney'a feea; and (d) Borrower takea such action as I.ender may reasonably require to aseure that the lien of thia Mortgage, Lendei s interest 5 in the Property and Borrower's obligation to pay the auma eecured by thie Mortgage ahall oontinue unimpaired. Upoa auch payment and cure - by Borrower, this Mortgage and the obligatione eecvred hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aaeigne to Lender the renta _ of the Property, provided that Borrower ahell, prior to aoceleration under pazagraph 18 hereof or abendonment of the Property, have the right s's to oolled and retain auch rente aa they become due and payeble. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a r oourt to enter~pon. take possesaion of 8nd manage the Property and to collect the rents of the Property, including thoee paet due. All rente colle.:ted by the receiver shall be applied fust to peyment of the ooeta of managementof the Property and oollection of rente, including, but not limited to, receiver's feea, premiume on receive,r's bonds and reaeonable attorney's feea, and then to the suma eecured by this Mortgage. The ~ ~ receiver shall be liable to acoount only for thoee rnnta actually received. ' ~ ~ ~ ~ ~~?293 ~ 994 2 ' j ,K i a"~i-s _ j s' ' ~x*.S , ~ _ - . _ _ " ~ _ _ . _ t,~~, ' ~'x ` a . ' ,.~5 -~p.».~: ~u,~ ~ r ~ ~.r~-~.:+.~ ~-~`:a.~-'.'-`X- a'^ ..?-,x.~" ' ~ .`w~.--~i ~y,;~. - . . J. ~sx~~:5: - ne