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HomeMy WebLinkAbout0591 i 8. In~pection. Lender may aaake or causs to bo made ree~o~able entrie~ upon aad 'uupection~ of the property. provided that Leada ~hall give Borrovver aotioe prios b eny ~uch inapectioa specifying rea~onsble cawe t~refor related to Lender's interest ia the Property. 8. Coademnadoa.'l~e prooeed~ of any sward ot clyou for d~ma~N. direct q~ con~equential. in connection with any oondemnation or oth~ talring of the propert,v. or pert thereot. or for conwypnca 1n tieu of ooadeieat~ation. are hareby a~signed and shaU be paid to Lender. In the event of a total takin~ of the Property, tl~e prooesda ~haU be applied to the euma ~ecue+ed by this Mwt~age, MriW We e:oas, if any, paid to Borrower. ln ehe eve~nt of s partial takin~ o[ the Prope:ty. unless Borm~rer and LeAd~ otherwi~e a~ree in writiag. there shall be applied to the sum~ secured by Wi~ Mort~aQa ~uch propostioA of the proceeds a~ is equsl to that proportion which the amount oithe sums secund by this Mor~age iinmediately prior b the date of taking beare to Lhe fair market value of the Property immediately prior to We date of talong. with We balanoa of the proceed~ paid to Borrower. If the Prope~rRy u abandoned by Borrower. a~ if. aR,er notioe by Lender to Borrow~ that the oondeinnor ogers to make an aw~ard or settle a claim [or damaQes. Borrower fails b respond to Leader within 30 days a8az the date sach notioe is mailed, Leadet is authorized to aoAect and ; apply We proceeds. at I.ead~'s option. aither to re~totatioa or repair of the properfy ~ to the sums eecured by this Mortgage. Unlces Leader aad Borrowez other~vise agree in w?riting. any such application of pmceeds to principal shaU not eztend or postpoae We due date of the moathly iastallmeAts nferred to in parsgraphs 1 and 2 hereof or change the amo~wt of euch installments. 10. Borrower Not Releared. Eztension of the time for pe~ymant or modification of amortization of the euma secured by.thia Mortgage grented by I.ender to any eucceasor in intereat of Borrower ahall not operate to teleaee, in eny manner. the liability of ihe original Borrower and Borrowe~r's succesaors in interest Lender shall not be reqaired to oommence proceedings egainet euch succeseor or refuee to e:tetid time for peyment or otherwiee modify amortization of the euma eecured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower'a auccesaors in intenst. 11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender in e:ercising any right or remedy hereunder. or otherwise ; a~orded by applicable law, shall not be a waiv~ of or preclude the ezercise of any such right or remedy. The pracurement of iaeurance or the ' payment of tazee or other liens or charges by Lender ahall not be a waiver of Lender's right to aocelerate the maturity of the indebtedneas eecured by thie Mortgage. 12 Remedies Cumulative. All remedies provided in thia Mortgage are distinct and cvmulative to any other right or remedy under this Mortgage or afforded by law or equity, aad may be e:erciee~i ooncurrently. indepeadently or auoceasively. 13. 3wxeesors and Aeaigns Bound; Joint and 3everal Liability; Captlone. The covenants and agreemente herein oontained ahall bind. and the righta hereunder ahall inure to. the reapective aucoeesore and aesigns of I.ender and Borrower, subject to the pm'viaions of paragraph 1? hereot AU rnvenants and agreemente of Borrower ehaU be joint and aeveral. The captiona and headings of the paragraphs of , thie Mortgage are for rnvenience only and are not to be used to interpret or de5ne the provisione hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage ahe~ll be given by mailing such notice by certified mail addressed to Borrower at the Property Addrees or at such other addreee as Borrower may designate by notioe to Lender ae pmvided herein, and (b) any notice to Lender shall be given by certified mail. retum receipt requested, to Lender'a addrees atated herein or to auch othe: address as L.ender may deaignate by notioe to Borrower ae pmvided hereia. Any notice pmvided for in thie Mortgage shall be deemed to have been given to Borrower or Lender when given in the manne~ deaignated hereiti. 15. Uniform Mortgage; Governing Law; 3everabi[ity. Thia form of mortgage combinee uniform wvenante for national use and aon- uniform covenante with limited variations by juriadiction to oonatitute a uniform security inatrument covering real property.'lt?is Mortgage ; shall be goveraed by the law of the jurisdiction in which the Property is located. In the event that any provieion or clauee of thie Mortgage or the Note conQicte with applicable law, such conflict ehall not affect other proviaiona of this Mortgage or the Note which can be given ef~ect without the oonllicting provision, and to this end the provieione of the Mortgage and the Note are declared to be eeverable. 18. Borrower.'s Copy. Borrower ehall be furniahed a oonformed oopy of fhe Note and of thia Mortgage at the time of e~cecution or aRer recorsiation hereof. I7. '17ranafer of the Property; Assumption. If all or any part of the Property or an intereet therein is eold or tranaferred by Borrov~er withwt Lender'a pii;x written conaent, r~cluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage. (b) the creation of a purchaee money security interest for household applianoes. (c) a tranefer by deviee, descent or by operation of law npon the death~of a joint tenant or (d) the grant of any leasehold intereat of three yeare or less not containing an option to purchase, I.ender may, at I.endei's option, declare all the aums aecured by thia Mortgage to be imme~iately due and payable. I.ender shall have waived auch option to aocelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be eold or traneferred reach agrcement in writing that the ceedit of auch person is satisfactory to Lender and that the intereat payable on the eums eecured by thia Mortgage shall be at snch rate as Lender ahall ~ request. If Lender has waived the option to accelerate provided in this paragraph 1T, and if Borrower s aucceasor in interest has e:ecuted a I written aseumption agreement acoepted in writing by Lender, Lender ahall releaae Borrower from all obligations under thie Mortgage and the ~ Note. ~ - i If I.ender ~erciaes such option to accelerate, Lender ahall mail Borrower notice of acceleratian in sooordance with paragraph 14 hereot ~ Such notice ahaU provide a period of not lese than 30 daya from the date the notice ia aailed within which Borrower may pay the aums declared - ~ due. If Borrower faile to pay such auma prior to the expiration of auch period, Lender may. without further notice or demand on $orrower, invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof, upon Borrower'e breach of aqy oovenant or ~ agreement of Borrower in thie Mortgage, inclnding the oovenants to pay when due any same secured by thia Mortgage, Lender prior to aoceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, aot lees than 30 daye trom the date the notice ie mailed to Borrower. by which snch breach must be cured; and (4) that failnre to cure such breach on or before the date specified in the notice may reault in acceleration of the aums secured by this Mortgage. foreclosure by judicial proceeding end eale of the Property. The notice e6ell further inform Borrower of the right to reinstate aRer acceleration and the right to a8sert in the forecloeure proceeding the non-ezietence of a default or any other detease ot Borrower to aoceleration and foreclosure. If the breach ie not cured on or before the date specif ed in the notice, Lender at Lender's option may declare aU of the eume aecured by thia Mortgage to be immediately due and payable without furt6er demand aad may foreclose this Mortgege by judicial proceeding. Lender shall be entitled to oollect in auch proceeding ell e:peases of forecloaure, including, but not limited to, reaeoneble attoraey's feea, and coete of documentary evideace, abstracte and titte reporta. 19. Borrower'e Right to Reinstate. Notwithetanding Lender'e aoceleration of the auma eecured by this Mortgage. Borrower shall have the right to have any p~dings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of e judgment enforcing this Mortgage if: (a) Bormvver pays Lender all auma which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no aooeleration axvrred; (b) Borrower curee all breachea of any other oovenants or agreementa of Borrower rnntained in i ,t this Mortgage; (c) Borrower paya all reseonable eapeneea incurred by Lender in enforcing the covenanta and agreements of Borrower contained in thie Mortgage and in enforcing Lender e remediea ae pmvided in paragraph 18 hereof, including, but not limited to, reaeonable ~ ~ attorne~s feea; and (d) Borrower takee such edion as Lender may ieasonably require to aeaure that W e lien of Lhis Mortgage, Lendei s interest f ~ in the Property and Borrower a obligation to pay the enma eecured by this Mortgage shall oontinae unimpaired. Upon anch paymeat and cure ` by Borrower. this Mortgage and the obligationa eecured hereby ahall remain in full force and effect aa if no soceleration had axurred. ~ Z0. Assignment of Rents; Appointment of Receiver. M additional eecurity hereunder, Borrower hereby aasigna to Lender the tenta ~ ~ of the Property. provided that Borrower sha11, prior to aoceleration nnder paragraph 18 hereof or abandonment of the Property, have the right ; ~ to oolled and retain euch rents ae they bec~ome due and payable. ; ~ Upon ecceleration unde: paragraph 18 hereof or abandonment of the Proptrty, Lender ;hall be entitled to have a reoeivez appointed by a ~ ~ oonrt to enterupon, take poasesaion of and manage the Property and to collect the renta of the Property, including those paat due. All rents collected by the receiver ahall be applied firat to payment of the oosta of management of the Property and oollection of rents, inclading, but not timited to, receiver's fees, premiume on receiver's bonda and reasonable attorney's fees, and then to the eume secured by this Mortgage. The ~ receiver ahall be liable to aooonnt only for thoae rents actually received. ; . i 80~295 ~"590 ~ i - _ - - . - - - - - ---r-- - .