Loading...
HomeMy WebLinkAbout0691 ; ' Oi • . I 8. Inspection. Lender mey make o~ cauae to be made reawnable entrie~ upon and in~pectiond of~hd'pmpetty, pmvided ~fdt i.ender ehall give Borrower ~otice prior to any such inspection specifying reasonable cauee therefor related to I.ender's intereat in the Property. 9. Condeianatloa.lt?e pmceeds of any award or ctaim for damagee, direct or co~sequentid. in connection with at~r ooadea?nation or ocher taking of the property, or part theceoi, or for conveyance in lieu of oondemnation, are h~rrby asaig~ed and ~A~ll be paid to I.ender. ' In the event of a total taking of the Property. the pmceeds ehall be applied to the sume secured by thia Mortgage. with the esoe~e~, if any, ~ paid to Borrower. In the event of a partial taking of the Property. unleaa Borrower and Lender otherwiee agree in writing, then shall be applied to the eume eecured by this Morfgage such proportion o! the proceeds as is equal to that proportion which the amount of the sum~ eecured by thia Mortgage immediately psio~ to the date of taking bears b the fair martet value of ihe Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. ' If the Property is abandoned by Borrower. or if, after aotioe by Lender to Borrower that the oondemnor offera to make an award or settle a claim for damages, Borrower faila to reepond to Lender within 30 deys aRer the date auch notice ia mailed, l.ender ia authorized to collect and apply the proceeds. at Leader s option. either to r~toration or repair of the pmperty or to the suma secuted by thia Mortgage. Unlees I.ender and Borrower otherwise agree in writing, any such applicatioc~ of peoceeds to principal shall not extend or postpone the due date of the monthly inetallmerte referred to in paragraphe 1 and 2 hereof or change the amount of euch inseallmente. 10. Borrovrer Not Releaeed. Ezteneion of the time for paymant or modification of amortization of the auma eecured by Ehis Mortgage granted by Lender to any succesaor in interest of Borrower shall not operate to releaee. in any manner, the liabiGty of the original Borrower and i3orrowre's su .,~-r,r,~rs in interest. Ler.~sr shall not be required to oommence proceedinga against such auccc~seor or refuee to e:tend time for payment or otherwiae modify amortization of the sume secured by this Mortgage by reason of any demand made by theoriginal Bor~ower and 8ormwer s succ~esaors in interest. 11. Forbearance by I.eader Not a VNaiver. Any forbearance by Lender in e:ercising any right or remedy hereunder, or otherwiee af~orded by epplicable law, ahall not be a waiver of or preclude the exercise of any such right or remedy. The procuremeat of insurance or the payment of ta:ea or other Iiens or chargee by Lender shall not be a waiver of I.ender a right to accelerate the maturity of the indebtedness aecured by thia Mortgage. 12. Remediee Cumulative. Ap remedies provided in this Mortgage are dietinct and cumulative to any other right or remedy under Lhis Mortgage or afforded by law or equity, and may be e:erciee~l concurrently, independently or eucceseively. 13. 3ucoeaeore and Aseigne Bound; Joint and 3everel I.iability; Captione. The covenants and agreements herein contained ahall biad, and the righta hereunder ahall inure to, the reepective euccesaors and aseigne of L.ender and Borrower, aubject to the proviaione of paragraph 1? hereof. All covenante and agreementa of Borrower ahall be joint and aeveral. The captions and headinge of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. ld. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing auch notice by certi6ed mail addtesaed to Borrowe~ at the Property Addresa or at aurh other sddreas as F3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, retum receipt requeated, to Lender's address atated herein or to auch other addresa as Lender may deaignate by notice to Borrower as 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 deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform oovenante for national uee and non- uniform covena~ts with limited variationa by juriediction to rnnstitute a uniform security instnuuent oovering real property. Thie Mortgage shxll be govemed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or claaee of this Mortgage or the Note conflicts w~th aRplicable law, such conflict shali not afCect other proviaiona of this Mortgage or the Note which can be given effect without the rnnfliMing provision, and to thia end the proviaions of the Mortgage and the Note are declared to be severable. ~ 1& Borrower'8 Copy. Borrower ahall be furniehed a rnnformed copy of the Note and of thia Mortgage at the time of ~ecutioa or after recordaaon hereof. 1~. Tranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower without Lender s prior written consent, eacluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purch~e money eecwrity interest for houaehold appliances. (c) a tranefer by deviae. dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not oontaining an option to purchaee, I.ender may, at I.ender's option. . declare all the suma secured by thia Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or tranefer, Lender and the person to whom the Property is to be eold or traneferred reach agreement in writing that the credit of such pereon is satiafactorv to Lender and that the interest payable on the sums secured by this Mortgage ehall be at auch rate as Lender ahall request. If I.ender has waived the option to ~ccelerate provided in this paragraph 17, and if Borrower s succeasor in interest has e:ecuted a ; written asaumption agreement accepted in writing by Lender, Lender shall relea8e Boaower from all obligations under thia Mortgageand the ' . Note. ~ If Lender exercises auch option to accelerate. Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof. j Such notice shall provide a period of not less than 30 days trom the date the notice ia mailed within wRich Borrower may pay the suma declared E due. If Borrower fails to pay such suma prior to the expiration of such period, L.ender may, without further notice or demand on E3orrower, ! ~nvoke any remedies permitted by paragranh 18 hereof. i - 18. Acceleration; Remedies. Ezcept as provided in paragraph 1? hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in thia Mortgage, including t6e covenaate to pay when due any eums secured by thia Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragrap614 hereof specifyiag: (1) the breach; (2) the action required to cure such breach; i3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by which euch breach must be cured; and (4) that feilure to cure euch breech on or before the date specified in the notice may result in acceleration of the aums aecured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate aRer acceleratioa and the right to aseert in the foreclosure proceeding the non•e:ietence of a default or any other defense ot Borrower to acceleration and forecloeure. If t6e breach is not cured on or before the date apecified in the notice, Lender at Lender'e option may declare all of the sume secured by this Mortgage to be immediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender shall be entitled to collect in such procceding all e:penaes of foreclosure. including. but not limited to, reasonable attorney's feea. and costa of documentary evidence, abstracts and title reporte. 19. Borrower'e Rig6t to Reinetate. Notwithatanding Lender s acceleration of the sums eecured by thia Mortgage, Borrower ahall have the right to have any proc~cedinge begun by l.ender to enforce thia Mortgage dieoontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all auma which would be then due under thie Mortgage, the Note and notea eecuring Future Advances, if eny, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreemente of Borrower oontained in ~ thia Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the oovenants and agreementa of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney e feea; and td> Borrower takea such action as Lender may reaaonably require to asaure that the lien of thia Mortgage, Lender'a interest in the Property and Boreower's obligation to pay the sums secured by this Mortgage ehall continue unimpaired. Upon euch payment and cure ~ by Borrower, thie Mortgage and the obligatione aecured hereby ahall remain in full force and effect se if no acceleration had axvrred. ~ Z0. Assignment of Rente; Appointment of Receivet. Ae additional security hereunder, Borrower hereby assigns to Lendertherents ~ ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents as they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a po poseeae g perty pe y, including those past due. All renLe ~ oourt to enter-u n, take ion of and mana e the Pro and to collect the renta of the Pro rt ~ oollected by the receiver ahall be applied firat to payment of the cosla of management of the Property and collection of rents, including, but not ~ limited w, receiver'a fees, premiume on receiver e bonds and reaeonable attomey'a fees, and then to the auma eecured by thie Mort~age. The ~ receiver ahall be liable to acoount only for thoee renta actually received. - ~ ~ ~ BOGi( ~~75 PA6E s~ ~ ~ ~ ~ ' . J . _ ~ - h: ~ _ _ - - - . _ - ~x:- : .~y~~ ~ ~~J,~ -J~~~~ ~n~ . _a-~~ 3~n 4'