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HomeMy WebLinkAbout0701 r • v~ . . ? ~ r . ~ • i S. I[19P8CL~Ol1. I.ender may make or cause to be made reasonebte entriea upon and inapectiotia of ihe property, provided thaL I.ender ~haU give Borrowet notice prior b any euch inepection specifyiog reasonable cauee therefor related to I.ender'e intcreat in the Property. 9. Coademnatlon. The proceeds of any awnrd or claim for damages, direct or conseqoential~ iel'oQan~tion wilb oondemnation or othe~ taking of the pmperty, or part thereof, or for conveyance in lieu of rnndemnatio~. are liereby wigned and ~lyl~~-paid to Lender. In the event of a total taking of the Property. the proceede shall be applied to the sums secured by this Mortgage. with the eucesa. if any, paid to Borrower. In the avent of a partial taking of the Property. unleae Borrower and Lender otherwiee agree in writing, there ~haU be t applied W the eume eecured by this Mortgage auch proportion of the proceeds as ia equal to that pmportion which the amount of the sums aecured by thia Mortgage immediately prior to the date oi taking beare to the fais market value of the Hropeity immediately prior to the date of takin8. with the balanca of the proceeds paid to Borrower. It the Peoperty ie ebandoned by Bormwer, or if, aRer notioe by Lender Lo Bormwer that the oondemnor oftera b make eui award or settle s claim for damages, Borrower faile to reapond to Le~der within 30 days after the dete euch notice is mailed, I.ender is authorized to collect aad apply the proceeds, at Lender's option, either to reetoration or repair of the proDer4i• or to the eama secured by this Mortgage. Unleas Lender and Botmwer otherwiee agree in writing, any euch application of pmceeds to principal ehall not extend or poetpone the due date of the mo~thly in.i;.:inS~nte referred to in paragrephs 1 and 2 hereof or change the amount of auch installments. _ 10. Borrower Not Releaeed. Extension of the time for paym~nt or modification of amortization of the sume secured by this Moitgage granted by Lender to any aucceaeor in intereet of Borrower shall not operate to mlease, in any manner, the liability of the original Borrower and E3orrower'a suc~.~esaors in interea~ I.ender ahall not be required to commence procecdinga againet auch auccessor or ~efuae to estend time for payment ur otherwise modify amortization of the sums secured by this Mortgage by reaeon of nny demand made by the original Borrower and $orrowei s aucceaeure in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwise afforded by epplicable law, shall not be a waiver of or preclude the e:ereiee of any euch right or remedy. The procurement of insurance or the payment of ta~ces or ofher liene or chargea by Lender shall not be a waiver of Lender e right to accelerate the maturity of th~ indebtedness se~.-ured by thie Murtgage. 12. Remedies Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any ather right or remedy under this - Mortgage or af~forded by law or equity. and may be e:erciee~i ooncurrently, independendy or aucceasively. 13. Succeasors and Aseigns Bouad; Joint and Several Liability; Captione. The covenants and agreemente herein oonfsined ehall _ bind, and the righte hereunder shall inure to, the respective aucceeeora and assigna of I.ender and Borrower. subject to the provieiona of paragraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and several. The captions and headinge of the paragrapha of thie Mortgage are for covenience only and are not to be uaed to interpret or define the provisione hereof. ` 1 A. Notice. Except for any notice required under appticable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing such notice by certified mait addressed to Borrower at the Property Addreae or at such other addrees as E3~?rrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender's addreas atated herein or to such other addrexe as Lender may designate by ~otice to Borrower as provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Eiorrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform oovenants for national ueeand non- ; uniform covenanta with limited variations by jutisdiction to oonstitute a uniform eecurity instniment oovering real pmperty.'Ihis Mortgage g shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauee of ttus Mortgage or the Note conflicts with applicable law, such conflict ahall not at~ect other provisiona of this Mortgage or the Note which can be given effect + without the rnnflicting provision, and to thia end the provisiona ef the Mortgage and the Note are declared to be eeverable. ~ 16_ Borrower's Copy. Borrower ahsll be fumiahed a conformed copy of the Note and of thia Mortgage at the time oi ezecution or after recordation hereof. ? 1'. 'llranafer of the Property; Aaeumption. If all or any part of the Property or an intereet therein is eold or traneferred by Borrower with~~ut Lendei s prior written coneent, excluding (a) the creation of a lien ur encumbrance subordinate to thie Mortgage. (b} the creation of a - purct?ase money eecurity interest for houaehold appliances. (c) a tranefer by deviae. deecent or by operation of law upon the death of a joint ' tenar.: or (di the grant of any leasehold interest of three years or less not containing an option to parchaee.:.ander may, at Lender e option, ; declan all the aums secured by thie Mortgage to bs immediately due and payable_ I.ender ahall have waived auch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of anch ~ peraon is satiafactory to Lender and that the intereat payable on the sums secured by this Mortgage ahall be at auch rate as I.ender ahall request_ tf Len~er has waived the option to accelerate pmvided in this paragraph 17, and if Borrower a succeasor in interest haB executed a written assumption agreement accepted in writing by Lender, I.ender ahall release Borrower from all obligations under thia Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of soceleration in accordance with paragraph 14 hereoi E Such notice shull provide a periwl of not less than 30 days from the date the notice is mailed within which Borrowet may pay the aums declared ~ due. If Borrower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. I . 18. Acceleration; Bemedies. E:cept as provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the ooveaanta to pey when due any eume aecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lese than 30 daye from the date the notice ie mailed to Borrower, by whic6 auch ' breach muet be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in ~ acceleration of the aums secured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice shaU further inform Borrower otthe right to reinetate aRer acceleration and the right to eaeert in t6e foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ia not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without turther demand and may foreclase this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all e:penaes of loreclosure. including, but not limited to. reasonable attorney's fees, and costs of documentary evidence, abstracte and tiNe reports. 19. Borrower'e Right to Reinstate. Notwithstanding Lender's acreleration of the eums aecured by thia Mortgage, Borrower shall have the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcutg this Mortgage if: (a) Borrower paya Lender all auma which would be then due under this Mortgage, the Note and notea securing ~ture Advancea, if any, had no acceleration occurred; (b) Borrower curee aU breachea of any other covenante or agreemente of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by I.ender in enforcing the covenanfs and agreementa of Borrower contained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bnt not limited to, reasonable i attorney B fees; and (a) Borrower takes auch action as Lender may reasonably require to aeaure that the lien of thia Mortgage. Lender's intereel j in the Property and Borrower'a obligation to pay the suma secared by this Mortgage ahall continue unimpaired. Upon auch payment and care ' by Borrower, this Mortgage and the obligationa eecured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ Z0. Aaeigament of Rente; Appointment of Reoeiver. As additional eecurity hereunder, Borrower hereby assigns to Leaderthereata ~ of the Property, provided that Borrovver ahail, prior Lo aoceleration 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 acceleration under paragraph IS hereof or abandonment of the Property, Lender shall be entitled to have a receiver aQpointed by a ~ oourt to enter~pon, take posaeasion of and manage the Property and to collect the renta of the Property, including thoee past due. All rente collected by the n~oeiver ehall be applied firat to payment of the ooats of management of the Property and rnllection of rente, including, but not ~ limited to, receiver's fees, premiuma on receiver'e bonds and reasonable attorney e feea, and then to the eums aecured by thia Mortgage. The receiver ehall be liable to acoount only for those rents actually received. ~ - ~ ~ t~ R ~ s°tx'2~ Facf ~ ~ ~ ~ - - - - - ~ ~fw~~~ _ - ~ ~ d ~ . .v ~