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HomeMy WebLinkAbout0873 ; ~ ~ ~ • ! ~ • ' y 8. Iaspectlon. I.ender may make o: cawe to be made re~~onRble eatries upon sad iaspsctions of the propssly. provided cha~ Leader •baU ; ~ive Borrowe~ notica ptior b any ~uch inspeetioa specifyin~ reaaonable cauas therefor related eo [.ender'~ intarert in the Property. ' 8. C~tdemaatioa.'Rte pmoeed~ of any award or claim for dam~e~. direct o~qo~eV ue~tial. in oonneMion with ar~y ooademnatioa or ~ other taking ot the P~P~Y, ot part thereof. or for rnnveyaqds ta liqu ol oond~s ti0~~ are hereby a~si~ned sAd shall be paid to Lender. ~ I~ the ev~t of a btal takin~ o[ the Propsrty. the pe~oosed~ ~halt be~applied to Zheiuens eecured by thia Mortgage. with tbe e:osw. it aqy. ; paid to Bosrower. Ia the event of a partial taking of the Pe~operty. unle~s Borrower and I.ender othenviss aQree in writing. there ~haU be ~ applied to the sums secnred by this Mortga~s ~uch proportion ot the proceed~ aa u equal to fhst propostion which the amouat of !he sums ! secured by thie Mortgs~e immediately prior to the date of takiag beare to the fair muket value oithe Property immediately prior to the date of taking, with the balanoa of the proc~eed~ paid b Bo~rower. ~ I[ the Property is abendoned by Borrowet. or it, sRer aotioe by Lend~ to Borrowes that ths oondemnor oPfe» to u~ake an e~rard or ~ettle a ; claim for damages. Bo~+ower fails to rcepond to Lender withia 30 daya aEter the date such notice ia mailed. Lender is authorised to coAect snd ~ apply the proceeds. at I.ender'~ option. either to re~toration or repair of the prop~ty or to the sums secured by thu MartQa~e. Unless Lender and Borrower otherwiee ag~ee in writiag, any such epplicatioa of prooeeds to principal ahall not e~ctend or pwtpone the due ~ date of the mo~thly installme~ts referred to in peragraphs 1 and 2 hereof or change the auwunt of such inataUments. 10. Borrower Not Released. Extension of the tiane for paymant or modification of amortization of the euma secured by this Mortgage F granted by l.ender to any succeaeor in interest ot Borrower shall not operate to releaee. in any manasr. {he liability of the original Borrower ~ and Borrower a succeasors in intereat Lender ahall not be required to com~uence proceedings a~ai~lst anch auocessor or refuse to e:tend time for payment or otherwiee modity amortization of the aume aecured by this Mortgage by reaaon of any demand made by the original Borrowet ~ and Borrower s succeasors in intereat. 11. Forbearanoe by Leader Not a Waiver. My forbearance by Leade~r in racerciaing any right or remedy hereunder. or otherwi~e afforded by applicable law, shall not be a waiver of or preclude the e:ercise of any such right or nmedy. The procurement of insurance or the payment of tazea or other liens or charges by Lender ehall not be a waiver of l.ender a tight to aocelerate the maturity of the indebtedness eecured by ehis Mortgage. 12 Remedies G~muladve. All remediea pmvided ia this Mortgage are diatinct and cnmulative to any other right or nmedy under this Mortgage or aPforded by law or equity, and may be exerciee~t ooncurrently. iadependendy or auocesaively. 13. 3uccessors and Aesigns Bouad; Joiat and 3everal Liabilit~?; Captlons.'I~e oovenanta and agreemente herein oontained sheJl bind, and the righte hereunder ahail inure to, the respective auccessors and easigns of Lender and Borrower, subject to the provisions of paragrnph 1? hereof. All covenants and agreemente of Borrower ahsll be joint and eeveral.'Il~e captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the provisions hereof. ~ 14. Notice. Except for any notice required under r~pplicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall begiven by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreasor at such other addrese aa Borrower may deeignate by notice to Lender aB provided herein, and (b) any notice to Lender ehall be given by oertified mail, return reoeipt ' requeated. to Lender a addrees atated herein or to such other addreas ae Lender may designate by notice to Borrower aa provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or L.ender ~rhen given in the manner designated herria. 15. Uniform Mortgege; Governing Law; 3everability.l7~ie forni of mortgage combinea uniform oovenante for national use and non- s uniform covenante with limited variationa by jariadiction to oonatitute a uniform eecurity inetrument oovering real property. Thia Mortgage ahall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of thie Mortgage or the Note conflicts with applicable law, auch conilict shall not af~ect other proviaions'of this Mortgage or the Note which can be given effect without the oonflicting provieion, and to thia end the provisione of the Mortgage and the Note are declared to be aeverable. 16. Borrnwer'e Copy. Borrower ahall be furnished a conformed oopy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 1 17. 'ilranefer of t6e Property; Assumption. I! all or any part of the Property or en interest therein ie sold or transfernd by Bormwer without L,ender'a prior written conaent, e:cluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage, (b) the creation of a purchase money eecurity interest for houeehold appliances, (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold 'enterest of three yeare or lesa not oontaining an option to purchaee, I.ender may, at Lender s option. declare all the suma secured by thia Mortgage to be immediately due and payable. Lender ahall have waived auch option to aecelerate if. prior to the sale or tranafer, Lender and the person to whom the Property ie to be eold or trenaferred reach agreement in writing that the credit of euch peraon is eatiafactory to Lender and thst the intereet payable on the sums eecured by thie Mortgage ahall be at auch rate as I.ender aha11 request. If Lender has waived the option to aocelerate provided in thia paragraph 17. and if Borrower's succesaor in intereat hes e:ecuted a ' written asaumption agreement accepted in writing by Lender. Lender ahall release Borrower from all obligationa under this Mortgage and the ~ Note. ! If I.ender e~cerciaee auch option to accelerate, Lender ahall mail Borrower notice of soceleration in acoordance with pnragraph 1~ hereoL ~ Such notice shaU rovide a od of not lesa than 30 da a from the date the notice ia mailed within which Borrower ma p peri y y pay che Bums declared due. If Borrower fails to pay such aums prior to the e:piration of such period, Lender may. without further notice or demand on ~iorrower, ~ mvoke any rnmediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept ea provided in paragraph l~ 6ereof, upon Borrower's breac6 of any oovenant or agreement of Borrower in thie Mortgage. including the c~ovenants to pay when due any same secured by thie Mortgage. Leader prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) t6e actfon required to cure euch breach; (3) a date, not less than 30 days trom the date the notice is maited to Borrower, by whic6 such breach must be cnred; and (4) that tailure to cure such breach on or before the date .epecif ed in the notice may result in acceleratioa of the aume secnred by this Mortgage, foreclosure by judicial prooeeding and eale of the Property. The aotice ehall further intorm Borrower of the right to reinatate after acceleration aad the right to sasert in the foreclosure procesc~ing t6e non-exiatence of a detault or any other defense o! Borrower to aoceleration and toreclosure. if the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the suma serured by thia Mortgage to be immediately due and payable without further demand and may toreclosethis Mortgage by judicial proceeding. Lender ehall be entitled to oollect in such proceeding all e:peoses of forecloeure, including, iwt not limited to, reaeonable attorney'e tees, and j coste of documentery evidence, abstracte and title reports. ' r 19. Borrower's Right to Reinetate. Notwithstanding Lender's acceleration of the aums secured by thia Mortgage, Borrower shall have the right to have any proceedinge begun by [.ender to enforce thia Mortgage diecontinueci at any time prior to entry of a jadgment enforcing ~ this Mortgage if; (a) Borrower paya Lender all suma which would be then due under this Mortgage. the Note and notea eecnring Future Advancee, if any, had no aoceleration occurred; (b) Borrower curee all breaches of any other oovenante or egreementa of Borrower contained in ~ ~ this Mortgage; (c) Borrower pays all reseonable ~pensea incurred by Lender in eniorcing the oovenanta and agreementa of Borrower ~ f oontained in thie Mortgage end in enforcing Lender'e remedies es provided in paragraph 18 hereof, including. but not limited to, reasonable ~ attorney's fees; and (d) Borrower tatee auch action ae Lender mey reaeonably require to aesure thet the lien of thia Mortgage, Lender's interest ~ ~ in the Property and Borrower'e obligation to pay the aume eecured by thia Mortgage shall oontinue unimpaired. Upon such payment and cure ' ~ by Borrower, this Morigage and the obligatione secured hereby ahall remain in full force and effect ae if no aoceleration had occurred. ~ Z0. Assigament ot Rents; Appointment ot Receiver. As additional security hereunder, Borrower hereby aseigns to Lender the rents ~ of the Property, provided that Borrower ahall, prior to aooeleration under paragraph 18 hereof or abandonment of the Progerty, hsve the right to collect and retain auch renta aa they become due and payable. ~ Upon acceleratioa under paragraph 18 hereof or abandonment of the Property. Lender ahall be entided to have a receiver appointed by e court to enter~pon, talce poasession of and manege the Property and to collect the rents of the Property, including those past due. All nnts ~ oollected by the receiver aha11 be applied firat to payment ot the ooete of management of the Property and aollection of rents, including, bu! not ~ limited to, receiver'a fees, premiums on receiver's bonda snd reasonable ettorneyi a fees, and then to the aums sec~red by this Mortgage. The ~ receive; eha11 be liable to acoount only for thoee rente actually received. ~ s ~ ~ R 2~ P~E 87i ` 8001t 1 I ~ ~ . - ~ ~ - _ _ ~