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HomeMy WebLinkAbout0877 . ~ • , Ils • . • ~ . ~ 8. IaspsMioa. l.ender msy make or cau~s to be made reawnable eatrier upoa and'uupections oithe pmperty. provided that Lend~ shaU give Borrower notios prior to an~r such uupectioa ~pecityin6 reasoae~ble caws therefor related to Lender'~ interest in tbe Pcopsr~y. 9. Coademn~doa. The prooeeda of aay awud or clait~ tar d~me~~ dira;t ~ 4ou~e9uential. in connection with aay oondemnatioa os oWe~ takiu~ ot W~ property. or part thersot. or for oonveyae~ ia lieu of oondeauibon. ers hereby a~ned aad shaU be paid to Lender. In We eveat of a total takin~ oi tl~e Property. the pmosed~ ~hall be applisd to tbe sum~ ascured by thi~ Morfgan. aith We esoeM. if ~n,y. paid to Borro~rer. Ia the eveat of a partiel talona oi the Prop~br, nnlea Borrovvec and Lend~ otherwiae agres ia r?ritin~. tbers shaU be applied to the sums ~e~vred by thu Mortt;age akh proportion o~ the prooeed~ as u eqnal to that propo:tion which We amount af the secured by this Mortga~e immedistely prior to We date ot takiaa bsats b the fair market value of the Propsrty immediate~y prior to the date of taldn6. w+iW the balanca ot We prooeed~ Wid to Borrower. If the Proper~,y u abandoned by Boao~re~r. or if. attsr aotioe by Leader Lo Borrower that the ooadannor ogers to make an a~rud or ~ettle a claim for damaga. Bon~ower fails to n+spond to Lender ~rithit~ 30 da,y~ after the date such notioe is mailed, Lende~ is anthorised to oollect and apply ihe prooeed~. at Lender's optioa. either ~o redorstion or repair oi the ~oparty o~ to the ~um~ recured by thi~ Mo~tga~e. Ualess I.ender aad Borrower oWerwise agree in writinB, any such applicetion of proceed~ b principal shall not aztead os pwtpone the due date of the month~y installmenb raferred b in Paregraphs 1 at?d 2 hezeof or chan~e the amouat of such inatallments. 10. Borrower Noc Rele~sed. E:~enaion of ehe cime for paymanc o~ modificaaon of amortisa~ion of ~he eum. secured by ehis Mortgage g~ranted by Lender to any suooessor in interest o[ Borrower aball not operate to rel~se. in aay mannet. the liability of the original Borrower and Borrower's anocesaors in interea~ I.ender shall not be required to aommence prooeedings egainst such suoceewr or refuse to e:tend time for payment or otheswise modify amoKization of the aums secured by thie Mortgage by reaeon of any demand made by 1he originel Barrower and Borrower a succeesors in interest. 11. Forbeasance by Lender Not a Waiver. Any forbearanoe by ~der in ezenasing any right ~ remedy hereunder. o~ othecwi~e afforded by applicable law. ahall not be a waiver of or preclude the ~ercise of any sach right or remedy. The procurement of insuranas or We payment of t~ee or other liens or chargee by Leader ahall aot be a waiver of L~der'~ sight to aocelerate the matnrity of t6e indebtedness secured by thia Mortgage. 12 Remediea Cumulutive. All cemedies ~ovided in this Mortgage are di~tind and cum~ilative b say othar right or nmedy and~ Wis Mortgage os afforded by la~r or cqnity. and mqy be uercised oonc~rrenUy. independently or suoo~sively. 13. Succesaors and Assisns Bound; Joint and Several I.iability; Captions. The covenants and agrcements herein oontained shall bind, and the rights hereunder ahall innre to. the respective aucoeseors and sssigns of I.ender and Borrower, eubject to the provirione of paragraph 17 hereof. All oovenants and ageeementa of Bonow~er ehall be joint snd several. The captioas and headings of the paragraphs of thia M~gage are for covenience only and are not to be used to interpret or de5ne the provisions hez~eof. 14. Notice. E:cept for any notice required under applicable law to be given in anoWer manaer, (aa aay notioe to Borrower provided for in this Mortgage ahaU be given by mailing such notice by certified mail addreased to Borrower at the Property Ad~iress or at such other address as Borrower may deaignate by notice to Lender aa provided herein, and (b) any notice b Lender ehall be given by certi5ed mail, ntura receipt requested, to I,eader's address stated herein or to snch othe~ addrese as Lendet may designate by notioe to Borrow~ ea provided herein. Any notice pmvided for in this Mortgage shali be deemed w have been given to Borrower or Lender when given in the mannar designated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage oombinea uniform oovenanfa for aatioaal use and aon- uaiform covenaate with limited variations by juriediction to oonatitate a uniform aec~uity inatiument wvering nal property. This Mortgage ahall be governed by the iaw oI ih~ juriadict;~n in whieh the Fropezty is tucated. In the event that any provision or clause of thia Mortgage or the Note contlicte with applicable law, such conflict shall not aPfect other proviaiona of this Mortgage or the Note which can be given egect without the aontlicting pmvision, and to this end the proviaioae of the Mortgege and the Note are declared to be severable. i& Borrower'e Copy. Borrorve: ahall be furniehed a ooaformed oopy of the Note and of thie Mortgage at the time oi execuaon or after recordation hereof. 17. 'ISransfer of the Property; Assumption. If all or any part of the Property or an interest therein ia eold or transferred by Borrower without Lender's ptior written consent, e~cludiag (a)1he creation of a lien or encumbranoe subordinate to thia Mortgage. (b) the creation of a purchaee money ty interest for househoW applianoes, (c}a transfer by devise. deecent or by operation of laa+ npon the death of a joint tenant or (d) the ant of any leaeehold int~eeest of threeyears or leee not oontaining an option to purchsae, Iender may. st I.ender's option. declare all the sume ae~nred by this Mor3gage to be immediately due and payable. Leader sliall have waived snch option to accelerate if. prior to the aale or tranafer.~.eiider and the person to whom the~roper.ty is to be sold or ~ansferred reach agreement in vnriting that the credit of sach perac~ ie a,~tiefactory to Lender and that the interest payable on the sume eecured by thie Mortgage ehall be at anch rate aa Lender ahaU • reqnpst. If ~.ender hae waived the option to acoelerate provided in thia paragraph 1T, and if Borrower's auoceesor in interest has e:ecvted a I writtrn asaumption agreement socepted in writing by Lender, Lender ehall releaee Borrowet from all obligationa under this Mortgage and the Note. - If Lender e~cercisea such option to accelerate, Lender shall mail Borrower notice of acoeleration in acoordance with paragraph 14 hereoL ( Such notice ahall provide a period of not lese than 30 daya firom the date the notice is rLailed within which Borrower may pay the euma declared due. It Borrow~ fails to pay such aums prior to the ~p'uation otauch period, Lendet may, without furth~ notice or desnand on $orrower. ~ invoke any remediea permitted by paragraoh 18 hezeof. ~ 18. Acceleration; Remedies. Faccept as provided in paragrap6 17 hereot, upon Borrower'e breach of aqy oovenant or ~ agreement of Borrower in thia Mortgage, including the oovenants to pay when due any snme eecvred by thia ~ortgage, I.eader prior to acceleration ehall mail notice to Borrower sa provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less t6en 30 daye from the date the notice is mailed to Borrower, by which snch bresc6 must be cured; and (4) t6at failnre to cure such breach on or betore the date apecified in the notice may resnlt in acceleratioa of the sums aeaured by this Mortgage, foreclosure by judicia! prooeeding and eale of the Property. The aatice ehall furt6er inform Borrower of the right to reinstate aiter acceleration and the right to assert in the forecloeure proceeding the non-eziatence of s default or any ot6er defense of Borrower to soceleration and foreclosnre. I~ the breach is not cnred on or before the date epecified in t6e notice, I.ender at I.ender's option may declare all of t6e euma secured by this Mortgage to be immediately due and payable withont further demand and may forecloee thie Mortgage by judicial proceeding. I.ender ehall be entitled to collesL in euch proceeding all e:pen8es of forecloeure, including. but not limited to, reasonable attorney's feea, end ooete of documentary evidence, abstracts and titEe repocta 19. Bortower's Right to Reinatate. NotwitheLanding I.ender's aoceleration of the aums secured by this Mortgage, IIorrower shall have the right to have any prooeedings begun by Lender to enforce thia Mortgage disoontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays Lender all eume which would be thea dne under this Mortgage, We Note and notea securing Future Advancea. if any, had no acceleration occurred; (b) Borrower cures a11 breachee of any other ooveaants or agreements of Borrower contained in thia Mortgage; (c) Borrower paya all reaeonable ~penaes incurred by Lender in enforcing the oovenants and agreements of Borrower oontained in this Mortgage and in enforcing Lender'e remedies ae provided in paragraph 18 hereof, inclnding, but not limited to, reasonable ~ attorney's fees; and (d) Borrower takee sach action aa I.ender may reseonably reqnire to assure that the lien of thia Mortgage, Lender'e interert ~ in the Property and Borrowei'e obligation to pay the auma serured by thie Mortgage ahall rnntinue unimpaired. Upon e~ch payment and cnre n by Borrower, thia Mortgage and the obligatione eecured hereby ahaU remain in full force and effect sa if no aocelezation had oocurred. 20. Asa~gament of Rents; Appointment of Receiver. Aa additional aecvrity herennder, Borrower hereby aesigna to Lender the rents of the Property. provided that Borrower ahell, prior to aoceleration under paragrap618 hereof or abandonment of the Property, have the righi to rnllect and retain sach reate as they become due and peyable. Upon aoceleration under paragrapb 18 6aeof or abandonmeat of the Property, I.ender ahall be entided to have a ra~eiver appointed by e ~ oourt b enter~pon, take pomaession of and manage the Prop~ty and to oollect the rent8 of the Property, including Wose paat due. All rents + ~ oollecLed by the receiver ahaU be applied first to payment of the oosta of managcment of the Property and oollection of reats, inclnding. bnt not ~ limited to, rec~eiver e fees, premiume on receiver's bonda and reasonable attomey'e fcea, and then to the e~ma secared by this Mortgage. The ~ receiver ahall be liable to aooount only for those rents adually received. • ~ ' t ~ ~ 600K ~ ° R 296 ~ 875 ~ ~ _ - - ~..a' P__~.~_ _ _e~_ ~ _ ~ - y ~,~~s~