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HomeMy WebLinkAbout0134 ' . . • : • - r• • ~ . - . ,s , . 8. IA~{leCt~Ofl. I.ender may make or cause to be made rea~onable entrie~ upon and iiupectioru of the property, provided ihat Lender ~hall give Borrowar notica prior to any ~uch inspection spocitying rea~onable cause there[or celated to Lender's iate~est in the Property. _ ~ 9. COI1~I8mAAUOfI. 'l~e proceed~ ot aAy award or cleim for dama~e~. direM or con~equential, in oonnection with any ooademnation o~ other takin~ of the prope:ty, or part thereoi, or for co~veyanoe in lieu of oondeaanation, ars henby a~sig~od and shall bs paid b Lender. : In the event of a total takir~ of the Propedy, the proceedi shall be applied b the sums secured by this MortgaQe, with the ~oeM. ii any. paid to Borrower. In lhe svent of a pa~tial Wrin~ of the Prope=ty. unlew Borrower and Lend~ otherwiae agree in writin~~ tbere ~hall bs applied to the sum~ ~ecund by thia Mort~a~e ~uch proportion of the proceeda a~ ii equal to that proportion which the amount of the sums eecured by this Mort~age immediataly prior b the drte oi teking bean to the fair msrket value of the Properiy immediately prior to the date of taking. writh the balanoa of the prceeed~ Paid to Borrower. ; If the Property iu abandoned by Sorrower, or it, aRer notioe by Leader to Borrower that the oondemnor otrers b make an sward dr ~ettle a + claim for damegea. Borcower fails to re~pond b I.eader withia 30 days after the date auch notioe u mailed. I.ender ia authorised to rnllect and apply the prooeeds, at I.ender s option, either to re~toration or repair of the pmperty or to the ewas secured by this Mort~age. Unlees Lender and Borrower otherwise ag[ee in vvritiag. any such application of pmoeeds to priacipal shall not ~tend or pwtpone the due date of ehe monthly instaUmente referred to in paragreph~ 1 and 2 hereof or chanQe the amouat of such in~tallment~. 10. Borrower Not Released. E:tension of the time for payman! or modificatiop of amortisation of the sume secured by this Mortgage granted by I.ender to any euccessor in interest of Borrower shall not operate to release. in any manner, the linbility of the original Borrowrer ; and Borrower e sucreseore in interest [.ender ahall not be required to oommence proceedingu against such aucceeaor or nfuee to e:tend time for payment or otherwise modity amortization of the aums secured by thia Mortgage by reason of any demand made by the original Borrower and Borrowei a succeaeors in interest. 4 11. Forbearanoe by.LeAder Not a Waiver. My forbearance by Lender in esercuing any right or nmedy hereunder. or otherwi~e af[orded by applicable lew, shall not be a waivez of or preclude the e:ercise of any such right or remedy. The procurement of insurance or the ; payment of tauea or oWer liens o~ charges by I.endu ahali not be a waiver of Lender's right to aooelerate the maturity of the indebtedness f eecured by thia Mortgage. ~ ~ 12 Remedle~ Gumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or nmedy und~ this Mort,gage or afforded by law or equity, and may be ~ercise~l ooncurrently. iadependeady or euooessively. ~ 13. 3ucceesors aad Assigns Bound; Joint and 3everal Liability; Ceptioas.'l~e oovenants and agrcemente herein oontained shall ~ bind. and the rights hereunder shall inure to..the reepective euocess~rs and assigns of Lender and Borrower, eubject to the provisiona of ~ paragraph 17 heteof. All rnvensnta and agreementa of Borrower ahall be joint and several. The captions and headinga o[ the paragraphs of thie Mortgage are fo~ covenience only and are not to be used to interpret or define the proviaions hereof. 1 a. Notice. Except [or any notice required under applicable law to be given in another manner, (a} any notice to 13orrower provided for in this Mortgage shall be given by mailing such notice by certified mail addreeaed to Borrower at the Property Addresa or at such otheraddrese as Borrower may deeignate by notice to Lender ea provided herein, and (b) any notice to l.ender ahall be given by certi5ed maii, return reoeipt requeated, to [.ender e address etated herein or to such other addreea as Lender may deeignate by notice to Borrower aa provided herein. My notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Leader when given ia~ the manner deeignated herein. ~ 15. Uniform Mortgage; Goveraing Law; 3everability. Thia form of mortgage combines uniform oovenanta for national uee and non- uniform covenanta with limited variationa by juriediction to oonatitute a uniform eecurity instrument oovering real property.'17~is Mortgege ahall be govemed by the law o[ the jurisdiction in which the Property ia located. In the event that any proviaion or clause of thia Mortgage ox the Note conllicts with epplicable law, euch conilict ahall not af~ect other proviaione of thia Mortgage or the Note which can be given effect } without the oontlicting provision, and to thie end the provisiona of the Mortgage and the Note are decland to be eeverable. . ~ 16. Borrower's Copy. Borrower shaA be fumiahed a rnnformed copy of the Note and of this Mortgage at the tune of execution or after ~ L recordation hereof. ; 17. 7~unsfer o! the Property; Assumption. If all or any part of the Property or an intereat therein is sold or trensferred by Borrower ; withou~t I.ender e prior written conaea~ ezcluding (a) the creation of a lien or encumbrance aubordin~ate to thia Mortgage; (b) the creation of a ~ purchaao money security interest for household appliances, (c) a tranefer by devise, desoent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any leaeehold interest of three yeara or less not oontaining an option to purchase, Lender may, at Lendefs optioa, ~ declare all the sume secured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior ' to the sale or transfer, Lender and the person to whom the Property is to be eold or tranaferred reach agreement in writing that the cr~edit of euch i i pereon iaeatiafactory to i.ender and that the intereet payable on the suma secUred by thia Mortgage ahall be at such rate as I.ender ehall ; i requeat. I[ Lender has waived the option to acoelerate provided in thia paragraph 17, and if Borrowei s auccessor in intereet hae executed a ~ , .vritten assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligatione under thia Mortgage and the ; Note. . ' If Lender exerciaea such option to accelerate, I.ender ehall mail Borrower notice of acceleration in acc~ordance with paragraph 14 hereof. p pc ' y pay the suma declared ' Such notice shall rovide a nod of not leas than 30 daya from the date the notice ie rr.ailed within which Borrower ma ~ due. If Borrower fails to pay euch sums prior to the expiration of such period, I.ender may, without further notice or demand on F3orrower. ? ~ ~nvoke any remediea permitted by paragraoh 18 hereof y ; I8. Acceleratioa; Remedies. Ezcept as provided in paragraph 17 6ereot, upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage, including the ooveaants to pay when due any sams securedby this Mortgage. Lender - prior to acceleration ehalt mail notice to Borrower ae provided in paregraph 14 hereof epecifying: (1)thebreach; (2) the action ~ 4 required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrowec, by which such ` ~ breach must be cured; and (4) that teilure to rure sach breach on or before the date specified in the notice may result in acceleration of tbe suma sec~tred by t6ie Mortgage, torectosure by judicial proceeding and sale of W e Property. The notice shall ~ further inform Borrower ot the right to reinetate sEter acceleration aad t6e right to aeaert in the foreclosure proceediitg the ~ non-e:istence ota default or any other detense of Borrower to aoceleration and toreclosure. If the breach ie aot cured on or betore the date specified in We notice, Lender st Lender's option may declare all otthe auma secured by this Mortgage fo be ~ immediately due and payable without further demand and may foreclose t6ie Mortga~e by judicial proceeding. Lender ehall be ~ entit[ed to collect in such proceeding sll e:penses o! foreclosure. including, bat not limited to. reasonable attorney's feea. and i coete of docnmentary evidence. abatracts and title reporte. ' # 19. Borrower's Right to Reinstate. Notwithstanding Lender e acceleration of the eume secured by this Mortgage, Borrower ehall have ~ the right to have any proceedings begun by I.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Bqrrower pays (.ender all sume which would be then due under thie Mortgage. the Note and notea eecuring Future ~ Advancee,ifany,hadnoaccelerationoccurred;(b)BorrowercuresallbreacheaofanyothercovenanteoragreementaofBorrowerconttiinedin ; thie Mortgage; (c) Borrower pays all reseonable expeneea incurred by Lender in enforcing the oovenants and agreements of Borrower ; aontained in this Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof, inclnding, but not limited to, reasonable attorney e teea; and (d1 Borrower takee such action as Lender may reasonably require to aesure that the lien of thia Mortgage, Lender's interest - ; in the Property and Borrower'a obligation to pay the auma secured by thie Mortgage sheU condnue unimpaired. Upon sach payment and rure ~ ' by Borrower, this Mortgage and the obligationa eecured hereby aha11 remain in full force and effect as if no acceleration had occvrred. ` ~ 20. Aasignment of Rents; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby aeeigna to Lender Lhe rents ~ ` of the Property, provided fhat Borrower ehall, prior to aooeleration under paregraph 18 hereof or abandonment of the Property, have the right ' ~ ~ to collecl and retain auch rente as they become due and payable. Upon acceleration unaer paragraph IS hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by e ~ aourt to enter.upon, take posseasion of and manage the Property and to collect the rents of the Property, including those paat due. All rente aollected by the receiver ehall be applied firat to payment of the ooats of managementof the Property and oopection of nnts, including. but not limited to, receiver e teea, premiuma on receiver'e bonda end reasonable attomey'e feea, and then to the sume secured by this Mortgage.'I1~e ~ receiver ahall be liable to acoount only for those rente actualiy received. ~ ~ ~ j~ ~ ;aj f '~k- - . ~ _ ~ . . - 4' _ . ~ . , , . ~ ~ - , _ ~._...t~.