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HomeMy WebLinkAbout0166 , t ~ ` ~ • . r . . 8. [a~peMion. l.ender may make or cawe to be made rsa~oaable entrie~ upon ar~d in~pectior?s otthe property, provided that l.ender shall give Eionower notioe prio~ to any such inspection specitying reaaonable cawe thare[or related b Lender'~ intereat in the Property. 9. Condemnatloa. The proceed~ o[ any award or claim for damaQe~. direct os oonaequential, in conaectio~ with any oondemnation or other takinQ ot the property. or pad thereot, or for rnnveyance in Ueu oI oondeaanation, sre hereby awigned aad shaU be paid to I.ender. In the event of e total taking of the Property. the proceed~ ihall be applied to the ~ums secured by thii Mort~age. with the esoes~, if eny. paid to Borrower. !n the event of a pactisl takirtg of the Property, unla~ Borrowe: end l.end~ otherwi~e aQree in writit?s, there ~hall bs applied to the sums recwed by this Mortgags such proportion oi the proceed~ aa iu equal b tha! proportion which the amount of the ~uiw eecured by this MortgaQe immediately prior to the date of taking bean to the fair market value of the Property immedietely prior to the date ot taking. with the bslaneu of the proceed~ paid to Borrower. If the Property is abandoned by Borrovrer. or if, aRer notice by Lender to Borrower that the oondemnor ofters to make an award or settle a claim for damages. Borrower faib to respond to I.ender within 30 day~ after the date such notioe is mailed, Lende~ is authorized to rnllect and epply the pmeeeds, at I.e~der's option. either to netoration or repair ot the propertyr or to the sum~ ~ecured by this Mortgage. Unl~ Lender and Borrower otherwise agree in writing, any such applicatioa o[pmceeds W prinripal shall aot e:tand ~ pwtpone the due date of the monthly iastallments nferred to in paragrephs 1 and 2 henof or change the amount ot such insfallments. 10. Borrower Not Released. Exteneion ot the time for paym~nt or modification of amoctization oithe sums eecured by this Mortgage ~anted by Lender to any aucceseor in interest of BorroweT shall not operate to nlease, in any manner, the liability of the original Borrower ~ and EioeTOwer's succeaeoro in interest. Lender ehal) not be required to oommence proc~eedinge againat such eucceesor o~ refuse to extend time for payment or otherwiae modi[y amortization of the euma eecured by this Mortgege by nason ot any demand made by the original Borrower and Borrower s aucreasora in interest. 11. Forbearaace by Lender Not a Waiver. My forbearanoe by I.end~ in exercieing any right or nmedy hereunder. or otherwiae aftorded by applicable law, ahall not be a waiver of or preclude the ezercise of any such.right or remedy. The proc~rement of insurenoe or the ' payment of taxes or other liene or charges by Lender shall not be a waiver of Le~der a right to aocelerate the maturity of the indebtednas ' eecured by thia Mortgage. ' " 12 Remedtea Cumulative. All remediee provided in thie Mortgage are distinct and cumulative to any other right or remedy under this Mortgage ot afforded by law or equity, and may be e:erciaed ooncurrentty. it~dependeudy or eucceesively. ~ 13. 3uccessore and Asel~ne Bound; Joiat and 3evera! Liability; Captioa~. The oovenantr and agreements herein oontained shall : bind, end the rights hereunder shall inure to, the reepective succeseors and aasigns of Lender and Borrower, aubject to the provisions of ` paragraph 17 hereof. All covenante and agreemente of Borrower ahall be jo~nt end several.lLe captions and headinge of the paragraphs of thie Morigage are for covenience only and are not to be used to interpret or definL the provisione hoe~eof. ! 4. Notice. F.xcept for any notice required under applicable law to be qiven in anofher manner, (a) any notice to Borrower provided for in thie Mortgage ehall be given by mailing such notice by certifiecl mail addreesed to Borrower at the Property Address or at such other addrese ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ehall be given by certified mail, return receipt requeated, to Lender's addresa atated herein or to auch other addreea ae Lender may deeignate by notice to Borrower aa provided hrrein. My notice provided for in thie Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. jJniform Mortgage; Goveming I.aw; 3everability. This form of mortgage rnmbines unitorm o~venante for national use and non- uniform rnvenante with limited variationa by juriadiction to conetitute a uniform security inrtrument oovering real property. This Mortgage shall be governed by the law otthe juriadiction in which the Property ia located. In theevent that any proviaion orelaueeof this Mortgageor the Note conflicta with applicable law, auch rnnilict ahall not affect other proviaiona ot thia Morigage or the Note which can be given effect without the oontlicting provision, and to thia end the proviaiona of the Mortgage and the Note are declated to be eeverable. 16. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the t~me of euecution or after recordation hereoL 17. Traneter of the Propetty; Assumption. If all or any pari of the Property or en intereat therein ia rold or transferred by Sormwer without Lender a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage. (b) the creation of a purchase money security intereat for houeehold appliances, (c) a transfer by devise, dc~cent or by operation of law upon the death of a joinL tenant or (d) the grant of any leaeehold interest of three yeare or lese n~ oontaining an option to purchase. Lender may, at Lendei a option. deciare all the sums secured by this Mortgege to be immediately due and peyable. [.ender shall have waived auch option to socelerate if, prior _ tu the sale or tranefer, I.ender and the peraon to whom the Property ia to be eoid or transCerred reaeh egreement in writing thet the credit of snch pereon ie satiefectory to Lender and that the intereet payable on the sama aec~red by thia Mortgage shaU be at auch rate as Lender ahall request. If Lender haa waived the option to accelerate provided in this paragraph 17, and if Borrower a suoceaeor in intereat has executed a written aseumption agreement accepted in writing by t.ender, Le~der ahall releaee Borrower firom all obligatione under thia Mortgage and the Note. If [.ender eaercieea auch option to accelerate, Ixnder shall mail I3orrower notice of acceleration in socordance with paraqraph 14 hereot ~uch notice shall provide a period of nol leas than 30 daya from the date the ndice is ir.ailed within which Borrower may pay the sume declared i due. If Borrower faila to pay such eume prior to the expiration of such period, Lender may, without furthez notice or demand on Borrower, E invoke any remediea permitted by paraqraoh 18 hereof. ~ l8. Acceleration; Remediee. E:cept as provided in paragraph l7 hereof, upon Borrower's. breach ot any ooveaent or ` ! agreement of Borrower in thie Mortgage, unctuding the oovenants to pay when due any sums eecured by thie illortQage, Lender ~ ~ prior to aoceleration shall mail ~otice to Borrower ae provided in paragraph 14 hereof speclfyiag: (1) t6e breac6; (2) the action ~ ~ required to cure euch breach; (3) a date, not lees than 30 daye from t6e dete the notice is mailed to Borrower, by which such ~ ; breach must be cured; and (4) that tailure to cure euch breach on or betore the date epecified in t6e notice may result in g acceleration otthe eums secured ~y thie Mortgage, forecloBUre by judicial proceeding and sale of the Property. The notice shall j further inform Borrower ot the right to reinataLe after acceleration and the right to aesert in the toreclosure proceedin~ the non-ezlatence of a default or eny other defenae of Borrower to acceleration and forectooare. It the breach ie not cured on or ~ before t6e date epecified in the notice, Lender at Lender'e option may declare all ot the suma secured by thie Mortgage to be , immedietely due and payable without further demand end may foreclose thie Mortgage by judicial proceeding. Lender ehall be entitied to collect in such proceeding all e:peneea of toreclosure. including, but not limited to, reasonable attorney'e feea, sad } coete of documentary evidence. abstracts and title reporte. _ ; 19. Borrower's Right to Reinetate. Notwithstanding Lender s acceleration of the eums eecured by thia Mortgage, Borrower ehall heve ; g y p g beg y y prior to entry of a judgment enforcing ~ the ri ht b have an roceedin a un b Lender to enforce this Mortgage diecontinued at an time thia Mortgage if: (a) Borrower paye Lender all sums which would be then due under this Mortgege. the Note and notes eecuring Future 3 Advances, it any, had no acceleration oocurred: (b? Borrvwer curee all breaches of a~rpther covenante or agreementa of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable expenaea incurred by Lender in enforcing the covenanta and agreemente of Borrower ~ oontained in thia Mortgage and in enforcing Lender'e remediee aa pravided in paragraph 18 hereof, inclading, but not limited to, reasonabla > attorney's fees; and Idl E3orrower takea auch action as Lender may reaeonably require to aa8ure that the lien of this Mortgage. Lender'e inLerest in the Property and Borrower'e obligation to pay the suma secured by lhis Mortgage shall oontinue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligationa eecured hereby ahall remain in full force and effect as if no ecceleradon had oocorred. ` 20. Assignment ot Rents; Appointment of Receiver. Ae additional eecurity hereunder. Borrower hereby assigns to Leader the rents _ ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, heve the right Lo collect and retain euch rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ende3r shall be entitied to have a receiver appointed by a `3 oourt to enter upon, take posaeasion of and manage the Property and to oollect the rents of the Propetty, including thore paat due. All rente ~ oollected by the receiver ehall be applied firet to psyment of the ooste of management of th~ Property and collection oirenta, including, but not y limited to, receiver's feea, premiuma on receiver e bonda and reasonable attorney's feee, and then to the eums eecured by thie Mortgage. The - receiver ahaU be liable to acoount only for thoee rents actually received. ~ ~ ~ ~ z : so~,r2~7 ~ ~ . ~ 56 ~ ~ . ~ ~ , a~..__ . ~ . ~ . ~~~.d~~_. ~