Loading...
HomeMy WebLinkAbout0207 1 • r ' • • ~ 8. la.peMion. Lender way make or cawe to be made reawnable entries upon aad 'uupectiow oithe p{ope~ty. provided that Leader shall give Borrower notice prior to a~y such inspection specifyi~g ceasonable cawe t}?erefa: reisted to ~.end~ interest in the Property. 9. Conderanatioa. 7~e prooeeds of any award or claim for damages, direM or rnnaequentiel. in conhectioa wilh a~y oondemnatioa or other taking of the property, or part thereof. or fw conveyance in lieu of condetnnation. are hereby awigaed and shall be paid b l.endu. Ih the event oi s total taking of the Property, the pmceed~ ehall be applied to the surns secured by this Mo~t~a~e, ~vith the ezcea. if any. paid b Borrower. In tha event of a partial taking of the Property. unless Borrower and Leader ocherwi.e a~ree iA wrian~. there ~hall be appGed to the suma kcured by thia Mortgags such proportion of the pmceed~ as is equal to that proportioa which the amount ot the euuu eecured by this Mortgage immediately prior to ths date ot Wting be~rs to the t~it market value of the Propedy immediate~jr prior to the date of taking. with the balanoa of the prooeeds paid to Borrower. If the Property ia abandoned by Borrower, or if, aRer notioe by Lender to Borrower that the ooademnor o~ers to raake an award or setde a claim for damages, Batrower faib to respond b I.ender ~vithin 30 days aRer the date aach notioe u mailed, i.er?cier is authorised b coUect ~nd apply the pra.~eeds, et Lead~'s optioa. either to restoration or npeir of the propesty or to the sums secured by this Mortgage. Unless I.ender and Borro~rez otherwise agtee in writiag, any such application of pmceeds to principal ehaU not ~tend or pwtpone the due date of the montbly installments nferred to in persgraphs 1 and 2 hereof or change the amouat of such inetallments. 10. Borrower Not Releaeed. Exteneion of the time for paym~nt or modi5cation of amortization of the auma secuted by this Mortgage granted by Lender to any succeaeor in interest of Borrower ehaU not operate to release, in any manna, the liability of the original Borrower and E3orrower'a Bucceeeors in interea~ I.ender aha11 not be required to oommence proceeciings against such successor or refuse to e:tend time for payment or otfierwiae modify amortization of the auma secured by thia Mortgage by reason of any demand made by the original Borrower and Borrower's aucceaeora in interes~ - 11. Forbearanoe by I.ender Not a R?aiver. My forbearance by I.endes in e:erciaing eny righL or remedy hereunder. or othazwiee afforded by applicable law, shall not be a waiver of or preclude the racercise of any such right or remedy. The procurement of insurance or the payment of t~ee or other liens or chargee by Lender ahall not be a waiver of I.ender's tight to aocelerate the maturity of the indebtedness aecared by this Mortgage. 12 Remedies Gtimulative. All nmedies provided in this Mortgage are diatinct and cnmulativa to any other right or remedy under this Mortgage or afforded by law or equity. and may be e:erciae+i ooncurrendy. independently or euoceasively. l3. 3ucoessors and Assigna Bound; Joint and 3everal Liability; Captions. The covenants and agreemeats haein oontained ehall bind. and the righte hereunder shall inure to, the respective suoceeeo~ and assigna of I.ender and Borrower. subject to the pmvisions of paragraph I7 hereof. All rnvenanta and agree~nent8 of Borrower ahall be joint and several.'11~e captions and headinge of the paragraphs of thia Mortgage ate for rnvenience only and are not to be used to intetpret or de5ne the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ehall be given by mailing auch notice by certified inail addreas~.~d to Borrower at the Yroperl,y ~~ddreae or at euch other address aa Borrower mey deeignate by notice to I.ender as pmvided herein, and (b) any notice w I.ender shall be ~iven by certified mail, retum reoeipt requeated, to Lender s addrese atated herein or to auch other addrese ae Lender may deeignate by notice b Borrower aa provided herein. Any notice provided for in thie Mortgage shal! be deemed to have been given to Borrower or Lender ~vhen givea in the manner designated herein. 15. Uniform Mortgage; Governing i.aw; 3everability.ll~ia form of mortgage combinea unifora~ oovenante for national use and aon- . uniform rnvenanta with limited variationa by jurisdiction to conatitnte a uniform eecurity inatnuuent oovering real property.ll~ia Mortgage ahall be governed by the law of the jurisdiction in which the Property ie located. In the event that any provieion or clause of this Mortgage or the Note conilicta with applicable law. auch conilict ahall not affert other provieiona of this Mortgage or the Note which can be given effect without the rnntlicting proviaion, and to thia end the proviaione of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be fumished a conformed oopy of We Note and of thia Mortgage at the time of e:ecntion or after recordstion hereof. 17. Tranefer of the Property; Assumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower without Lender's prior writtea conaent. e:cluding (a) We creation of a lien or encvmbrance eubordinate to thia Mortgage, (b) the creation of a purchase money aecurity intereet for houeehold appliances, (c) a tranafer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lese not oontaining an option to purchase. Lender may, at Lendei e option, declare all the auma eecured by this Mortgage to be immediately due and payable. Lender shaU have waived such option to aocelerate if. prior to the eale or tranafer, I.ender and the peraon to whom the Property is to be aold or traneferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the intereet payable on the sums secured by this Mortgage shal) be at such rate as Lender ahall request_ If Lender has waived the option to accelerate provided in thia patagraph 17, and if Borrower a auccessor in interest has e:ecuted a written asaumpti~ ~ agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under thia Mortgage and the Note. ~ If Lender ezerciaea auch option to accelerate, Lender shall mail Borrower notice of aoceleration in acoordance with paragraph 14 hereoL ~ Such notice shall provide a period of not less than 30 daya from the date the notice ia ir,siled within which Borrower may psiy the sums declared ~ due. If Borrower faile to pay such sume prior to the expiration of auc6 period, Lender may, without further notice or demand on F3orrower, ~ ~nvoke any remediea permitted by paragraoh 18 hereof. 18. Accelerat[on; Remedies. E:cept sa provided in peragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the ooveaants to pay when due any sums secured by thie Mortgage. Lender ~ prior to acceleration shall mail notic~ to Borrower ae pmvided in paragraph 14 6ereof epecitying: (1) the breach; (2) the action g required to cure auch breach; (3) a date, not leae than 30 daye from the date the notice is mailed to Borrower, by which euc6 - breach muet be cured; and (4) that tailure to cure suc6 breach on or before the date specified in the notice may result in ~ acceleration of the aums aecured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The aotice ehall ~ further inform Bor-rower of the right to reinstate after acceleration and the right to assert in t6e forecloaure proceeding the ~ non-eziatence of a defeult or say other defenae of Borrower to acceleration and foreclosure. If t6e breac6 ie not cared on or ~ before the date specified in the aoNce. Lender at Lender's option may declare all of the enma secured by this Mortgage to be ~ immediately due and payable wit6out further demand and may foreclose thie Mortgage by judicial proceeding. I.ender ehall be ~ entitled to oollect in such proceeding all e:penses of toreclosnre, including, but not limited to, reasonable attorney's feea, and ~ coste of documentary evidence, abstracta and title reporta. ~ 19_ Borrower's Right to Reinatate. Notwithatanding Lender's acceleration of the auma eecured by thie Mortgage, Borrowerahall have $ the right to have any proceedinge begun by Lender to enforoe thia Mortgage diacontinued at any time prior to entry of a jndgment enforcing ~ thia Mortgage if: (a) Borrower pays I.ender all aume which would be then due under this Mortgege, the Note end notea securing Future ~ Advancee, if any, had no acceleration oocurred; (b) Borrower cvres all breachea of any other covenanta or agreementa of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonable expeneea incurred by Lender in enforcing the oovenants and agreemente of Borrower ~ oontained in thie Mortgage and in enforcing Lender a remedies as provided ia paragraph 18 hereof, including. but not limited b, reseonable ~ attorney i feee; and (d) Borrower takes auch action aa Lender may reaBOnably require to aseure thet the lien of thia Mortgage, L.ender'e intereet } in the Pro and Borrower a obl~ ation to a the awna eec~red b thie Mo P~Y 1B p y y rtgage shall continue unimpaired. Upon sach payment and care . oy Borrower, urie i~iortgage and the obiigationa secured hereby ahali remain in full force and effect sa if no soceleration had occurred. 20. Aeeignment of Rente; Appointment ot Reoeiver. Ae additional eecurity herennder, Borrower hereby assigna to I.ender We rents of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to coliect and retain euch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a reoeiver appointed by a ~ , oourt to enter~pon, take poseeeaion of and manage the Property and to oollect the rente of the Property, including thoee paet due. All rente ; oollected by the receiver ahall be applied firet to payment of the ooate of management of the Property and aollection of renta, including. but not ~ limited to, n~ceiverb feea, premiume on receiver a bonde and reaeonable attorney'a feee, and then to the aums eecured by thia Mortgage. The = receiver shall be liable W aooount only for thoae rente actually received. ~ ~ ~ BOOK 2~7Q PACE ~O~ ` 's ~ - ~ ~ ;,s 4..' . y . z " _ . ~ ~ ~l. h~,' "'S' ti ~ ~ r ~ -a • - s . xs' . M . . . . _ . _ ,d _ .