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HomeMy WebLinkAbout0215 : i . - . 8. In~pectioa. Lender me~y make or cawe to bs made rsawneble entrie~ upon and Lupectiow a~f th~ property. provided ehat [.eader shall give Borrower notioe prior to any such inepaction specifying reawnabk caws therefor [elated to l.ender'~ inten~t in tha Pmperty. 9. Condeau?aUoa.'l~e pmoeedr of any award or claim for dema~e~, direct or conisquential, in oonnectioa writh any aondemnstion or othe9r taldiig of the pmpee~y. ot part thereof, or for conveyance in lieu of oondemnation, are hereby aa~i~ned aad shall be paid b Leader. In the eveat of a total takin~ of the Propedy, the proceeda shall be applied to We ~uana ~ecured by thi~ Mort~a~e, iivith the exceM, it any, paid to Borrower. In the eveat of a partial taking oi the ProperRjr, unlea Botrower end Lender otherwi~e agree in writin~. Were shsll be applied to the sums secured by thiu MortgaQe such pwportioa of the proceed~ aa ia equal to that proportioa which the amount of the suma - secured by lhia Mory~age immediately prior to the date of taldaQ bear~ to the fair markd value of the Propedy immediately prior to the date of ~ talunQ. with the balanca of the pmoeed~ paid b Borrower. If the Properfy is abandoned by Borrow+ez. or i~ stter aotice by Lender to Borrower Wat the oond~nos of[en ta make an sw+ard or ~etde a claim for damaga. Borrower fails to reapoAd to I.ender withia 30 days attar the date ~uch notice ia mailed. Lender is authorir~ed to collect and apply the prooeeds. at Lendr.r's option. e~ther to restoration or repair of the pmperty or to the sum~ secured by this Morigage. Ualeea Lender aad Horrower otherwiae aQree in writing. any such epplicstion of pmoeeds Lo principel shall not ~eend or po~tpone the due date of the monthly inatallmente roferred to in paragraphs 1 and 2 hereof or chan~e the amount of such installments. ~ 10. Borrower Not Releaeed. E:tenaion of the time for paymsnt or modi8catioa of amortization of the suma secured by this Mortgage granted by Lender to any suc~essor in interest of Borrower shall aot operate to release. in any manner. the liabiliqr of the originsl Bosrower and Borrower's suoceeaors in iaterest Lender ahall not be required to o~mmence proceeditigs againat auch aucceeeor or refuee to e:tend time for payment or otherwiae modify amortization of the aums secured by thie Mortgage by reason of any demand made by the otiginal Borrower and Botrower a aucceeaors in intereet 11. Forbearenoe by Lender Not s R?aiver. Any forbearance by Lender in e:ercising any right or remedy hereunder. or otherwise afforded by appGcable law, shall not be a waiver of or preclude the exer+cise of any such right or remedy. The procur~eAt of insurance or the payment of taxea or other liena or chargea by Lender shaU not be a waiver of l.ender's right to aocelerate the maturity of the indebtedness eecured by thie Mortgage. - 12. Remedies Gtimulative. All remediee provided in thia Mortgage an diatinc! and cnmulative to aay other right or remedy under this Mortgega or afforded by law or equity. and mqy be esercise~l ooncurrendy. independendy or sucoesaively. 13. Succeeeore and Awigne Bound; Joiat and Several I.iability; Captions. The covenants and agreements herein wntained shall bind, and the righte hereuad~ ehall inure to, the respective sucoesaors and assigna of Lender and Bormwer. eubject to the pmvisioas of paragraph 1? hereof. All covenaata and agreementa of Borrowe: shall be joint and seversl.'11ie captioas and headings of the paragiaphs of thie Mortgage are for oovenience only and are not to be ueed to interpret or define the provisions hereof. 14. Notice. E:cept for any notice required under applicable law to be given in anothez manner, (a) any notice to Borrower provided for in thia Mn~nvw ahwll M oiyan hy nnailinv anri~ nntiro hv rorti _fi_orl ~nwil wrirlrauarl tn Rnrmvir ~ttl+~ ~M+~+dtv A~Li~wnn..r of an~1...fi.e...i.i.e.~ e. Borrower may deeignate by notice Eo Lender ae provided henin, and (b) any notice to Lender ahaII be given by certified mail. retntn reoeipt requeated, to Lender'e addreee atated herein or to such other addresa ee Lender may designate by notioe to Borrower ae provided h~ein. Any : otice provided for in thia Mortgage shall be deemed to have been givea to Borrower or Lender when givea in the manner designated herein. 15. Uniform Mortgage; Governiag Law; 3evecability.'17~is form of mortgage rnmbines uniform oovenante for national uee and non- uniform covenants with limited veriatioaa by juriediction to oonatitute a uniform eecurity inatnunent covering reai property.'j'hie Mortgage ~ ahall be governed by the law of the juriediction in which the Property ia located. In the event that any proviaion or clause of thie Mortgage or the Note conflicte with applicable law, auch confliM shall not affect other provisione of thie Mortgage or the Note which can be given effect ~ without the conflicting provieion, and to thia end the pmvisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniehed a conformed oupy of the Note and of thie Mortgage at the time of e~cecurioa or after recordation hereof. 17. 'I~anefer of W e Property; Assumption. U a11 or any part of the Property or an interest therein ie eold or traneferred by Borrower without Lender's prior written coneent, ~cluding (a) the cTeation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money eecurity interest for houaehold appliancea, (c) a transfer by devise, deacent or by operation of law upon the deat}? of a joint tenant or (d) the grant of any leasehold intereat of three years or leas not o~ntaining an option to purchase, I.ender may. at Lender s option, declare all the suma eecured by this Mortgage to be immediately due and payable. Lender shall have waived euch option to aocelerate if. prior to the sale or transfer. Lender and the person to whom the Property ie to be eold or traneferred reach agreemeat in writing that the credit of such peraon ia satiafactory to Lender and that the interest peyable on Lhe sume eecured by thie Mortgege shall be at auch rate ae Lender ehall requeat. If I.ender has waived the option to socelerate provided in this paragraph 17, and if Borrower a euccessor in interest has e:ecuted a written assumption agreement accepted in writing by Lender, Lender ehall relea8e Borrower ~om all obligationa under thia Mortgage and the Note. If Lender e~cercises auch option to aocelerate, I.ender ahall mail Borrower notice of acoeleration in accordance with paragraph 14 hereof. I Such notice ehall provide a period of notless than 30 days from the date the notice ie mailed within which Borrower may pay the auma declared I due. If Borrower faila to pay auch aums prior to the exp'vation of auch period, Lender may, without further notice or demand on Eiorrower, invoke any remedies permitted by paragraoh 18 hereof. 18. Aoceleration; Remediea Ezcept as provided in paragraph 17 6ereof, upon Bonower's breach of any oovenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any sums secured by this ~ortgage, Lender prior to aoceleration shall mail notice to Borrower as pmvided in paragrap614 6ereof epecifying: (1) the breach; (2) t6e actioa required to cure suc6 breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower, by w6ich snch breach muet be cured; and (4) that failwe to cure euch breach on or before the date specified in the notice may result in acceleration of the auma secured by thts Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the r~ght to reinatate atter acceleration and the right to assert in the foreclosure proceeding the non-ezietence of a defauit or any other defease of Borrower to aoceleration and forecioeure. If the breach is not cured on or before the date epecified in the notice, Lender at I.ender'e option may declare all of the sums secvred by thia Mortgage to be immediately due and peyable without turther demand and may toreclose t6is Mortgage by judiciel proceeding. Lender shall be entitled to oollect in such proceeding all ezpensee of foreclosure, including, but not limited to, reaeonable attorney'e fees, aad coete of documentary evidence, abstracte and title reports. i~. Borrower'e Right to Reinetate. Notwithetanding Lender s sooeleration of the aiuns eecured by thia Mortgage, Borrower ehall have the right to have any proceedinge begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of e judgment enforcing thia Mortgage if: (a) Borrower psya Lender all auma which would be then due under thie Mortgage, the Note and notee eecuring F~ture Advances. if any, had no acceleration occurred; (b) Borrower rurea all breach~ of any other covenants or agreementa of Borrower contained in thie Mortgage; (c) Borrower paye aU reaeoneble ezpenees incurred by Lender in enforcing the oovenante and agreemente of Borrower oontained in this Mortgage and in enforcing Lenderb remedies as provided in paragraph IS hereof, inclnding, but not limited to, reasonable attomey's fees; and (d) Borrower takes such action aa Lender may reaeonably require to assure that the lien of thia Mortgage, I.ender'e interest in the Property and Borrower e obligation to pay the euma secured by this Mortgage shall coatinue unimpaired. Upon auch payment and cnre by Borrower, thie Mortgage and Lhe obligatione eecured hereby ahaU remain in fiill force and effect ae if no aoceleration had oocurred. 20. Arsignment of Rents; Appointment of Receiver. Ae additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, pmvided thet Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ' to colled and retain euch rente as they became due and payable. Upon acceleration under paragraph 18 h~eof or-abandonment of the Property. Leader shaU be entitled to have a reoeiver appointed by a oourt to enterypon, take po~seseion of and manage the Property and to collect the renta of the Property, including thoee pest due. All renta aollected by the receiver ehall be applied first to payment of the coats of managementof the Property and rnllection of rents, including, but not limited to, receiv~ e fees, premiums on receiver a bonde and reaeonable attorney'a fces, and then to the eume eec~red by thia Mortgage. The reoeiver shall be liable to aooount only for those rente actually received. ~ • 811G~( ~ . ~ ~ ~ i . ~ - a a'~.~~ _i ~+i'~1. #~,~e`+l T -'-s Y r `Y _ x N' i f.'. _ ~ x.';..~ ~y _ ¢ - ' ~ ~ . . . , . . . . ",i