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HomeMy WebLinkAbout0231 . ~ r. 8. laspection. Lender may make o~ cawe to be a~ade reawneble eatrie~ upon aad inspections ot1h~ pmpetty, pmvidedthalI.endu ahall ~ give Borrow~ notioe prior to any such inspection apeci[yiag reasonable cawe therefor celated to Lender'~ interest in the Aroperty. ? 9. Coademaat~oA. 71~e proeeeds oi any award or claim for da~aaQe~. direct or con~equential. in rnnnection with eny ooademnation or ~ other taking of the pmper4y. or part thereof, or for conveyance in lieu of oondemnation, sre hereby aasi~ned and shaU be paid b Lend~. ~ In the event oi s total eaking of the Propeity. the proceeds shall be applied to the sums eecured by this Mott~a~e, with the ~oess~ if eu~y, ~ paid to Borrower. In the event of a partisl takinQ of the Pe~op~ty, unless Borrower and l.end~ otherwise agres in writiag~ there ~hall be ` appGed to the sums secured by this Mottgage ~uch proportion of the prooeeds aa is equal to that proportion which the amouat of the sums j secured by this Mortgage imwediately prior to the dste of tsking bears b tha fair market value of !ha Property immediately prior to the date of ~ taking, with the balanca of the proceed~ paid tv 8orrow~er. If the Property is abandoned by Borrow~. or if. aRer notice by Le~der to Borrow~ that the oonde~nor offers to make aa award or ~ettle a i claim for damages. Borrower fails to nspond to I.ender writhin 30 dqya sRer the date such ~otioe is mailed. Lender is authorised to collect and apply the pnoc.~eeds. at I.ender'~ option. either to restoratioa or repair of the prop~ty or to the sums secured by thia Mortgage. Unless Lender and Borrowe~r otherwise agree ia writing. any auch application of pmoeeda to priacipal ehaU not eztend or poetpone the due date oi the moathly installments nferred to in paragraphs 1 and 2 hereof or change the amount of such u?staWnents. ' 10. Borrower Nat Releaaed. E:tenaioa of the time for p~ymant or modification of amortization of the suma seccured by this Mortgage ~ granted by I.ender to any succeasor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower. and-Borrower a successors in inteeea~ I.ender shall not be required to oommence proceedings against euch successor or refaae to eztend time tor payment or otherwise modity amortization of the aums secu~ed by this Mortgage hy reason of any demand made by the original Borrower end Bon»wer s aucceaeors in interest. 11. Forbearaaoe Dy I.ender Not a Waiver. Any forbearanoe by Leader in r~erciaing any right or nmedy hereunder, or other~viee a~orded by applicable law. ahall not be a waiv~ of or preclude the e:erciee of any auch right or remedy.'11ie ptocnremen! of inx~uanoe or We payment of t~es or other liens or chargee by I.endu ahaU aot be a waiv~ of I.ender a right to accelerate the maturity of the indebtedness ax-.ued by thie Mortgage. 12 Remediea Gtimulative. All remediee providtd in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or atiorded by law or equity, and may be exerciseri concurrendy. independendy or suooessively. 13. 3ucceseors and Aseigns Bound; Joint and Several I.tability; Capdoae. The oovenanta and egrcemente herein oontained ehall bind, aad the righte hereunder shall inutr to. the respective aucceeaors and asaigns of I.ender and Borrower, aubject to the proviaions of paragraph 17 hereof. All oovenanta and agreementa of Borrowet shall be joint and several.'11~e captions and headings of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the proviaione heteof. l9. Notice. F.:cept for any notice required under applicable law to be'given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addresaed to Bormwer at the Property Addreas or at euch other addrees ae Borrower may deaignate by notice to Lender se provided he~ein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender's addreae stated herein or to auch other address ae Lendet may deeignate by notice to Borrower ae provided herein. My notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Unitorm Mortgage; Governing I.aw; Severability. Thia form of mortgage combinee uniform oovenante for national uee and aon- uniform eovenants with limited variations by jnrisdiction to constitute a uniform secnrity inetrument a~vering real property. Thie Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event thaL any proviaion or clause of thiB Morfgage or the Note contlicts with applicable law, auch conflict shall not affect other proviaione of thie Mortgage or the Note which can be given effect without the rnnflicting provision, and to thia end the proviaions of the Mortgage and the Note are declered to be severable. 16. Borrower's Copy. Borrower ehall be furniahed a rnnformed oopy of the Note and of thia Mortgage at fhe time of eacecution or after recordation hercof_ 17. 7`ranefer of t6e Property; Aesumption. If all or any part of the Property or an intereat therein ie aold or tranaferred by Borrower without Lender's ptior written consent, exduding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase asoney se.enrity intereet for houeehold appliancea, (c) a transfer by devise, descent or by operation of law upon the death of e joint tenant or (d) the grant of any leasehotd interrat of three yeare or lesa not containing an option to purchaee. Lender may. at I.ender'e option, declare all the eu.~s aernred by this Mortgage to be unmediately due and payable. I.ender shall have waived auch option to socelerate if, prior to the sale or tranafer, Lender and the pereon b whom the Property ia to be aold or traneferred resch agreement in writing that the credit of auch person is sati~factory to Lender and that the intereat payable on the aums secured by this Mortgage shall be at auch rate as Lender ahall requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a sua;eseor in interest has e:ecuted a written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligatione under thia Mortgage and the Note. ~ If Lend~ eaercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with peragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice ia rr,ailed within which Borenwer may pay the aume declared due. If Borrowrer fails to pay such sums prior to the ezpiration of such period, Lender may, without further n..'.~ce or demand on ~iormwer, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remediee: ~zcept ae provided in paragtaph 17 hereof, upon Borrower'a breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenants to pay when due any sums eewred by thie Mortgage, Lender prior to aoceleration a6a11 mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure euch breach; (3) a date, not lees than 30 daye from the date t6e notice is mailed to Borrower, by w6ich such breach muet be cured; and (4) that lsilure to cure such breach oa or before the date specified ia the notice mey reault in acceleration of the sume secured by thie Mortgage, forecloaure by judicial proc~ding and eale of t6e Property. T6e notice shall further inform Borrower of the right to reinatate efter acceleration and the rig6t to aaeert in t6e foreclosure prceeeding the non-ezistence of a default or any other detenae of Borrower to aoceleration and foreclosure. If the breach ie not cured on or ~ before the date specified in t6e aotice, Lender at Lender'e optioa may declare aD of the eums secured by this Mortgage to be im~nedietely dt~P and payable wiihont furthsrdemassd and muy toreclose this 3~lortgage by judirial psocc~diag. Leadsr s~a2! 2s~ ~ entitled to collect in such proceeding all e:penses of forecloeure. including, but not limited to, reseonable attorney'e fees, and coete of documeotary evidence, abetracts and title reporte. 19. Borrower'e Right to Reinetate. Notwithetanding Lender's acceleration of the eume eecured by thie Mortgage, Borrower ahall have the right to have any proceedinge beg~n by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya Lender all sums which would be then due under thie Mortgege, the Note and notea seruring ~ture Advancea, if any, had no aoceleration ocrurred; (b) Borrower curea all breachee of any other oovenanta or agreemente of Borrower oontained in thie Mortgage; (c) Borrower paye all reasonable eupeneea incun~ed by I.ender in enforcing the oovenants and agreemente of Borro~r oontained in thie Mortgage and in enforcing Lender's remedies aa provided in paragraph 18 hereof, inclnding, but not limited to. reasonable attorney e fees; and (d) Borrovver talcea auch action aa Lender may reasonably reqnire to aeaure that the lien of this Mortgage, Lendez'e interest in the Property and Borrowefa obligation to pay the sums aecured by this Mortgage aha11 rnntinue uc?impaired. Upon such paymeni and cnre ~ by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect ee if no aoceleration had occurred. 20. Asaignment of Rents; Appointment of Receivec. As additional eecnrity hereunder, Borrower hereby asaigne to I.ender the r~te of the Property, pmvided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property. have the right to rnllect and rntain such rente as they become due and payable_ ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entided to have a reoeiver appointed by a - court b enterapon, take poeeeaeion of and manage the Property and to oollect the rente of the Property, including thoee past due. All rents ~ oollected by !he receiver ahall be applied firat to payment of the ooste of managementof the Property and oollection of rente, including, but not limited to, receiver e feea, premiuma on receiver's bonde and reasonable attorney'e fees, and then to the suma eecured by this Mortgage.'l~e t receiver ahall be liable to acoount only for those rent8 actually received. ; $1lb!c ~.vU i~t~ ~ a ~ ~ ~'~.~~-.~~.`F"~-~,'~"'~~,~ f ""-r~~~ ~ ~ ~ . ~ : : . , <