Loading...
HomeMy WebLinkAbout0261 . t ~ ` 8. lnspectioa. l.ender may make or cawe to be made reewaeble e~tries upon and 'uupections of tha property, provided lha~Lender ~hall give Bortower ~otioe prior to aay such inspoctioa specitying reasonable cawe therefor relatod b I.ender'~ iaterwt ia l~a Property. 9. Coademnation.'R~e procaeds oi any sward or daim for dama~es. direct or oonsequential, in con~,eohoa wi~any oondemnadoa or other tskin~ of the pevperty. or part thereof. or for ooaveyance ia lien of ooademnatioa. are hereby astigned aad ~hall be paid to Lender. In the event oi a total taking of the Property. the prooeeds shaU be applied b the ~ums secured by this Mortga~e. writh the ~oas. if any, f paid to Borrower. In We event of a partial taki~ of the Property. unless Borrower and I~ender oWerwi~s a~nie ia wrriting, there ~hall be ! appliod to the suma secured by thie MortQaQe such propo~ion ot the proceeds ai is equal to that proportioa which the sanount of the auau ~ secured by thia Mortgage immedietely prior b the date of taking bears b the fair aaarket value of the PropeKy immediatel,y prior b the date of i takiag, with the balance of We proceed~ paid to Borrower. If the Propeety ia abaadoned by Borrower. ~ if. aRer notioe by Leader to Eiortower that tbe ooAdemnor offers b make an swud or ~ettle a F claim for damages. Borrower fails to respoad to Lender witAin 30 days afler the dats such notioe is mailed, Lender is suthoriud Lo oollect eind apply the proceed~, at Lend~ a option, either to restoratiot~ or repair of the pmp~ty or to Lhe aums secured by this Morfaaga ; Unless Lead~ aad Borrower otherwrise agree in writing, any such application of prooeeds b principal shall aot extend or pwtpone the due ~ date of the moatlily inatellments referred b in paragrap6~ 1 and 2 he~eof or change the amount of euch iiutallmeata. 10. Borrower Not Released. E:tenaion of the time for pa~ymant or modification of amortization of the aums secured by thie Morlgage i granted by Leader to any succeasor in interest of Borrower ahall not operate to release. in any manner. the liability of the original Borrower } and Borrower's succeeeors in iaterest Lender shall not be r~quired b oommence pmceedings againat euch sucreesor or nfi~se to eztend time f for pnyment or othezwiac modify amortization of the aama secured by this Mortgage by reason of any demand made by the original Borrow+et ~ and Borrower s auccessors in intereat. 11. Rorbearanoe by Lender Not a Waiver. My forbearanoe by Leade: in eserciaing any right or remedy hereunder. or otherwise af~orded by epplicable law. ahall not be a waiver of or preciude the e:ercise of any auch right or remedy. The procureaneat of ineuranoe or the payment of t~es or othar liens or chargee by Lender shall not be a waiver of Lender s right to aocelerate the matnrity of the indebteduees eeCUrad by this Mortgage. 12 Remedies Camulative. All remediee pmvided in twi.s Mortgage are diatinct and cumulative to auy other right or remedy nnder this Mortgage or afforded by law or equity. and may be r~erciseri oqnciurendy, independently or auocessively. 13. 3uooessors and Asslgns Bonnd; Joint and Several I.iabUitY; Captions. The covenants and agreemente h~ein oontained ahall bind, and the rights hereunda ahall inure to. the respective aucc~eesors and aseigns of Lender and Borrowa. subject to the provisions of paragraph 17 hereot All covenaata aad agreements of Borrowex ahall be joint and eeveral. The captione and headings of the paragraphs of this Mortgage are for covenience only and an not to be used to interpret or de5ne the provisions heTeof. 14. Notice. Except for any notice required under appliceble law to be given in another manner. (a) any notice to Borrower pmvided for in this Mortgage ahall be given by mailing such notice by certified mail addreseed to Borrov?er et the Aroperty Addreas or at such other address as Borrower may deeignate by notice to Leader ae pmvided hereia. and (b) any notice b Lender shall be given by ceitified mail. nturn reoeipt requeated, to Lender'e addrese etated herein or to such other addrees as Lender may deeignate by notioe to Borrower ae provided hezein. My notice provided for in thie Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner desigaated herein. 15. Unitorm Mortgage; Governing I.aw; 3everability. This form of mortgaga oombines uniform ooveaants for national use and non- uniform covenanta w~ith limited variatione by jurisdiction to oonetitute a uniform eecurity instnunettt oovering real property, This Mottgage shall be governed by the law of the juriadictioa in which the Propedy is located. In the event that any provision or clauee of thia Mortgage or the Note conflicte with applicable law, auch conllict ahall not ai'ffect other provisiona of this Mortgage or the Note which can be given effect ; without the conflicting provision. and to thia end the provieiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Bormwer shall be furniahed a oonformed oopy of the Note and oi this Mortgage at the time of ~ecution or after recordation bereof. 17. Transfer oi the Property; Aesumption. If ail or any part of the Property or an interest therein is sold or transferred by Borrower without Lendei a prior written oonsent, e:cluding (a) We c.~eation of a lien or encumbrance aubordinate to thia Mortgage. (b) the c~reation of a purchaee money security interest for houeehold appliances. (c) a traaefer by devise, uescen:.,r uy operation of law npon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeare or leas not oontaining an option to purchase. Lender may. et Lender s option, declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to socelerate if. prior to the eale or transfer, Lender aad the pereon to whom the Property is to be ~old or treneferred reach agreement in writing that the credit of such peraon is eatiafactory to Lender and that the intereat payable on the euma eecured by thia Mortgage shall be at auch rate as Lender ahall ~ request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a auecesaor in interest has ~ecuted a ~ written asswnption agreement accepted in writing by Lender, Lenderahall release Borrower from all obligatione under this Mortgage and the I! Note. f If Lend~ eaercisea such option to acceterate, L.ender shall mail Borrower notiee of acoeleration in aooordance with paragraph 14 hereoL I i Such notice shall provide a pesiod of not less than 30 days from the date the notice ie Q.ailed within which Borrower may pay the snme declared ~ due. If Borrower fails to pay such eums prior to the e:p'uation of such period, Lender may, without further notice or demand on ~3orrower~ ~ E invoke any rnmediea permitted by paragraoh 18 hereof. ' ( 18. Aoceleration; Remedies. E:cept as provided.in paragraph 17 6ereof, upon Borrower's breach of any oovenant or ~ € agreement of Borrower in this Mortgage, including t6e oovenanta to pay w6en dne any sams eecured by thia ~ortgage, I.ender ~ ~ prior to aooeleration ehall mail notice to Borrawer as provided in paragraph 14 hereof specifying: (1) the breach; (2) the adion ~ ~ required to cure euch breach; (3) a date, not lees than 30 days from the date the notice is mailed to Borrower, by which such ~ i breach muat be cnred; and (4) that failure to cure such breach on or before the date epecified in the notice may reeuIt in ~ acceleration of the anme eecured by this Mortgage, forecloeure by judicial proc~eding and eale otthe Property. T6e notice ehall ~ further inform Borrower of the rig6t to reiaetate aRer acceleration and the right to assert in the forecloenre proceeding the non-ezietence of a default or any other defense of Borrower to soceleration and foreclosnre. If the breach is not cured an or ~ before the date specified in the notic~ Lender at Lender'e option may declare all of the eums secured by thia Yortgage to be immediately due and payable without fiirther demand and may foreclose thia Mortgege by judicial proceeding. Lender shall be entitled to c~ollect in such proceeding all ezpenses of forecloeure, including, but not limited to, rea8onable ettorney's feea. and costa ot documentary evidence, abatracts and title reports. - 19. Borrower'e Right to Reinetate. Notwithatanding Lendei s aoceleration of the euma eecured by this Mortgage, Borrowerehall have ~ the right to have any prooeedings begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paye Lender all eums which would be then due under this Mortgage, the Note and notea securing F~ture ~ Advances, if any, had no soceleration occ~rred; (b) Borrower curea all breachea of any other covenante or egreements of Borrower oontained in ~ thia Mortgage; (c) Borrower pays all reasonable eupenaea incurred by I.ender in enforcing the covenants and agreementa of Borrow~ g oontained in this Mortgage and in enforcing Lender's remedies as provided in paregraph 18 hereof, including, but not limited to, reasonable ~ attorney's feea; and (d) Borrower takee ench action as Lender may reasonably reqaire to aesure that the lien of this Mortgage, Lender'a interest ~ in the Property and Borrower's obligation to pay the euma secured Dy this Mortgage ahall continue unimpaired. Upon euch payment and cnre ~ by Borrower, this Mortgage and the obligations eecvred hereby ehall remain in fnll force and effect ea if no acceleration had axurred. ` 20. Aseignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigns to Lender tbe r~ts ~ t of the Property. provided lhat Borrower shall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right ~ to oollect and retein such renta aa they become due and payable. Upon aoceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a reoeiver appointed by a oourt to enternpon, take poeseeaion of and manage the Property and to coUect the rente of the Property, including thoee past due. All rente . 3 ~ oollected by the receiver ahall be appiied first to payment otthe ooets of inenagementof the Property and collection of eeats, including, hnt not q ~ limited to, rec~eiver's fees, premiume on receiver e bonde and reseonable attomey'a feea, and then to the eums secured by this Mortgage. The ~ receiver shall be liabie to seoount only for those rents actually recrived. ~ ~ ~ ~ ~ ~ f ~p ~ ~DLI~ t~0 p~ ~~~i~ ; ' ~~~~a. ~ ~ s ~ ~ ~ ~ ~ . _ . _ . w~ . . . - " _ I - y. -~y;i . ~ _ - . _ Y ,k: : ar ~ - a,~:'~ `~`~S ~`s '"~a x„ ~y,yyy. t ;e . x _ . _ . r . .