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HomeMy WebLinkAbout0022 ~ , ~ . 3 . . _ , ,a • ,r ' ie ' ~ . , 8. Iaspectioa. I.endsr may make or cawe to be made re~waabk entrie~ upoa ~ad "uupections of the property, provided that I.eades ~haU give Borrower ~otice prior eo any such inipectiun specifyinQ reawnable cawe therefor related to [~ndu's intere~t in the Property. 9. Coademnetioa.l~s proceeds of any award or claim for bama~es. direct o~ conaeVuentiel. in connection with any ooademaatioa or other takin6 of the propsrty. or part eheroof. Oi t0? COAVly3RCa lA I1QI1 Of OOA~Aa~1011, are hereby a~si~ned aad shall bs paid Lo Lendet. Ia tha event of a total tahin~ oi the Property. the proceeds shaU be epplied to the ~unu ~ecured by thi~ MortQage. with the e~cce~s. it any. paid to Borrower. In the event of a partial taldng o[ the Prope~ty, ualew Bor~ow~ and Lender otherwi~s agsee in writing. Wers ~hall be applied b the sums~ secured by this Mort~aYe such ~oportion of the proceais as u equal b that pmportioa which the amount of the sums secured by this MortgaQe immediately prior to the date of takin~ bear~ to tt?e feur market value of We Property immediately prior to the date of taking. wiW the balanoa of the prooeeds paid to Borrower. ~ If the Propert,y is abaadoned by Bosrower. or i~ aRer notice by I.endar b Aocrower lhet the oondemnor offe~s to make an award or ~ettle a cleim for damages, Borrower fsiL to respond to Lender within 30 daye after We date such notioe is mailed. Lender ia authorized to oolleet and . apply the prooeeds. at Lender'~ option, ~that to re~foratioa or npair of the propezty or b the sums eecured by thi~ Morfga~e. Uale~s Leader and Borrower othervvise agree in writin~. anY ~PPlication of proceeds to principal ~hall not estend or poetpone the due date of the moathly uutallmeats retrrred to in paragraplu 1 and 2 hercof or chaage the aaaunt of such in~taUment~. 10. Borrower Not Relesaed. E:teneion of the time for paymant or malification of amorti:atio~ of the sums ~ecured by this Mortgage granted by Lender to any succeasor in intereat of Borrower shall not.operate to release. in any manner. the liability of the original Bormwer and Borrowes's aucceeeors in intereet. l.ender ahall not be required to oommence prooeedings againat such euoceesor or nfuse to e:tead time fo~ payment or otherwise modify amorlizaiion of the suma eecvred by this Mortgage by reason of any dtmand made by the original Bosower and Borrowa s aucoeasore in interesf~ • 11. Forbearwnoe by Lender Not a R?aiver. My forbearanoe by Lender in e:erciaing anY ri8ht or remady hereunder. or other~vi~e a~orded by applicable law. ahall n~ be a waiver of or preclude the e:ercise of any such right or remedy.'l~e procunmeat of ineuranoe or We payment of tases or othsr liens or charges by Lender shall not be a waiver of Lendei s right to aocelerate We maturity of the indebtedne~s sccured by thia Mortgage. ; 12 Remedies G~mulstive. All remedies provided in thie Moitgage are diatinct and cumulative b any other right or nmedy undes this Mortgage or afforded by 1aw or eqaity, aad may be e~cercise~l ooncurrently, independeatly or enec~esavely. 13. 3uocessors and Asei~ns Bound; Joint ead Several I.iabilitp; Captions. The ooveaanta aad agreements hecein oontained shall bind. and the rights hereunder shall inure to, the respective sncceesors and a~signs of Lender and Borrower. subject to the pmviaiow of ~ paragraph 17 hereof. All covenanta and agreemente of Borrower shall be joint and several. The captions and headings of the paragtaphs of - thia Mortgage are for rnvenience only and an not to be used to interpret or define the proviaions 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 . thie Mortgage ahap be given by mailing such notice by certified mail addn~ssed to Borrower at the Property Address or at auch other addna a~ Borrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to I.ender ahall be given by certified mail. retarn receipt reyueated. to Lender e addrese stated herein or w euch other addreas ae I.ender may designate by notice to Borrow+ez aa provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.end~ when given in the manner deeignaLed herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combines ~~niform oovenanta for national nse aad non- .uniform covenants with 1'united variationa by juriadiction to conetitnte a uniform eec~uity inatrnment oovering real properLy.'l~is Mort~age shaU be govemed by the law of the jurisdiction in which the Property ia located. In the event fhat any pmviaion or clause of this Mortgage a *.he Note contlicta with applicable law, auch rnnflicL ahall not aYfect other pmvieions of thie Mortgage or the Note a6ich can be given eHect witl. -ut the oonElicting pmvision, and to thia end th~ provieions of the Mortgage and the Note are declared to be oeverable_ 16. Borrower's Copy. Borrower ahall be fumiahed a oonformed oopy of the Note and of thia Mortgage at the time of ezecution or a~er recordation hereof. 11.1~ansfer of the Property; Assumption. If all or any part of the Property or an intereat therein ia eold or transferred by Borrower withont I.ender ~e~pq; arn~~~~~ ~Kding (a) the creation of a lien or encumbrance subordin ate to thia Mortgage. (b) the creation of a ; purchase money eec~~' ~u o o1d appliancea; (c) a tranefer by devise, dc~cent or by operation of law npon the death of a joint tenant or (d) the gr~n~of aaiy i~asehdd i~terest of three years or lese not aontainit?g an option to purchaee, I.ender may. at Lender s option, declare all the.eu~ ~ !o`6e immediately due and payable. I.ender ahall have waived such option to accelerate if. prior to the sale or tranafer.~an~pereo~ whom the Property is to be eold or tranaferred reach aBreement in writing tt~at the credit of such person ia satiefactory to I.ender and that the interest payable on the auma eecured by thie Mortgage shall be at auch rate as Lender shall request. If Lender hae waived the option to aooelerate provided in thia paragraph 17, and if Botrower a succeeaor in interest has e:ecvted a I written aeaumption agreement accepLed in writinB by I.ender, Lender ehall releaee Borrower from all obligations under thie Mortgage and the + ~ Note. . ~ If Lender ezercises such option to aocel~ate. Lender ehall mail Borrower notice of soceleration in sooordance with paragraph 14 hereot ~ Such notice ahall provide a period of not lees than 30 daya from the date the notice ie mailed within which Borrower may pay the auma declared. ` due. If Borrower faila to pay such anms prior to the exp'vation of such period. Lender may, without further notice or demand on I3orrower. ~ mvote any remediee permitted by paragraoh 18 hereof. l ' 18. Acceieration; Remediee. E:cept se provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement oi Borrower in thie Mortgage. including the oovenante to pay when dne any sums eecnred by thie Mortgage. Lender ' prior to acceleration ehall mai! notice to Borrower ae provided in paragraph 14 hereotepecifying: (1) the breacb; (2) the actjon • reqaired to cure such breach; (3) a dete, not leaa than 30 days from t6e date the aotice is mailed to Borrower, by wWch euc6 breacb muat be cured; and (4) that failure to cure sac6 breach on or before the daLe ~pecified in the notice may reault in ~ acceleration of the sume eei.~ured by this Mortgage, foreclosure by judicial proceeding end aale of the Property. The notice e6all further inform Borrower o! the rig6t to reinstate aRer sooeleration and the ri~ht to aesert io t6e toreciosure proceeding the noa-ezistence of a default or any other defense of Borrower to aoceleratioa and for~xlosure. If the breach ie not cured on or before the date specifed in the notice, Lender at Lender's option may declare aU of t6e enme secured by this Mortgage to be immediately due and payable without further demand and may [oreclose this Mortga~e by judicial proceeding: Lender shall be entitled to collect in euch proceeding aD e:penees of foreclosu;e. including, but aot limited to, reaeonable attorney's fees, and coete ot documentary evidenoe. abstrecta and title reporte. 19. Borrower's Rig6t to Reinetate. Notwithetanding Lender's acceleration of the sums secured by thie Mortgage, Borrower ahal! have the right to hnve any prooeedings beBnn by Lender to enforce thie Mortgage diacontinued at any time ptior to entry of a judgment enforcing this Mortgage if: (a) Borrower paye Lender all euma which would be then due under thie Mortgage, the Note and notea eecuring I~ture Advances, if any, had no aeceleration oecurred; (b) Borrower curee all breachea of any other oovenante or agreementa of Borrower oontained in ~ this Mortgage; (c) Borrower pays all reasonable expensee incurred by Lender in enforcing the oovenants and agreements of Boaower contained in thie Mortgage and in enforcing I.ender'e remediea as pmvided in paragraph 18 hereof. including, but not limited to, reaeoaabls ~ attorney'e [eea; and (d) Borrower takes such action as I.ender may reaeonably require to aasun that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon euch payment and cnre ? ~ by Borrow~, thie Mortgage and the obligationa eecured hereby shall remain in full force and effect ae if no aoceleration had occurred. ' ; ~ Z0. Assignment of Rents; Appointment ot Receiver. Aa additional eecurity here~inder, Borrower hereby seaigns to I.ender the reata of the Property, provided that Borrower shall, prior to soceleration under paragtaph IS hereotor abandonment of the Property, have the right to collect and retain euch renta es they become due and payable. Upon aoceleration unda paragrap618 6ereof or abandonment of the Property. Lender ahall be entided b have a recaver appointed by a ~ court to enter npon, tske poeseaeion of and manage the Peoperty and to oollect the renta of the Property, including thoee past dne. AU reats ooUected by the receiver ahall be epplied first to.payment of the ooste of managementof the Property and collection of rents, including. bnt not limited to, receiver's fees, premiwne on receiver's bonda end reseonable attomey'e fees, and then to the sums eecured by this Mortgage. The reoeiver ehall be liable to acoount only for thoee rents actually received. ' , goD 29 ~~297 ~ 350 K 9~ 22 ; ~ ~ 4 _ . _ . _ ~ - - e~- ,