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HomeMy WebLinkAbout0600 . ~ . . ' . ~ ~ 8. Ia~pection. Leader mey make or rawe to bs made reawnable entries upon and iaapectiona oithe property. provided that i.eader ~t?eU ~ give Borrower notio~ prior to any such inspection ~pecifyinQ roawaable cause th~efor related to I.ender'e interest ia ths Yropert,y. 9. Coademnadoq.l'he proosed~ of any s~reud or claira for dama~e~. direct or con~equential. in conn~ctioa with aay ooademnatioa or oth~ takin~ of the property, or part the»of. or for conveyeaoe in lieu of ooademnatioa. ara hareby a~si~ned ~nd shaU bs p~id to LAnder. ' In the eveat of a total takiaQ of ths Pwperty, the prooeedi ~hall be applied to tbe sww secnred by thia Mort~a~e, aith the asoeN, if any, peid to Bosmwer. In We eveat of a pertial takin~ of the Propetty. unlew BoROwer and Leader otherwi~s a~ree ia writin~. thers ~hsU be applied to the suma secured by this Mo~tgsge wch proportion of the proceed~ as is equal to that proportion which the amount ot the ~um~ secured by thu Mort~eQe immediaLely prior to the date of taking ~enn to the lair markd value of the Property immediately ptior to We date of takioS. ~riW We balanca of the prooeeds paid ~o Borrowes. . If the Property ia abendoned by Bon+uwes. or i~ sRer aotioa by Iender to Botrowror that the oond~nor o~en to make an s~rud or ~ettle a claua for damages. Borrower faib to respond to Lender ~vithia 30 day~ sRar the date ~uch aotios ir mailed, Lender u auWori~d to collect and apply the pmoeed~. at I.ende:'~ opdon, ~ther to re~toretion or repair of We propeety ~ to the ~unu sscured by thi~ Mortga~e. . Udas Leades aad Borrower othenvi~e agree in ~re~iting. anY such application of proosed~ to principel sheU not estend ~ postpoae We due date of tha monthly uutallments nferred W u? paragraph~ 1 and 2 hereof or change the amount of snch inaWlmenta. 10. Borrower Not Relea~ed. E:tension of the time for paymsa! or modification of amortisation of the sum~ eecw~ed by this Mortgage granted by Let?der to any eucceawr in interest of Bonower shell not operate to rel~se. in any mannes. the liability of the original Borrower and Borrower's suttYaso» in interee~ Leader ahall not be required to oummenoe proceedings against such suaessor or rafuae to ertend time for p~ymeAt or othe~wiee modify amortization of the eums secund ~ i1.ie Mortgage by reason of any demand made by We otiginal Borro~ver and Borrower s auceeesore in intereat. 11. Forbeannoe by Lender Nct a Waiver. My forbearance by Lender in ~erciaing any right or re~edy hereuader. or othenrise a8orded by appUcable la~v. shall not be a waiver of or preclude the esezrise of any such right or remedy.'Rre procurement of insuranoe or We payment of tases or oLher liens or chargea by Lender shall aot be a waiver of Leader s right to sooelerate the maturity of the indebtedness secured by thie Mortgage. 12 Remedies Gtimnlative. All remediea provided ia this Mortgage are distind and cumulative to any other right or ramedy under thi~ Mortgage or aftorded by law or eqnity. and may be ezercise~l ooncurrently. indep~dently or s~ooeasively. 13. 3uocessors and Asei~as Hound; Joint and Several I.iabilitp; Captlons.'lUe oovenants and agreements herein oonteined shail biad, and the rights hereuader ahall inure to, the respective snccesaors and assigns of Lender and Bormwer. subjcc! !r !he provisioas of paragraph 17 hereof. All covenants and agreements of Borrower shail be joiut and several. The captions and headings of the paragraphe of thie M~tgage are for covenience only and are not to be used to iaterpret or define the provieioas hereof. 14. Notlce. E:cept for any notice required under applicable law to be given in snother manner~ any potioe to Bormwer provided for in thia Mortgage ahall be given by mailing euch notice by certi5ed mail addressed to Borrower at the Prop~tty Address or at such other address as Borrower may designate by notioe to I.ender ae provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to Lender'a addresa etated hesein or to auch other address as Lender may designate by notioe to Borrower aa psovided herein. My notice provided for ia Wis Mortgage ehall be deemed to have been given to Borrower or Lender wh~ given in the manner designated herein. 15. Uniform Mortgage; Governiag l.ew; 3everability. This form of mortgage combines uniform oovenanta for national nse and non- nniform covenante with liirnited variations b}r juriadiction to oonatitnte a uniform aecurity inatrua~ent ooveiin8 real PioPerty.'l~is Mortgage ahall be governed by the law of Lhe jurisdiction in which the Property ia located. In the event that any pmviaion or clause of this Mortgage or the Note conflicts with applicable law..euch confliM ahall not affect other pmvisions of this Mortgege or the Note which can be given effect without the rnnflicting provision, and to thia end the pmviaione of the Mortguge and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ehall be furniahed a conformed oopy of the Note and of this Mortgage at the time of ezecntion or efter recordation heieof. 17.'I~aasfer o! t6e Property; AssumpHoa. If all or any part of tlie Property or an intenst therein ie eold or transferred by Borrower without Lender'e prior arritten consent, e:clading (a) the creaiion of a lien or encvmbrance aubordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a tranafer by deviae, deecent or by operation of law npon the death of a joint " tenant or (d) the grant of any leaeehold intereet of three years or less aot containing an option to purchase, I.ender may. at Lender's option. declare aU the snma tecurc~: by thia Morlgage to be immediately due and payable_ Lender shall have waived snch option to aocelerate if, prior to the sale or transfer, Lender and the peraon b whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of such person is satiefactory to Lender and that the interest payable on the au~a secured by this Mortgage ahall be at such rate ae Lender ahall request. If I.ender has waived the option to acceterate provided in thia paragraph 17, and if Borrower'e euoceseor in intereat has ezecuted a written aaeumption agreement aocepted in writing by i.ender, Lender ehall releaee Borrower from all obligations underthia Mortgage and the ~ ' Note. i If i.ender ~erciaes such option to accelerate, I.ender ahall mail Borrower notioe of aooeleration in aooordance with paragraph 1~ hereot ' Such notice shail provide a period of not lesa than 30 days from the date the notice is rLailed within which Borrower may pay the sums declared ~ due. If Borrower faila to pay such sums prior to the.expiration of auch period, I.endeT may, without fnrther notice or demand on E3orrower. ~ mvoke any remedies permitted by paragraoh 18 hereof. I 18. Acceleration; Remedfes. E=cept as provided in paragraph 17 bereof. upon Borrower's breach of any oovenant or agreement of Borrower in t6ia Mortgage, including the aovenante b psy when due any sume secured by this ~ortgage, I.ender prior to acceleration ehall mail notice to Borrower as provided ia paragrap6~14 6ereof epedfying: (1) the breach; (2) the adion required to cure snch breach; (3) a date, not lees than 30 daye from the date the notice is mailed to Borrower, by which enr,h breacb muet be cured; and (4) tbat latlure W cure such breach on or before the date specifted in the notioe may regult in acceleration of the sums eecured by thie Mortgage, forecloeure by judicial proc~eeding aad sale of the Property. The notice shsll furt6er inform Borrower ~nf the right to retnatate aA,er aoceleration and the right Lo assert ia the foreclosure proceeding the ; non-ezistence ot a default or any ot6er defenae of Borrower to acceleration and forecloenre. I[ the breach is not cured on or f before the date specified in the notice, Lender at I.ender'e option may declare all of the suma secured by t6is Mortgage to be immediately due and payable witbout turther demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be entitled to oollect in auch procceding all e:peneea of forecloaure, including, but not limited to, reasonable attorney's fees, and coete of documentary evldence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithetanding L.ender's acceleration of the auma eecared by this Mortgage, Borrower shall have the right to have any pioocedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notes securing ~ture Advances, if any, had no aoceleration occurred; (b) Boreower cures all breachea of any other covenants or agrcements of Borrower oontained in this Mortgage; (c) Borrower pays all reaeonable e~peneea incurred by I:ender in enfonting the oovenants and agreemente of Borrower ~ oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof. including, but not limited to, reasonable ~ attorney'a feea; and (d) Borrower takea auch action aa Lender may reasonably require to aeaure that the liea otthia Mortgage, I.ender'e interest ~ in the Propezty end Borrower s obligation to pay the eums secured by thie Mortgage ahall oontinue unimpaired. Upon euch payment and cnre ~ by Borrower, this Mortgage and the obligationa secured hereby shall remsin in fnll force and effect as if no aaceleration had occnrred. 20. Assignment of Renta; Appointment o! Recetver. Aa additional eecurity hereander. Borrower hereby aesigns to I.eader the renta ~ of the Property. provided that Borrower ahall, prior to soceleration under paragrap618 hereof or abandonment of the Property, have the right ~ to rnUect and retain such rents as they become due and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property, L.ender shall be entided to heve a receiver appointed by a oonrt to enter.npon, take podsesaion of and ~enage the Property and to collect the rente of the Property, inclnding those past dae. All rente ~ oollected by the receiver shall be applied 5rat to payment of the ooate of management of the Property and oollection of ra?ts, including. bnt aot limited to, receiver's fees, premiums on receiver's bonds and reasonable attomey's feea, and then to the aums sccured by this Mortgage.'l~e reoaver rhall be liable to aooount only fa thoee renta actually reoeived. ~ 90~K ~~9 PAGE ~QO ` i ~ ~ 't - - - _ _ - - ~ ~ . . . ~ tu~ _