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HomeMy WebLinkAbout0615 . , 8. la~pection. Lender may make o~ cauae to be made osawnabk entrie~ upoa and inapectioa~ of the prop~rty, pro~rided that I.ender ahaA ~ive Borrower notiee prior to sny such inapection specityinQ reaw~abk cawe therefor related to Leader'~ inte~t ia th~ Property. 9. Coademnstloa. 71~e prooeeds of any ewud or claim for damaQes, direct or coa~equeAtial. it? connection arith any oondeflaaation os other takin~ of the pmperty. or part thereot. or for conveyance in lieu of oondemnation. are hereby aa~iQned and ~haU be paid b I.ender. In the eveat oi a total tekin~ oi We PtopertY. the peoesed~ shall bs applied to the suma ~ecured by thi~ Mortg+~Se. with the e~osn. if anY. paid to Borrower. Ia the event ot a partisl tekin~ of ths Peopeeiy. wilea &urower ead Letider otherwi~e a~ree in writing~ thsre shall bs applied to the suras escuced by thu Mort~age ~uch proportioa ot the proceed~ a~ u equal to that propoction which the amount oi the rum~ secured by this Mortga~e immediately prior to the dele of taking bears to the fair market value of the Property immediaLely prior to We date of taking, wiW the balanoa of the prooeeds paid ~o Borrower. - If the Property u abandoned by Borrower. or if. sRes notioe by Lender b Botrower that the oonde~anor of[ers to make aa avrerd or ~ett{s a daim for damaQes. Horrower feib to respond to I.eader aithin 30 day~ attet the date euch aotice u mailed, Lender u authosised to ooUect and apply the proceeds. at Gerrder's option. either to redoration ~ repais of the propezty or to tbe suuu ~ecund by this Mart~a~e. ' Unlea La~daz aad Borrowe~ othervviss agree ia ~veiting. any ~uch spplication of proceeds to psinc~pal shall not extend o~ po~tpone We due date of the montlily in~Lal4nenb referred to ia paragraph~ 1 and 2 h~eoi or chanQe the amount of such uutallment~. 10. Borrower Not Released. B:tensioa of the time for paymant or modification of amortization of the sums secured by this Mortgage granted by Lende~ to any sueceseor ir? intenat of Borrower shall not operaLe b rele~e, in aay manner. the liability of the original Borrowet and Botrower's successors in interea~ Lender shall not be required to oommenoe proceedings against such snccessor or refuee to e:tend tune - [or payment or otherwiae modify amortization of thE eums secured by thia Mortgege by nason of any demand made by the original Bflno~rer and Borrowda sac~.~eesore in intereat. ' ' 11. Forbearanoe by I.endes Not s Wsiver. Any forbe~ranoe by Lender in esercising aay right or nmedy hereunder. o~ otherwi~e a~orded by appticabk law. shaU not be a waiver of or preclude the e~ercise oi any euch righ! or remedy. The procnrement of inauranoe or the payment of t~es or oth~ lieas or charges by Lender shall not be a waiver of Lender's right to aoceleraLe the matnrity of the iadebtedness .ec~u~ed by chis Mortsage. 12 Remedies (.timulRtive. All remediee p~ovided in this Mortgage are distinct and cnmulative to any other right or remedy nnder this Mortgage a afforded by law or equity. 81Id IDB,y bQ 8IElClelf~ OOACU1TQDu~i. independ~dy or successively. 13. 3uecesson aad Aesi~ns Bound; Joint and 3everal Liability; Caption~. The ooveuanta and agrcements haein eontained shall bind, and the rights he~eunder ahaU inure to. the respective suoceesors and assigns of I.ender and Borrower, snbject~to the provisioae of paragraph 17 hereof. All covenaats and egreementa of Bon~owe: shall be joiat and several.'!be captions and h~dings of the paragraphs of this Mortgage are for covenience only and an not to be used to interpret or de5ne the provisiona henof. 14. Notice. E:cept for any notice required under applicable law to be given in another menner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mait addreesed to Borrower at the Property Addreas or at such other addrees as Borrower may deaignate by notice to Lendet as provided herein. and (b) any notice to I.ender shall be given by certified mail. return reciipt requeated, to Lender'a addnes stated herein or to such other addt+ess as L.ender may designate by notice Lo Borrower aa provided herein. Any notice pmvided fos u? thia Mortgage shall be deemed to have been given to Borrower or I.ender when given in t4~e manner designated herein. 15. Uaifor~n Mortgage; Governiag I.ew; 3everabillty. This form of mortgage oombinea uaiform oovenante for national use and noa- uniform rnvenante with limitedvariations by juriadiction to oonstitute a uniform security inetnuueat aovrring real property.'I~is Mortgage shall be govemed by the law of the juriediction in which the Property is located. In the event that any proviaion or clause of thie Mortgage or the Note contlicta with applicable law, such contlict shall not affect other proviaions of thie Mortgage or the Note which can be givea effect without the oonflicting proviaion, und to this end the pmviaione of the Mortgage and the Note are declared to be eeverabl~ 16. Borrower'a Copy. ~orrower ahall be fumiahed a conformed oopy of the Note and of this Mortgage at the time of ~ecution or after recordation hereof. t?. Ttaueter of the Property; Assumption. If all ot any part ot the Property or an intereet therein ia sold or traneferrPd by Borrower without Le,nder'e prior written coneenk ~~luding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the creatioa of a pureht~c money aecuri~eet, r 4ou~ehold appliancee, (c) a transfer by devise, descent or by operation of law upon the death of a joinf tenant or (d) the Qrant o~rpr leaee o~'d~ of three yeara or leas not oontaining an option to pnrchaee, L.ender may. at I.ende~s option. - declare all the scuna s~re~}~by thi~ ~.jtgage to be immediately due and payable. Lender ehall have weived auch option to acoelerate if. prior to the sale or transfer, Lender and the pereon to whom the Property is to be eoW or transferred reach egreement in writing thaE the credit of euch _ person ia satesfactory to Lender and that the intereet payable on the sume secured ~y this Mortgage ahall be at such rate ae Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17. and if Bormwei a auc~ceaeor in intereat hae e:ecuted a . '~i written asawnption agreement accepted in writing by Lereder, Lender ahall release Borrower from all obligations under thie Mortgage and the f Note. . i If I.ender e:ercisea such option to accelerate, Lender ahall mail Borrower notice of aoceleration in aooordance with paragraph 14 henoL E Such notice shall pmvide a period of not less than 30 dayra from the date the notice ia mailed within which Borrower may pay the aums declared ~ due_ If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notioe or demand on Borrower, = invoke gnY reinedies permitted by paragra~h IS hereof. ~ ` 18. Aoceleration; Remedtee. Escept as provided in paragraph 17 hereo[. npon Borrower's breach of any oovenant or agreemeat of Borrower in thie Mortgage. including t6e oovenants to pay when due any sums secured by thIa ~ortgage. L~der prior to aoceleration ahall mail notioe to Borrower ae provided in paragraph 14 hereof specifying: (1) the breacb; (2) the action required to cure euch breach; (3) a date, not less than 30 days from the date the notice is mailed to Botrower, by which sucL breach must be cured; and (4) that failure to cure snch breach on or before the date apecified in the notice may result in aooeleration of the sume sea.~ured by thie lidortgage, foreclosure by judicial prooeeding and sale of t6e Property. The notice ahall turther inform Borrower of the right to reiaetate aA.er acceleration and the right to seaert in the foreclosare proceeding the non-e~stence of a detault or any other detense of Borrower to soceleration and foreclosnre. If the breach is not cnred on or betore the date specified in the notice, Lender at Lender's option may declare all otthe sums secured by this Mortgage to be immediately due and p~able without further demand and may foreclose t6is Mortgage by judicial proceeding. I.ender ehall be eatitled to oollect in such proceeding all e:pensea o! [oreclosure, including, but not limited W, reasoneble attorney's feee. and costa of docvmentary evidence, abstracts and title reporte. 19. Borrower's Right to Reinetate. Notwithetanding Lender e aoceleratioa of the aume secured by this Mortgage, Borrower ehell have the right to have any pmoeedings begun by Lender to enforoe thia Mortgage diecontinued at any time prior to entry of a judgment enfotcing thia Mortgage if: (a) Borrower paye I.ender all sums which would be then due under thie Mortgagre. the Note and notee eecuring Ftiture Advanaes, if any, had no aoceleration occarred; (b) Borrower curee all breach~ of any other rnvenants or agreemente of Borrower oontained in this Mortgage; (c) Bormv?er paye all reaBOnable eupeneea incurred by L.ender in enforring t6e oovenants and ~greemente of Borrower ~ oontained in this Mortgage and in enforcing Lender's remediea as provided in paragraph 18 hereof, including, but not limited to, reasoaable attoroey's fees; and (d) Borrower takee ench action as Lender mey reaaonably require to assure that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrowe~s obiigation to pay the suma secured by this Mo=tgage ahall oontinue unimpaired. Upon such payment and cnre ~ by Borrower. this Mortgage and the obligatioaa secnred hereby shall remain in fiill force aad dtect as if no aooeleration had oocurred. ~ ~ 20. Asalgnment of Rents; Appointmeat ot Receiver. As additional ~curity hereunder, Borrower hereby assigns to Lender the reata ~ of the Property, provided that Borrower ahall, prior to aoceleration undeT paragraph 18 hereof or abandonment of the Property, have the right ; ~ to colled and e~etain such rents as they become due and payable. ~ Upon acceleration ~u?der paragraph 18 hereof ~ abandonment of the Property, Lender shall be entitled to have a reoeiver appointed by a oourt to enterapon, teke poasesaion of and manage the Property and to collect the rent8 of the Property, including thoee paat due. A11 rente ~ oollected by the reoeiver ahall be applied fint to payment of the oosts of management of the Property and oollection of rents, inclading, bnt not limited to. receiver'e fees, premiums on rnoaver's bonds and reasonable attorney's feea, and then to the sume eecured by thia Mortgage.l'he receiver shall t,e liable to acaount only for those renta adually reoeivod. : { ~ Bo~K 299 P„~E 615 { ~ ~ r. - - - ~ . - ~ . ~ .<z--..~