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HomeMy WebLinkAbout0469 { . ~ , 8. In~pectioa: Leader w~y a~eke or cawe to be msde reswnabk entries upon and in~pectiona of the propesty. provided that I.eader ~haU ~ give Borrower aotioe prior to any such irupection ~pecifying reawnabk cawe therefor related to Lend~'~ interest in the Propes~y?. ~ 9. Coademnadoa. 7~e Proceeds of any a.vard or claim for damaQes, direc~ o: oonseQueAasl. in connection with any ooaden?natioa or othes taking of the pmperty, or pari thereof. or for oonveyance in lieu of oondanaation. ars hersby asai~ned and shaU be paid to Leader. In the eveat of s totel takinQ of the Property. the provxds ~hell be applied ta the suans secnred by thi~ Mort~age, writh the e~ccea, if aqy~ paid b Botrower. In the event of a partial tairin~ of the Property, unleN Borrower aad Lender otheswiee aQree in wtitin~, Were ~hall bs applied to the eum~ ~ecured by thi~ M~aQe such proportioa ot We proceed~ es ie equal Lo that proportioa which We amoant of the s~ ~ secured by thii Mort~aQe immediately prior to the date of Ww?g be~rs to the fair market valne of We Property immediately prior to the date of tatin~~ ~viW the balanoe of the proc~ds paid to Borro~ver. If the Prope:ty is abandoned by Borrower, or if, aRer notioe by Lender to Borrowror that the oondemaor offer~ b make au award or ~ettle a claim for demages, Borrower faila to reapond to Lender within 30 days after the date such notioe is mailed. Lender is authorir.ed to oollect end apply the prooeede. at Leade~'s option. either to re~toratioa or repair of the p~operty or to ths sutns ~ecured by titiw Mort~a~e. Unlees Leuder aad Borrower oth~wise a~rae in ~vriting, aay sucb application of prooeeds to principal shall not eutend or postpone the due date o[ the monthly installmeats ref~red to ip paragraphs 1 and 2 henof os change the amouat of sucb installmenta. 10. Borrower Not Relea~ed. F~tenaion of the time for paymrat or modificatio~ of amortization of the sums secured by this Mort~a~e = granted by I.ender to any aucoessor in iAtenat oi Borrower shall not operate to releaae. in any manaer, the liability of the original Borrowrer and Borrowe~r'a succeseors ia interest I,ender shall not be required to oommenQe prooeedings against such suoceesor or refuse to esiead time for payment or otherwise modity amortization of the suma eectired by this Mortgage by reason of any demand made by the original Bormw~ . and Bormwer's aucceasors in interest. 11. Forbearanoe by Leader Not a Wa~ver. Any forbearanoe by Leader in ~er~asing aay right or remedy henunder. or othenvi~e aPforded by applicabk law, shall aot be a waiver of or preclude the ~ercise of any such right or remedy. The procunment of iasnraace or the paymeat of ta:es or other liens or charges by Ler?der ehall not be a Mraiva of I~dec's si~ht to aocelerate the maturity of the indebtedness secured by chi. Mo~a~ 12. Remediea Cumnlative. All remedies provided ia this Mort~age an dislinct aad cumulative to any other right or nnnedy und~ tDi~ Moitgage or affoaded by law or equity. and may be euercise~i ooncurrently. indepeadendy or sua~aively. 13. 3uoceseor. and Assi~ns Bound; Joint and 3everal Liability; Captions. The oovenanta and agrcements hezein oontained shall bind. and the rights hereunda ahaU ianre to. the respective succeeeore and asaigns of Lender and Borrower. aubject to !he proviaions of paragraph 1? hereoi All oovenanta and agreements of Borrower shell be joint and several.'1'he captions and headings of the paragraphs of this Mort~age are for covenience only and an not to be lised to interpret or de5ne the provisions hereof. 14. Nodce. Eacept for any notice requiied under applicable law to be given in enother mannef, (a) any notice to Borrower provided for in thia Mortgage shall be givea bg mailiag auch notioe by oertified meil addreseed to Borrower at the Property Addreae or at such other address es Borrower may designafe by notice to I.ender as provided herein. and (b) any notice to Lender shsU be given by certified mail. return nceipt requeeted, to Lender's addreas stated herein or to snch other address aa Lender may designate by notice to Bon»war aa provided hezein. Aqy notice provided for in thia Mortgage shall be deemed to have been givea to Borrowez or Lender when givea in the manaez designated herein. 15. UniCorm Mortgage; Governing I.aw; 3everability. This form of aaortgage oombines uniform oovenaats for national uee and aon- uniform rnvenanta with limited variationa by jurisdiction to ooaatitute a uniform security instrument oovering real property,'Phia Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that a~y pmvision or clause of thia Mortgage or the Note rnnflicta with applicable law, such conflict ahall not a8ect other pmvisions of thie Mortgage or the Note which caa be given effect without the oonflicting pmvision, and to this end theprovisiona of the Mortgage and the Note are declared to be eeverable. 16: Bortower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thie Mortgage at the time of ezecntion or after recordation ha+eoL 17.'ISransfer of the Property; Asaumption. If aII or any part of the Property or an intetest therein is aold or transferred by Borrower without Lender's prior writtea coneent, ezcluding (a) the creatioa of a lien or encumbtance subordinete to thie Mortgage. (b) the ereation of a~- - purchase money security intereet for houaehold appiiances, (c) a transfer by devist, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeare or leas not wntaining an option to purcheee. I,ender may, at I.ender's optioa. declare all the auma eecnred by thie Mortgage to be immediately due and payable. I.ender shall have waived euch option to aooelerate if. prior to the eale or transfer, Lender and the pereon to whom the Property is to be sold or transferred reach agreement in v?riting that the credit of snch peraon is satiafactory to Lender and that the interest payable on the aume secured by thia Mortgage ahell be at such rate aa I.ender shall request. If Lender has waived the option to socelerate provided in thia paragraph 17. and if Borrowe?'e euoceeaor in intereat hae e~ecuted a written aaeumption agreement aooepted in writing by Lender. I.ender ahall releaee Borrower from all obligations under thie Mortgage end the q Nda I If Lender ezerciees such option to aocel~ate, L.ender ahall mail Borrower notice of aoceleration in aooordance with paragraph 14 hereoL ' Such notice ahall provide a period of not leas than 30 daya from the date the notice ia mailed within which Borrower may pay the aume declared ' due. If Borrower faila to a euch sums rior to the e: uation of such ~ P Y p p period, L.ender may, without further notSce or demand on F3orrower~ ~ mvoke any remediea per~nitted by paragraoh 18 hereuf. . . ; ~ ~ 18. Acceleration; Remediea Ezcept as provided in psragraph 17 hereof, npon Borrower's breach of any oovenant or f i agreement of Borrower in this Mortgage. including the oovenants to pay w6ea due any sums secured by thie Mortgag~, Leader ~ E prior to aoceleration s~all mail notice to Borrower ae provided in paragraph 14 hereof specitying: (1) the breach; (2) the adion 2 € required to cure auch breach; (3} a date, not leae than 30 days trom the date the notice is mailed to Borrower, by which snch ~ breach must be cnred; and (4) that failure to cwre auch breac6 on or before the date epecified in the notioe may resalt in ~ acceleration of the sume aecured by this Mortgage. forecloaure by judicial proceeding and sale of the Property. The notice ehall = further inform Borrower of the right to reinatate atter aoceleration and the right to assert in the forecloeure prnceeding the ~ non=ezistence of a default or any other defenae of Borrower to eoceleration and foreclosure. If tbe breach is not cured on or ~ before the date specified in the aot~ce, Lender at Lender's option may declare all of the euma secvred by this Mortgage to be - ~ immediately dne and payeble withont further demand and may toreclose thia Mortgege by judicial proceeding. Lender s6a11 be entitled to collect in auch proceeding all ezpenses of forecloeure, including, but not limited to. reaeonable attorney'e fees, and ~ coste of documentary.evidence, abstracte and title reports. ~ 19. Borrower's Rig6t to Reinetate. Notwithstanding Lendefs sooeleration of the suma secured by this Mortgage. Borrower ehall have ~ the right to have any prooeedinge begun by Lender to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) BorroweT pays Lender all euma which would be then due under this Mortgege, the Note and notee eecuring ~ture ~ Advancea, if any, had no aoceleration oocurred; (b) Borrower curee all breachee of any othrr rnvenanfs or egreementa of Borrower contained in ; thie Mottgage; (c) Borrower paya all reasonable ezpensee incurred by L.ender in .enforcing the vovenanta and agreemente of Borrower ! rnntained in this Mortgage and in enforcing Lender e remediee as provided in paragraph 18 hereof, inclndiag, but not limited to, reasonabla ` attorney e fees; and (d) Borrower tal~ea auch action se Lender may reasonably require to assure that the lien of thia Mortgage, Lender's intereet ~ in the Pruprrty and Borrowei e obligation to pay the eums aecured by this Mortgage shall continne unimpaired. Upon auch payment and cnre f by Borrower, thia Mortgage and the obligationa eecured hereby ahall remain in full force and effect aa if no aoceleration had occurred. • i 20. Aesignment of Rents; Appointment of Aeceiver. As additional aecurity hereunder, Bormwer hereby aesigns to Lender the reats of the Property, provided that Borrower shall; prior to acceleration nnder peragraph 1 S hereof or abandonment of the Property, have the right to collect and retain anch rents as they become due and payable. ' Upon aoceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahali be entitled to have e receiver appointed by a ~ court to enterapon, talce posseesion of and maasge the Property and to collect the renta of the Property, including those past due. All rents ~ collected by the reoeiver ahall be applied first to payment of the ooate of management of the Property and callection of renta, including, but not ~ limited to, receiver'a fees, premiuma on receiver'e bonds and reaeonable attorney'e fees, and then to the euma eecured by this Mortgage. The ~ reoeiver ehall be liable to aooount only for thoee renta actually received. ~ ~ v E gCGK 302 F~~E 469 ~ ~ ~ ~ ~ ~ :~v ~r - _ _ _ _ ~:,Y ~..:X~ x -~~`W . ~ _ ~ ~ _ ,