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HomeMy WebLinkAbout0739 S. l~f~p@M~Oq. l.ender may make or cauee to be made rea~onable ent~e~ upon and inspectiona of the ptoperty. providad Wat [.ender ~hall give Bormwer aotioe prior to any such inspection specifyiaQ reasonable cause therefor related b I.endar'~ intereet in t1~e Pe~operty. 9. Condemnetioa. The proceeds of aay award or claim for damaQe~. direct or consequential. in connection with any ooademnation or • other taking of the property, or part thereof, or for coaveyanoe in lieu of oondemaation. are hereby aseiQr?ed and ~haU be psid to I.ender. In the event oi a btal taking of the Property. the prooeeds shaA be applied b the sums eecured by this Mortga~e, with the ~cess, if any, paid to Borrower. In the event of a partial takiag oi Lhe Propaty. unlen Borrower and Lender otherwise agree in writin~. there shaU be applied to the sums secund by this Mortgags such proportion of the prooeeds as ia equal b thet proportion which the amouat oi the euaas eecured by this Mortgage immediately prior b the date of faking bean to the fair market value of the Propedy immediately prior to the data of taking. with the balance of the procceds paid to Borrower. 1 f the Property ie abandoned Dy Borrowes. or if, aRer notioe by Lender to Borrower that the oondemnor offers to make an award or setde a claim for damage~, Borrower fails to respond to Leader within 30 days aR~er the date such aotioe ie mailed, I.ender is authoriud to collect and ~ apply the prooeeds. at Lender's optioa, either to restoration or repair of the propqrty or to We sums secured by this Mort~age. ; Unless Lender aad Botrower otherwise agree in writing, any such application of piuceeds to principal ahall not estend or postpoae !he due date of the monthly instaUmeats referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmeats. 10. Borrower Not Released. E:tension o[ the time for payinsnt or modification of amortization ot the eume aecured by this Mortgage grapted by Lender to any eucceaeor in intereet of Borrowes ehall not operate to release. in eny manner. the liability of the original Borrower r and Borrower e eucceeaors in intereat Lender ehall not be required to oomme~ce proceedinRe againet aueh succeaeor or refuee to e:tend time for payment or otherwiae modify amortizalion of the auma secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower a euccessore in intereet. 11. Forbearanoe by Lender Not w Wei~cer. My forbearance by Lender ia exerciaing any right or remedy henunder. or othe:w*iee afforded by applicable law. ahaU not be a waiver of or preclude the ezercise of any such right or remedy. 71?e procureaaent of ineuranoe or the - payment of taxes or other liens or chargea by Lender shall not be a waiver of Lendei e right to aocelerate the maturity of the indebtednees secured by this Mortgage. 12 Remedies Cumulative. All remediea provided in this Mortgags are distinct and cumulative to any other right or remedy under this i Mortgage or atiorded by law or equity. and may be ~ercise~i ooncurrently. independently or euccessively. : 13. 3uccessors and Aesigns Bound; Joiat and 3everal I.lability; Captions. The oovenants aad agree~nenta herein oontained shall bind. and the righta hereunder ehall_ inure to. the reapective auccessore and assigne of Lender and Borrower, subject to the pmvisions of paragraph 17 hereof. All covenants and agreementa of Borrower shall be joint and eeveral. The captions and headinge of the paragraphs of thia Mortgege are for covenience only and are not to be ueed to interpret or de5ne the pmviaione hereof. 14. Notice. Except for any notice required under applicahle law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage ehall be given by mailing such notice by certified mail addreeeed to Borrower at the Property Addresa or at euch other addtees as E3orrower may deaignate by notice to Lender as provided herein; and (b) any notice to Lendet shall be given by certified mail, return receipt requeated, to Lender's addrees etated herein or to such other addr~s ae Lender may deaignate by notioe to Boirower as provided herein. My nutice pmvided for in thia Mortgage ehall be deemed to heve been given to Borrowet or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Govertung Law; Severability. Thia form of mortgage combines aniform oovenants for national use and non- uniform rnvenante with limited variationa by juriadiction to conatitute a uniform eecurity instrument oovering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or the Note conflicts with applicable law, such conflict ahall not affect other proviaiona of thie Mortgage or the Note which can be given et~ect without the conflicting pmviaion, and to thia end the proviaione of the Mortgage apd the Note are declared to be aeverable. i 16. Borrower'e Cop~. Borrower ahall be furniahed a conformed copy of the Note and of this Mortgage at the time of e:ecution or after : recordation hereof. ~ 17. Transfer of the Property; Aseumption. If ap or any part of the Property or an intereat therein is eold or tranaferred by Borrower without Lender e prior written coneent, e~cluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) the creation of a purchaBe money eecurity intereet for household appliances, (c) a tranefer by devise, descent or by operation of law upon the death of a joint t tenant or (d) the grant of any leasehold intereat of three yeara or leae not oontaining an option to p~uchaee, Lender may. at Lender'e option. declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to aocelerate if, prior to ehe sale or tranefer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch - person ie satisfactory to Lender and that the intereat p~yable on the aume secared by this Mortgage ahall be at such rate as Lender aha11 - request. If Lender has waived the option to accelerate provided in thie pa.xagraph 17, and if Borrower s successor in interest has e:ecuted a written assumption agreement accept~ed in writing by Lender, Lender ahall rele~se Borrower from all obligationa under this Mortgege and the , Note. ~ If Lender euercisea auch option to accelerate, Lender shall mail Borrower notice of soceleration in acoordance with paragraph 14 hereoL F Such notice shall provide a period of not lesa than 30 days from the date the notice is inailed within which Borrower may pay the suma declared i due_ If Borrower faile to pay such aums prior to the expiration of Such period, I,ender may, v+~thout fnrther notice or demand on ~3orrower, ~nvoke any remedies permitted by paragrauh 18 hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in thie Mortgage, includiag t6e oovenante to pay when due any sums secured by thie Mortgage, Lender ~ prior to acceleration shali mai! notice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daye from the date the nt~tice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to cure auch breach on or before the date epecift+ed in the notice'may reeult in ~ acceleration ott6e sums eecured by this Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice ehall further inform Borrower of the rig6t to reinatate atter acceleration end the right to aesert in t6e foreclosare proceeding the ~ non-e:istence of a default or any other defenae of Borrower to ecceleratioa aad forecloaure. If the breach is not cared on or before the date epecified in the notice, Lender at Lender's option may declare all of the sume secured by t6is Mortgage to be immediately due and payable without further demand and may [oreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in euch proceeding all e:penses of forecioeure. including, but not limited to, reasonable attorney'e feea, and costa of documentary evidence. abstracte and title reports. ~ 19. Borrower's Right to Reinstate. Notwithatanding Lender'a acceleration of the eume eecured by thie Mortgage, Eiorrower ahall have the right to have any proceedings begun by Lender to entorce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paya Lender ell aums which would be then due under this Mortgage, the Note and notes aecuring Future Advancee, if any, had no acceleration occurred; (b) Borrowercures all breachea of any other rnvenante or agreements of Borrower rnntained in ~ thie Mortgage; (c) Borrower paya all reaeonable e:penaea incurred by Lender in enforcing the oovenants and agreemente of Borrower ~ rnntained in this Mortgage and in enforcing Lender'e remedies se provided in paregraph 18 hereof, including, but not limited to, reaeonable ~ ~ attorney'a feee; and (d) Borrower takes euch action aa I.ender may reasonably require to seeure that the lien of thia Mortgage, Lender'e intereet in the Property and Borrower'a obiigation to pay the aume aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure = by Borrower. this Mortgage and the obligations eecured hereby ehall remain in full force and effect as if no acceleration hed occurred. ~ 20. Aeaignment of Renta; Appointment of Receiver. Aa additional security hereunder, Borrower hereby as~igna to L.ender the rents ; of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof ar abandonment of the Property, have theright _ ~ to coliect and retain such rents as they become due and peyable. ~ Upon aoceleration ander paragraph IS hereof or ebandonment of the Property, Lender shall be entided to have a receiver appointed by a - ~ oourt to enterapon, take poeeesaion of and menage the Property and to rnllect the rents of the Property, including thoee past due. All renta ~ collected by the receiver shall be applied firat to payment of the ooste of management of the Property and collection of rente, including, but not ~ limited to, receiver's fees, premiume on receiver's bonde and reaaonable attorney'e feea, and then to the euma secured by thie Mortgage. The ~ reoeiver shall be liable to account only for thoee rents actua0y received. ~ ~ . ~ ~ ~ 0 Q ~ ' ~ .BeoK ~ ~~cf 7~ ~ - _ _ . _ - - ~ .:~r ~ ~ ~ ~ = : ~ . ~ , _ T ,