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HomeMy WebLinkAbout1018 . i t . i . f + i 8. Iaspeetion. [.ender may make or cauee to be made reaaoneble entrie~ upon and inspectiona of the prope~ty, provided that l.ender ahaU ; give Borrower notioe prior to any such inapeckion specifying reasoneble cauee therefor related to Lendd~ i terest in the P[operty. ~ 9. Coademnation. 71?e proceeda of any award or claim for damagea. direct or consequential, in conn~on with ~ny oundemnation or f other taking of the property, or part thereof. or for conveyanoe ia lieu of oondemnatioa, are hereby aeaigned and ehall be paid w l.eader. • ; In the event of a totsl taking of the Property. the pmceeds shall be applied to the sums eecured by thia Mortgage, with the ~cers. if any, ; paid to Borrower. In the event of a partial taking of the Propedy. unless Borrow~ and Lender otherwise agree in writing, there shall be ~ applied to the auans secund by this Mortgage such proportion of the proceed~ as is equal to that proportion which the atuouat of the eums s eecured by this Mortgage ima~ediately prior to the date of takinR bean to the fair market value of the Property immediately prior to the dats of ~ taking, with the balan~ of the pmoeeds paid b Borcovrcr. ( If the Property is abandoi~ed by Borrower. os if. aRer notioe by Lender W Borrower that the oondemno~ o~e» to make an award or settle a t claim for damages, Borrower fails to nepoad to I.e~der within 30 days aR~ the date such notioe ia mailed. L~d~ is authorised b ooUect and ~ apply the proceeds. at Lender's option. eith~ to reetoration or npair of the pmperty or to the suma secured by thia Mortgage. Unlesa Lender and Botrower otharwise agree in writing, any such application of pmceeds to principal shall not ~tend or postpone the due ~ date of the monthly inatallmenta referred to in paragrephs 1 and 2 hereof or change the amount of such inataUments. ~ 10. Borrower Not Releaeed. E:Lension of the time for paymant or modification of amortisation of the sume secured by thie Mortgage granted by Lender to any succeseor in interest of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower ~ and BoTt~ower'a succeseore in inter~~. Lender ahall not be required to aummenee proceedings againat auch auoc~aor or sefuee to estend time . ' for payment or otherwiae modify amortization of the auma secured by thia Mortgage by reaeon of any demand made by theoriginal Bormwer and I3orrower s auccessora in interest. ; 11. Forbearance by Lender Not a VHaiver. Any forbearanoe by Lender in e:ercising any right or remedy henuader. or othezwise ! af[orded by applicable law, shaU not be a waiv~ of or preclude the eserciee of any euch right or remedy. The pmcarement of inaurance or the ; payment of taxee or other liene or charges by Leader ehall not be a waiver of Lendei s right to accelerate the maturity of the indebtedaess ~ aerured by this Mortgage. ' 12 Remedies Cumulative. All remedies provided in thie Mortgage are dietinct and cumalative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e~ce~rciae~i ooncurrendy, independendy or succesaively. . 13. 3ucceasore and Assigns Bound; Jotnt and Several Liebility; Captions. The oovenante and agreementa herein contained ahall bind, and the righte hereunder ehall inure to. the reepective eucceeeors and assigns of I.ender and Borrower. subject to the provisiona of paragraph 17 hercof. All rnvenante and agreemente of Borrower ahaU be joint and eeveral.'I~e captiona and headinga of the paragraphs of thie Mortgage are for covenience only and are twt to be uaed to interptet or define the p~ovisions hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any nodce to Borrower pmvided for in thia Mortgage shall be given by mailing auch notice by certified mail addreaeed to Borrowa~ st the Property Addreas or at such other addreea as Borrower may deeignate by notice to Lender ea provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipR requested, to Lend~ s addreas stated herein or to auch olher address aa Lender may deaignate by notice to Borrower aa provided herein. My notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated hereit?. 15. Uniform Mortgage; Goveraing Law;$everability.'tliie form of mortgage combines unifor~n oovenanta for national use and non- uniform covenanta with limited variationa by jurisdiction to oonetitute a uniform aecurity inatrument oovering real property.'lliia Mortgage shall be governed by the law of the jurisdiction in which the Property is located_ In the event that any proviaion or clauee of this Mortgage or the Note rnnflicta with applicable law, auch rnnflict ahall not aPfect other provisiona of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower shall be fumished a rnnfomned copy of the Note and of thie Mortgage at the time of e~cecution or after recordation hereof. 17. 'l~anefer of t6e Property: Assumption. lf all or any part of the Property or an intereat therein ia eold or traneferred by Borrower without Lender's prior written consent, e:cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money aecurity interest for houaehold appliances. (c) a transfer by devise, dc~cent or by operatioa of lew upon the death of a joint tenant or (d) the grant of aay leasehold intereat of three yeare or less not oontaining an option to purchase, Lender may, at Lendei s option, declare all the suma secured by this Mortgage to be immediaLely due and payable. Lender ahall have waived auch option to accelerate if. prior to the sale or transfer, L.ender aad the pereon to whom the Property ia to be eold or tranaferred reach agreement in writing thet the credit of auch person is satiafactory to L.ender and that the interest Qayeble on the aums secured by this Mortgage shall be at auch rate aa Lender ehall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei s succeasor in interest hae e:ecuted a written asaumption agreement accepted in writing by Lender, Lender ehall releaee Borrower from all obligationa under this Mortgage and the Note. ~ ; If Lender ~~erciaea euch option to aecelerate, Lender shall mail Borrower notice of acceleration in socordance with paragraph 14 hereoL ; Such notice ahall provide a period of not less than 30 days from the date the notice ia mailed within which Borrower may pay the euma declared ~ dae. If Boirower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. j 18. Acceleration; Remediea Ezcept aa provided in paragraph 17 hereof, upon Borrower'e breach of any oovenaa4 or ~ agreement of Borrower in this Mortgage, including the oovenante to pay when due any euma secured by this Mortgage. Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice ia mailed to Borrower, by which such ~ breach must be cured; and t4) t6at failure to cure auch breach on or before the date apecified in the notice may result in ' acceleTation of Ehe sume aecured by thie Mortgage. forecloeure by judicial procecding and sale of the Property. T6e notice shall further inform Borrower of the right to reinstate aRer soceleration and the right to aseert in t6e toreclosure proceeding the non-ezietence of a default or any other defenee of.Borrower to aoceleration and foreclosure. If the breach ie not cured on or before the date epecified in the notice, I.ender at Lender's option may declare a11 of t6e sums secured by this Mortgage to be immediately due and payable without further demand and may forecloae thie Mortgage by judieial proceeding. Lender ehall be entitled to collect in euch proceeding all ezpenses ot [orecloeure. including. but not limited to, reasonable attorney's feee, and coste of documentary evidence, abatracte and title reports. 19. Borrower's Right W Reinstate. hotwithetanding L.ender'e acceleration of the sums eecured by this Mortgege. Borrower shall have the right to have any proceedinga begun by Lender to euforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya L.ender all auros which would be then due under this Mortgege, the Note and notee eecuring Future Advancee, if any, had no acceleration occurred; (b) Borrower c~ues all breachea of any other covenante or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:pensea incarred by Lender in enforcing the covenante and agteemente of Borrower contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, bnt not lunited to, reasonable ~ attorney e fces; and (d) Borrower takes auch action as Lender may reasonably require to sesure that the lien of this Mortgage, I.ender'e interest in the Ptoperty and ~orrower's obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligatione secured hereby ahalt mmain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigas to Lender the rente : e~ of the Property, provided that Borrower shall, prior to acceleration ~uider paregraph~ 18 hereof or abandonment of the Property, have the right s ~ to coUect and retain euch renta as they become due and payable. ~ ~ p ~ Upon acceleration under paragraph l8 hereof or abandonment of the Property, l.ender ahali be entided to have a receiver appointed by a- ~ ooart to enter~upon, take posaession of and manage the Property and to collect the rnnte of the Property, including thoee paat due. All rents ~ coUected by the receiver shali be applied first to payment oi the ooets of managementof the Property and oollection of rents, including, but not limited to, receiver'e feea, premiuma on receiver's bonds and reasonable attorney's feea, and then to the auma eecvred by this Mortgage. The receiver ahall be liable to aooount only for thoee renta actually reoeived. ~ ~ ~ aooK 303 ~A~E101? ~ ~ ~ _ ~ ~ ~ - - - , - -a ~ '~'~`",*~"+c=r'Y "~h ~':`2' . -i ~ ~t S'~y';S'4° ~ ' . ~ _ ~ ~~'.s~L . ~ .