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HomeMy WebLinkAbout1030 S. I11~~ClIOp. I.ender m~y make or cawe to be made reawnabk entri6s upon aad 'uupectiozu of the pmperty, provided that Lender shell ~ive Borrower notice prior to any such inspection specifying reasonable cause thenfor related b Lender'~ interest ia the Propsrty. 9. Coademnatlon. 7'!~e proceeds of any award or claim for dama~es, direct or coniequeatial, in conaection with sny oondannatioa or other taking of the pmperty. or part thereof. or for conveyanoe in lieu of oond«nnation. are hereby awiQned and shall be paid to I.ender. In the event of a total taking of the Property, tha prooeed~ shaU be applied to the ~ums eecured by this Mortga~e, with the euaa, if any, paid to Borrower. In the event oi a partial taking of the Properfy. unless Borrower and Lender otherwise agree in writing. then ahaU be applied to the suws secured by lhis MortQage ~uch proportion of the proceed~ as ie equal to that proportion which the amount of the suma secured by this Mortgage immediately prior to the date of taking Z+ears b the fair market value of the Property immediaWy prior to the date of taking. with the balanaz of the proceedi paid b Borrower. If the Properiy is abandoned by Botrower. or if. aRer notioe by Lepder to Borrower that the oondemnor offers to make en award or ~ettle a claim for damages. Borrower fails to respond to I.ender within 30 days after the date anch notioe is mailed, Lende~ is authoriud to oollect and apply tha proceeds, at Lender's option, either to restoration or repair of the property or to the sums secnred by this Mosfgege. Unleea Lender and Borrower otherwiee agree ia writine, aaY such application oi prooeeds to principal shall aot estend or pwtpoae We due date of the monthly installments nferred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Released. E:tenaion of the time for paymaat or modificatioa of amortizetion of the eums secured by this Mortgage granted by Lender to any succeasor in iaterest of Borrower ehaU not operate to release. in any manner. the liability of the original Bosrower and Borrower's succeseors in interea~ l.ender shall not be required to oommencx proceedings against such eucceesor or nfuee b e:tend time for pavment or otherwise modify amortization of the aume aecured by this Mortgage by reason of any demend made by the ariginal Borrower a~d Borrower s eucceeeors in interest. 11. Forbearanoe by Lendar Not a Walver. My forbearance by Lender in e:ercising any right or remedy hereunder. or othernrise afforded by applicable law, shall not be a waiver of os pnclude the e:erciae of any such right or remedy. The pmcutement of insurance ~ the payment of tazes or other liena or chargea by Lender ahall not be a waiver of Lendefs right to soceluate the maturity of the iadebte~nnear eecured by thia Mortgage. 12 Remedies Cumulative. All remediea provided in this Mortgage are distinct and cmm~lative to aay other right or remedy under this . Mortgage or afforded by law or equity. and may be e:ercise~l concnrrently, independeatly or aucceasively. 13. 3ucceseors and Assigns Bound; Joint and 3everal Liability; Captions. The covenanta and agreemenLe herein oontained ahall bind, and the righte hereunder shall inure to. the respective auocee~ore and assigns of Lender and Borrower. aubject to the pmvisions of paragraph 1? hereof. All covenants and agreemente of Borrower shaU be joint and eeveral. Tl~e captions and headings of the paragraphs of thia Mortgage are for oovenience only and are not to be osed to interpret or define the provisione hereof. 14. Notice. Except [or any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addreaeed to Bocmr?er at the Property Address or at such other addreas as Borrower may deeignate by notioe to Lender as pmvided herein, and (b) any notiCe to I.ender ahall be given by certified mail. return reoeipt requeated, to Lender a addresa atated herein or to euch other addreas ae Lender may deaignate by notice to Botrower as provided hesein. My notice pmvided for in thia Mortgage shall be deemed to have been given to Botrower or I,ender when givea in the maaner deeigaated herein. 15. Uniform Mortgage; Governing Law; 3everabillty.'14~ie form of mortgage combin~ uniform oovenanta for national uae and non- uniform cavenanta with limited variationa by juriadiction to oonstitute a aniform aecurity instn~aient covering real pmperty.'1T~ia Mortgage ahall be governed by the law of the juriadiction in which the Ptoperty ie located. In the event that.any provision or clause of thie Mortgage or . the Note contlicts with applicable law, euch conflict shall not affect other provisiona of thie Mortgege or the Note which can be given effect without the o~nflicting provision, and to this end the provieiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the time of e~cecution or after recordation hereof. - 17.15ranefer of the Property; Aseumption. If all or any part of the Property or an interest therein ia eold or transferred by Borrowrr without Lender's prior written conseat, ezcluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creatioa of a purchase money eecnrity interest for houeehold appliances, (c) a tranafer by devise, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leaaehold intereat of three.yeara or less not containing an option to purchaee. I.ender may. at Lender'e option. declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the eale or transfer. Lender and the person to whom the Property is to be sold or traneferred reach agreement in writing that the credit of anch peraon ie satiafact~ory to Lender and that the interest payable on the sums secured by thia Mortgage ahall be at anch rate as Lender shall requeat. If Lender hae waived the option to accelerate provided in thia parsgraph 1T, and if Borrower'e succeeaor in intereet has e~tecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligatione under thia i~iortgage and the Note. . ; If Lender euerciaes auch option to accelerate, Lender ahap mail Borrower notice of aoceleration in sooordance with paragraph 14 hereoL ; Such notice ahall provide a period of not lesa than 30 daya from the date the notice ia mailed within which Borrower may pay the auma declared ~ due. If Borrower faila to pay auch sums prior to the expiration otsuch period, L.ender may, without further notice or demand on E3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ~ ' ~ f IS. Acceleration;.Remedies. E:cept ae pmvided in paragrap6 1? hereof, upon Borrower's breach of any oovenaat or i ~ agreement of Borrower in this Mortgage, including t6e oovenante to pay w6en due any sume secured by thie Mortgage, Lender * prior to aooeleration ahall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not leas than 30 daye fram the date the notice is mailed to Borrower, by w6ich sncb ` breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result iq acceleration of the eumB aecured by this Mortgage, foreclosure by judicial proceeding and eale of t6e Property. T6e notice ehall furt6er inform Borrower of t6e right to reinetate at'ter acceleration and the right W aseert ia t6e foreclos~re proceeding the non-eziatence of a defeult or any ot6er defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date epecified in t6e notice. Lender at Lender'e option may declere all of the suma sec~red by thia Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be entitled to collect in auch proceeding all expenees otforecloaure, including. bnt not limited to. reaeonable attorney'e feee. and coate of documentary evidence, abstracte and title reports. ~ 19. Borrower's Right to Reinetate. Notwithetanding Lender s acceleration of the eame eecured by thi$ Mortgage. Borrower ehall have the right to have any proceedinga begun by I.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paye Lender all suma which would be then due under this Mortgage, the Note and notee securing Future - Advances. if any, had no acceleration occurred; (b) Borrower curns all breachee of any other covenante or agreements of Borrower contained in thia Mortgage; (c) Borrower pays all reasonable expeneea incurred by Lender in enforcing the oovenanta and agreementa of Borrower contained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to. reeeonable attorney'8 feea; and (d) Borrower takes euch aciion as Lender may reasonably reqaire to seaure that the lien of tF~is Mortgage, Lender e intereet in the Property and Borrower a obligation to pay the s~une secured by this Mortgage ehall oontinue unimpaired. Upon wch payment and cure ~ by Borrower. thie Mortgage and the obligations eecured hereby ahall rnmain in full force and effect ae if no acceleration had occurred. ~ Z0. Aeaignment ot Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aasigna to Lender the r~ts ~ of the Property. provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right ~ to collect and retain auch rents aa they become due and payable. ~ Upon sooeleration under paragraph 18 hereof or abandorunent of the Property, Lender ahall be entided to have a receiver appointed by a ~ oourt to entertipon, take po~ae8aion of and manage the Property and to rnilect tlie renta of the Property, including thoee paat due. All rente oollected by the receiver ahall be applied first to payment of the ooete of management of the Property and oollection of renta, including, but not ~ limited to, receiver s fees, premiuma on receiver e bonds and reaeonable attomey a feea, and then to the auma eecured by thia Mortgage. The receiver ehaU be liable to aooount only for thoae renta aMually received. ~ ~ geOK ~a~~~~~ ~ ~ _ - - _ _ _ . _~~n.,- _ . ~ -