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HomeMy WebLinkAbout0638 V R. In~peMlon. I.ender mqy make or cause to be made ree~onaWe entries upoa and inepectioas of the property, provided that Leader shaU give Borrower aotice prior to aqy euch in~pectioa aPecifyin6 ressonable canee therefo~ relatsd to I.endet'~ interest in ths Ptoperty. ~ 9. Coademnation. The prooeed. of eny eward or claim for demages. direct or consequenaal. in connecaon wich any ooade~an8aon or other talring of the pmp~ty. or part Wereof, or for rnnveyanoe ia L'eu of cond«unaaon. are h~eby assi~aed aad ~hall be paid to I.ender. In the eveat of a totai tai~u~g of the Property. the peooeed~ shaU be applied to the sums secured by this Mortgage. with We exoess, if any. paid to Borrower. Ia the event of a partial taloing of the Prop~ty, unles~ Borrower sad Lender otherwise agree in writinQ~ then shall be applied to the sums secured by thie Mo~a~e such propo~tioa of the pwoeeds as is equal b that proportioa which the amount of Ws sums + secvred by this Mortgage immediately prior to We date of taf~ing bsars b the fair a4arket value of the Property unmediaeely prior to the date of takin8. writ6 the belenoa of the proceeds paid to Borrow+er. If the Property is abandoaed by Borrower. or if. aRer aotioe by Lend~ to Borrower Wat the oond~nor oftem to make an a~rard or settle a claim for damages, Borrower tails b nspond to I.ender ~vithia 30 days aRer the date such aotioe is mailed. Lender is authorized tfl collect aad apply the pmceeds. at I.end~'s optioa. eith~ b restoration or repair of the property or to !he sams secured by tbis MortgaQe. Ualees Lender and Borrowa otheswise agree in writiag. any such appGcaaon of prooeeds to principal ahaU noc e:cend or postpone the due ~ date of the moathly installments referred to in paragraphs 1 nad 2 hereof or chan~e the amouut of such installmeata. 10. Borrower Not Releueed. E:teneion of the time for paymaat or modification of amorti:ation of the suma secured by this Mortgege granted by Lenda to any aucceaeor in interest of Borrower shalt not operate to releaee. in any manner. the liabiliqr of We original Borrower ~ and Bormwer's aucceseors in intereet I.ender ehall not be required to oommence proceedinga against such succesaor or nfuee to eztend time for payment or otherwise modify amortization of the auma eecured by thie Mortgage by reason of any demand made by theoriginal Borrowa ; and Borrowe:'a aucoeseors in interes~ 11. Forbearwnoe by Lender Not a VYaiver. My forbearance by Lender in r~erciaing any right or nmedy hereunder, or othenvise afforded by applicable law. ahall not be a waiver of or prEClude the exerciee of any such right or remedy.lLe procunment of insurauoe or the payment of t~es or other liens or chargea by Lender shall not be a waiver of I.ender's right to aoceleraLe the maturity of the indebtedn~s i eecured by thia Mortgage. 12 Remodies Cumulative. All remedies provided in this Mortgage are distinct and cvm~ilative to any other right or remedy nnder thi~ Mortgege or afforded by law or equity, and may be ~emeert oonc~rreatly. independendy or euoceesively. 13. 3ucceseore aad Aesigae Ho~wd; Joint aad 3everal I.iability; Captions. The oovenante aad agreemente herein contained shell ~ bind. and the righta hereunder shall inure to. the respective auoceesors and eseigns of Lender and Borrower, eubject to We proviaiona of ; paragraph 17 hereof. All covenanta and agrcemente of Borrower shaU be joint and several. The captions and headinge of the paragrapha of this Mortgage are for co~cenience. only and are not to be ueed to inter;*eS ~+r ~e~±na t~~ ~mvisions hereof. 14. Notice. E:cept for any notice required under applicable law b be given in anoth~ manner, (a) any notice to Borrower provided for in ~ this Mortgage shall be given by mailing such notice by certified mail addreseed to Borrower at the Property Addrese or st euch other address as ' ; Borrower may deaignate by notice to I.eader as provided herein, and (b) any notice to L~det ahall be given by ceiti5ed mail, return receipt requeated, to Lender's addrese atated herein or to anch oth~ addreee aa Lender may deeignate by notice to Borrower ae provided herein. Any { notice pmvided for in thie Mortgage ehall be deemed to have been given b Borrower or I,ender when given in the manner designated herein. # 15. Uaifotm Mortgage; Governing I.aw; 3everability. Thia form of mortgage oombines nnifortn oovenanta for aational uee and non- - uniform rnvenanta with limited variations by j~risdiction to constitute a uniforau aecnrity instrument oovering real property. This Mortgage ~ shali be governed by !he law of the juriadiction in which the Pcoperty ia located. In the event that any pmviaion or clauee of this Mortgage or ' the Note contlicta with applicable law. such conttict shall not affect other proviaions of this Mortgage or the Note which can b~ given effect without the wntlicting proviaion, and to thia end the pmvisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ahall be furniBhed a oonformed wpy of the Note and of Wie Mortgage at the time of ezecution or after recordation hereof. 17. 'I~ranefer of the Property; Aeaumption. If all or any part of the Property ur an intereat therein ia eold or tranaferred by Borrower without Lender's prior written consen~ excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money eecurity intereet for houeehold appliancea, (c) a tranefer by deviae, descent or by operation of law upon the death of a joint t tenant or (d) the grant of any leasehold intereat of three years or leas not oontaining an option to purchaee, Lender may. at Lendet's option. declare sA the auma eecured by thia Mortgage to be immediately due and payable. Lender shall have waived such option to aooelerate if. prior to the eale or transfer. I.ender and the pereon to whom the Property is to 6e eold or Cranaferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the intereat payable on the suma secured by thie Mortgage shall be at such rate as Lender ahall request. If I.ender has waived the option to accelerate pmvided in thia paragrsph 17. and if Borrower's auccesaor in intereet has eaecuted a x~ritten asaumption agreement accepted in writing by Lender, Lenderahall release Borrower from allobligationa underthia Mortgage and the ~ Note. i If Lender e~cercises such option to acoelerate, Lender shall mail Borrower notice of aoceleration in acoordance with paragraph 14 hereof. Such notice ahall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared - ~ due. If Borrower fails to pay.such sums prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower, ~ ~ invoke an remedies f y permitted by paragraoh 18 hereof. E 18. Acceleration; Bemediee. Escept as provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or f f agreement of Borrower in thie Mortgage. including the oovenante to pay when due any sums secured by thie Mortgage. Lender prior to soceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specltying: (1) the breach; (2) the action ; ~ required to cure such breach; (3) a date, not leas than 30 daya irom the date the notice is mailed to Borrower, by which such ° ' breacb muet be cnred; and (4) that failure to cnre euc6 breach on or before the date specified in the notice may result in _ ~ acceleration of t6e sums secured by this Mortgage, forecl~sure by judicial proceeding snd eale of the Property. T6e notice shaU € further inform Borrower of the right to reinatate atter acceleration and the right to aseert in the forecloeure proceeding the ~ non-ezietence of a default or any other defense of Borrower to acceleration and forecloeure. If t6e breac6 is not cured on or ~ , before the date specifed in the notice. Lender at Lender'e option may declare all of the sums secured by thie Mortgage to be ; immediately due and payable wit6out furt6er demend and may forecloee thia Mortgage by judicial proceeding. Lender ahall be ~ entitled to oollect in auch procceding all ezpenses of foreclosure. including, but not limited to. reaeonable attorney'e fees, and ~ coste of documentary evidence, abstracta and title reports. ~ 19. Borrower'e Right to Reinstate. Notwithstanding I.ender's acceleration of the sume eecured by thia Mortgage, Borrower shall have ~ the right to have any proc~eedinga begun by I.ender to enforce this Mortgage disoontinued at any time prior to entry of a judgment enforring thie Mortgage if: (a) Borrower pays Lender all auma which would be then due wader thie Mortgage, the Note and notea eecuring ~ture ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures a:. ~.u':W ~f any other oovenante or agreementa of Borrower contained in ; thie Mortgege; (c) Borrower pays all reaaonable e:pe~eea incurred by Lender in enforcing the covenante and agreemente of Borrower oontained in thie Mortgage and in enforcing Lender'e remedies as provided in paregraph 18 hereof, including, but not limited to. reaeonable attorney'a feea; and (d) Borrower takee such action aa Lender may reaeonably reqnire to eaeure that the lien of thia Mortgage, Lender'e inter~t in the Property and Borrowei s obligation to pay the sums secured by this Mortgage ahall rnntinue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obligationa eecored hereby ahall remain in full force and effect ae if no acceleration had occurred. Z0. Aseignment of Rente; Appointment of Receiver. As additional security~ hereunder, Borrower hereby aseigne to Lender the rents of the Property, pmvided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to coUect and retain anch rente as they become due and payable. Upon acoeleration under paragraph 18 hereof or abandonment of the Property. Lender ehall be entided to have a receiver appointed by a wurt to enter~pon, take poseesaion of and menage the Property and to collert the renta of the Property, including thoee past due. All rente aollected by the receiver ahall be applied firet to paymen! of the ooeta of management of the Property and oollection of rente, including, but not limited to. receiver'e feea, premiume on receiver's bonda and reasonable attomey's fees, and then to the eums secured by this Mortgage. The j receiver shall be liable to acoount only for thoee rents aMually received. ~ ~ Y 4 ~ ' r. ~ ~ ~U6 ~ 637 . r ~ ~ ~~__x'w- . _ ~..'s