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HomeMy WebLinkAbout0028 • i ~ . ~ ~ 8. IR~pECtIOl1. Lender may make os cawe to bs made re~wnable eAtries upon sad inapectioaa of the property. psovided Wat Lead~ ahall ~ive Borrower notioe prior to any ~uch in~pection ~P~b~6 reawaable cause therefor related b Lender'~ iaten~t in We Prope~ty. 9. Coademnadon.'ILe p~oceed~ of any award or claim tor damaQes. direct or coa~equential. in cannection wiW aqy oondemnation or oW~ tatins oi the pmperty. ar part thereof~ or for conveyance in lieu of caad~anation. are hereby a~i~ned and shaU bs paid to I.et~d~. In tbe event of a total takit~ oI the PropertY. ths proceeds ~hall bs applied to the suma secured by this Mort~a~e, wiW the eYOen, itenY. paid to Borrower. In We eveat of a partial t~lcing of the Pr~perty, unlea Borro~rer and Lepder otherwiae agree in ~rritin~. there shaU be appJied to the suma secured by ihi~ Mort~a~e ~nch pzopartioa of We prooeeds aa ia equal to Wa! proportion which We amouat of the ~um~ secured by this Mortga~e immediately p~rior to the date of takiag beare to the fair market value of We Propeity immediately prios to the dete of takin8. anth tLe balanoe of the prooseds paid to Borrower. ~ If the Properfy u abandoaed by Bori+ower~ or if~ atter notica by Lender b Borrowror that the oondennnor offen Eo make aa awrard or ~ettle a claim for damage~, Borrower faila b rapond to Lender within 30 day~ after the date snch notice is meiled. I.ender ia authorized to collect and app~yr !he p~+ooeed~~ at I.ender"a opaon, ather b restoratioa or repair of the pmpsrqr or to the suiw secvred by this Morfga~e. Unlees Lender and Borwvver oWern?ise a~tee in writiag~ eny n~ch application of proceeda to principal shall not e=tead ~ postpone the due date of the moathly installmenb refatred to in parsgraphs 1 and 2 hereof or change We amount of such installments, 10. Borrower Not Releaeed. Exceasion of che ame for p~y?manc or modi5caaon of amortizaaon of We eums secured by this Mort~age grantad by L.ender Lo any suooeesor in interest of Borrower ahall not operate to release. in any manner. the liability of the original Borrowrr and Borrower's suoceeaon in intereai Lender ahall not be required to wmmenoe pmc~edings against auch auooesaor or refuee to eztend time for payment or otherwiee modify amortization of the aume secvred by thie Mortgage by reason of any demand made by the original8orrower and Borrowar s succeesors in interee~ - 11. Fosbearanoe by Lender Not a Watver. Aqy forbearanoe by I.ender in e~cerctising any right or nmec(y hereunder, or otherwiie afforded by applicable law. shall not be a ~raiver of or preclude the euercise of aay such iight or nmedy.'lR~e procurement of insuranoe or the pay~nent of teses or other liens or charges by I.endnr shall aot be a waivez of Lender's right to aooderate the mahuity of the indebtednew eecured by this Mortgage. 12 Remediea Gtimnladve. All nmedies provided in this Mortgage are dietinct and cumulative to any other right or remedy ander thi~ Mortgage or at~"orded by law or equity. and may be ~a~cisevi aoncurrentiy, indepeadendy or suooessively. 13. Sw~oeasore and Asaigns Bound; Joint and 3everal Liability; Captions.'ILe oovenants and agreemeals herein contaiaed rha11 bind, and We righte hereunder shall innre to~ the nspective anocesaors and assigns of I.ender and Borrower, subject to the provisions of paragreph 17 hereof. All rnvenants and agreements of Borrower shall be joint and several.'Ihe captions and headings of the paragraphs of this Mortgage are for coveni~ce only and are not to be ueed to interpret or de5ne the provisions hereof. 14. Notice. E:cept for any notice required under applicabie law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ehaU be given by maiting such notice by certi6ed mail addreesed to Borrower at the Property Addreee or at ench other addrees as Borrower may designate by notioe b Lender as pmvided herein. and (b) any notice to Lender ahall be given by certi5ed meil, redun reoeipt requeated, to Lender's address stated herein or to such other addn~ss ae Lender may deaigaate by notice to Borrowet as provided hesein, Any notice provided for in this Mortgage ehaU be deemed to have been given to Borrower or Lender when given in the manner deaigaated herein, 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage oombinea uaiform oovenants for national use and non- uniform covenents aith limited variatione by jurisdiction to oonatitute a nniform eecurity instrument oov ~'n~g~~real property, 7bis Mortgage ehall be governed by the law of the juriadiction in which the Property ia loceted. In the event that any provisidzi o} clanse olthis Mortgage or the Note rnaflicts with applicable law; such conilict ahall not affect other pmviaiona of this Mortgage or We Note which can be given effect without the oontlicting provieion, and to thia end the pmvisiona of the Mortgage and the Note are declared to be eevereble. 1& Borrower'e Copy. Borrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of execation or after recor~ation hereof. 17. 'l~anefer of the Property; Aseumption. If all or any part of the Property or an interest therein is eold or transferred by Borrower without Lender s prior wr}tten consent, e~cluding (a) the creation of a lien or enwmbrance aubordinate to thi.s Mortgege. (b) the creation of a purchaee money aecurity intereat for houeehold applianoea, (c) a tranefer by deviee, dcc~oent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or leae not oontaining an option to purchaee, Lender may, at Lender's option, declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ahall have waived anch optiod b aocelerate if. prior to the sale or transfer, Lender and the pereon to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of such pe~son ia eatiafactory to Lender and that the intereet payable on the suma secured• by this Mortgage ahall be at euch rate as Lender ahall request. If Lender haa waived the option to aooelerate pmvided in thia paregraph 17. and if Borrower's succeseor in interest hea e:ecuted a written assumption agreement socepted in writing by Lender, Lender ahall release Borrower ~om all obligationa under thia Mortgage and the ~ Note. ~ " If Lender e~cercisea such option to accelerate, I.ender shal) mail Borrower notice of aoceleration in aooordance with paragraph 14 hereoL s ; Such notice ehall provide a period of not less than 30 daya trom the date the notice ie rr.ailed within which Borrower may pay the suma declared ~ due. If Borrower faila to pay euch suma prior to the exp'uation of such period, Lender may, without further notice or demand on I3orrow~~ ; invoke any remediee permitted by paragraoh 18 hereof i 18. Aoceleration; Remedies. Ezcept as provided in paragraph 17 hereot, upon Borrower's breac6 of any oovenant or ; k agreement of Borrower in this 1Koitgage, including t6e oovenante to pay when due any sums secared by thia Mortgage, Lender : ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 6ereotapecitying: (1) the breach; (2) the action ~ ~ required to cure wch breac6; (3) s date, not leee than 30 days from the date the notiae is mailed to Borrower, by which such ~ breach muat be cnred; and (4) that_ failnre to cure euc6 breach on or before the date specified in the notice mey reeait in ~ acoeleration otthe eums secured by this Mortgage, forecloeure by judicial prooeeding and sale of the Property. The notice shall t ~ furt6er inform Borrower of the right to reinstate atter acceleration and the right to eaeert in the forecloaure proc~eding the ~ non-eziatence of a default or any ot6er defense of Borrower to aoceleration and foreclosure. If t6e breac6 is not cured on or before the date specified in the notice. I.ender at I.ender'e option may declare aU of the eume eecured by thie Mortgage to be ; immediately due and payable without fnrth~r demand and may foreclose thie Mortgage by judicial procecding. Lender shall be entitled to oollect in such proceeding all e:pensee of [orecloeure, including, but not limited to, reaeonable attorney's fees, and ~ coste of documentary evidence. ebetracts and titie reporte. i 19. Bornower's Kight to Beinetate. Nohvithetanding Lendei e acceleradon of the sums secured by thia Mortgage, Borrowerahall have 4 the right to have any pt+ooeedinge begun by I.ender to enforce thia Mortgage diecontinued at a~y time prior to entry of a judgment enforcing ; thie Mortgage if: (a) Borrower paya Lender all eume which would be then dae nnder this Mortgage..the Note and notea eecuring Futare i Advancee, if any~ had no scxeleration ooc~rred; (b) Borrower curee a11 breachea of any other oovenants or agreements of Borrower oontained in ~ thie Mortgege; (c) Borrower pays all reasoaable e:penses incarred by I.ender in enforcing the ooveaants and agreements of Borrowez # o~ntained in tt~is Mortgage and in enforcing Lender'e remedies ae provided in paragraph 18 hereof, including, but not limited to. reseonable ` attorney e feee; and (d) Borrower takes each action ae Lender may reasonably require to aseure that the lien of thie Mortgage. Lender's interest ~ - in the Property and Borrower'a obligation to pay the anme secured by thie Mortgage shall continue unimpaired. Upon anch payment and care ~ by Borrower, thia Mortgage and the ob " ationa secured here 3 ' L8 by shall remain ia full force and effect ae if no acceleration had occurred. ! 20. Asaip~ment ot Rents; Ap.pointment of Receiver. As additional eecurity hernunder, Boaower hereby aseigns to Lender the renta of the Property, provided that Borrower shall, prior to acoeleration under paragraph 18 hereof or abandonment of the Propaty, have the right to colled and retein euch rents as they bernme due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, L.ender ehall be entitled to have a receiver a ~ Ppointed by a oourt to enter.npon, take poeeeaeion of and menage the Property and to collect the rente of the Property. including thoee past due. All rente ~ ooUecteei by the receiver ahell be appGe~ first to payment of the ooste of management of the Property and collection of rents, including. but not ~ limited to, reoeiver's tees, preminms on reoeiver's bonda end reasonable attorney'e feee, and then to !he snme aecured by this Mortgage. The ' receiver aha11 be liable to aoo~unt only for those rents actually reoeived. t - ~ - _ ~ ~ ~ f ~OOK W / QACE ~A ~ s~ ~ . < - ~~`¢xr~^<-~.~"..~,k _.~.~o aez_ k. . ~.~.a