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HomeMy WebLinkAbout2154 . ~ ~ sad ins ns o~the property. Provided that Lender shall 8. Inspection. Lender may make or cause b be made reasonable caws therefor argilnl led b Lender s interest is the PropertJ?. give Borrower notice prior b any such itupection specifying 9. Condemnation. The proceeds of any award or claim for damages. direct or eoasequential, in tonne ~ aii~d ~a8 ~ ~emaa~a other taking of the property, or Part thereof, or for rnnveyance in lien of eondemnatioa, are hereby assign In the event of a total takin6 of We Property. the proceeds shall be applied b the awns secured by this Mortgage, wild the azoea, it any. , paid b Borrower. Ia the event of a partial taking of the ptperty, unless Borrower and Lender otherwise agree in writing. than shall be applied b the sums secured by this Mortgage such prooportioa of the proceeds as is equal b that proportion which the amount of We sums or b the date of taking bean b the fair market value of the Properly innnaedia~? Prior b the date of secured by this Mortgage immediately Pri d b Borrower. taking. wild the balanoa of the proceeds psi If the Propergr is abandoned by Borrows. or i~ after notice by Lender b Borrower that the eoademnor otti'en b make an award or settle a . claim for damages. Borrower fails b respond b Leader within 30 days after the dates or b the s secured by this Mortgages tolled and apply the proceeds. at Leader's option, either b restoration or repair of the property shall note:lead or postpone the due Unless Lender and. Borrower otherwise agree in writing. any such application of proceeds b principal date of the monthly iwtallmenta referred b is paragraphs land 2 hereof or change the amount of such installments. 10. Borrower Not Released. Sstenaion of the time for payment or modification of amortisation of the sums second by thin Mortgage the liability of the original Borrower granted by Lender b any sueoeasor is interest of Borrower shall not operate b nleese. in any manner. rend Borrower a suecesson in interest. Lender shall not be required b commence proceedings against each successor or refuse b extend time , for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrows and Borrowers sucoesson in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy b err t of iaswranue oar the afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The Procurer payment of fazes or other liens or charges by Lender shall not be a waiver of Lenders tight b gceelerate the maturity of the indebtedness _ secured by this Mortgage. vided in this Mortgage are distinct and cumulative b any other right or remedy ands this y 12 Remedies Gtimulative. All remedies pro . Mortg a or afforded by law or equity. and may be exercised eoacurrently. independently or successively. _ ueeessors and Assigns Bound: Joint and Several ice aeon andPfiassigris of Lender and Borrowermsubjed to theprovisi~'ons of bind. and the rights hereunder shall inure b. the respective paragraph 1? hereof. All covenants and agreements of Borrows shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not b be wed b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice b Borrower Provided for in t hi v Mortgage shall be given by mailing such notice b~a rtifi rein era rod ~ ~ ~aei ~ ~ en by~cerpfied ail. return receipt Borrower may designate by notice b Lender as pro requested, b Lenders address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any , notice provided for in this Mo>~agerning Law; Severability This form o mortgage combines uniform covenants for national use andd n~on- 15. Uniform Idortgag , This Mortgage uniform covenants with limited variations by jurisdiction b eonatitute a uniform security instrument covering real property. shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect 3 without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. rt of the Property or an interest therein is sold or transferred by Borrower 17. Transfer of the Property; Assumption. U all or any pa without Lender's prior written consent, excluding (a)li ~ a by d ~ d~cen orb ~perati~ Mlawgupon the den oth f a joint i purchase money security interest for household app lion b urchase, Lender may, at Lenders option. tenant or (d) the grant of any leasehold interest ~ ~m Y~~1 au~an paYab~len L~ena~ have waived such option to aa.elerate if, prior declare all the soma secured by this Mortgag u b be sold or transferred reach agreement in writing that the credit of such to the sale or transfer, Lender and the person b whom the Property ' e shall be at such rate as Lender shall person is satisfactory b Lender and that the interest Payable on the sums secured by this Mortgag request. If Lender has waived the option b accelerate Provided m this paragraph 17, and if Borrower's successor in interest has executed a w-ritten assumption agreement accepted in writing by finder, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with par e Puhnsl4d be,~ Such notice shall provide a period of not less than 30 days from the date the notice is mailed wit~i ~ u ~~e notice r demmand on Borrower, due. If Borrower fails b pay such sums prior b the ezpiration of such period. Lender may. ~ invoke any remedies permitted by paragraph 18 hereof. _ 18. Acceleration; Remedies. Except as provided in paragraph 1? hwhen dueoan sums restored by this Mortgage, Lender agreement of Borrower in this Mortgage. including the eovenanta to Pay h 14 hereof specifying: (1) the breach; (2) theactlsa prior to acceleration shall mail notice to Borrower as provided in paragrap required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such breach must be cared: and (4) that failure to cure such breach on or before the data ~ of the Property.,l'he Aotice shall acceleration of the soma secured by this Mortgage, foreclosure by judicial proeeediag further inform Borrower of the right to reinstate after acceleration sad the right to assert in the foreclosure Proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of fhb sumdsc'eclu m~cebedting LMeond r eha~llb~e immediately due and payable without further demand and may foreclose this Mortgag Y l Entitled to collect is such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. _ 19. Borrower's Right to Reinstate. Notwithstanding ~thiaeMortgag ediscontinued a sany time prior bhentry of au figment enforcing the right b have any proceedings begun by Lender b enforce this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Nments of Borrowe~contained in Advances. if any. had no acceleration occurred: (b) Borrower cures all breaches of any other covenants or agree ante of Borrower this Mortgage; (c) Borrower Pays all reasonable expenses incurred by Lender in enfh S h r of including, but not limited to, reasonable contained in this Mortgage and in enforcing Lender's remedies as Provided in paragrap attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest U n such payment and cure this Mortgage shall continue unimpaired. po in the Property and Borrowers obligation b pay the Bums secured by by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. . 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled b have a receiver appointed by a court b enteraipon, take possession of and manage the Property and b collect the rents of the Property, including those Pact due. All rents ~ ant of the costs of management of the Property and collection otrenta, ir?cluding, but not collected by the receiver shall be applied first b paym , tiro;led b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. BOOK W ! PAGE~Z~~ - r: