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HomeMy WebLinkAbout0091 ~ . : ~ , . 8. In~pection. Lender may make or cawe to be mede reawaable eatries upoa and inapectio~a of the property. provided ttut Leader ~haU give Borrowe~ aobica pror to any such inapection specifying reasoaable causs therefos releted to L~+nder's intereat ia the Property. 9. Condemnation.'l~e prooeeds of any awar~ or claim for dama~es, direct o~ coneequential. in conr.ectioa with any oondemnatioa or oth~ taking ot the property. or part thereof. or far conveyanoe in lieu of oondemaation, are heieby aaaigned and shall be paid to I.ender. In the eveat of a tofal taking of the Pmperty. the prooeeds ehell be applied to We ~ums secured by thia MortgaQe, with the ~oea. if any. paid b Borrower. In the event of a pertial talong of the Peoperfy. unlee~ Borrower and Lender othes~riss agree in ~vrit~iing, there shall be apptied to the sums secund by thia MortgaQs such proportion of the proceed~ a~ u equal to that pmportion which the amount of We sums secured by thu Mortgage immediately prior to the date of tal~ing bear~ to the fair market value of the Property immcdiately prior to the date of taku?e, with the balanea of the pmcceds paid to Borro~rer. Itihe Pzoperly ia aL~ndunrc! by H~~rmwer. os i.! alEer notire hp I,en~es to ~3e~rewes tha~ t~e ~+ond~+mneroffere to ma4e an e~rard or eettle a claim for damages. Borrower faiL to respond to I.ender within 30 dayn ait~ the dab such notice ia mailed. Lender ia au Wotized to oolle~t and apply the prooeeds. at Lender s option. either to nstoratioa or repair of the property or to the sums ~ecured by tbis Mort~a~e. Unlees Leader and Borrower otherwise agcee in ~vriting. any such application of pi+o~eedi to principal shall not extead ~ pwtpone the due date of the monthly installments nferced to in paragraphs 1 and 2 henof or change Lhe amouat of such in~tallments. 10. Borrawer Not tteleased. E:tension of the time for paymant or modification of amortization of the suma sec~red by this Mortgage ~ranted by I.tnder to any succeasor in interest of Borrower ahaU not operate to nlease. in any manner. the liabiUty of the original Borrower and Borenwer's suc~eeeors in intereet Lender ahaA not be required to oommence pra.~eedinge against euch sucaeeaor or ref~ae to extend time for p~yment or otherwise modify amortisation of the aums eecvred by this Mortgage bv reason of any demand made by the original Borrower and Borrowe~'e suci.~eseors in interee~ ' 11. I~'orbearanoe by I.ender Not a Walver. My forbearanoe by I.ender in euerdsing any right or remedy herevndsr. or otherwriee afforded by applicable law. shall not be a~vaiver of or preclude the Pacerciee ot any such right or remedy. The procunment of insurenoe or the pay~nent of tazes or other liens or charges by Lender shaU not be a waiver of Lender a right to aocelerate the maturity of the indebt~edaeas eecured by thie Mortgage. 12 Remediea Gtitmalative. All remediea provided in this Mortgage are distinct and cuanulative to any other right or remedy nnder this Mortgage or afforded by law or equity. and may be e:r,rcise~l ooncurrentiy. ia~apmdently or suocessively. 13. Succeesors and AseiQns Bound; Joint and $everal Liability; Captions.'I~e covenants and agreementa herein oontained shall bind, and the tighte hereunder shall inure to. the nepective suooeeaoea and aeagns of Lender and Borrower. aubject to the pmviaions of paragraph 17 hereof. All covenanta and agreements of Borrower shaU be joint end sevual. The captione and headings of the paragraphs of thia Mortgage are for rnvenience only and an not to be ueed to interpret or de6ne the provisions hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage shall be given by mailing anch notice by certified mail addreaeed to Borrawer at the Property Addrees or at such other address as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certi5ed mail, return receipt requeated, to Lender'a address stated herein or to such oWer addreas aa I.ender may deaignate by notice to Borrower aa provided herein. Any notice provided for in this Mortgage shall be deemed to have been given b Borro+rer or l.ender when given in the manner deaignatPd henin. 15: Unitorm Mortgage; Goveraiag I.aw; 3everability. Thie form of mortECaEte oombines uniform oovenanta for national we and non- uniform covenants with limited variationa by jnrisdiction to oonatitute a uniform aecurity inatnuuent oovering rea) property.'IUie Mortgage ahall be governed by the Iaw oE the jurisdiction in which the Property ia located_ In the event that any proviaion or clause of this Mortgage or the Note rnnflicta with applicable Iaw, auch oontlict ahall not affect other pmvisioae of thia Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia end the provisions of the Mortgage and the Note are declared to be eeverable. 16_ Borrower's Copy. Borrower shall be furniahed a conforoned oopy of the Note aad of thia Mortgage at the time of execution or after recordation hereof. 1T. Transfer of the Property; Asaumption. If ap or any part of the Property or an interest therein ia eold or transferred by Borrower without I~nder's prior written conaent, e~cluding (a) the creation of a lien or encumbrence subordinate to thie Mortgage. (b) the creation of a purrhaee money security interest for houeehold appGances. (c) a transfer by deviee, deeoent oir by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or lese not oontaining an option to pnrchaee, Lender may, at Lender's option, ~ declare aU the suma securea by thia Mortgage to be immedistely due and payable. L.ender shall have waived such option to accelerate if. prior ~ to the eale or tranafer, Lender and the person to whom the Property ia to be sold or transfenrd reach agreement in writing that the credit of euch person ia satiafactory to Lender and that the interest payable on the sums aecured by this Mortgage shall be at auch rate aa Lender ahall requeat. If Lender has waived the option to accelerate provided in thia paragraph I7, and if Borrower'e aucceasor in interest has e:ecuted s ~ written aeaumption agreement accepted in writing by Lender. Lender ahall releaae Borrower from all obligationa under thia Mortgage and the ~ Note_ ~ I[ Lender ezerciaes auch option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 1~ here~L ~ Such notice ahall provide a period of not leas than 30 daya from the date the notice is mailed within which Borrower may pay the suma declared ~ due. If Borrow~ faila to pay such aume prior to the expiration of such period. I.ender may, without further notice or demand on F3orrower, mvoke any remediea peimitted by paragraoh 18 hereof. , 18. Aoceleration; Remedies. Ezcept aa pmvided ia paragraph 17 hereot, upon Borrower's breac6 ot any oovenant or ~ agreement of Borrower in this Mortgage, including the oovenants to pay when dne any sums eecured by t6is Mortgage, I.ender ~ prior to acceleration ehall mail aotice to Borrower ae provided in paragraph 14 hereof epecifyiag: (1) the breach; (2) the action ~ required to cure auc6 breac6; (3) a date, not tess than 30 days trom the date the notice is mailed to Borrower, by w6ich such ~ breach muat be cured; and (4) that failure w cure euch breach on or before the date specified in the notice may result in acceleration of the sums ee~sured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. T6e notice e6all further intorm Borrower of the right to reinstate aRer aceeleration and the right to aeeert in t6e foreclosure proceeding the ~ non-e:ietence of a default or any other defense of Borrower to soceleration and foreclosure. If t6e breach is not cured on or ~ before the date specified in the notice. Lender at I.ender'e option may declare all of the euma eecured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose thia Mortgage by judicial proceeding. Lender ahall be ~ entitled to oollect in eueh proceeding all ezpenaes of toreclosure, including, but not limited to, reasonable attorney's tees. and ~ coats ot documentary evidence, abatracta and title reporte. ~ 19. Borrower's Rig6t to Reinatate. Notwithetanding L.ender e soceleration of the euma sec~red by this Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender to enforce thie Mortgage discontinued at any time prior to eatry of a judgment enforcing this Mortgage if: (a) Borrower pays I.ender all auma which would be then due under thie Mortgage, the Note and notea eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curee all brnaches of any other oovenants or agteements of Borrower rnntained in this Mortgage; (c) Borrower pays all reseonable e:peneea incurred by Lender in enforcing the covenants and agreemente of Borrower ~ oontained in this Mortgage and in enforcing L.ender's remedies as provided in paragraph 18 hereof including, but not limited to, reaaonable ~ ettorneyb fces; and ld) Borrower takea such action ae I.ender may reaaonably require to assure tha! the lien of this Mortgage, Lender's interest ~ in the Property and Iiorrower a obligation to pay the suma eecured by this Mortgage shall rnntinue unimpaired. Upon such peyment and cure ~ by Borrower. this Mortgage and the obligations eecured hereby shall remain in full force and effect ae if no acceleration had occurred. ~ 20. Aesignment of ftenta; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the rents ~ of the Property. provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain euch rents ea they become due and payable. ~ Upon aooeleration under paragraph l8 hereof or abandonment of the Property, L.ender e6a11 be entitled to have a receiver appointed by a ~ oourt to enter~pon, La1ce poaeeaeion of end manage the Property and to rnllect the renta of the Property, including thoee past due. All rents ~ aollected by Lhe receiver shall be applied first to payment of the ooets of management of the Property and oollection of rents, inclading, but not ~ limited to, receiver e fees, premiume on receiver e bonda and re~eonable attorney'e fces, and then to the auma eecpred by thia Mortgage. The ~ receiver shall be liable to acoount only for thoee renta actually received. ~ ~ 6oQK ~11 PaGE 3z