Loading...
HomeMy WebLinkAbout0846 . . . ~ ~ 8. Ia~pection. Lender may make or cawe to be made reawnable entries upoa aad inapections otthe propFr~v. provided t~iat Lender shall { give Borrower notice prior to any such ia~pection ~pecifying nasonable cau~s therefor nlated to I~dt~'sinterest ia the Property. ~ 9. Condemnadoa.l~e proceed~ of any award or claim for damaQe~. direM or con~equential. in oonnection with any oondemnatioa or , oWer taking of the pmperty, or part thereof. or for conveyance in lieu of oondemnation, en hereby asaigned and shaU be paid to I.ender. In the event of s btal takinQ of the Property, ehe ptoceeds shal~ be appliad to the ~wns acured by lhis Mortgegs, with the esoess, if any, paid to Borrower. In the avent of a partial taking of tl~e Propecty. wiless Borro~ver and 1~eader ot~~~ naree ia writing, there ahall be epplied to the sua~s ~ecured by thiu Mortga~e such proportion of the proceed~ aa u equal to thst proportion which the amount of the sums secvred by this Mortgage immediately prior to We date of taking bears b the fair market value of the Property immediately prior to the date of taking. with the balaaoa of the procccds paid to Borrow+er. If the Property ia abandoned by Borrower. or if, alter notioe by Leader to Borrower that the oondemnor offen to make an award or settk s claim for damages, Borrower faib Lo reapond b I.ender within 30 days aRer !he date such notioe ie mailed. I.ender is authorized b coAect and apply the prooeeds. at Lender's option, eithex to nstoration or repair of the propecty or to the sum~ secured by thia Mortgage. Unlees Lender and ~orrowrr otherwiee agree in writing, any such application of prooeeds to principal shall not extead or postpone the due date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of anch installmeata. 10. Borrower Not Released. Extenaion of ~he time for paymant or modification of amoitization of the sums secured by thia Mortgage granted by I.e~der to any succeseor in intereat of Borrower ahall not operate to release, in aay manner, the liability of the original Borrower and Borrower's auccessora in intereat. Lender shall not be required to oommence pmceedings against auch successor or refuee to e:tend time for payment or otherwise modify amoriization of the sums aecured by this Mortgege by reason of any deroand made by the original Botrower and Borrower's aucceeaora in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in e:ercisiag any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or pweclude the r~enise of any such right or remedy.'l~e procuremen! of ineurance or the payment of taues or other liens or charg~ by Lender ahal! not be a waiver of I.ender's right to aocelerate !he maturity of the indebtedneas . eecured by thie Mortgage. 12 Remedies Cumulative. All remediea pmvided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be exemiee~l ooncurrendy. independendy or anocessivdy. 13. 3uccessore and Assigae Honna; Joint aad ~everal Liability; Captions. The oovenanta and agreemente herein oontained ehall bind, and the righte hereunder ahall in~ue to. the respective autt~essors and easigns of I.ender and Borrower. subject to the provieions of paregraph 1? hereof. All covenants and agreementa of Borrower ahall be joint and several. The captions and : cadinge of the paragraphs of this Mortgage are for oovenience only and are not to be ueed to interpret or define the provisiona 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 this Mortgage shall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addreea or at auch other address ae Borrower may designate by noticE to Lender as provided herein. and (b) any notice to Lender ehall be given by certified mail. return receipt reqaeated, to Lender~a addreee etated herein or to auch other addreae as Lender may deeignate by notice to Borro~rer ae provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or l.ender when givea in the manner designated herein. 15. Uniform Mortgage; Governing I.av?; 3everability. Thia form of mortgege oombinea uniform oovenanta for national nae and non- uniform rnvenanta with limited variationa by juriadiction to oonstitute a uniform eecurity instrument oovering real pmperty. Thia Mortgage ahall be governed by the law of the juriediction in which the Property ia located. In the event that any pmvieion or clause of thia Mortgage or the Note conilicta with applicable law, euch contlict ahall not affect other provisiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the proviaione of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furaished a conformed oopy of the Note and of this Mortgage at the time of e:ecution or aRer recordation hernof. 17. 'I~ansfer of the Property; Aeaumption. If all or any part of the Property or an intereet therein ia sold or transferred by Borrower without Lender e prior written conaent, excluding (a) the creadon of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aecarity interest for household appliancea, (c) a tranafer by deviae; deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or lesa not aontaining an option to purchaee, Lender may, at Lender's option, declare all the auma eecvred by this Mortgage to be immediately due and payeble. Lender ahall have waived such option to aocelerate if. piior to the sale or tranafer, Lender and the peraon to whom the Property ia to be eold or trat~eferred reach agreement in writing that the credit of such ' person ia satiefactory to Lender and that the interest payable on the aume aecu~ed by this 111ortgage shall be at such rate ae Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Botrower'8 succesaor in interest has e:ecuted a written aseumption agreement acoepted in writing 6y Lender, Lender shall release Borrower from alI obligationa under this Mortgage and the f Note. ~ If Lender exentiaea such option to accelerate. Lender shall mail Borrower notice of acxeletation in sooordance with paragraph 14 here~f. f Such notice shall provide a period of not lese than 30 days from the date the notice is mailed within which Borrower may pay the snma declared i due. If Borrower faila to pay auch sums prior to the eapiration of such period, Lender may, without furlher notice or demand on Efotrower, ~ invoke any remedies permitted by paragraoh 18 hereof. I8. Aoceleration; Remediee. Ezcept ae provided ia paragrap6 17 6ereof. upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, including t6e oovenanta to pay w6en due any snme secured by thie Mortgage, Lender ~ prior to aoceleration ehall mail notice to Borrower ae provided in paragraph 14 6ereof specitying: (1) the breach; (2) the action required to cure such breach; (3) a date, net leae than 30 daye from t6e date t~P notice is mailed to Borrower, by which such ~ breach muet be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may res~lt in acceleration of the aums eecured by this Mortgage, toreclosure by judicial proceeding and eale of the Property. T6e notice shall further intorm Rorrower ot the right to reinstate after acceleration and the rigbt to assert in the forecloaure proceeding the ~ non-ezistence of a default or any other detense of Borrower to acceleration and foreclosure. If the breach ia not cured on or betore the date epecified in the notice, Lender at Lender's option may declare all ot the suma eecured by t6ie Mortgage to be immediately due and paysble without furtherdemand and may forecloae this Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding ail e:penses of foreclasure. including. but not limited to, reesonable attorney's feee, and ~ coate otdocumentary evidence. abstracts and title reporte. ' 19. Borrower's Right to Reinetate. Notwithstanding Lender's acceleration of the sume aecured by thia Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender w enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing y thia Mortgage if: (a) Borrower pays Lender all eums which would be then due under thie Mortgege, the Note and notes eecuring Future ~ Advancea, if uny, had no acceleration occurred; (b) Borrower curea all breachea of any other covenants or agreementa of Borrower contained in this Mortgege; (c) Borrower pays all reasonable expenaea incurred by Lender in enforcing the rnvenante and agreemente of Borrower ~ aontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable # attorney e fees; and (d) Borrower takee auch action aa Lender may reaBOnably require to aeaure that the lien of thie Mortgage, Lender's interest in the Property and Borrower's obligation to pay the aume secured by thie Mortgage ahall continue unimpaired. Upon euch payment and cure ~ by Borrower, this Mortgage and the obligatiana secared hereby shall remain in full force and effect ae if no aooeleration had occurred. ~ Z0. Asaignmeat of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby seaigna to Lender therenta ; of the Property, provided that Borrower eliall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to oollect and ntain such renta ea they become due and payable. ! Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a reoeiver appointed by a ; oourt W enter~pon, take poeeeeaion of and manage the Property and to rnllect the rente of the Property, including tl~oee paet due. All rents oollected by the receiver ahall be applied firat to payment of the ooets of management of the Property and ooliection of rente, including, but not ~ limited to, receiver's feea; premiuma on receiver's bonde and reasonable attorney'r fees, end then to the auma secured by this Mortgage. The ~ reoeiver ahall be liable to aooount only for those renta actually received. ~ ~ r'~~RK 311 FacE 845 r i