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HomeMy WebLinkAbout0869 t . i t • , . 8. Inspectioa. Lender may make or cause b be mede reawnable entrie~ upon and inspections of the pmpeKy, pmvided that Leader ~hall give Borrowrr notioe prior to any such iaspection specitying reasonable cause therefo: related b Lender's iaterest in the Property. 9. Condemnatioa. The procaede of any award or claim for damages. direct or consequential, in connection with any ooademnation or other tating of the propaty. or part thereoi, or for conveyance in lieu of ooademnation. are hereby assigned and ~haU be paid to I.end~. . In the event of s total taicin~ of the Property, the proceeds shall be applied to the sums secnred by this Mortgage. ~rith the ~oe~s. if any, paid to Borrower. In the event of a partial tsking o[ the Property. ualees Borrower and Lender otherwise a~e~ee in aniting. there shall be appUed to the sume secured by thu Mortgs~e such proportion of the prooeeda as is equal fo that proportion which the aa~ouat of the suma secured by this Mortgage immediately prior to the dab oi taking bears to the fair market value of the Property immediately prior b the date of taking, wiW the balanoa of the proceed~ paid b Borrower. If the Prop~ty is abandoaed by Borrower. or if. aft~er aotice by Lender b Borrower that the oondemnor offen to make an awerd or settle a claim for damages. Borrower fails to seapond to LeAder within 30 days aker the date such notice is mailed, Lender ie authorized to collect and apply the prooe~ds, at Lender's option. eith~ to restoratio~ or repair of the pmperty or to the sums secured by this Mortgage. Unless Lender and Borroaer otherwise agree in writing, any such application of pmceeds to principal shall not ~tead or pwtpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 heeeof or change the amount of euch instaUmeats. 10. Borcower Not Releaeed. Extension of tt~e time for paymsnt or modi6cation of amortization of the auma secuced by thie Mortgage granted by Lender to any aucceasor in intereet of Borrower ahall not operate to releaee. in aiiy manner, the liability of the original Borrower i and Borrower'a suoceaeorn in interes~ Lender ehall not be required to oommence proceedinge againat auch aueceseor or nfuee to extend time for payment or otherwiae modify amortization of the auma secvred by this Mortgage by reaeon of any demand made by the originel Borrower and Bormwer a aucceesore in intereai - 11. Forbearanoe by I.ender Not a Waiver. Any forbearance by Lender in esercising any right or remedy he~eunder. or otherwise afforded by appUcable law, shall not be a waiver of or preclude tt~e ezercis~ of any ~uch right or nmedy. The proc~remeat of insurance or the payment of t~ea or other liens or charges by Lender ahall not be a waiver oY Lende~s right to aocelerate the maturity of the indebtednese secured by this Mortgage. 12 Remedies Cumulative. All remediee pmvided in this Mortgege are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be e~esciserl ooncurrendy, independendy or succeseively. 13. 3ucceseors and Aeeigne Bound; Joint and 3everal Lisbility; Csptions. The covenant8 and agreements herein contained ahall bind, and the righta hereunder shall inure to, the reapective suoceasors and asaigns of Let?der and Botrower, subject to the proviaions of paragraph 17 hereof. All covenante and agreementa of Borrower shall be join! and eeveral. The captiona and headings of the paragraphs of thia Mortgage are for covenience only and an not to be ueed to interpret or define the proviaiona hereof. 14. Notice. Eacept for any notice required under applicabte law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by maiiing euch notice by certi6ed mail addreased to Borrower at the Property Addrese or at euch other addreee se Borrower may deeignate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail. retura receipt requeeted, to Lender's addreaa atated herein or to auch other addrees as I.ender may deaignate by notice to Borrower ae provided herein. My notice pmvided for in thia Mortgage ahall be deemed to heve been given to Borrower or Lender when given in the manner desigaated herein. 15. Uni[orm Mortgage; Governing I.aw; Severability. Thia form of mortgage combinea uniform oovenants for national uee and non- uniform rnvenants with limited variations by jurisdiction to oonetitute a uniform aecurity inatnunent oovering real property.'ll~is Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any provinion or clauee of thie Mortgage or the Note conflicta with applicabie law, euch coniliM shall not affect other provisions of thie Mortgage or the Note which can be given effect without the oonflicdng provision, and W thia end the pooviaione of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after ~ recordation hereof. 1~. 'l~ansfer of the Property; Aasumption. If all or any part of the Property or an intereet therein ia sold or traneferred by Borrower w~thout L~ndei e prior written coneent~ e:cludinq (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchaee ~naney eecurity intereat for houeehold appliances, (c) a tranafer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold interest of three yeara or less not oontaining an option to purchase, Lender may, at Lender a option. declare all the aume aecurnl by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the eale or tranafer. Lendel and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such ~ pezaon ia satiafactory to Lender and that the interest payable on the aume eecured by thia Mortgage ahall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrov~er a aucceasor in interest has e:ecuted a ~ written aeaumption agreement acoepted in writing by Lender, Lender shall release Borrower from all obligatione under this Mortgage and the i Note. ~ I f Lender exercisea auch option to accelerate, Lender shall mail Borrower notice of accel~ation in accordance with paragraph 14 hereoL ~ Such notice ahall provide a period of not leas than 30 daya from the date the notice is ~r.ailed within which Borrower may pay the euma declared due. It Borrower fails to pay auch euma prior to the expiration of such period, Lender may, without further notice or demand on E3~rrower, invote any remedies permitted by paragraoh 18 hereof. F 18. Aeceleration; Remediee. E:cept as provided in paragraph 17 hereof. upon Borrower'e breach of any covenaat or ' agreement of Borrower in thie Mortgage, including the oovenante to pay when due any eume eecured by thie Mortgege. Lender ~ prior to acceleration ehall mail notice to Borrower ae provided in paragrap614 hereof specifying: (1) the breach; (2) the action ~ required to cure euch breach; (3) a date. not less than 30 daye from the date the notice ie mailed to Borrower. by which euch ~ breach must be cured; and (4) that failure to cure such breach on or beforg the date specif ed ia the notice may resutt in acceleration of t6e sums eecured by this btottgage, foreclosure by judicial procceding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinatate atter acceleration and t6e right to aeaert in the foreclosure proceeding the non-e:istence of a de~ault or any other defense of Borrower to aeceleration and foreclosure. If the breach ie aot cured on or ~ be[ore the date specified in the notice. Lender at Lender's option may declare all of t6e sume aecured by thie lYiortgage to be ~ immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all ezpenses otforeclosure, including, but not limited to, reasonable attorney's feee, and ~ coete of documentary evidence. abetracts and title reports. ~ 19. Borrower'e Right to Reinstate. Notwithstanding Lender's acceleration of the sums eecured by thie Mortgege, Borrower ahall have the right to have any proccedings begun by L.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paye Lender al! aume which would be then due under this Mortgage, the Note and notea secaring Future - Advanoea,ifany,hadnoaccelerationoccurred;(b)BorrowercuresallbreacheaofanyothercovenantaoragreementsofBorrowercontained'in ~ thie Mortgege; (c) Borrower paye all reasonabie e:penaes incvrred by I.ender in enforcing the oovenante and sgreementa of Borrower ~ oontained in this Mortgage and in enforcing Lender'e mmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable s attorney's fcee; and Id) Borrower takee auch artion ae Lender may reaaonably require to easure that the lien otthia Mortgage, Lender e interest s in the Property and Borrower'e obligation to pay the aums secured by thie Mortgage ahall continue unimpaired_ Upon auch paytnent and c~re ; by Borrower, thie Mortgage and the obligations eecured hereby ahall remain in full force and effect ae if no acceleration had occurred. ~ Z0. Aseignment of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aaeigna to Lender the renta ; of the Property. provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain euch rente ae they become due and payable. F Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a receiver appointed by a ~ oourt to enter.~pon, take poeeeasion of and manage the Property and to collect the rente of the Property, including those past due. All rente ~ oollected by the receiver shall be applied first to payment of the oosta of management of the Property and collection of centa, including, but not ~ limited to, receiver's feee, premiuma on reoeiver'a bonde and reaeonable attorney's feee. and then to the sums secured by thia Mortgage. The ~ receiver shall be liable to acoount only for those renta actually reoeived. ~ ~ r BOGy 311 ~AGE OVO s i