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HomeMy WebLinkAbout0873 . ~ 8. ln~pectioo. I.ender ma~y make or cawe to be ouade raewasble entrie~ upon and 'uupections of Lhe pmperty, pmvided that Leader ~haA give Borrower notioe prior to any such iaspectioA specifjring reasonable cawe thenfor related to Lender's interest in the Property. 9. Condemnatioa.'I~e pmceed~ of any award or claim for damaQes. direct or coneequeatial. in connectioa with any condemnetion or other taking of tha pmperty. or p~art the~eof. or for coaveyanoe in lieu of oondemnation, are hereby a~signed and ~hall bs paid to Lender. In the event of a total taking of the Nrnperty. the pmcoeds shall be applied to the sums ~ecured by thi~ Morf~ege. with the e:oess. if any. paid to Borrower. In the event of a partial tating of the Pe~operty. unlew Borrower and Lendet otherwise agree in writia~. there shell be applied to the sums ~ecured by fhis Mort~sge such proportion of the pmixeds aa is equal to that proportion which the amouat oi the snm~ eecured by this Mortgage immediately prior b the date of taldng bean to the fair market value of the Property unmsdiately prior to the date of talring. ~vith the balance of the proceeds paid to Borrower. Ii the Property is abaadoned by Borrower. or if. aRer notice by Lender to Borrower Lhat the aondemnor offers Lo make an swatd or settle a claim for damages. Borrower faib to respond to Lender within 30 daye after the date such notice ia mailed, I.ender 'sa authorised to coUect and apply the prooeed~, at Lender's optioa. either to restoration or repair of the property or to the sums secured by this Mortgege. Unless Lender and Borrower otherwiee agree in writin8, anY mch application of pmoeeds tu principal shall aot ~tend or postpone the due date of the moathly installmenta referred to in paragrapha 1 and 2 hereof or change the amount of such inetellmeAta. 10. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the auma secured by this Mortgage granted by I.ender to any eocti~easor in intenst of Borrower ehall not operate to release. in any menner. the liability of the original Borrow~er ~ and Botrowei e succeseors in interes~ Lender shall not be required to oommence proceedinga againat euch aucceaaor or nfuee to eztend time for payment ar otherwise modify amortization of the au~ts eecu~d by thia Mortgsge by reaao~ of any demend made by the originaJ Borrowe: and Borrower's suc~eors in intereet. 11. Forbearaaoe by Lender Not a Vilaiver. Any forbearanoe by L.ender in e:erciaing any right os remedy hereunder. or otherwise affotded by applicable law, ahall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance ~ the payment of ta:es or other liens or chargea by Lender ahall not be a waiver of I.endefs right to aocelerate !he maturity of the indebtedneas secured by thia Mortgage. . ~ 12 Remedies Gtimulstive. All remedies pmvided in this Mortgage are distiact and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity. and may be~ercise~l ooncure~endy, independendy or aucceaeively. I3. 3ucceseors end Aeeigne Bound; Joint and 3everal Liability; Captiona. The oovenanta and agreemente herein a,ntained ehall bind, and the rights hereunder ahall inure to, the reapective succeseors and asaigna of Lender and Borrower, aubject tn the provieiona of paragraph 17 hereof. All covenante and agreements of Borrower shall be joint aad several. The captione and headinga of the paragraphs of this Mortgage are for oovenience only and are not to be uaed to interpret or define the provisione hereof. . 14. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shail be given by mailing auch notice by certified mail addreesed to Borrower at the Property Addreea or at auch other address aa Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender shaU be given by certified mail, retura receipt requeated, to Lender s addreae atated herein or to euch other addreae as Lender may designate by notice to Borrower ea provided herein. My notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgege combinee uniform oovenante for national uee and non- uniform rnvenants with limited variationa by juriadiction to constitute a uniform eecurity inatruwent oovering real property.'I7iis Mortgage ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or { the Note conflicts avith appticable law, auch confliM shall not afiect other pmvieions of this Mortgage or the Note which can be given effect without the wntlicting provision, and to thia end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16_ Borrower's Copy. Borrower ehall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the time of execution or afte; recordation hereof. 17. 'l~ansfer of the Property; Aeeumption. If ell or any part of fhe Property or an intereat therein ia eold or transferred by Borrower withont tender's prior written rnneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purcl:ase money eecurity interest for houeehold appliancee, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three yeara or lese not oontaining an option to purchaee, I.ender may. at Lender's option, declare all the auma eerured by thia Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior ' to the aale or transfer, Lender and the peraon to whom the Property ia to be eold or transferred reach agreement in writing that the credit of euch ~ person ia ss~tiafactory to Lender and that the interest payabte on the suma secured by this Mortgage ahall be at auch rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrow~ s euccessor in intereat has executed a ; written aea~unption agreement socepted in writing by Lender, Lender ehall releaae Borrowet from all obligatione under this Mortgage and the I Note. ~ If Lender e:ercisea such option to accelerate, Lender ehall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL { Such notice shall provide a period of not lesa than 30 days from the date the notice ia mailed within which Borrower may pay the suma declared 1 due. If Borrower faila to pay such aums prior to the eapiration of such period, Lender may, without further notice or demand on ~3orrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ~ ` 18. Aceeleratioa; Remedies. E:cept as pmvided in paragraph 17 hereof, npon Borrower'e bseach of any oovenaat or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay w6en due any sume secured by this Mortgage, Lender g prior to acceleration ehall mail notice to Botrower as provided in paragraph 14 hereof specifying: (1) t6e breach; (2) the action required to cure such breac6; (3) a dete, not less than 30 daye from t6e date the aotice is mailed to Borrower. by which such breach must be cured; and (4) that tailure to cure euch breach oa or before the date epecified in the notice may reault in acceleration of the aums aecured by thls Mortgage, toreciosure by judicial ptoceeding and sale of the Property. T6e notice ehaII ~ further iwform Borrower of the right to reinatate aRer acceleration and t6e ri~ht to aaeert in the forecloeure proceeding the non-e:isteace ot a default or aay other defenee of Borrower to acceleration and forecloeure. If the breach ia not cured on or ~ before the date epecifed id the notice. Lender at Lender'e option may declare all of the sums secvred by thie Mortgage to be ~ immedietely due and payable without furtherdemand and may forecloae this Mortgage by judiciel proceeding. Lender shall be ~ entiiied to coiiect in auch prnceeding ai1 e:pena~x of forcelogure, inciuding, but nat iimited to, ressanable attorney's fees, and . . coate ot documentary evidence, abetracte and tiNe reporta. ~ 19. Borrower'e Right to fteinstate. Notwithatanding Lender a ucceleration of the sume eecured by thie Mortgage, Borrower shall have the right to have any proceedinge begun by Lender to enforce thie Mortgaqe diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paye Lender all eume which would be then due under thia Mortgage~ the Note and notee aecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures aU breachee of any other rnvenants or agreemente of Borrower oontained in ~ this Moetgage; (c? Borrower PaYs. al~ reaaonable e:penBea incurred by Lender in enforcing the oovenants and agreemente of Borrower % oontained in this Mortgage and in enforcing I.ender'a remediee as provided in paragraph 18 hereof. including, but not limited W, reseonable ~ attorney's feee; and (d) Borrower takee such action as Lender may reasonably require to aaeure that the lien of thia Mottgage, Lender'8 interest ~ in the Property end Borrower e obligation to pay the sums aecured by thie Mortgage ehall continue nnimpaired. Upon euch payment and cure ~ by Borrowrr, thia Mortgage and the obligationa eecured hereby eha11 remain in full force and effect ae if no acceleration had occurred. 20. Assignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigne to I.ender the rente t of the Property, provided that Borrower aha11, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to coUect and retain such rente es they become due and payable. ~ ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have e receiver appointed by a li ooiut to enterLpon, take poseeseion of and manage the Property and to collect the rent8 of the Property, including thoee past due. All rente i ~ collected by the n~ceiver ahall be applied first to payment of the ooete of managementof the Property and rnllection of rents, including, but not limited to, receiver's feea, premiume on receiver's bonda and reasonable attorney's feee, and then to the eume secured by thie Mortgage. The ~ receiver shall be liable to amount only for thoee rente ectually received. ~ ^ . ,Y 311;:A~~ 87 ~ k z ~ ~ ~ .