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HomeMy WebLinkAbout1704 . ~ _ ~ ; . i ` . ; . • . . • . , ! 8. Inspection. Lender may make or cawe to be made eeawaaWs eatria~ npoa aad 'uupectio~u of the prope~ty. Pmvided that Lsnder ~hall ; give Horrower notias prior ~o any such iaspeetion ~peci~yins re~w~able caws thezefo~ rslaLed to Lender's intsre~t ia tbe Prop~ty. ~ 9. Coademnadoa. 7be p~ooeed. of any award or cleim tor dama~e.. direcc or oon.eQueatial. in oonnection wi~h w? oondeau?•aoa or otha talrin~ ot the P~P~4Y. a P~ thareot. or for ooAVeyanos in liea oi oonde~nation. ars hereby a~i~ned end shall bs paid to Ieader. ~ In the evaat of a t~otal takin~ of the Propetty, the Prooad~ ~hall be ~pp~ied to tlie wm~ ~ecared by this Maart~s~e, wiW ths e~oe~s. if +~qY. i paid to Boirower. Ia the ev~t of a pa~tial taldn~ of the Property. nnlea Bo:rower ~nd I.ender otherwiss a~ree in w~itin~. there sh~ll bs f applied to ths sum~ ~ecured by thi~ Mat~age wd? RoPation d the prooeeds as is equal to tlrat ~oa wWch the amoant o? the Nms f secvred by thia Mortga~ge immediately p:ior to tbe date o~ te~lrin~ bear~ to Wa fair rnarkd value of the Propeity immed'utely prior to tbe dats ot ! tahing. witb t2~e balu~os ot the proosed~ paid to Borrorrer. ~ If the Proper4Y i~ abandoned by Po~ower. or i~ +~R~er notice by Lend~ to Borrower tbat tbe ooademnor offer~ to make sn award os ~dW s claim for dama~ea. Borrowsr faila to re~pond to Lander ~ritbin 30 day~ eR,er the date sach notice i~ mailecl. Ieades u anthorsed to oollect aad aPP~Y Ws prooeed~. at Leuda~s option, eithec to redoration ot npait of the props~rty or to the ~uaas ~ecured by tbi~ Matga~e. ? Unleea Leader and Borrower otheiwise a6ree in writin6. an,1?anch application of pmoeedi to ptin~apal ~hall not ~tead or postpone the dne ; date of fhe monthly installmeab refezred to in para~rap2u 1 aad 2 hezeoi or change tDe amount of snch installmenta. ; 10. Borrower Not Released. ~tension of the time for paymnant or modi5cation of amortisation of the snms secund by thia Mort~age ~ graated by I.ei?der to any suocessor in iaterest of Borrower ahall not operate to releeue. in any manner. the liability of the originel Bormwer ~ and BoTrower's auacessors in inter~st Leader ahall not be required to oommenoe prooeedings a8ainst such anocessor or refuse to eztend time ~ for payment or othawise modify amortiza~ioa of the eums secvred bY this Mortgage by reason of any d~end made by the origiaal Bonro~ver } and Bore~owes'a aucceesors in iatrrest. } 11. Forbearsnoe b~? I.ender Not a Wdver. Any forbearanca by Lendar in eserca~ing any ri6ht ar nmedy he~nnder. ar ot~ezwi~e afforded by applicable la~v. ihall not be a~raiver of or preclnde the e~c~cise of sny ~nch right or nmedy.'lUe ~ent of insnranoe or the payment of ta~ces or other lims or charges by Lead~ ahaU not be a waiver of Leadee'~ right to aoce~ate We matnrity of the indebtedness ~k secuned by shie Mort~age. ~ , ~ 12 Remedies G~mnlative. All remedies psovided in this Mortgage are dLd~ct tad d~mulative Lo aqy Mher right or nmedy nndar thi~ Mortgage or affa~rded by law or eqnity, and m~y be ezerciserl ooncurrently, indep~d~tly or aucoesdvely. i 13. 8uccesaors and Assisns Bonnd; Joint aad 3everal I.iability; Caption~. The oovenants and agreements herein oontained shall bind, and the righta hereunder phall innn to. the respective snooes~ots aad e~aigns of Lender and Borrower. subject to the proviaions af paragraph 17 hereoL All coveaants and ag~eementa of Borrower shall be joint and sevesal.lLe captiona and headings of the paragraphs of this Ma~tgsge are for oovenieAOe only end are not to be ased to interpret or define the provisions hereot 14. Notlce. E:cept for any notioe required uader applicable lawr to be give~? in atwtha manner, (a) any notice to Borrower provided for in - thie Mortgage shell be given by mailing ench notice by certi5ed mail addressed b Bormwer at the Property Address or at such dher address as Borrower may deaignate by notioe to I.ender as provided herein. and (b) any notice to I.ender shall be given by oertified mail. ret~rn reoapt ~ reqnested, to I.~nder's addnss stated herein or b such other addnss aa I.ender may designate by notice b Bon~ower as pzovided here~in. My 4 notice provided for in thi,s Mortgage shall be deemed to have been given to Bo:rowe: or I.ender when given in the menne= designated henin. ; 15. Untform 1[ort~a~e; Governing Law; Severability.lbia form of mortgage oombiaes uniform oovenanls for national ~se and non- ~ uniform covenants wiW limited variations by jnrisdidion to ~natitute a uniform exnrity instrument oovezing real propaty. This Mottgage 1 ahsll be govetned by the law of the jnriadiclion in which the Property ia located. In the event that any pmvision or clause of this Mottga~e or ~ the Note conilicts with applicable la~r, such conflict shall not a~ect other provisions of fhia Mo:tgege or the Note which can be givw effed ~ withont the ounllicting pmvision. and to this end the provisiona of the Mortgage and the Note aie declared to be severable. ~ 16. Borrower's Copy. Borrower shall be furniahed a confoimed oopy of the Note and of thia Mortgage at We time of ezecation or aft~er ~ recordation he:eof. 17.15ranafer of t6e Property; Assumption. If all or any part of the Propezty or an intereat therein ia sold or transferred by Borrower without Lendei'e prior written consenl, acluding (a) the creation of a lien or encnmbrance aubordinat~e to thia Mortgage, (b) the creation of a . parchase money eecnrity intereat for household appliances, (c) a tranafer by devise. desoent or by operation of law upon the death of a joint ; ~ tenant or (d) the grant of eny leasehold intereat of three yesrs or lees not oontaining an option to pnrchaae. Lender may. at I.endefs option. ~ ; declare all the aums eecared by this Mortgage to be immediately due and payable. Leader shall have waived snch option to aooelerate if. paor ' I to the eale oi transfer, Ixader and the person to whom the Propezty ia to be sold or traneferred nach agreement in writing that the credit of euch ~ t pereon ia satiefactory to I.ender and that the interest payable on the sume secured by thia Mortgege shall be at anc6 rete as Leader shall ? ( reques~ If Lender ha8 waived the option to aocelerate provided_in this paregraph 17, and if Borrowde suoceseor in inter~t has e:ecuted a ~ ~ written aesumption egreemeat accepted in writing by Lender. I.ender shall release Borrower irom aU obligationa under thia Mortgage and the Note. I f I.ender e~c~ auch option to aooelerate, Lender shall mail Borrower notioe of aooeleration in acoordance with paragraph 14 hereof. ~ Such notice ehall provide a period of not less than 30 daya from the date the notice is mailed within which Borrower mey pay the euroa declared due. If Borrower faile to pay eurh aums prior to the expiration of auch period. Lender may, without furthet notice or d~nand on Fiorrower~ ~ mvoke any remediee pe~rmitted by paragraoh IS h~eof. 18. Acceleratton; Remediea Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, including t6e oovenants to pay when due any sums secured by thie ~ortgage, Lender ' prior to aooeleration shall mail notice to Borcower as pmvided in paragraph 14 hereotspecifying: (1) the breach; (2) t6e action : required to cvre such bresch; (3) a date, not lees t6an 30 days from the date the notice is mailed to Borrower, by which snch ~ breach mnst be cure~ and (4) that failure to cure snch breach on or before the date specified in We notice mar result in acceleration of the smms secured by this btortgage, foreclosare by judicial prooeedin~ and sale oit6e Property. The notice shall ~ furt6er inform Borrower ot the rig6t to reinstate atter acceleration and the ri~hi to asaert in the forecloeure proceeding t6e ~ non-e:iatenoe of a defanlt ort any other defease of Borrower to aoceleration and foreclasure. It the breach is not cnred on or - ~ t~efore t6e date apecified in the notice, I.ender at Lender'. option may declare all of the snms secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortga~e by jndicial proceeding. Lender ehall be ; ~ entitled to collect ~n wch proceeding alt ezpenses of foreciosnre, including, but not limited to, reaeonsble attorney's fees, and ; ~ coste of documentary evjdence, abstracte and title reports. 19. Borrower's Right to Reinstate. Nohvithatanding Lender a acceleration of the sums secured by this Mortgage, Borrower ahall have ~ the right to have any pmceedings beg~n by Lender to enforce this Mortgage disoontinued at any time prior to entry of a judgment enforcing thia Martgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgege, the Note and notea eecuring I~tnre ' `f Advances, if any. had no acoeleration oocurred; (b) Borrower curee all breaches of any other covenanta or agreemente of Borrower oontained in ; this Mortgage; (c) Borrower paye all reaeonable enpenees incurred by Lender in enforcing the oovenants and agreements of Borrower oontained in thia Mortgage and in enfor~cing Lender's remedies as provided in paragraph IS hereof, including, bnt not limited to, reasonable ~ attorney's fees; and (d) Borrower takes snch action as I.ezider may reaeonably require to asaure that the lien of this Mortgage, I,ender's interest , ~ i n the Propvty and Borrowe~'s obligadon to pay the suma secured by this Mortgage shall continue unimpaired. Upon snch payment and enre ~ by Borrower. thia Mortgage and the obligationa eecured hereby ahall remein in tull force and eftect as if no accEleratioa had occnrred. 20. Asslgnment of Rents; Appointment of Aeceiver. As additional eecurity hereunder, Borrower hereby assigaa to Leader the re~ta ~ of the Property, provided that Borrower shall. prior to aoceleration ander paragraph 18 henof or abandonment of the Property, have the right ~ to collect and retain ench rente sa they become due and payable. . ~ Upon aooeleration nnder paragraph 18 hereof or abandonmeat of the Property, Lender shall be entided to have e reoeiver appointed by a ' coart to enter~apon, take posseasion of end manage the Property and to collect the reuts of the Property, including those psat due. All reate collected by the receiver ehall be applied first to payment of the aosta of management of the Property and oollection of rents, including, bnt not ~ limited to, reoeiver's fees, premiums on receiver'e bonds and resaonabk attomey's fces, and then to the sama eecured by thia Mortgage. The . ~ ~ reoeiver ahaU be liable to aooount only for those rents actually received. . • ~ •I x ~ a~nRr .1~ 1 ver.~ 7 7~