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HomeMy WebLinkAbout1708 ? ' . .t , ~ ~ ~ ~ . ~ . . 8. In~pection. Leader msy make or cawe to be made re~waaWe entrie~ apon and iaapection~ of the pmperty. Provided that Lender shall give Horro~v~ notioe prior ~o aay ~uch inapection speciying reA~onabk caws tberefa: related ta Leader'~ interest ia We Property. 9. Coademaadon. 7!u p~ooeeds of any award os claim fos damaQe.. direc~ or oonsequenaal, in ooanec~ion wiW any oondaanaaon or otha takin~ of the propsrty. or part thenof. or f~ ooaveyance in lieu of oonde~naation. ara hereby a~signed and ~hall be paid to Lender. In the event of s totel takin~t of the Property, the peooeed~ shell be applied to the sums secured by this Mort~ags, with the e~coeM, if any, paid to Borrower. In the event of e partial takin~ ot the Property~ unless Boetower and Lendec otherwise agree in ~vt3tin~. tbere ~hall be appGed to ehe sums ~ecured by thi~ Mart~a~e ~uch proportion of the procaedr eu is equal to Wat proportioa which the amount oi the ~ums secvred by thi~ Mortga~e immediaWy prior to tha date of tabn6 bean to We fair market valne of We Property immsdiateiy prior to We date of telrin8. wnth the bedanca of tl~e proeeeds paid to Borrower. } ~ It We Proper~y u abendoned by Boaower. or ii, after notice by Lend~ to Borro~ra~ that We cuudemnor o~ers to make an award or ~ettle a ~ claim for damages. Botmwer faiL to respond to I.ender within 30 days aRat the daLe such notioe it meiled, Lend~ u sut2wrised to collect and ~ appiy the p~ooeeds. at Lender's option, either to resLoration or repair of ths property or to the snms secured by this Mortga~e. ~ Unlees Leader aad 8orro~ otber~ri~e a~ree ia writin6~ eRY snch application of pmceeds to principal ahall not e:t~end or postpone the due ; date of the monthly inatallments rsferred to ia paragraphs 1 and 2 hereof or change the amouat of such instellment~. I0. Barrower Aioi iteiea~. Exi~siau of the time for payntsnt or modification af amortizfltion of thc aucns scczued by this MorLgage granted by Lende~ to sny snccessor in intenat of Borrower ahall not operate to release. in any manaer. the liability of the original Borrower and Borro~r's snooeswrs ia interut Lender ahall not be reqnired to oommeaoe proceedings againat such euccesso~ or refuee b e:t~d time for p~yment or othawise modity amortization ot the eums secured by thia Mortgage by reason of any demand made by the original Bormwa and Borrowe~ a suooeaaors ia iatereet. 11. Forbearanoe b~ Lender Not a Wsiver. Aay forbearanoe by I.~d~ in ezercieing any right or remedy herennder. or otberwi~s ~ a~orded by applicable law. abaU not be a waiv~ of or preclude tlis e0ce~i~q d ahy such righL or nmedy.'lUe pracurement of insuraaoe or the payment of ta:e~ ~ othar liens or charges by. Leader shall not be a waiver of I.endei's right to aaoelerate the mahuity of the indebtedne~a eecand by this Mortgage. - 12 Remedies Cumulattve. All r~medies provided in this Moitgage an distinct and cumulative to aay other right or remedy under this Mortgage or afforded by laa or eqnity. and mayr be e:ercise~l ooncurreAtly. independefltly or suooessively. i3. 3nooessors and Aaslgns Bound; Joiat and 3everat Liabilicr; Csgtions. The oovenante aad agreemente herein oontained ahall biAd. aad the rights henunder shall inure to, the respective snooesson and sssigns of Lender snd Borrower, aubject to the provisiona of paragraph 17 hereof. All covenants and agreem~ts oi Borrower shall be joint and eeveral. The captions and ~eadinge of the paragraphs of this Mortgage are for~covenience only and are not to be uaed b interpnt or de5ne the provisione hereof. . 14. NoNce. Except for any notice required under applicable law W be given in another manner. (a) any notice to Borrower pmvided for in this Mortgage shall be given by mailing anch notice by certified mail addressed to Bosmwer at the Property Addreee or at such other addrees as Bornoynet may designate by notice to Lender as provided herein. and (b) aay notice b I.ender ehall be given by cedified mail, return xecaipt requeated. to I.ender's addrese stated haein or to ench other address as I.endez may designate by notice to Borrower as pmvided herein. Any notice provided fos in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner desigaated herein. 15. Unitorm ~ortgage; Governing Law; Severability.'IUis form of mortgage oombinea uniforan aovenante for national use and non- uniform covenaats with limiud variationa by juriediction w aunsuinf,e a uniiorm eecurity inatrnmeni oovering real proper~y. This Mor{gage s6a11 be govemed by the law of the jurisdiction in ahich the Propedy is located. In the event that any pmvisioa or clauee of this Mortgege or the Note conflicts with applicable law. sach conflict ahall not a8ect other provieions of thie Mortgage or the Note which can be given effect without the oonflicting proviaion, snd to thia end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrowrer's Copy. Borrower ahaU be furnished a conformai oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. I7. 'Itiransfer of the Property; Assumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower without I.endet's prior written coneent, ezcluding (a) the creation of a lien or encumbraace eubordinate to thie Mortgage. (b) the creation of a purchase money eecurity interest for household appliances, (c) a bransfer by devise. deaoent or by operation of lavv upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not oontaining an option to pnrchase. Lender may. at I.ende~s option. ' declare all the snms eecured by this Mortgage b be immediately due and payable. Lender shall have waived such option to soalerate if. prior - j t~ the sale or tranaftr, Lender aad the person to whom the Property is to be eold or traneferred reach agreement in writing that the credit of such ~ payable on the aume aecvred by thia Mortgage ahall be at auch rste ae L.ender ehall ' person is satisfactory to Lender and that the interest ~ requeat. lf Lender has waived the option to aooelerate provided in thia paragraph 17, snd if Borrowei a auc~ceeaor in interest has ezecuted a written osaumption agreemeot acc~pted in writing by I.ender, I.ender ehall releaee Borrower from all obligationa under thie Martgage and the ~ Note. ~ If I.ender ~ercieee auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice ahall provide a period of not lesa than 3t~ days from the date the notice is tiailed within which Borrower may pay the eums declared due. If Borrower faila to pay auch suma prior to the e:piration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. - ~ 18. Acceleration; Aemedies. Ezcept as provided ia paragraph 17 hereof, npon Borrower's breach of any oovenant or agreement ot Borrower in this Mortgage, inctading t6e oovenaats to pay when due any sums sewred by this Mortgage, I.ead~ prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 6ereof spedfying: (1) ihe breach; (2) the action required W cure sacb breach; (3) a date, not leae than 30 daye from the date tbe notux ia mailed to Borrower, by which aucb breach muat be cured; and (4) that failure to cure auch breach on or before the dafe speciRed in the notice may reeult in aooeleration of the sume secured by this Mortgage, lorecloeure by judicial proceeding end sale of the Property. T6e notice ahall further inform Borrower of the right to reinetate atter aoceleration and the right to aseert in the foreclosuce proceeding the non-ezistence of a default or any other detenee of Borrower to soceleration and foreclosure.lf the breach fe aot cured on or before t6e date specified in the noticc. Lender at Lender's option may declare ali of the sams secured by this Mortgage to be ~ immediately due and payable without further demand and may torecloee tWe Mortga~e by judicial proceeding. I.ender ehall be entitled to collect in such proceeding all e:penses otforeclosure, including, bat not limited to, reasoaable attorney's fees, and costs of documentary evidence, abstracte and title reports. 19. Borrower's Rig6t to Reiaetate. Notwithatanding Lender e soceleration of th$ enme eecured by this Mortgage, Borrower sha11 have ~ the right to have any pmceedings begun by L.ender to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Burrower paye Lender all eums which would be then due under thie Mortgage, the Note and notes aecuring Fut~ue ~ Advancea, if any, had no acceleration oocurred; (b) Borrower cures all breachee of any other rnvenanta or agreements of Borrower contained in this Mortgage; (c) Borrower paya all reasonable e~cpeneee incnrred by Lender in enforcing the covenants and agreemente of Borrower - o~atained in this Mortgage and in enforcing I.ender's remedies as pmvided in paragraph 18 hereof, including, but not lunited to, reasonable attoraey's feea; and (d) Borrower takea such action as Lender may reaeonably require to aseure that the lien of thie Mortgage, I.ender'e interest ~ in the Property and Borrower e obligation to pay the suma eecured by this Mortgage ahall oontinue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligetiona eecured hereby ehall remain in full force and effect ae if no acceleration had occurred. 20. Assignment of Rents; Appointment ot Iteceiver. As additiunal eecurity hereunder, Borrower hereby aeaigna to Lender the r~ta : of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain ench rente aa they become dae and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a receiver appointed by a oonrt to enterLpon, tate poeseesion of and manage the Property and to collect the renta of the Property, including those pest due. All rents ooUected by the reoeiver shall be applied first to payaosnt of the aoste of management of the Property and oollection of rents, including, bnt not limit~ed to, receiver's feea, preminms on receiver e bonda and reseonabie attorney's fees, and then to the anms eerured by thia Mortgage. The receiver ahall be liable to acaount only for thooe renta actually received. ~ : x ~ . ~ ° R 311 ~-170? BOOK PAG. ~ ~ ~