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HomeMy WebLinkAbout1716 , . . ' " ' ' . . . _1... . . . . . ~ l . ` ~ • ~ ~ . ~ ~ • - i • 1 ~ . } t 8. I~upecdon. Lendes may make or cau~e to be made reawaabls entrie~ upon aad inapectiona oi the property. provided that Leadar shall # give Bosrower notioe prior to any sucb in~pection speci~ing reawnable cauae therefor relsted to I.end~'s interast in the Propsrty. ~ 8. Condemnation.'lUe pmoeed~ of any awrard or claim [or dama~e~. direct ~ co~sequeatial, in connxtion with any oondemnation or other tairing of the pmperty. or part thereof. or for ooaveyauca in lieu of aondemaatioa. are hereby assigned and shall be paid ~o Lender. In the evenL of a total tskinQ of the Property. the prooeed. shsU be apphed t~o the suma.ecured by this Mor~age, wi~, tbe ezoess. if any, paid to Borrower. In We event of a padial talrin8 of ths Prope~ty. unless Borrower and Lead~ otherwise agree in writin6. Were ~hall be applied to the suau ~ecured by this Most~s~e such proportion ot the prooseds as is equal to that proportion which We amoant of the sums ; secund by thi~ MortQage immediat~ely prior to the dat~e of takinQ bean to the fair market value of the Property immediately prior to the date of 3 tal~in8. with the bslanoa of We proceeds peud to Borrowror. If the Propert,y is absadoaed by Borrowar. ~ if, ~Rer notice by Lende~r to Borrowrez thet the oondemnor offer~ to make an award or settle a ~ claim ~or damages. Borrower faili Zo reapoad to Lender Mithia 30 days after the date such aotioe is mailed. I.eader is suthorized to collect and ~ apply the prooeeds. at Lend~'s option, tither b restorabion or repair of We property or to the enms eecured by this Mortgage. ~ Unlers Lender e4nd Borrovver othetwise a~ree in writing. any snc~ applicatioa of prooeeds to principal ahall not eztend or pwtpone the dne date of We monthly inatallanents teferred to in pnragraphs 1 and 2 hee+eof or chanQe the amouat of such instalimen4. i 10. Borrower Not Released. Extenaioa of the time for paymsat or modification of amortisabion ot the suma eecured by this Mortgage ~ granted by Lender to any succeesor in interest of Borrower shaU not operate to release, in any menner, the liability of the original Borrower } and Borrower's succeasors in intereat~ Lender ehell not be required to oommence prooeedings againat such suoceesor or refuee to eztead time i for payment or otherwiee modify amortization of the swna secured by this Mortgage by reaeon of any demand made by the original Botrower { and Borrower's eucY~eeeors in interee~ ; I 1. Forbearanoe by Lender Not a Waiver. Any forb~rance by Lender in ezercising any right or remedy hereundez. or otherwise t afforded by applicable law. shall not be a waiver of or pieclude the ea~errise of any such right or remedy. The procvrement of insuranoe or the ~ paymeat of taxes or other liens or chargee by Lend~ ahall not be a waiver o1' I#tder'~ r~ht to socelerate the maturity of We indebtedness secured by this Mortgage. 12 Remediea Gtimulative. All remedies provided in thia Mortgage are diatinct snd cvmulative to any other right or remedy under this ' Mortgage ot afforded by lew or equity; and may be exercieed ooncurt~ently. independendy or snooeaeively. 13. 3uccearon aad Assi~as Bound; Joint and 3everal Irability; Captions.'lUe oovenanta and agreemente herein oontained shall ~ bind. and the righte herew?de: shall inure b. We reapective succeeeors and sssigns of Leader and Botrower, eubjert to the provisiona of paragraph 17 hereof. All c,ovenanta and agreemeata of Borrower ahali be joint and several. The captione and headinga of the paregraphs of ~ thia Mortgage are for oovenience only and are not to be used to interpret or define the provisione hereof. ~ 1 d. Notice. Eacep! for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in ~ this Mortgage ahall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreas or at euch other addrees aa Borrowet may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt ' n~yui~ie3, to Lenuer's uuuii~ siiatui urni,~ vi 4? sucn ~tii~ a~dra~ ae iender ~uay 3esi~nai~ by ts:rii:.-ta itr BuPf`t~st~ F~ ~~trivid~ h~:¢t. Atjy ; notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. ~ 15_ Unifortn Mortga~e; Governing Law; Severabiltty. This form of morlgagernmbines unitorm aovenante for national uae and non- ~ uniform covenanta with limited variationa by juriediction to oonstitute a uniform eecurity instrument wvering real property. Thia Mortgage ~ shall be govemed by the law of the juriadiction in which the Property ia located. In the event that any provision or clauae of this Mortgage or the Note conflicte with epplicable law, such contlict shall not af~ect other pmviaiona of thie Mortgage or the Note which can be givea effect ~ without the oonflicting proviaion, and to this end the provisions of the Mortgage and the Nute are declared to be aeverable. 16. Borrower'e Copy. Borrower ahall be fumished a conformed oopy of the Note and of this Mortgage at the tune of execution or after j recordation hereof. - 17.1`ranefer of the Property; Assumptioa. U all or any part of the Property or an interest therein ia eold or iraneferred by Borrower without Lender's prior written conaent, e~cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchaee caoney security intereat for household appliancea, (c) a traasfer by deviee, dxscent or by operation of law upon the death of a joint . tenant or (d) the grant of any leseehoid intereet of three years or less not oontaining an option to purchase, Lender may, at l.endei e option, declare sll the auma eecured by thia Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if. prior 't to the sale or transfer, Lender and the person to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of such = pe~rson is satiatactory to Lender and that tlte interesl payable on the sums aecured by this Mortgage ahall be at such rate as Lender ahall ~ f requeat. If Lender has waived the option to accelerate provided in thie paragraph 1?, and if Borrowei s successor in interest has e:ecuted a f ~ written asaumption agreeroent accepted in writing by [.ender, Lender ahail release Borrower from a11 obligationa under this Mortgage and the ; ~ Note. . ' ~ If L.ender euercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ ~ Such notice shall provide a period of not less than 30 days from the date the notice ia mailed within which Borrower may pay the suma declared ~ ~ due. If Borrower fails to pay auch sams prior to the expiration of such period, Lender may, without further notice or demand on ~3onower, ~ ~ invoke any remedies permitted by paragrauh 18 hereof. e ~ 18. Acceleration; Remediea. E:cept ae provided in paragraph I? hereof, upon Borrower's breach of any covenant or ~ agreement otBorrower in this Mortgage, including the oovenanta to pay when due any suma aecured by thie Mortgage, Lender prior to aoceleration shall mail notice to Borrower es provided in paragraph 14 hereof specifying. (1) the breach; (2?the action _ required to cure suc6 breach: (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such ~ breach must be cured; and (4) that tailure to cure such breach on or before the date apecified in the notice may result in ; ~ acceleration of the suma aecured by this Mortgage. foreclosure by judicial proceeding and saleof the Property. The notice ehall i further infor~n Borrower of the right to reinatate aRer acceleration and the right to aesert in the forecloaure proceeding the ~ non-eYietence of a default or any other defense of Borrower to aceeleration and forecloeure. If t6e breach ia not cured on or _ before the date apecified in the notice. Lender at Leader'e option may declare all of the eums secured by thie Mortgage to be immediately duP and payable without furtherdemand and may torecloaethia MortgAgeby ju~iicinl proceeding. Lendershall be ~ entitled to collect in auch proceeding all expenaes of foreclosure. including. but not limited to, reasonabie attorney's fees. and coate otdocumentary evidence. ebstracts and title reporta. 19. Borrower's Rig6t to Keinetate. NotwithetandinR Lender e acceleration of the aume secured by this Mortgage, E3orrower shall have ~ the right to have any proceedinga begun by Ixnder to enforce this Mort~aqe diacontinued at any time prior to entry of a judgment enforcing ` this Morlgage if: (a) Borrower pays [.ender all sums which would be then due under this Mortgage, the Note and notes securinR Future ~ Advanoea, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other covenants or agreemente of Borrower contained in - ~ thia Mortgage; (c) Borrawer pays all reasonable e:penses incurred by I.ender in enforcing the covenanta and agreemente of i3orrower ~ a~ntained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited lo, reasonable ~ attorney e fees; and (dl Borrower takee auch action as Lender may reuaonebly require to asaure that tt.e lien of this Mortgage, Lender'e interest ~ in the Propetty and Borrower'a obligation to pay lhe aums aecured by thia Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Borrow~r, thia Mortgage and the obligationa secured hernby shall remain in fu11 force and effect as if no accelerntion had occurred. . ~ 20. Assignment of Renta; Appointment of Receiver. Ag additional eecurity hereunder, Borrower hereby ar+signa to I.ender the rente of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ ~ to coUect and retain auch rente as they become due and payabie_ Upon acceleration under paragraph 1 S hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ court to enterapon, take poseession of and manage the Property and to collect the renta of the Property, including thoee paat due. All rente ~ ~ ooUected by the receiver ehall be applied firet to payment ot the rnste of management of the Property and collection of rente, including, but not ~ limited to, receiver e feea, premiums on receiver'e bonds and re~sonable attorney'a fees, and then to the eums eecured by thia Mortgage. The ~ receiver shal) be liable to aoonunt only for those rents adually received. ~ ~ go~~ 311 ~~A~t 1715 ~ ~ ~ .