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HomeMy WebLinkAbout1819 . . • • . • ~ y 8. In~pectioa. Lender may make or cau~s to be made re~wnabb eatrie~ apon and ia~~ecti~a~ of the propat,y. provided ttut Lsnder ~hall give Borrower aotios prio~ to aqy ~ncb iaapectioa specifyin~ ra~wnabk cawe tAaefar relatsd to Len~sr's interest in the Property. 9. Cau~emn~don.'IUe ptooeeds of aq1? awerd or claim for damages. direct os oo~uequenaai. in oonnectio~ wiW any oondemnation or other takiu~ of the properRy. or psrt thereof. or for coavsy~nce ia lieu oi aondemaatioa. ars hereby a~ned aad sball bs paid to Leades. I~ the eveat of a total takin~ oi the Propedy. tbe prooeeds shaU be applied to the sam~ sscured by this Mort~a~s. wiW We e~cos~s, if e~ny. paid to Borroarer. In fhe event ot a pertial takin~ of tbe Pevperty. unlea Borrov?e~ and Lender othenvi~s age~ee in ~rritin~. there ~hall bs applied to the sum~ ~ecured by thia Mafga~e wch proportioa ot the pmceed~ a~ is eqnal to that proportion which the aanouat of We aum~ secured by thi~ Mort~e~e unmediately p~ior to the date of takiaQ bear~ to the fair muket valae of We Property imm~diateljr pcior to the date of takin8. ~rith the balanoa of the prooeed~ paid to Borrower. ' If the Property is abandoaed by Borrower. or i~ aRer aotioe by I.~?der to Boa~ower that tbe oondemaor ogen to make an a~rard or ~ettk a claun for damage~, Borrower feils to re~pond to Lendu ~vithin 30 day~ efter the date ~nch notice ia mailed, I.~nd~ is autborised to oollect aad apply the pmoeedt, at Lend~'s option, eiWe! to e~toretion or repair of tbs praperb? or to the sums secured by thia ModgaQe. Unlew Let?der and Bocrow~ oWer~rise egree in writinB. any sudi application of pt!ooeeds to grincipal shall aot eutend or postpone the dua date of !he monthly iaataUmeuts referred to in paragrap~ 1 aad 2 h~eof or change the amonnt of ~uch in~Wlmeab. 10. Borrower Not Relew~ed. T~tension of the time for paymant or modification of amoitization of the sums secured by this Mortgage granted by i.ender to any euooessor in intenat of Borrower shall not operate to release. in any manner, the liability of the original Borrowez aad Borrower'a suocessore in interest I.ender ahall not be reqnired to oommence prooeedings againat auch succeswr or nfiise to eztead time for payment or othetwise modify amortization of the sums secared by this Mortgage by reason of any demand made by the original Aorroarer and Borrower s aumessors in interes~ 11. Forbearanoe by I.eader Not a Waiver. Any forbearance hy I.ender in e~cercising any iight or nmedy henander. or oWenvi~e agorded by applicable law. shall not be a waiver of or preclude the ~arcise of any snch right or remedy.'lLe pmcvnment of ineuranoe ~ the payment of ta~ce~ a~ otha lien~ ~ chargea by I.endes shall not be s waiver of Lendei s right to aooelerab the maturity oi the iadebtedness secured by this Moitgage. 12 Remedies Gtimuladve. All eemedies provided in this Mortgage are diatiact and cumulative to any other right or nmedy under thia Mortgage or afforded by ls~ or eqnisy, and may be e~ercise~i ooncurrendy. independeady or snoc~eaively. 13. 3ucoeason and Asei~ns Bound; Joint and 3everal Liability; CapNons.'I~e oovenants and agreementa hezein ooatained ehaU bind. and the righta hennnd~ shall innre to, the respcctive sncceeson and a~signs of I.ender and Borrower. subject to We proviaions of paragraph 17 hereof. All oavenants and agreements of Bo=rowa shall be joint and several.'!be captiona and headings of the par~graphs of thia Mortgage an for covenience only and are not to be used to interpret a define the provirioris li~reoL 14. Notice. E:cept for any notice required under applicable law to be given in another mann~. (a) any notice to Borrower provided for in thia Mortgage shall be given by mailiag snch aotioe by certified mail addnseed to Bormwer at the Peoperty Ad~ines or at such other addrees as Borrower may desagnaLe by aotioe to Lender as provided herein, and (b) any notioe to Lender ahall be given by certi5ed mail. return teoeipt requested, to Lender's addrees stated herein or to such oWer addrees as I.ender may designate by notice to Bormwer aa provided herein. Any notice provided for in this Mortgege ahall be deemed to have beea given b Bortorver oT Lender when given in the manner d~ignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thia form of mortgage oombines uniform aovsnaata for national use and non- uniform covenanLs with limited variations by jurisdiction to ooaetitate a uniform security instruaient oovering real property.'lLis Mortgage ahaU be govemed by the law of the jurisdiction in which the Property ia located. In the event that aay proviaion or clanse of this Mortgage or the Note canflicte with applicable law, such conflict shall not a~ect other provisiona of thia Mortgage or the Note which can be givea effect without the oontlicting proviaion, and to this end the provieions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniehed a oonformed oopy of the Note and of tbis Mortgage at the time of ezecutioa or after reoordation heawf. 1?. Tranefer of the Property; A~sumption. If all or any part of the Property or an intereat therein ie sold or transferred by Borrower without Lendefe prior written consenk escluding (a) the cnation of a lien or encumbranoe aubordinate to thia Mortgage, (b) the creation of a purchase money security interest for houeehold appliancea, (c) a transfer by deviee. descent or by oprtation of law npon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or less aot oontaining an option to purchese. Lender may, at Lende~s option, declare all the snms secured by this Mortgage to be immediately due aad payable. Lender shall have waived such option to aocelerate if. prior to the sale or tranafer, I.ender and the persoa to whom the Property is to be eold or transferred reach agreement in writiag that the credit of sach ' person ia eatiafactory W Lender and that the interest p~yable on the euma aecured by this Mortgage ahall be at anch rate as Lender shall j requeat. If Lender has waived the optioa to sccelerate provided in thia paragraph 17. end if Borrower'e auoceesor in interest hea racecuted a C written aseumption agreement accxpted in writing by Lender, I.ender shall release Borrower ~om all obligationa under thia Mortgage and the I Note. - ~ If I.ender ~er~cises ench option to aocelerate, Lender ahall mail Borrower notice of soceleration in aocordance with paragraph 1~ hereoL ~ Such aotice ahall provide a period of not leee than 30 daya from the date the notice ia mailed within which Borrower may pay the sume declared due.•If Borrower fails to pay such eums prior to the ~piration of euch periad, Lender may, without further notice or demand on $orrowa, t invoke any remedieH permitted by paragraoh IS hereof. f 18. Acceleration; Remediea Ezcept as provided in paragraph 17 hereot, upon Borrower's breach of any oovenant or agreement of Borrower in this ~ortgage, inclnding the oovenants to pay when due any sams secnred b~ thia Yortgage, Leader prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 6ereof specifying: (1) the breach; (2) the action required to cnre sucb breach; (3) a date, not less t6an 30 daye from the date We notice is mailed to Borrower. by which such breac6 muat be cured; aad (4) that failure to cure such breach on or before the date opeciRed in t6e notice may reault in acoeleration of the euma secured by this Mortgage, toreclosure by judicial prooeeding and eale of the Property. T6e notice ehall further inform Borrower of the right to reinstate after soceleration and the right to assert in the foreclosure proceeding the non-ezisteace of a default or sny other defense of Borrower to aoceleration and foreclosure. If the breach ia aot cnred on or before the date epecified in the notice. Lender at Lender'e option may declere all ot the sums eecared by this Mortgage to be immediately due and payable without further demand and may forecloee thls btortgate by judicial proceeding. Lender shall be entitled to ooflect in such proceeding all ezpensee of forecloeare, including, but not limited to, reasonable attorney'e teea, and coeta ot documentary evidence, abetracts and title reports. 19. Borrower's Right to Reinetate. Notwithstanding I.ender s sooeleration of the aame secured by thia Mortgage, Borrower ahall have the right to have any pr+oceeciings began by Lender to enforce thia Mortgage diacontinaed at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays LendeT all aume which would be then due under thia Mortgage, the Note and aotea securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenanta or agreementa of Borrower contained in thie Mortgege; (c) Borrower pays all reasonabie expenees incurred by Lender in enforcing the oovenanta and agreements of Borrower ~ ooatained in thie Mortgage and in enforcing I.ender'e remediea es pmvided in paragraph 18 hereof. inclading, bat not limited to, resaonabie ~ attomey's feea; and (d) Borrower takea such action aa Lender may rea8onably require to eaeure that the lien of this Mortgage, I.ender's interest in the Property and Bor~+ower'e obligation to pay the sams secured by this Mortgage shaq oontinue unimpaired. Upon auch payment and cur~e f ~ , by Borrower, this Mortgage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rents; Appointment of Receiver. Aa sdditional eecurity hereunder, Borrower hereby aeeigns to Lender the renta of the Property, provided W at $orrower ahal l, prior to aoceleration ~nder paragraph 18 hereof or abandonment of the Property. have the right ~ , to oollect and retain auch renfe es tLey become due and payable. Upon acoeleration under peragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ ~ oourt to enter~upon, fake poesession of and manage the Property and to collect the renta of the Property, including thoee past due. All renta oollected by the receiver ahall be applied firet to payment of the oosta of management of the Property and oollection of renta, includiag, but not ~ limited to, reoeiver a fees, premiums on receiver's bonds and reaeonable attomey's feee, and then to the suma eecured by thie Mortgaga The 4 receiver shall be liable to acoount only for thoee renta actually received. r ~ ~ ' , ~ ~ g4~K31~ pA~~ 1518