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HomeMy WebLinkAbout0237 . y , ; S. In~pection. Leader may make or cause b be made ~ea~onable entries upon and inspecdons oithe property. provided that Lender shall give Borrower notioe prior b any ~uch iiupection specifyin6 reasonable cawe therefor related to I.ender's interest in the Property. 9. Condemnatioa.'Il~s proceed~ of any a~vard or claim for damage~. dit~ect or.conse4uential, in connection with any oondemnatiun or other taking of the pmperly. or part thereof. or for conveyanoe i~ lieu of condeinaation, an hereby easiQned and shall be paid to Lender. In the eveat ot s btal takin8 of the Property. We prooeeds shell be applied to We sums eecured by. this Mortgage. with the ~cess, if any. paid to Borrower. Ia the event of a partisl Laking of the Property. unle+s Borrower and Lendrr oche:wiae agree in wriang. then ahall be applied to the sums ~ecured by thi~ Mortgage such proportion oi the prooeed~ as is equal to lhat proportion which the amount of the sums eecured by this Mortgage immediately prior to the date of taking bean to the fair markd value of the Property immediately prior to the date of takin8. arith We baleaca of the proceedi paid b Borrower. If the Property is abandoaed by BorroM?~. or if. aRer aotioe by Leader to Botrower that the o~ndemnor offen Lo make an award or setde a claim for damage~. Borroa?er faiL to reepond to I.ender within 30 days aRe~r the date auch aotioe ia mailed. I.ender is auihorised to ooUect and apply the prooeeds. at Lendez'a option. either to restoration or repair of the prop~zty or to the sums secured by thia Mortgege. Ualcas Lender snd Borrower oWerwise aBree in writiaB. aaY euch applicatioa of pmceeds to principal shall not estend or poetpone the due date of !he monthly installmenfa referred ~o in para8raphs 1 and 2 hereof or chenge the amount of auch instaUments. 10. Borrower Not Released. E:tcneion of the time for paymsnt or modification of amortization of the suma eeciued by thie Mortgege ` granted by Lead~r to aay eua~eeaor in interest of Borrower shall not operate b releaee; in any manner. the liability of the original Borrower ? and Borrower s successors in u?terest Lender ehall not be required to aummenoe pmceedings against auch succeasor or refuse to e:tend time : for paymeat or otherwiae modifY amortization of the aume eecured by this Mortgege by reason of any demand made by the original Borrower ' and Borrower s aucceesors in inteteel. _ 11. Forbearancs by Lender Not a Walver. My fosbearance by Lender in exercising any r~8ht or remedy hereunder, or othezwise afforded by applicable law. shall not be a waiver of or preclude the eserciee of any auch right or remedy.'The proc~rement of insuranoe or the payment of t~es or othe: liene or chargee by Lender ehall not be a waiver of I.ender's right to accelerate the maturity of the indebtedness aecured by thia Mortgage. 12 Remediee Cuaulative. All remediea pmvided in this Mortgage are diatinct and cumulative to aay other right or remedy nnder this Mortgage or afforded by law or equity. and may be ezercise~l ooncnrrently, independently or suooeeaively. 13. 3acceseors and Aasigns Bound; Joint and 3everal I3ability; Captlona. The oovenants and agreementa herein oontained ehall bind. and the righta hereunde~r ahaU inure to, the r~pective suoceasors and assigns of I.ender and Botrower, aubject to the pmviaiona of paragraph 17 hereof. All covenants and agreemente of Borrower ahall be joint and several.'11~e captions and headings of the paragraphe of this Mortgage are for covenience only and are not to be ueed to intetpret or defiae the provieiona hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be gi~ en by mailing such notice by certified mail addreaeed to Borrower at the Property Addreas or at auch other addreea ea Borrower may deeignate by aotice to I.ender a8 provided herein, and (b) any notice b Lender ahall be given by certi5ed mail, retnrn receipt requeated, to I.ender's addrese etated herein or to such other addreas as Lender may deaignate by notice to Borrower aa pmvided hecein. Any notice pmvided fot in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgege; Governing Law; 3everability.'Riie form of mortgage combinea uniform oovenante for national use and non- uniform covenanta with limited variationa by jariedictioa to oonatitute a uniform security inatrument oovering real property. This Mottgage shall be govemed by the law of the jurisdiction in which the Property is located. In the eveat that any provision or clause of this Mortgage or the Note contlicta with applicable law. such conilict shall not aPle.ct other provisions of this Mortgege or the Note which can be given effect without the conilicting proviaion. and to this end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ehall be f~rnished a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. - 1T. Tranefer of the Property; Aesumption. If all or any part of the Property or an interest therein ie eold or transferred by Borrower without Lender's prior written conaen~ eacluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a - purchaee money eecurity intereet for household appliances, (c) a tranefer by deviae, 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 leas not oontaining an option to purchaae, Lender may, at Lender s option, declare all the sums eecured by thie Mortgage to be immediately due and payable. Lender ahall have waived sueh option to accelerate if. prior ; to the eale or transfer, Lender and the peraon to whom the Property is to be eold or traneferred reach agreement in writing that the credit of avch peraon is eatiafactory to Lender and that the interest payabie on the euma eecared by this Mortgage shall be at euch rate as Lender ehall request. If I.ender ha8 waived the option to aocelerate provided in thia paragraph 17. and if Borrower s succeasor in interest has e:ecuted a .vritten aseumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the li Note. If I.ender e:ercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. t ~ Such notice shall provide a period of not less than 30 days from the date the notice ie tr.siled within which Borrower may pay the sums declared ; ~ due. If Borrower fails to pay such aums prior to the eapiration of such period, Lender may, without further notice or demand on E3orrower, s ~ invoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediee. E:cept ae provided in paragraph 17 hereof, upon Borrower'e breac6 of any c~ovenant or ~ agreement of Borrower in this Morfgage, including the oovenants to pay when due any aume aecured by this Mortgage, Lender prior to acceleration ehall maii notice to Borrower ae provided in paragraph 14 hereof epecifying. (1) the breach; (2) the action required to cure such breach; (3) a date, not leaa than 30 days from the date the notice ie mailed to Borrower, by which such bresch muet be cared; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration otthe eume aecured by this Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the rig6t to reinetate aRer acceleration and the right to assert in the foreclosure proceeding the non-ezietence of a defauit or sny other defenae of Borrower to aceeleration and forecloeure. If the breac6 is not cured on or before the date apecified in the notice. Lender at Lender's option may declare all of the sums secured by t6ia Mortgage to be ~ immediately due and payable without furtherdemand and may forecloae this Mortgage by judicial proceeding. Lender ahall be entitled to collect in euch proceeding all ezpenaes of forecloaure, including, but not limited to, reasonable atWrney's feea. and costa of documentary evidence. abstracte and title reporte. 19. Borrower'e Right to Reinetate. Notwithetanding Lendei s acceleration of the suma eecured by this Mortgage, Borrower shall have the right to have any proceedinge begun by L.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays I.ender all suma which would be then due under this Mortgage, the Note and notes eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curea all breachee of any other covenante or agreements of Borrower contained in ~ thie~Mortgege; (c) Borrower pays all reaeonable e:penaes incurred by Lender in enforring the covenants and agreement8 of Borrower ~ oontained in thia Mortgage and in enforcing Lender'a remedies as provided in paragraph IS hereof, including, but not limited to, reaaonable attorney's feea; and (d) Borrower takea snch action as Lender may reasonably require to assure that the lien of thia Mortgage, l.ender a interest ~ in the Property and Bflrrower s obligation to pay the aums aecured bY tt?ie Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower. this Mortgage and the obligatione aecured hereby ehall remain in full force and effect ae if no acceleration had occurred. ~ 20. Aseignment of Rente; Appointment of Receiver. As additional ~rity hereunder, Borrower hereby aeaigne to Lender the rente ~ of the Property. pmvided that Borrower ahall, prior to aaceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to colled and retain such rente as they become due and payable. U~on acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a oourt to enterapon, take posseeaion of and manage the Property and to collect the rents of tne Property, including thoee paat due. All renta collected by the receiver ahall be applied first to payment of the oosts of management of the Property and collection of rente, including, but not ~ limited to, receiver's feea, premiuma on receiver's bonda and reasonable attorney's fees, and then to the auma Becured by this Mortgage. The receiver shall be liable to aooount only for thoee rente ectually received. _ ~ r. f k 312 v~~~ ~ 23? , ~ ~ _ -