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HomeMy WebLinkAbout1772 ~ s ~ 5 ~ ~ ~ ~ . ~ . 1 • 8. Ia~pection. l.ender mey make o~ ceuse to be made reasonable entries upon and inspeclions of the property, provided that Gender shall ' give Borrower notice prior to any euch inepection speci[ying reasoneble cauee lherefor nlated tn I.ender's interest in the Propetty. 9. Coademnatlon. 71~e proceeds of any award ot claim tor damages, direct or conseyuentiel, in cannection with any oondemnation or other ti?kinn ot the property, or part thereof, or for conveyance in lieu of condemnalion, are hereby aesigned and ahall be pnid b I,endet. in the event of a total laking of the Property, the proceeds ahall be epplied to the suma eecund by thie Mortgage, with the e:ce~s, it any, paid to Borrower. ln the event of a partial txking of the Property. unless Borrower and l.ender otherwise agree in writing, thece shall be applied to the sums secured by thie Mortgage euch proportion of the proceeds na ia equal to that proportion which the amount oi the eume { eecured by thie MortgaRe i~nroediately prior to the date of taking bears to lhe fair market value of the Properiy immediately prior to the date of taking, with the balanca of the pro~.~eeds paid tfl Ilorrower. If the Property ia abnndoned by Iiorrower, or if, aftet notice by I.ender to Horrower that the condem~or offera to make an award or eettle a claim for damages, E3orrower faile to mapond to Lender within 30 days aRer the date auch notice ia meiled, l.ender is authorized to collect and apply the proceede, at I.ender'e option, either to restoration or mpair of the property or to the eums aecured by this Mortgage. Unleas l.ender and Eorrower otherwiee agree in writing, eny euch application of proceede to principal ehall not e:tend o~poetpone the due dnte ot the monthly inetallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch inatallmente. 10. Aorrov? er Not Releaeed. I:xteneion of the time for paym~nt or modification of amortization of the suma secured by thie Mortgage Krnnted by l.ender to any succesaor in intereat of F3orrower ahall not operate to release, in nny manner, the liability of lhe original fiorrower and Borrower's succea4ors in intereat. I~ender shall not be required to cv~mmence proceedingg againat euch euccesaor or refuxe to eztend time fnr payment or otherwise modify amurtization of thc sume aecund by this MortRaQe by rPns~m of nny demnnd mnde by theorigina) Bor~ower and Eiorrower'e auccrasora in interest. 11. Fotbearance by I.ender Not a Weiver. Any forbearnnce by I.ender in exercieinR any riRht or remedy hereunder, or otherwiee af'forded by applicable law, shall not be a M aiver of or preclude the exemiae of any euch riqht or remedy. The procurement of ineurance or the pa~~nent of taxea or other liens or char~Cea by I~ender ahall not be a waiver of I.ender'e right to accelerate thr maturity of the indebtednesa secured by this Mortgage. 12 Remediee Cumuletive. All mmediee provided in this MortgaQe Are diatinct and cumclalive to any other riRht or remedy under thie Mortcage or afforded by law or equity, and may be ezerciee~i rnncurrenUy, independently or aucceesi~ely. 13. Succesaora snd Aaeigns Bonnd; Joint and Several I.iability: Captione. The covenanta nnd nRrecmenta herein contained ahall hind, and the righta hernunder shall inure to, the respeclive succeasom and assigne of l.e~der and Rorrower, subject to the provieione of p~ragraph 17 hereof. All covenants and t+greementx o[ Rorrower Ahall be joint and severnl. The captions nnd hendings of the paragraphe of this Mortgage are for covenience only and arn not to be used to interpret or aefine the provieione herenf. 14. Notice. Except for any notice mquired under npplicnble law• to be Kiven in i~nother mannet, lnl any notim to Rnrn,wer pmvidecl for in this Mortgage ahall be E[iven by mailing auch notice by certified mnil nddret?sect to Bormwer nt the Yroperty Addresaor nt such other addrese aa F;orrower may deaignate by notice to I.ender as provided herein, and Ib? any notice to I,ender ahnll be Riven by certified mail, return receipt reyuested, to l.endet s addreas stated herein or to avch other addreas ae Ixnder may dei+ignete by notice to Eiorrower aa provided herein. Any nntice provided for in this MortgaQc ehali be deemed to have been given to I3orruv?er or I~ender when given in the mnnner deaignnted herein. 15_ Uniform Mortgage; Governing Law: Severability. This torm of mortgaQe combincw uniform rnvenante for national use and non- uniform co~enants wlth limited variations by jurisdiction to constitute a unifurm security instrument rnverin~ real property. This Mortgage ~hal1 be aovemed h~ the law of the jurisdiction in which the i'roperty is located. In the e~~ent thst an~ provision or ciause of this Mortgage or i he Note rnntlicts with applicable law•, such conflict sh~ll not afYect other pmvisions of this Mortgage or the Note which can be Qiven effect ..•ithout the conflictinQ pm~~si~~n, and to this end the pmvieions of the MortRnqe nnd the Note are declared to 1?e sevprable. 16. Borrower's Copy. Rormwer shall he furnished a rnnfonned copy of the Note and of thie 111ort~aQe at the time of execution or after recordation herchf. 1?_ 'Iti-anefer of the Property; Asaumption. if all or any pnrt of the I'mperty or nn interest therein is soid or tranaferred by Rorrower x•ithout I.ender i prior w~ritten consent, excluding (a) the creation uf a lien or encumbranrn eulwrdinate to this Mort~aqe, (b) the creation of a purehase money security intereRt for household appliances, (c) a transfer by devise, d.~cent or by operation ot law upon lhe death of a joint tc~nant or (dl the grant of Rny leasehold interest of three years or leas not c~ontuining an option to purchase, l.ender may, at I.ender e option, declare all the sums securea by this ~(ort{;~Ce to be immedialely due and payable. I.ender shall have waived such option to accelerate if, prior t~~ the sale or transfRr, I.ender and the person to v?hom the Property is to be sold or trnnsferred reach aAreement in writinQ thatthe credit af such nrrsor~ is satisfacior~• L~ l.ender and that the intereat pa~ able on the sums secorecf by this MortKa~ge shall be at such rate as [.ender shall request. If Ixnder has a•ai~ecl the optinn lo accelera:e pm~•ided in this paraQraph 17, nnd if Borrower's auccexsor in interest hHS executed a k ~+•ritten a~sumption aKrFement accrpted in w-ri1inR bt I.ender, l.enderahs?11 releatse Rorrower from nl) obliKntions underthis MortRaRe and the ~ \ ote. I If l.ender exercises such option to accelerate, l.ender ahall mail i~ormwer notice of acceleration in accordnnce wi/h paraQraph 14 hereof. ~ ~uch netim shall pro~~de a~eriod of not lE~s than days fn~m the d.ite the notice is mnilcKf v? ithin which Borruwer may pa.v the sume declared duP. If Rorrower fails to pa~~ such sums prior to lhe expiration of such peri~, I.ender may, without furlher notice or demand on E3orrower, ~nvoke any remeclies permitt~ bc paraRraoh 1R hereof. ~ 18. Acceleration; Remedies. F.xcept_as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or i agreement of Borrower in this Mortgage. including the covenante to pay when due any eums eecured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereotepecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 daya from the date the notice ia mailed to Borrower, by which auch breach must be cured; end (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the eums secvred by this Moriqage. foreclosure by judicial proceeding and eale of the Property. The notic~e,ehall further intorm Korrovver of the right to reinstate aRer acceleration and the right to assert in the toreclosure prceeeding the non-ezistence of a default or any other defense of Borrower to acreleration and forecloeure. If the breach is not cured on or hefore the date apecified in the notice, Leader at I.ender's option may declare atl ot the eums aecured by thie Mortgage to be immediately due and payable without furlherdemand and may foreclose this Mortgege by judicial proceeding. Lender shall be c~ntitled to collect in such proceecfing all eYpenses of foreclosure. including. but not limited to. reatwnable attorney's feea, and c•osts of documentary evidence, abxtracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding l.ender's acceleration of the auma secured by this Mortgage, E3orrower shall have the right to have any proceedings begun by Lender to enforce thia Mort~age discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (al F3orrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future ' Advances, if any, had no acceleration occurred: lb) ~3orrower cures all breaches of any other covenants or agreementa of Borrower contained in ~ this Mortqage; Ic? Borrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lender's rnmedies as pm~~ded in paragraph 18 hereof, including, but not limited to, reaaonable ~ attc+rney's fees: and Id r Borrower takes auch action as Lender may reasd~ably require to asaure that the lien of this Mortgage, Lender's interest ~ in the Yroperty and I3ormwer's obligation to pay the sums secured by this Mortgage ehall continueunimpair~d. Upon such payment and cure ~ by Borrower. this Mortgage and the obliqationa secured hereby shall remain in full force and effect as if no acceleration had occurred. ; 20. Assigament vf RenW: Appointment o! Receiver. As additional security hemunder, Borrower hereby aseigne to Lender the rente nf the Property, provided that I3orrower ahall, prior to acceleration under paragraph lA hereof or abandonment of the Property. have the right ~ to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ court to enter~upon, take posaeasion of and manage the Property and to collect the renta of the Property, including those past due. All renta ~ oollected by the receiver ehall be applied first to payment of the ooeta of management of the Property and rnllection of rente, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attomey'a tees, and then to the aums secured by this Mortgage. The ~ receiver ehall be liable to account only for thoee rente actually received: ~ ''v ; , °t `312 ~a~,~ ~77~ . ~ ~