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HomeMy WebLinkAbout2040 F ~ ? i s'_,~•= ~ i , ; . , 8. InspeMion. I.ender m+~? make or cauae to be made reasonable eatries upon and inspectionr of the property, provided that Lendu ehall ~ give Borrower aotice prior to any such inspection epecifying reasoaable cauee therefor telated to I:ender's intereet in the Proper4y. i 9. COlldeml'l81IOA.'I'tie proceeds oi any award or claim for dameges. direct or rnnaequential, ia rnnnection with any aondemnation or oth~ tabng oi Lhe pmperty. or part thereof, or for conveyanee in lien of oondemnation. are hereby assigned and ehall be paid 6o I.ender. ~ In the event of a total taking of the Property. the proceeds shali be epplied to the auma eecured by thia Mortgage. with the azoess. if any, paid to Borrower. Ia the event of a partial taking of the Property. unlees Borrower and Lender otherwiee agree in writing. fhere e!?all be applied to the sums aecured by this Mortgage such pmportioa of the proceeds as is equal to that proportion which the amount of the sua?s secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Properfy unmediately prior to the date of taking, with the balanoa of the pmceeds paid to Borrower. If the Property ia abandoned by Borrower. or if. aRer notice by Lender to Borrower that the oondemnor offera b make an award or settle s ~ claim for damages, Borrower fails to respond to Lender withii? 30 deys afier the date euch notice ie mailed. I.ender ia authorized to collect and ~ apply the proceeds, at Lender e option. either to restoratioA or repair of the property or to the aume secured by this Mortgege. ~ Unless Lender and Boirowez otherwise agree in writinB, any such application of proceede to principal shall not estend or poetpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of auch inetallmente. ~ 10. Borrower Not Released. Extensioa of the time for paymant or modification of amortization of the sume eecured by thia Mortgage granted by Lender to any aucceaeor in inttreet of Borrower ahall not operate to release. in any manner. the liability of the original Borrower and Borrower's aucceesore in interes~ Lendes ehall not be required to oommence proceedings againet such aucceesor or refnae to extend time for payment or otherwise modify amortization of the auma secured by this Mortgage by reason of any demand made by the original Bormwer and Bor~ower's successora in interest. 11. Forbearanoe by I.ender Not a Waiver. Any forbearance by I.ender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicable law, ahali not be a waiver of or preclude the euee~ciee of any euch right or remedy. The pmcuremeat of inaurance or the payment of ta:ee or other liene or chargea by Lender shall not be a waiver of Lender e risht to accelerate the maturity of the indebtednesa secured by thia Mortgage. _ 12 Remediee Cumulative. All remediee provided in this Mortgage are diednct and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be ezerciee~l concurrently, independendy or auccesaively. 13. 3ucceaeore and Assigna Bonnd; Joint and 3everal Liability; Captione. The oovenants and agreements herein oontained ahall bind, and the righta hereunder ahall inure to, the teapective aucceseors and aasigna of Lender and Borrower, subject to the proviaione of paragraph 1? hereof. All rnvenanta and agreementa of Borrower shall be joint and eeveral. The captions and headings of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicabie law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addrese or at euch other addresa ea Borrower may deaignate by notice to I.ender aa pmvided herein. and (b) any notice to I.ender shall be given by certified mail, return reoeipt requested, to Lender's addreas atated herein or to such other addrees as I.ende~r may deeignate by notice to Borrower aa provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in f.he manner designated herein. 15. Uniform Mortgage; Governiag I.aw; Severability. Thia form of mortgage rnmbines uniform oovenanta for national use and non- uniform covenante with limited variationa by j~uiadiction to oonstitute a uniform security instrument rnvering real property_ This Mortgage shall be govemed by the law of the juriadiction in which the Property is located. In the event that any provis+ion or clause of this Mortgage or the Note confiicte with applicable law, auch conflict ahall not affect other provisiona of this Mortgage or the Note which can be given effect without the coniticting provision, an~ to this end the proviaions of the Mortgage and the Note are declared to be aeverable. 16. Barrower'e Copy. Borrower shaA be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17.1`ranefer of the Property; Aeaumption. If all or any pad of the Property or an interest therein is sold or transferred by Burrower without Lender's prior written conaent, eacluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purrhase money eecurity interest for houaehold appliances, (c) a tranafer by devise, dc~oent or by operation of Iaw upon the death of a joint ' tenant or (d) the grant of any leasehold interest of three yeara or leas not rnntaining an option to purchase, Lender may, at I.ender's option, 4 declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option toaccelerateif, prior to the sale or transfer. Lender and the peraon to whom the Property is W be sold or tranaferred reach agreement in writing that the creditof auch person is satiafactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s succeasor in interest hae executed a { written assumption agreement accepted in writing by Lender, I.ender ahall relesae Borrower from all obligations under thia Mortgage and the ~ ti ote_ • ~ If Lender exerciaes auch option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 heteof. 5uch notice shall provide a period of not less than 30 days from the date the notice is ir.ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the eapiration of such period, [.ender may, without further notice or demand on l3orrower, E ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. Eacept as provided in paragraph 1? hereof, upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any aume secured by thie Mortgage, Lender prior to aoceleratioa ehall mail notice to Borrower ae ,~rovided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cur~ such breach; (3) a date, not lees than 30 days from t6e date the notice ie mailed to Borrower, by which euch breach must be cured: and (4) that failure to cure such breach on or before the date epecified in the aotice may res~lt in acceleration of the auma secured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice ahall ~ further inform Borrower of the right to reinatate eRer acceleration and the right to asaert in the foreclosure proceeding the non-e:istence of a default or any other detenae of Borrower to acceleration and foreciosure. If the breac6 ia not cured on or t,efore t6e date epecified in the aotice, Lender at Lender's option may declare all of the eums aecured by thie.Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender aha11 be entitled to collect in such proceeding all e:pensea of foreclosure, including, bnt not limited to. reasonable attorney's tees. and c~oats of documentary evidence. abstracts and title reporte. 19. Borrower's Right to R~inatate. Notwithatanding Lendei s acceleration of the aums secured by thia Mortgage, Borrower shall have ~ the right to have any proc~eedinga begun by Lender to enforce this Mortgage discontinued at any time ptior lo entry of a judgment enforcing ~ this Morkgage if: (a) Borrower paya Lend~ all suma which would be lhen due under this Mortgage, the Note and notes securing Future Advancee, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenants or agreements of Borrower rnntained in ~ thia Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenanta and agreements of Borrower ~ ~ cvntained in thie Mortgage and in enforcing L.ender's remedies as provided in paragraph IS hereof, including, but not Gmited to. reasonable ` ~ attorney e fees; and (d) Borrower takes such action as Lender may reaeonably require to assure that the lien of this Mortgage, Lendei s interest ~ in the Yroperty and Borrower's obligation to pay the aums aecured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aseignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrowrr hereby seaigna to Lenderthe rents , ~ of the Property, provided thet Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right - ~ to collect and retain auch rents as they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a n~oeiver appointed by a " ~ court to enter-npon, take poaseaeion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta ' rnllected by the receiver ahall be applied first to payment of the coete of management of the Property and oollection of rents, including, but not ~ limited to, receiver'a fees, premiuma on receiver's bonds and reasonable attorney's feee, and then to the sume secured by this Mortgage. The receiver shall be liable to acoount only for thoae rents adually received. x n~ ~I ~ : ~~312 PA~.E203~ : ~