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HomeMy WebLinkAbout2828 ~ , , . ~ - ~ 8. Ia~peMlon. Lender may make or wuae to be made re~wnable entrie~ upor? end inspsctions of the property, provided lhat l.ender ~hall give Borrower aotiae pcior to any suck in~pection specityin~ reawnable cawe therefaar releted to LendeT s i~tere~t in tha Property. 9. Coodemnation.'11~e pmoeed~ of any award or claim for daiaages, direct os oon~equeritial. in connectioo with any wndemnstion or othet taking of the property, or part thereof. or tor conveyanoe in lieu of mndemnation. are hereby asaigned and. ~hall be paid to I.ender. Irt the event of a total takin~ of the Property. the pra.~eed~ shaU be applied to the ~ums ~ecured by this Mort~age. Mrith the escew, if any. peud to Borrower. In the event of a partisl takir~ of the Propezty, unles~ Bon~ower end Lender otherwise agree in writin~, thers shaU be appUed to the sums secured by thie MortgaQe such propo~tioa of the proceed~ as is equal to that proportion which the amouat of the sums secured by thi~ Mortgage immediately prior to the date of Wdng bears to the fair market value of the Piroperty immediately prior to the dats of tating. ~rith the balanoe of the proeeed~ paid b Borrower. I~ the Property ia abandoaed by Borrower, os if. aRer notice by Lender b Borrower that the oondemaor of[en to make an a~rard or ~ettle a claim for damages, Borrower fails to reapond to I.ender within 30 dsys atter the date euch notioe ie mailed. Lender is authorized to collect and apply the pe~ooeeds. at Lender's option, either b restoratioa or repair of the pmperty or to the sums eec~red by this Mortgags. Unleas Lender and Borro~ver ocherwi•e a~+ee in wriang. any such application of pe~oceed~ to principal shell not e:tend az postpona the due date of the month~y inatallments referred to ia paragraplu 1 and 2 hereof or change the aawunt of such installment~. 10. Borrower Not Released. E:tension of the ti~ne for paymant or modification of amortization of the sums secured by thia Mortgage ;~ranted by Lender to at?y succeaeor in intereat of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's euocessors in interea~ I,ender shall not be required to oommence proceedings ageinst euch succeasor or refuse to e:tend time for payment or otherwiae modify amortization of the eums eecured by this Mortgage by reaeon of any demand made by the original Borrower afd Borrower e successors it? interest. 11. Forbearance by Lender Not a Weiver. Aay forbearance by Lender in e:ercising any right or remedy hereander. or otherwisa afforded by applicable law, shall not be a waiver of or preclude the e:erciae of any euch tight or remedy. The procureme~t of insnranoe or the payment of ta:ea or other lieas or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity ot the indebtedness aecured by this Mortgage. 12 Remedies Gtitmulative. AU remedies pmvided in Ehia Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or affotded by law or equity. and may be ezercise~i ooncurrently. independently or succeesively. 13. guccesaore and Aesigne Bound; Joint and Several I.iability; Captions. The rnvenanfe and agreements herein «~ntained ahail bind, and the righte herennder ehall inure to, the respective aucceseors and assigns of Lender and Borrower, eubjert to the provieions of paragraph 1? hereof. All covenante and agrcemente of Borrower ahall be joint and several. The captiona and headings ot the paragraphs of this Morlgage are for covenience only and are not to be used to intarpret or define the proviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice lo Borrower provided tor in thie Mortgage ahall be given by mailing such notice by certified mail addreaeed to Borrower at the Property Add ress or at euch other eddreea aa Borrower may deeignate by notice to I.ender as provided herein, and (b) any notice to l.ender ehall be given by certified meil. return receipR requested, to Lender'a addreas atated herein or to euch other addreee ae Lender may designale by notice to Borrower as provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everabittty. This torm of mortgage combinee uni[orm covenante for national uee and non- uniform covenanta with limited variationa by jnrisdiction to constitute a uniform aecurity instrument covering real property. This Mortgage shall be governed by the law of the juriediction in which the Property ie located. In the event that any pmviRion or clauee of thie Mortgage oc the Note conflicte with applicable law, such confliM shall not af'fect other provieions of thie Mortgage or the Note which can be given effect without the rnntlicting provieion, and to this end the provisions of the Mortgage and the Note are declered to be eeverabie. 16. ~orrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage et the time of e:ecution or after recordation hereof. 17. Traneter ot the Property; Assumption. If all or any part of thc Property or an intereet therein ia eold or transferred by Borrower without Lender'e prior written coneent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortqage, (b) the creation of a purchaee maney eecurity intereat for household appliancea, (c) a tranefer by devise, deecent or by operation of law upon the death of e joini tenant or (d) the grant of any leasehold intereet of three yeare or lees not rnntaining an option to purchaee, I.ender may, at Lender'e opRion, ' declare all the snma secu:ee by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior ~ to the sale or transfer, Lender and the peraon to whom the Property ie to be aold or trf+naferred reach agreement in writing that the credit otsuch i ~ person is eatisfactnry to l.ender and that the interest payable on the suma secured by this Mortgage ahall be at aueh rate ae [.ender ehall ~ request.lf I.ender ~;as waived the option tu accelerate provided in this parngraph 17, and i( E3orrower a euccees~ir in interest has eaecuted e w~ritten assumption aqreement accepted in writing by I.ender, [xnder ahall release Borrower hom ali obligationa under thia Mortgege nnd the ~ Note. ~ If Lender eaercisea such option to accelerate, I.ender ahali mail Bormwer notice ot acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from ihe date the notice is ~r.ailed within which Borrower may pay the euma declared ~ due_ If Born,wer fails to pa~~ auch sums prior to the expiration of such period, l.ender may, without further natice or demand on Horrower, invoke any remedies permitted by paragrauh 1R hereot. 18. Aoceleration; Remedies. Ezcept sa provided in paragreph 17 hereot. upon Bonower'e breach ot any oovenant or agreement o! Borrower in this Mortgage. including the cavenanta to pay when due any sume secured by this Mortgege, Leader prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereotepecifying:ll) the breac6; (2) the action required to cure auch breach; (3) a date, not leea than 30 daye from the date the notice ie mailed to Borrower, by which ench breach muet be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in acceleration of the auma eecnred by this Mortgage. foreclosure by judicial proceeding and eale of the Property. T6e notice shall further inform Borrower of the right to reinatate after acceleration and the right to aesert in the forecloeure prceeeding the non-e:iatence ot a default or any other defense of Borrower to acceleration and forecloaure. If the breach ie not cured on or before.the date specified in the notice. I.ender et l.ender'e option may declare all of the euma eecured by thie Mortgage to be immediately due end payeble without further demand and may forecloae thie Mortgage by judicial proceeding. Lender shall be entitled to collect in such procc~edinq all e:penses of forecloaure. including. but not limited to. reasonable attorney's feee. and 9 costs ot documentary evidence. abstracta and title reports. - 19. Borrower's Right to Reinetste. Notwithatunding I.ender a acceleration of the suma secured by thie Mortgage, Borrower ahall have the right to have eny proceedings begun by I.ender to enforee thia 1ltortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays Ixnder aU aums which would be then due under this Mortgage. the Note and notea eecuriag Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curea all breachea of any otherrnvenanta or egreementa of Borrower rnntained in thie Mortgaqe; (c) Borrower pays all reasonable expenaea incurnd by Lender in enforcing the covenante and agreementa of Borrotiver ~ oontained in this Mortgaqe and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonabie ~ attorney a feea; and (dl Borrower takea auch action as Lender may reaeonably require to asaure that the lien of this Mortgage, Lender'e intere~at ~ in the Property and Borrower a obligation to pay the suma eecured by thia Mortgage ehall continue unimpaired. Upon such paym nt and cure by Eiorrower, this Mortgage and the obligationa eecured hereby shal) remain in full force and effect as if no acceleration ha~~curred. ~ Z0. Aseignment otRents: Appointment of Receiver. As additional8ecurity hereunder, Borrower hereby aseigt~s to Lenlfer the renta ~ of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain euch renta as they become due and payable. ~ Upon acceleration nnder paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ~ wnrt to enterupon, take poseeaeion of and manage the Property and to rnllect the renfa otthe Property, including thoee past due. All renta aollected by the receiver ehail be applied first to payment of the ooeta of management of the Property and rnllection otrenta, including, but not ~ limited W, rec~eiver e tees, premiuma on receiver e bonde and reasonable attomey e feea, and then to the suma eecured by this Mortgage. The receiver ehall be liable to acoount only fot thoee renta actually received. ~ ~~:'~~312 ~~~t2824 ~,e__ . . _ _ . . - . w~~