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HomeMy WebLinkAbout0964 t ~ ~ i, ~l " ~ . . . ~ ~ 8. Inepection. Lendpr may make or cauae to be made reasonable entri~ upon and ir.spections of the property, provided that Lender shall Kive Borrower notice prior to any euch inapecKion apecifying reasonable cauae therefor related to I.ender'a inteteat in the Property. 9. Condemnation. The proceeds of any award or claim for damagea, direct or coneequential, in connection with any condemnation or other tahing of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aeaigned and shall t?e paid to I.ender. In the event of a total taking of the Property, the procceds ehall be applied to the suma secured by this Mortgage, with the excess, if any, paid to Borrower. In the event ot a partial taicing of the Pcuperty, unless Borrower and Lender otherwise agree in writing, there ehall 6e applied to the auma secumd by this Mortgage such proportion of the proceeds aa ia equal to that ptoportion which the amount of the aume secured by this I?iortgage immediately prior to the date of taking bears tc~ the fair market value of the Property immediately priorto thedate of txking, with the balanca of the proceeds paid to E3orrower. If the Property ia abandoned by Borrower, or if, after notice by Lender to ~3orrower tht~t the condemnor offere to make an award or setUe a clflim for damagea, Borrower faila to respond to Lender within 30 daya after the date auch notice is maited, I,ender is authorized to collect and epply the proceede, at Lender a option, either to reetoration or repair of the property or to the sums secured by this Mortgage. Unlesa Lender and Borrower otherwiae agree in writing, any auch applicatiun of proceeda to principal shall not extend or poetpone'the due clate of the monthly inatallmenta referred b in parsgraphs i and 2 hereof or change the amount of such inetallmente. 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of amoriization of the sumasecured by this Mortgage Kranted by I.ender to any successor in inteteat of Bortower shall not operate to release, in any munner, the liability of the original Borrower and E3orrower's successora in internst. Ixnder shaU not be required to cdmmence proceedings against such successor or refuse to extend time f~,r payment or otherwise modify amortizt+tion of the sums secured by this MortRage by reflson of uny demand made by the original Borrower :ind Borruwer's sucressors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exerciseng any right or remedy hereunder, or otherwise :~fforded by applicable law, sha11 not be a waiver of or preclude the exercise ot any such right or remedy. The procurement of inaurance or the payment of ta~cea or other liens or chargea by Lender ahall not be a waiver of Lender a right to accelerate the maturity of the indebtednese secured by this Mortgage. 12 Remediea Cumulative. All remedies provided in thie Mortgage are distinct and cumulative to any other right or remedy under this tilortrage or afforded by law or equity> and may be exerciseti concurrently, independently or succeasively. 13. Succesaors and Asaigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall I~ind, and the rights hereunder ehall inurn to, the respective successors and assigr?s of [.ender and Borrower, subject to the provisions of paragraph 2? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. I 4. Notice. F.xcept for any notice required under applicable law to be Qi~•en in another manner, (a) any notice to I~rrow er provided for in this Mortgage shall begiven by mailing such notice by certified mail addressed to Borrowerat the Property Address or at such other address ae }iorrower may designate by notice to I.ender as pruvided hetein, and Ib) any notice to I.ender ahall be given by certified mail, return receipt reyuested, to Lender's addreas stated herein or to such other address as I.ender may designate by notice to Borrower ax provided herein. Any nutice provided for in this Mortgage shall be deemed to have been given to E3orrower or l.ender when qiven in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. 7'his form of mortgage combines uniform covenante for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform se~urity instruruent cavering real property. This Mortgage ~hall be~overned by the law of the jurisdiction in which the Property is locAted. In the event that any provision or clause of this Mort~age or the Note contticts with applicable taw, such cuntlict shall not affert oiher provisions of this Mortgage ar the Note which can be qiven effect w•ithout the conflictinR pro~~sion, and to this end the pmvisions of the MortKage and the Note am declared to be severable_ , 16. Barrower's Copy. $orrower shall be furnished a conformed copy of the Note and of this biortgage at the time of execution or after rrcotdation hereof. 17_ Transter of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by F3orrower w•ithout Lender's prior written conaent, excluding tal the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, ~c) a transfer by devise, descent or by operation of Iaw upon the death of a joint tenant or (d? the grant of any Ieasehold intereat of three years or less nat containing an optioo to parchase, I.ender may, at I.ender's option, : ierlAre all the sums securea by this Mortgpge to be_immediately due and payable. l.ender shall have waived such ~~ption to accelerate it, prior e~ ~ the sale or transfer, I.ender and the person to whom the Yroperty is to be sold or transferred reach aQreement in writing that the credit of such {tit~rson is satisfactory to l.ender and that th~ interest payable ~~n the sums secured by this Mortgage shall be at such rate as I.ender shall re~c~uest_ It l,ender has waived the option to accelerate pro~~ide~ in ihis paraRraph 17, and if Rorrower s ~uccessor in interest has executed a ~+r~tten assumption agreement accepted in writinK by l.ender, I.endershall release Borrower from ~ll obligatiuns under this Mortgage and the \ ~,te. If Lender exercises such option to acceterate. I.ender shall mail Borrower notice af acceletation in accordance with paraRraph 14 hereof. ti uch notice shal) provide a period of not less than :3O days hom the date the notice is rr.ailcri within w•hich Ronower ma~ pav the sums declated due. if Borrower fails to p~~• such sums prior to the expiration of such peticxl, lxnder may, without further notice or demand on t3orrower, ~nvoke any remedies permitted by paraKraoh 1K her~,f. • 18. Acceleration: Remedies. F.xcept ae provided in paragraph 1? hereof, upon Borrower's breach of any covenant or aKreement of Borrower in this Mortgage. including the rn~ enants to pay when due any eums secured by this Mortgage, Lender prior to acceleration shali mail notice to Borrower as provided in paragraph 14 6ereofspecifying: (1) the breach; (2) the action required to cure auch breach: (3) a date, not leas than 30 daya from the date the notice ia mailed to Borrower, by which such t~reach must be cured: and (41 thnt failure to cure such breach on or before the date apecified in the notice may result in ~~cceleration of the sums secured by this Mortgage. foreclosure by judicial proreeding and ealeof the Property. The notice ahall further inform Borro~?er of the right to reinstate aRer acceleration and the right to assert in the forecloaure prceeeding the non-ezistence of a default or any other defenae of Borrower to acceleration and forecloaure. If the breach ie not cured on or hefore the date specifiecl in the notice. l.ender at Lender's option may dectare alt of the auma secured by this Mortgage to be immediateiy due and payable without turtherdema~d and may foreclosethis 4lortgage by judicial proceeding. Lender shall be t•ntitled to collect in such proceeding all eapenses of foteclosure~ including. but not limited to, reasonable attorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Botrower's Right to Reinstate. NotwithstandinR t.ender's acceieration ofthesums secured by this Mortgage, [3orrowerahall have the right to have any pr~ceedings begun by I.ender to enfvrce this MortKaqe diacontinued al any time prior to entry of a judgment enforcing this Mortgage if: fa) Bormwer pays l.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration ocwrred;lb) I3c~rrower cures all bmaches of any other covenanta or agreementa of f3onower contained in this Mortgage; (c) E3orrower pays all reasonabte expenses incurred by I.ender in enforcing the covenanta and agreements of Borrower contained in thia Mortgaqe and in enforcinq I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and ld) Borrower takes such action as I.ender may reasonably require to assute that the lien of this htortgage, [.endei s intereet in the Property and Rormwer s obligation to pay the sums secured by this Mortgage shali continue unimpaired. Upon such payment and cure by $orrower, this Mortgage and the obligations secured hereby shall rPmain in full force and effect as if no acceleration had occurred, Z0. Asaignment of Renta; Appointment of Receiver. As additional security hereunder, Bonower hereby assigns to Lender the rents of the Property, provided that Bortower ahall, prior to acceleration under paragraph IS hereof or abandonment of the Property, have the right to collPCt and retain such renta as they become due and payable. Upon acceleration under paraqraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter-upon, take possesaion of and manage the Property and to collect the rentx of the Property, including thoae past due. All renta collected by the receiver ahall be applied first to payment of the costs of management of the Property and coliection of rents, including, but nut ~ lemited to, rxeivet's fees, premiuma on receiver's bonds and reasonable attorney e feea, and then to the sums secured by this Mortgage. The receiver ahall be liable to account only for those rents actually received. I ~;,~?K • '~~313 P~CE 962