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HomeMy WebLinkAbout0533 ' ~ ~ _ • ~ ~.l ti.• 8. Inspedlon. Lander may make or cants b b madereasonabis wYilatipoa and i~~~~' s of the p`oprrb?, provided that Iwndec shall give Honower notice pdar b aqy such iwpsdion spedtying reuoaable cause therdar to Lender's inbred in the Propery. 9. Coadaenatlon. The prooesde of any award or claim for damages, direct or consequential, in ooaaectlon with any condemnation err other taking a[ the property, err part thetas[, or for ooawyana in lien of condeannatiaq are hereby asdgned and shall be paid b I.ender. In the swat of a total taking of the Property, the proceeds shall b applied to tM ensue secured by this Maetgage,with the e:oess„ it aglr. paid to Borrower. In the event d a partial taking of the Propsefy, unless Borrowee and I.sader otherwise agave is wdtiag, there shall bs applied b tla enms secured by this l[atgage such p[oportioa of the pepoeeks as is eVna1 to that proportion which the amount a[ the sums seaued by this Modgage immediately prior to tM dab ai taking bears b the fair market valor of the Property immediateb prior to the date d taking. with the balarae d the prpads paid to Borrower. lithe Propsrgr i. abandoned Mr Borrower, oe ~ after notlos by Leader to Hoerewer that the ooademnor often to make an award or setW s daim for damages. Borrower fail to respond to Lender within 30 days after tM dab such notice is mailed, Lender is authorised to ooklect and apply the proceeds, at Leader's optlea, dthec b restoration oe repair of the property err b the sums secured by this Matgaga Ualeee Leader and Borroww otherwise agrw ip writing. any such applkation oiProoeeds to prindpal shall not eztead or postpone the due date of the montbbr installmanb rdsered b is paragraphs 1 and 4 hereof or Bungs lhs amount of such installments. 10. Boerowar Na Released. Rstaasion of the time for payment a modilicatioa of amortisation of the sums secured by this Mortgage greeted by Lander to any snooessor in interact of Borrower shall not operab to raleese, in any menus:, the liability a[ the original Horroww and Boerowar's wooessoes in interest. Lender shall rat bs required to commence pcooeedings against such suooeror or refuse to e:tead time far peymeat or otherwise modii'jr amortisation of the sums secured by this Mortgsge ly reason of say demand made by the original Borrower and Borrowds enocessors in interest. 1l. Forbearunoe by Lander Not a 1Paiver. Arty forbearance by Leader in esercisir~g any right or remedy hereunder, a otharwiss aQoe+ded by applip~blslaw, shall not be a waiver of or prednde the ezerciss otagy e~h right o: r~emedy.lUe psocarement of inanranoe err the pe~yment of lases or other liens err charges by Leader shall not bs a waiver of I.eadds right to aooelerate the matnrigr c[ the indeblsdness secured by this Mortgage. 12 Remedies Cuma4tive. All remedies provided in Ibis Mactgage ors didind and camnlatiw to arty otk~er right or remedy ender this Mortgage or aftoeded by law or equity. wd may be aserosed aoncnrrenlly, independently or snooessively. 13. Soocessors and Assigns Honed; Joint and Several L1abiUty; Captions. The cpvenanb and agreemeab herein contained shall bind, and the righb heeeander shall inure to. the respective sueossso» and seeigns of Lender and Borrower, subject to the peoviaiooa o[ paragre~ph 17 hsreoL All aoveaanb and ageeemenb of Borrower shall bs joint and several. The d?ptians and headings of tbs paragraphs of this Mactgage are far eoveaiaaes only and e?re not to bs used to interpret or de8ns the provisions hereoL 14. Notlee. Ssoept fa any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mactgage shall be given by marling such notice by certified mail addressed to Borrower at the Property Address or at such other address es Borrowermay designate by notice to Fender as provided herein. and (b) aaynotice to lender shall bs gives by certified mail, return receipt requested, to Iendee's address dated lrer~ein or to such other address as Leader may designate by notice to Borrower u provided herein.Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Leader when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; tieverability. This form of mortgage combines anifarm covenanb for national nssand noa- nniform covenanb with limited variation. by jurisdiction to eonatitnb a nnifona secarib? inetrnment covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or dense of this Mortgage or the: Note eonflieb with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effid without the conflicting provision, sad to this end the providons of the Mortgage and the Nob are declared to be severable. 16. Horrowier's Copy. Borrower shall be furnished a ooaformed Dopy of the Nob sad of Chia Mortgage at the time of ezecation or after recordation hereoL 17. Transfer of the Property; Assumption. If all os any part of the Property or an interact therein is sold or transferred by Borrower without I.endds prior written oonsmt, esdnding (a) the creation of s lien err encumbrance snbord`mab to this Mortgage, (b) the creation ~ a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law apoa the death of a joint tenant or (d) the grant of any leasehold interest of three yarn or less not containing an option to purchase, Lender may, at Leader's option, declare all the rasa secured by this Mortgage to be immediately due and payable. Lender shall haw waived arch option to aooelerab ~ prior to the sale or transfer, Lends and the person to whom the Property is to be sold or transferred reach agreement in writing thatthe ceeditof such perreon is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall beat andr rate as Leader shall request. If Lender has waived the a~ption to aoxlerate provided in this paragraph 17. and ff Borrowds enecassor in ir?terad has e:ecntad a written asenmption agreement aooepted in writing by Lender, Lender shall release Borrowwer from all obligations Hader this Mortgage and the Note. If Lender eser~3sea each option to accelerate. Lender shall mail Borrower notice of aeoeleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the ezpiration of such period. Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. H~eept u provkted in paragraph 17 hereof. neon Borrower's breach of aglr covenant err agreement of Borrower in this Mortgage, inducting the omrenants to pay whey due any enms severed b9 this Mortgage. Lender prior to acceleration shall mail notice to Borrower u provided in paragraph 14 hereof spedfying: (1) the breach; (2) the adios required to care each breach; (3) a date. not lea than 30 days from the date the notice is mailed to Borrower, by which each breach mast be cared; and (4) that ls3lure to care ands breach on or before the date specified in the notice mwy result in acceleration otthe sums secured by this Mortgage. toreclo~ure by judicial proceeding and sale of the Property. The notice shall further inform Borrowrerr of the right to reinstate after acceleration and the right to assert in tlm foreclosure proceeding the non•ezisteace of s default or any other defense of Borrower to aousleration and foreclosure. If the breach is not cared on or before the date speciAed in the notice, Lender at Lender's option may declare all of the ewms scatted by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to Dolled in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lendda aooeleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings began by bender to enforce this Mortgage disoontinaed at any time prior to entry of a judgment enforcing this Mortgage iL (a) Borrower pays Lender all sums which would be then due ender this Mortgage. the Nob and notes securing I~htnre t Advances, if any, had no eooeleration occurred; (b) Borrower cares all breaches of any other covenanb err agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable mpensm incurred by Lender in enforcang the eovenanb and agreements of Borrower contained in this Mortgage end in enforcing Lender's remedies sa provided in paragraph 18 hereof, iadading, bet not limited to, reasonable attorney's fees; and (d) Harrower takes such action as lender may reasonably require to assure that the lien of this Mortgage, Lmctds interest in the Property and Borrowds obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon andr payment and e:nr+e by Borrower, this Mortgage and the obligations secured hereby shall remain in fell farce and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Loader the rents of the Property, provided that Borrowex shall, prior to acoelaration ender paragraph 18 hereof or abandonment of the Property. haw the right to collect and retain such rents u they became doe and payable. Upon acoekratioa ender paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a raoeiva: appointed by a court to enterapoh, take possession of and manage the Property and to Dolled the rents of the Property. inducting those past due. All rash oolleded by the receiver shall be applied first to payment of the costs of manageoeentof the Property and collodion of rests, iaduding, bet not limited to, raaeiver's tees. premiums on teceivds bonds and reasonable attorney's feu. and then to the sums eecnred by this Mortgage. The receiver shall be liable to account only for those renb actually received. a~jK315 PaGE 5.32