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HomeMy WebLinkAbout0542 _ _ • • - . ~ a Iaspeotioa.leadr may make or caws to b maderq.one`bie ees<ries up~.ad iaspectioas of the properl3?. provided tkut Lender shall giw Borrower rolls prior to any such inspection specifyria~ isasoaabk caws theretoe related to IwndR'. interest in the Property. 8. ('.aode~erre?doa. The proceeds of any award or Claim for daa?ages, direct or ooasegwatial. is ooaaection with any ooodemoation a other taking of the propsrbi. a part thweot. or for oonv~eyaaos in ties of oo~nderanation. ors herby wigned sad shall b paid to Ieodsr. Ia flu went of a total taking of the Property. the proceeds shall b applied to the sums record by this Martgags, with the ea~oess, it aqy, paid to Hoaower. Ia the event of a partial taking of the property, unless Borrower and Lender otherwise agree is writing. three shall be applied b the arms sscu:rd by this Mortgage such Pr'oPati~ a[ the proceeds as is equal to that proportion which the amount of the error secured by this MaRiageimmediateu? priortothedate oitaking bears to thafairmsrkdvalneoithePropsrq?immediat4b?Priortotbsdatsa[ taking. with the balance a< the proceeds Paid b Boerowar: Tithe Property i. abandoasd by Borrower, oc ~ after notice by Leader to Borrower that the condemnor offers to make an award os settle a chum for damages, Borrower fail to respond to Leader within 30 days after the date such notice i•mailed, leader is authorised to cokleet ad apply the proceeds, at lender's option. either b restoration oe repair of tbs properly or to tb arms secured by this Mortgage. Unless Leader sad Borrower otherwise agree is writing.any snob appklcation of proceeds to prindpak shall rot eatwdor postpone thedw . date of the monthly installnoeats rsfierr+ed to in pategrapbs 1 and 2 hereof or diangs the amount of such iastsllmeats. 1Q Borrower Not Released. Sxt~ensioa of the time for peymaat err modiflcataa of amortisation of the sums secured by this Mortgage granted by Lender b any auoonssor in interest of Borroww shall rwt operate to release, in any manner. the liability of the orriginak Borrower and Borrower's suooesson in interest. Leader shall not be regnired to oommaaoe proceedings against such suocesaor or refuse to eztend time far payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's anoeessors is interest. 11. Forbearance by Lender Not a Waiver. Any forbearaaee by leader in axatciOng any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the exerase of any arch right or renoedy. The p:ocaremeat of inanranoe or the payment of tries ar other tiew or charges by Leader shall sot bs a waiver of Leader's right to. aeoekerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Gtiumulatlve. All remedies provided in this Mortgage are distinct sad aunnlative to any other right or remedy render this Mortgage. a afforded by law or equity. sad may b ezerciasri ooncurrentlY. independently ov suooessively. 13. Buooessors and Aseflgns Boned;Joint and Several Liability; Captiaas. The ooveaaats and agreements heron contained shall bind, and the rights hereunder shall inure to. the respective enccessors and assigns of Lender ad Borrower, sabjeet to the provisioru of paragraph 17 bereoL All ooveeiants and agreema?ta of Borrower shall be joint and sweral. The captions and hesdiags of the paragraphs of this Mortgage are for eovenieace only and an not to b used to interpret or defwe the provisions hereof: 14. Notice. B:Dept for any notice required render applicable law to be given in another manner. (a) say notice to Borrower provided form this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower atthe Property Address or at such other addrea as _ Borrower may designate by notice to Lender as provided herein, and (b) any notia+ to LeYnder shall be given by certified mail, return receipt requested, to Lender's address stated herein ce to such other address as LendeK may designate by notice to Borrower as provided herein. Aqy notice provided for in this Mortgage shall be deemed to have been gives to Borrower or Lender when given in the manse: designated herein. 15~ Uniform lortgage; Governing Law; SeveraMli+ty.lliisfarmofmortgageoombiaesnniform ooveaantsfornational useand noa- nniform covenants with limited variations by jurisdiction to constitute a uniform security instrument 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 clause of this Mortgage or the Note conflicts wiW applicable law. sndi conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage sad the Note are declared to be severable. 16. Borrower's Copy. Borrower shell be famished a conformed Dopy of the Note and of this Mortgage at the time of execution or aver recordation hereoL 17.'l~anafer of the Property; Assnaoption. If all at any part of the Property err an interest therein is sold or transferred by Borrower witha~nt Lender's prior written consent. ezclnding (a) the creation of a lice or encumbrance anbordinate to this Mortgage, (b) the creation o[ a purchase money security interest for honsehoW appliances. (c) a transfer by devise,. descent or by operation of law_ npop _the.deaW.of a join! _ tenant or (d) the grant of any leaselald interest of three years or lets not containing an option fe purchase, Leader may, at Lender's option, declare all the enooa secreted by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Leader and the person to whom the Property is to be sold or transferred reach agreement is writing thatthe creditof arch i person is satisfactory to Lender and Wat the interest payable an the sums secured by this Mortgage shall be at arch rate as Leader shall request.. If Lender has waived the option to aooelaate provided in this paragraph 17. and if Borrower's suooeesor in interest bas exewted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. • If Lender ezerrisee such option to accelerate, Leader shall mail Borrower notice of aeoeleration in aooordance with paragraph 14 hereof Such notice sba11 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 expiration of each period. Lender may, without further notice or demand oa Borrower. invoke any remedies permitted by paragraph 18 hereof. 18. Aooeleration; Remedies. 13xoept as provided in paragraph 17 hereof, neon Borrower's breach of any oorvenant or agreement of Borrower in this)Hortgage, including the oovenanta to pay when due any arms warred by this l[ortgage, Leader prior to acceleration shall mail notice to Borrower sa provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to rare such breach; (3) a date, no4 leas than 30 days flrom the date the notice is mailed to Borrower, by which such breach meat be cared; and (4) that failure to acre ouch breach on or before the date specified in the notice may result m acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. The notice shall further inform Borrower otthe right to reinstate aRer aa~eleration and the right to assert in the foreclosure proceeding the non-erdstenee of a default or any other defense of Borrower to acceleratlon and forecloarre. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured h this 1[o~rtgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in wch proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of doarmentary evidence, abstracts and title reports. 19. Borrower's Might to Reinstate. NotwithstandingLender'sacceleration ofthe sums eec~ued by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lends all sums which would be then due ender this Mortgage, the Note sad notes securing i?btnre Advances, if any. had no acceleration occurred; (b) Borrows ems all breaches of any othw covenants or agreements of Borrows: amtained in ~ this Mortgage, (c) Borrower pays all reasonable expenses iacnrt+ed by Lender in enforcing the covenants and agreements of Borrnwer contained in this Mortgaige and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes arch action as Lender may reasonably require to assure that the ties of this Mortgage, I.endet's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and core by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration bad occurred. 20. Auignment of Rents; Appointment of Receiver. A. additional security hereunder. Borrows hereby assigns b Fender the teats of the Property, provided that Borrower shall, prior to aooderatioa render patfagrapb 18 hereof or abandonment of the Property, have the sight to Dolled and retain ends recta sa they become due and payable. Upon scoeleratioa render paragraph 18 hereof or abandonment of the Property, Leader shall be entitled to have a raoeiver appointed by a court to entw.npoa, take poesesaon of and manage the Property and to collect the rents of the Property, including those past due. All teats collected by the recover shall be applied first to payment of the costs of managemeatof the Property and collection of teats. including. but not limited to, reoover's fees. Premiums on r+eoover's bonds a~ reasonable attorney's fees. and then to the sums secured by ibis Mortgage. The receiver shall be liable to aooonnt only for those teats actually received. ~ aoaK3~5 PaGE 541