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HomeMy WebLinkAbout0201 - _ _ . _ ~ - - j ; ; • ~ j `~J a ~ # ~ 8. Inapsctloa. Lender may make or caws to be made reasonable entries upon sad inapectiona of the peoperf<y, provided that Lender shall giw Borrower notices prior b any sneh iaspedion spedbring reasonable caws thersfas elated to Lender's interest in the Propsefy. 9. Condemnation. The prooeals of arty award or Claim fps damages. direct or oonsequeatial. in connection with say condemnation a older taking of the prop«ty, ere part thereof. or far oonwyanas in lien of condemnation, are hereby aadgned and shall be paid to Lender. In the event of a told taking of the Property, the proceeds shall bs applied to the cams sscnred by this Mortgage, wlth the ezoess, if any. ' paid to Borrower. In the event of a partial taking of the Property, ualees Boe3ower and Lender otherwise agree in writing. there shall be applied to the snau aecnred by this k[artiage arch propafioa e[ the proceeds a. is equal to d?at pcopostion which the amount d the snaps secured by this Mortgage immediately prior to the date of taking bean b the fair market valve of Ws Property immediately prior to tbedats of `-~~,.=•e. wL+~t !ter ~i the grec~l3 c~eid to Ac~e.nar. Tithe Property b abandoned by Bosrowar, err ~ alter notice by Lender to Borrower that the oondemno: offer to make an award or settle a daim for damages. Borrower fails to respond to Lw?dsr within 80 days aRee the date such Holies i.mailed. lender is authorised to collect and apply the peooeeds. at I.eadds option, either to raetoredion or repair of the pcopecty or to the sums secured by this Mortgages Unless Lee~des and Borrower otherwise ages in writing, any arch application of proceeds to prindpal shall not a:tend or postpone tLs due date of the monthlq irutallmeats referred to in paragraphs 1 and 2 hereof or dusnge the amount of such instalimentes 10. Borrower Not Released. Sztension of the time fps paym3at ce modification of amortisation of the sums secured by this Mortgage granted by Lender to any snooessor in interest of Borrower shall not operate to release, in any manner. the liability of the anginal Borrower and Borrower's successors in interact. Leader shall not be required to commence proceedings against each auooessor or refwe to eztead time for payment or otherwise modify amortisation of the arms secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's sacoeesors in interest. 11. Forbeanaoe by Leader Not a Waiver. Arty forbearance by Lender in Ong any right or remedy hencmder. os othsrwiss afforded by applicable law. shall not be a waives of or precinde the ezer+cise of any arch right or nmedq. The procaremeat of inanrsaes or the payment of fazes or other liana or charges by leader shall not be a waive: of Lender's sight to accelerate the maturity of the indebtedness secured bq this Mortgage. ` 12 Remedies Camnladve. All remedies provided in this Mortgage an distinct sad cumnlatiw to any other right os remedy ender this Mortgage or afforded by law or equity. and may be ezercisecl concurrently, independ~tly or aneoessivelq. 13. Saooeswrs and Assigns Hound: dolnt and Several Liabilisy: a.aptlone. The GvvaZiallta e-,d agreements har$ia ceataiacd shall bind, and the rights hereunder shall inure to,-the respective suooeasora and assigns of Lender and Borrower, snbjed to the provisions of paragraph 17 hereoL All oovenanta and agrsmaents of Borrower shall be joint and several. The captions and headings of the paragraphs of thin Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Nodes. Sxoept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provide~or in this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower at the Property Address or at each other address as Borrower may designate by notice to Lender as provided herein. and (b) say notice to Lender shall be given by certified mail, return t+ecaipt requested. to Lender's address stated herein or to each other addntis as Lender may designate by notice to Borr~owce as provided herein.Any notice provided for in thin Mortgage shall be deemed to have been given to Borrower os Lender when given is the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and aon- uniform covenaate with limited variations by jurisdiction to oonatitate a naiform security inetrnment covering real pgoperty. This Mortgage shall be governed by the law of the jurisdidion in which the Property is located.. In the event that any provision or dance of this Mortgage or the Note conflicts with applicable law, arch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to thin end the provisions of the Mortgage and the Note aradedared to be severable. lti. Borrower's Copy. Borrower shall be fnrniahed a conformed copy of We Note and of thin Mortgage at the time of ezecntion or after recordation heseo~ 17. Transfer of the Property; Asaumpdon. If all ere' any part of the Property or an interest therein is sold or transferred by Borrower without Lender's Dior written consent, e:dnding (a) the creation of a lien or encumbrance subordinate to thin Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law aeon the death of a joint tenant or (d) the grant of any leasehold interest of three yearn or less not containing as option to pnrchaee, Lender may, at Lender's option, dedare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to sooelerate if, prior to the sale or transfer. Lender and the person to whom the Property is b be sold or transferred reach agreement in writing thatthe creditof each person is satisfactory to Lender and that the interest payable oa the soma eecared by this Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in.intereat has ezecnted a 'f written assumption agreement accepted in writing by Lender. Lender shall release Borrower tom all obligations under this Mortgage and the Note. If Lender ezercisce such option to accelerate, Lender shall mail Borrower notice of aeoeleration in eooordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 Jaya from the date the notice is mailed within which Borrower may pay the soma declared f due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may, without further notice ar demand on Borrower, invoke any remedies permitted by Paragraph 18 hereoL 18. Acceleration; Remedies. Faoept as provided in paragraph 17 hereof, neon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sums aecared by dais Mortgage, Lender prior to acceleration shall mail ~tice to Borrower ae prnvided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure arch breach; (3) a date, not lees than 30 days from the date the notice ie mailed to Borrower, by which such breach must be cared; and (4) that failure to cure arch breach oa or before the date specified in the nodce may rewlt in acceleration of the name secured by thin Mortgage, foredoanre by Judicial proceeding and sale of the Froperty.The notice shall further inform Borrower of the right to reinstate after aeoeleradon sad the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specified in the notice. Leader at Lender's option may declare ell of the soma secured by thin it[ortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's teen, end coats of documentary evidence, abstracts and title reports. 19. Borrower'sRight to Reinstate. Notwithstanding Lender's acceleration ofthe snore secured bythis 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 ii (s) Borrower pays Lender all sums which world be then due ender this Mortgage. the Note and notes securing Ifitnn AdvanoES, if nay, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable e:penees incurred by Lender in enforcing the ooveaanta and agreements of Borrower ooateiiaed in thin Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, indading, but sot limited to, reasonable attorney's fees; end (d) Borrower takes such adios as Lender may reasonably require to assure that the lies of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the snores secured by thin Mortgage shall oontinne unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shell remain in fall force and effect as if no acceleration had occurred. 20. Assiprmeat of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns to Lender the rents of the Property. provided that Borrower shall, prior to acceleration Hader paragraph 18hereof or abandonment of the Property, have the right to polled and retain such rants as they become due and payable. Upon aeoeleration under paragraph 18 hereof or abandonment of the Property, lender shall be entitled to have a receiver appointed bq a court to eater.npon, take posscesion of and manage the Property end to Dolled the rents of the Property. indnding those pant due. All rents collected bq the receiver shall be applied first to payment of the costa of managemeatof the Property and collection of rests, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasoaabk attorney's fees, and then to the snore secmed by thin Mortgage. The receiver shall be liable to acoonnt only for those yenta adnally received. Bo~K 31s P~ ~