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HomeMy WebLinkAbout2329 - - . ti 8. Iaopeation. Lender may male or canes to bs made eeasoaabls entries upon and ine~pectioas of the property. peovidsd that Lsndsr shall give Hoteower iroties prig b aqy ouch iaspedion sgd>~yins reasonable caws tberda rdsted to Lender's interest in the Properq. 9. Qademnatben. The pcoossds of any award or daim far damages„ direct a consegwatial, in oasaection with aglt ooademnatioin a other talons at the propetdr. a part theeeot, or for Doavsyanos is lip of coadeannation. ore herby asdsaed sad shall be paid to Leader In the event of a tMal taking of tM Property, tba proceeds shall be applied to the cams seccnnrsd by this Matson. with the e:Dess, if any, paid to Borrower. In tM event of a partial taking of the Property, unless Borrower and Landes othaewiss asps is writing. there shall bs applied to the some seenrd by this Mangan earth pe+opaetion at the proose(ls as i! equal b that proporbio~n which tM amount a[ the scans severed by Ibis Hoarsen immsdiably paler to the date of talons boars tD the fair marlut value of the Pr+opsrty immediately print to thsdate a[ talons. with the balance of tbs peooeecb paid to Harrower orbs Propergr is abandansd by Borrower, err ~ alter notks by Lender to Borrows that the Dondemna offers to make an award a settle a daim for damages, Boerowsr fails to respond to Leads within 90 days alter the date such notice is mailed. Fender is authorised to Do11ed and apply the peoossds, at Leader's option, dthee tiu restoration a repair of the property oe to the saaw seeared by this Martsags~ UnkesI~eaderandBorroweeoWaewioea~+esinwritin~.agyane~applicationofprooeedstoprlncipalahallrwte:teaderpatpor?ethsdne date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of soch installments. 10. Harrower Not Released. Sstension of the time for psymant or modification of amortisation of the swan secured by this Mortsags - 'granted by Lender to any snooeesor in interest of Borrows shall not operate to release. in aqy manner, the liability of the original Borrows and Borrower's suooassors in interest. Lender shall not be required b oommeaoe proceedings agairut such aaooeeaor or refuse to ezterrd time for payment or otherwise modify amortization of the owns secured by this Mortgage by reason of any demand made by the original Borrower . sand Borrorrs'e saooeesors in interest. - 11. Forbearance bji header Not a Waiver. Any forbearance by Lender in eess+wing any right or remedy hereandee, or otherwise afforded by applicable law, shall not be a waive of or preclude the ezercise of any sack right or remedy. The procnrea~?t of insmanos or the payment of tares err other liens a charges by Lends shall not be a waive of Lender's right to acoderats the maturity ~ the indebtedness severed by this Mortgage. _ . . 12 Remedlea Cmaaladve. A!1 e+wnedies provided in this Mortgage ors distinct anddmdative b any other right or remedy nods this Mortgage a afforded by law os equity, and may be eseeDised ooacure+eatly, independently or suooessively. 13. Soooetaors and Assigns Hound; Joint and Several I.iabilit'; Captions. The Dovenants and agreements herein contained shall bind, sect the rights herennds shall inure t0. the respective suooeesors and assigns of Lender and Borrower, subject to the proviaiasns of paragraph 17 hereof All Dovenanta and agree~oeents of Sorrows shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenieaoe oral ate not to be need to interpret or define the provisions haeoL 14. Notloe. S:cept for any notice required ands applicable law to be given in armWs manner. (a) any notice to Borrows provided fa in this Mortgage shall begiven by mailing sash notice by Dstified mail addressed to Barr~owsat the PropertyAddrees oratsnch orbs address as Borrower rosy designate by notice to Lender as prrovided herein, and (b) any notice to Lends shaII be gives by certified mail, rehun receipt requested, to I.ends'a address stated hsein or to such orbs address air Lends may designate by notice to Borrows as provided hsein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrows or Leader when given in the manner designated herein. 15. Uniform 1[ortgase; Governing Law; Severabiltty. This form ofmartgagac~lbnas uniform covenants faraational use sad non- uniform Doveaants with limited variations by jmisdidion to constitute a uniform security iastraraeast Dousing real property. This Mortgage ahaU be governed by the law of the jnrisdidion in which the Property is located. In the event that any provision or douse of this Mastgsge or the Note conflicts with applicable law, such DonAid shall sot affect orbs provisions of this Mortgage or We Note which can be gives effect without the conflicting provision, and to this sect the provisions of the Mortgage end the Note are declared to be severable. 18. BorroR+er's Copy. Borrows shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezevetioa or after recordation hereoL 1Z'I~ranster of the Property; AseArmptioa. Tf all or any part of the Property or an interest therein is sold or tranafer~ed by Borrower without Lender's prior written k ezdnding (a) the creation of a lien oar encumbrance anbordinate 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 law neon the death of a joint tenant or (d) the grant of any leasehold intseat of three years or less not containing an option to pamdrase, Leader may; at Leader's option, declare all the awns secured by this Mortgage to be immediately due sect payable. Leader shall have waived such option to aoDelerate if, prior to the sale or tranafs, Lends and the person to whom the Property is to be sold or transferred reach agreemeatin writing thatthe creditof each person is aatiafactory to Leader and that the interest payable on the sumo secured by this Mortgage shall be at such rate as Leader shall regneat. If Lends has waived the option to aeoelerate provided in this paragraph 17. and if Borrows's saccxesor in interest has ezecated a written assumption agreement accepted in writing by Lender, Leader shall release Borrower from aA obligations ands this Mortgage and the Note If Lends ezercises such option to acbelsate, Lends shall mail Borrows notice of acederation in accordance with paragraph 14 hseoL Such cetice shall provide a period of not leis than 30 days from the date the notice is mailed within which Borrows may pay the soma dedared due. If Borrows fails to pay such soma prior to the expiration of such period, Leader may, without fnrtbs notice or demand on Borrows, invoke any remedies psmitted by paragranb 18 besot 1& Acceleration; Remedies IBxcept ce provided io paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this l[ortgage. including the Doveaante to pay when Jae any sums seDnred by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ao provided in paragraph 14 herreof specifying: (1) the breach; (2) the action required to care each breach; (3) s date, not less than 30 days from the date the notice i• mailed to Borrower, by which eardr breach must be cured; and (4) that failure to cure such breads on or before the date specified in the notice may result in acceleration of the soma secured by this Mortgase, foredosure by jadieial prooeediug and sale of the Property. T'he notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure prooeediag the non-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not dyed on or before the date specified in the notice, Lender at Lender's option me~y declare all of the scares secured by this 1[ortgase to be immediately due and payable without further demand and may forecloe~e this l[ortgage by judicial proDeeding. Lender shall be entitled to coiled in earth proceeding all eapenses otforeclosnre, including, but not limited to, reasonable attorney's fees, sad coats of dodunentary evidence, abatracta and title reports. 19. Borrower's Right to Reinstate. Na2withstandiag Leader's aooeleration ofthe snmssevered bythis Mortgage, Borrows 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 ifi (a) Borrows pays Lends all suave which world be then due ands this Mortgage; the Note and notes severing Phtnre Advances, if any, hod no aooderation occurred: (b) Borrows verse all breaches of any other Doveaants or agreements of Borroweroontained in this Mortgage; (c) Borrows pays all reasonable expenses iacnrred by Leader in eafor+eing the oovensats and agreement of Borrows contained in this Mortgage and in enfar+cine Leader's remedies sa provided in paragraph 18 hereof, inducting, but red limited to, reasonable attorney's fats; and (d) Borrows takes suds ac4ion as Lender may reasonably require to sours thatthe lien of this Mortgage, Lsnds's interest in the Pmpsty and Borrowels obligation to pay the arms severed by this Mortgage shall ooatinne unimpaired. Upon each payment and care - by Borrows, this Mortgage and the obligations secured hereby shall remain in foil force and effect as if no acDelsation had occurred. 20. Apisnment of Rents; Appointment of Receiver. As additional severity hereunder, Borrows hseby assigns to Leader the rents of the Property. provided that Borrows shaA. prior to aooele:ation Wads paragraph 18hereof or abandonment of the Property. have the right to Dolled and retain such rents as they become due and payable. Upon aooeleratioa under paragraph 18 hereof or abandonment of the Property, bender shall be entitled to have a receiver appointed by a Doan to enter.npou, take poeseesion of and manage the Property and to Dolled the teats of the Propsty, indwiing those pad due. Ail rents Dollected by the receiver shall be applied first to payment of the Dosts of managaneatof the Property and DoUedion of rents, indudiag, bat not limited to, teoeivds fees, premiums on receivs'a bonds and reasonable attorney's tees, and rhea to the sums secar+ed by this Mortgage, The receiver shall be liable to account Daly for those rents adnallp received. _ BOOKJ~s PAGE~e