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HomeMy WebLinkAbout0262 ~ _ i_ - { ~ ~ ~ ' 1 y' ~ti. ~.1~ 'j . i 8. Inapw:tioee. Leader may make or cause b be made raason,.ble aretriea upon sad iasPectioas of the property, pr.wided that7~ende:ehell I give Borrower splice plot b aqy such iaepedlon epecib?iag reasonable slues therefor related b i~eder's interest in the Propatty. t 9. Cogdesanattoee. 71se proceeds ofnay award or claim for damages. direct a ooasegseaatial, in connection with nay oondemnatioa or othee taking of the property, or part tbereol, or for oonveyaues file lien of eoadeepaatioa, nee hereby assigaod and shall bs paid b Leader. la the event of a total taicissg of •he Property, the proceeds shall be applied to the sums secured by this Mortgsga with the mows. if atty. paid to Boreo~rer. Ia the aveat of a pariisl taking of the Property, unless Borrower sad I,sader otherwise agree in writing. there shall bs ' applied to the sums secured by Chia Mortgage ouch proFoction of the proceeds as is squat b that proportion which the amount of the awns eec~ceea by ttiia Mortgage immediately prior b the date of taking bears b tae lair ruarket vaiuo of the Progeety immediately prior b the date of taking, with the baianoa of the peoceads paid b Borror?w. _ If the Propsty is abando~nsd by Borrower. or i:, after notice by Lee?der b Borrower that the ooademaor otters b make as award or se?tls a ~ claim for damages, Borrower fails b respond to Lender within 30 drys aRe: the dato such notice is mailed, bender is authorised b oollact and apply the proceeds, at Lerde:'s option, dales b restoration or repair of the property or b the awns scared by this Mortgage. t Unless Leeeder and Borrower otherwise ageeain writing, any such application of proceeds bprincipsl shall not extend or postpone thedne date of the monthly installments referred b in paragraphs I and 2 hereof or change the amount of such ieutalbrmsts. 1~. Borrower Not Rele~aeed. Bacteessioa of the time for payment ~ enodificatiar, of amortisation of the sums secured by this Mortgage granted by Lender b any successor in interest of Bormwar shall not operate b eeleaae, is any maaaor, the liability of the original Borrower and &,re+ower's eceoceseors in interest. Leader sba12 not be required b eorn:neaee ~oceedings against such successor or refuse b ezteeed time for payment or otherwise ma~? amortizaticus of the sums secured by this Mortgage by reason of any demand taade by the original Banower and Borrower's auoceesora in iateresR. ` 11. Forbewraace by Lender-Not a Waiver. Aay farbearanor by i,eisder in gsecriaiag any right or remedy hereunder. ax otherwise sffarded by applicable law. shall not be a waiver of or preclude the ezercise of any ouch fight or rennedy. The proaeremeat of inasstance ar the payment of lases or other liens or charges by Lend:: shall not be a waiver of lender's right b aecelarate the maturity of We indebtedness secured by thier Mortgage. 12 Remedies Cnmuiadve. Alt remedies provided in this Mortgage are distinct and cumulative b aqy other right or remedy under this Morte~age ar afforded by law or equity, and may be exercised concurrently, independaetly or sncceasively. 13. Sueceasors and Assigns Bound; Joint and Several Liability; Captions. The oovenanta and agreements herds contained shall bind. and the rights hereunder shall inure b, the respective suocesaors and assigns of Deader and Borrower. subject b the provisions paragraph 17 hereof Ali covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage err for oovenierece only and are not b be sod b interpret or define the provisiops hereoL 14. Notice. Except for any notice required under applicable la.+ b be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or stench other address as Borrower e~„ay designate by notice b Leader as provided herein, and (b) any notice Oo Lender shall be given by eerti5ed mail, retain receipt requested, b Lender's address atnted herein oz b such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or bender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgageoombines uniform covenants fornational use and non- uniform ooveaan:s with limited variations by jurisdiction b constitute a uniform security instrument covering real property. This Mortgage shall be governed by We law of the jurisdiction is which the Property is located. In the e~eat that any provision or clause of this Mortgage or the Note oonfliets with applicable law, such conflict. shall not affect other provisions of this Mortgage or the Note which can be given effect vc~tlw~ut the coaftictiang peovisvsn. aa+d to this cad the prorision$ of fire Montage and the l~iatr are derlarced b be svvrrahle. 1& Borr+ower's Copy. Borrower shall be furnished a conformed copy of the Note acrd ofthis Mortgage at tea ~ ofseacrrtraa aralter rernrdatioa hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an iatereat therein is sold or transferred by Borrower without Lender's prior written consent, ezdading (e) the czestion of a lien or encumbrance subordinate b this Mortgage. (b) the creation of a purchase money security inter+eat for household appliances, (c) a transfer by devise. descent or by operation of law upon We death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to pnrrhase, Lender may, at Leader's option. declare all the soma secures by this Mortgage b be immediately due and payable. Lender shall have waived such option baoodesate if, prior to the sale or transfer, Lewder and the pwaon to whom the Propezty is to be sold or transferred reach agreement in writing that the creditof such person is satisfactory to Lender sad that the interest payable on the some scarred by this Mortgage shall be at such rate as Lender shall rzquest. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrowerrs successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Leader shall mail Borrower notice of sooeleration in aooordance with paragraph 14 hereof Such notice ehallprovide a period of not less than 3d days from the date the notice is ensiled within which Borroower may pay the sums dedar~ed due. If Borrower fails to pay such earns prior to the ezpiration of such period, Lender may. without further notice or demand on $orrower, usvoke any remedies permitted by Paragraph 18 hereof. 18. Aoceleratioa; Besnediea Szcept as provided in paragraph 17 hereof, upon Borrower's breads of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay wham due. any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the: breach; (2) the action required to iacre such breach; (3) a date, not leas than 30 days from the slate ;he notice fie mailed to Borrower, by which each breach moat be cep: and (4) that failure to cure such breach on or before the. date specified in the notice may reank in acceleration of the same secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstatesafter acceleration and the right to assert in the foreclosure proceeding the _ non•ezistenos of a default or any other defense of Borrower to acceleration and forecloseee~e. •If the breach is not cured on or • before the date specified in flee notice, Leader at Lender's option may declare all of the same secaered by this Mortgage to be immediately due and payable withoat further demand sad may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in each proceeding all e:peasea of foreclosure, including, but not limited b, reasonable attorney's fees,and costs of documentary evidea: abstracts and title -.:ports 19. Borrower's Right to Reiaatate. Notwithstanding lender's aoceleratian ofthesums secured by this Mortgage, Borrowershall have the right to have any prooeediags begun by bender to enforce this iYtortgage disrnntinaed at say tioi+e prior to entry of a judgment trnforcdng this Mortgage if; (a) Boriawer pays Lender all sums which w~celd be then clue ender this Mortgage, the Note sad notes securing Flcture Advances, if any, had no acceleration oocarred; (b) Borrower cures all breaches of anyo:hereoveaaats or agreements o: Borrower contained in thin Mortgage; (cl Borrower pays all reasonable e:pea~ incurred by Leader in enforcing the covenants and agreements of Borrower contained in thin Mortgage and is enfoe+caesg Lender's remedies as provided in paragraph 18 hereof, induding,bat not limited to, reasonable attorney's fees; and (d) Borrower takes suds adios as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon suds payment and cnr~e by Borrower, this Mortgage and the obligations secored hereby shall remain in fad force and effect as if ca aocekrstion had occurred. Zl). Assignment of Reate; Appointment of Receiver. As additional security hee+etsader. Borrower hereby assigns b Leader the rents of the Property, provifed that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of fibs Pro to rniler# and retain such rents as they become doe and payable. pertY,havetheright Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled W have a receiver appointed by a cosh to eaterupoa. take peaextaion of and nsanage rte Property and to collect the rents of the Property, including those past due. All Teats eollocted by the receiver shall be applied first b payment of the costs of managementof the Property and eoliectioa of recta, indnding, but not limited b. receiver's fees, premiums on receiver's bonds end reasonable attoraey'a fees, and there b the sums secc~•ed by this Mortgage. The receiver shall be liable b account only for those rents actually received. 8~~ ~4 P~~ ~6~: s