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HomeMy WebLinkAbout0590 t E ~ - ? as . j ~ I`•) ' - P. Inepsctiow Tender mr~y males or gnss b be made reasonable entsies upon and irecpeetions of the property. provided that Leader shall give Borrower notice prior b any each inspection specifying rea>^nable cause therefor rebded b Lender's interact is ibe Properly. 9. Cordersnatiorr. The proceeds of any award or claim for damages„ direct or wnsogneatial. is couaectioa with any oondemaation or other taking of the property, or part thereof. or for conveyance in lien of oondamnation. are hereby assigned and shall be paid b Leader. In the avcnt of a total taking of the Property. the proceeds shall be applied b flee sums secured by this Mortgage; with the esosse, if ewy, paid to Borrower. In the evoat of a partial_takireg of the Proper, nnlecs Borrower and Lender otherwise agree in writing, there shall ba - app4ed tithe sums secured by this Mortgage such proportion of the proceeds ai ie equal b fleet proporiaoa which the amount of the come severed bythis Mortgage immediately prior tc the date of taking ba~ace b ;Ce fair market value of the Pto~erty immediately priarb the date of taking. with the balactce of the proceeds paid b Darrawer. If the Property ie ~ ',andaned by $orrower, a< i~ after notice by Leaner b Borrower that the oondemnoroffe:e b make an award or sattisa claim for damages„ Be,.-rawar fails b respond b Lender within 90 days after the date such notice ie mailed, Lander is anthorzed boullsd and apply the proceeds, at I.eadae'e option, either b restoration or repair of the propeerty or b the sums secured by this Mortgage. Unless under and Borrower oWarwise agreeinwriting, anysede applicationof prooeeelabprinapalehaU rrotestead or postpoaetbedae date of the monthly installments referred b in paragraphs 1 and 2 hereof err change the amount of each inatalhneats. ll). Borrower Not Released. Ismtension of the time for payment or modification oaf amortization of the arms severed by this Mortgage greeted by Lends u: ,ray suooessor in inter:.. of Barrawer shall nut operate to relcwae. in any manner: thr liability of the original Bonrorrer and Borrower's sneoeasors in interest, bere~rt shall net be required b oonamereoe proceedings against such soooeesor or referee b eztend time for payment or otherwise modify aeuortizaiion of the auena secured by this Mortgage by reason of any demandmade by the original Borrower and Borrower's aurcessors in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerciafng any night err remedy hereunder. err Mlterwise afforded by applicable law. shall not be a waiver of or preclade the exercise otany such right or remedy. The procurement of insurance or tltP paym~t of fazes or other liras o: charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the indebtedness secured by thin Mortgage. - - 12 Romediee Cnmalative. All remedies provided in this Mortgage are distinct and wmulative b any other right or remedy Hadar this Mortcage ce afforded by law or equity. and may be ezer+cisdl axtcurreatly. independently oz sneeeeeively. - 13.3uooeasors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the righter hereunder shall inure to, the respective aneoeesors and assigos of Lender and Borrower. subject to the provisions d paragraph 17 hereof All covenants and agroementa of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenieace ody and are not to be used b interpret or define the provisions hereof: 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such aotiosby certified mail addeceaed to Borrower at the Property Address or at such other address as - Borrowermay designate by notice b i-,ender as provided herein. and (b) any notice b Lender shall be gives by oeNified mail, r+etnra accept - regnested. bbender's address stated herein or to each other address as Treader maydesignate bynotice-to Borrower as provided herein. Any - notice p: ovided for in this Mortgage shall be deemed to have been tpven to Borrower or Lender when given in the manner designatedherein. - 15~ Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and aon- nniform covenants with limited variations by jurisdiction to constitute a uniform aocurity inatramettt covering real property.This Mortgage. shall be governed by the iww of the jurisdiction iri which the Property id located- h: the event that any provision or clause of this Mortgageerr the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or flee Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and We Nate are declared to be severable- . 16. Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time of e:evetion or after rECOrdation hereof. 17. Transfer of the. Property; Aewmption. U all or any part of the Property or an interest therein is sold or transferred by Bot?ower without Lender's prior written consent, excluding (a) the aeation vi a lien or envembrance subordinate b this Mortgage; (b) the cr..ation of a pnr+~hase money security interest for honsehoid appliances, (c) a transfer by devise; descent or by operation of law upon the deaW of a joint tenant-or (dj the grant of any leaseleold interest of three years or less not oontaiaing an option to purchase, Lender may, at I.endersoption, - declare all the sums aecurea by this Mortgage tabs ie9unediately due and payable. Lender shall have waived sash option to acoekraste if,,prior to the sale or transfer, Lender and the person to whom the Property is to be solo ~ transferred reach agr+eernent in writing thatthe ueditofanch _ person is satisfactory to L,ereder vnd that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's sncoesaor in interest has ezeveted a written assumption agreement accepted in writing by L,ender, L,mder shall release $orrowa from all obligations under this Mortgage and the _ ` Note. . If Lends ezercises such option to accelerate, bender shall mail Borrower notice of acceleration in aooordance with paragraph 14 her~eoi ` Such notice shall provide a period of not less than 3U days firom the date tree notice is mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the ezpiration of arch period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraah 18 hereoL 18. Acceleration; Remedies. Ezcept as provided in paragraph 19 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eovenante to pay when due any sums severed by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ere provided in pareg~ spit 14 hereof specifying: (1) the breach; (2) the action . required to core such breach (3) a date, not less than 3U days from the date the notice is mailed to Borrnwer, by which such breach mast be cared; and (4) that fafle}re to care each breach on or before the date spetaffed in the notice may result in acceleration of the sums secured by this Mortgage, foredosure by judicial proceeding and sale of the Property. The notice shall :urther inform-Borrower of the right to reinstate after socelerstion and the right to aeseri in the foreclosure proceeding the non-eziatence of a 4etault or any other defense of Borrower to acceleration and forecloettre. If the breach is not tarred on or before the date specified in the notice, Lender-at Lender's option may declare all of the enms secured by t~bz Mortgage to be - immediately due and payable without further demand and may foreclose tbYS Mortgage by jndicias proceeding. Lender shall be entitled to collect in such proceeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstrac+.$ -and title reports. ~ } 19. Borrower's Right to Reinstate. NotwithatandnigLender'sacceleration ofthe aumssecured bythinMortgage, Borrmcer shailhave thz right to have any prooeedinga begun by Lender b enforce this Mortgage discontinued at any time prior b carry of a judgment enforcing this Mortgage ifi (a) Borrower pays Lander al! gums which would be then due ender this Mortgage, the Nate and notes securing F~eture Advanoea, if any, had no aeoeleration ooaarred; (l:) Borrower E,=ree all breaches of any other covenants or agreements of Borrowacontained in this Mortgage; (c) Borrower pays all reaeonabk expenses inverred by Lender in enforcing thr covenants and agreements of Borrower rnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18hereof, indnding, but not limited to, reasonable 1 atarney a fees; and {d) Eorrower takes such action as Lender may rpaaorably regn,re to,~ssnrt that the lien of this Mortgage, I.endds interest B in the Proper ty and Bornewe~s obligation to pay the anma secured by this Mortgage shall continue unimpaired Upon each payment and sue by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect ere if oo acceleration had oaaerred. 20. Assignment of Renter; Appointment of Receiver. As additional severity hereunder, Borrower hereby assigns to Lendet the rents ; of the Property. provided that BorrowerahaU, prior to acceleration order paragraph 18~ereofoa abardonmmtof theProperty.have the right to collect and retain each renter as they become due rand payable. _ Upon acceleratio*± under paragraph 18 hereof or abandonment of the Property, Deader shall be entitled b have a receive: appointed by a _ oomt to enter.npon, take poeses~n of sad manage the Property and to collect the Teats of the Property, including those past doe. All rents i collected by the r~eeeiver shall be applied fizet b payment of the costs of managemeatof the Property and eolla~ion ofreate, indading, bat act # i limited to, receiver's fees, premiums on receiver's IrondB send reasonable attomey'e fees. sad then to the sums sevesed by this Mortgage. The r ~ receiver shall be liable b aceoemt only far those acute actually received, - - - - ~ - - q i F