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HomeMy WebLinkAbout0598 - . ~ ~i 1 _ l - f - ? ~ ~ 1 s. Inspee3ion. Laden may slake or canes to be made reasonable entries neon and inspectiosa of the properbr,provided that Lerderahall giw Borrower notios prior b aqy •uch inspedioa spedfying reawnsble caws therefor related to Lender's interest in the Prapergr. 9. Condemnation. The pra~eeds of nay award or claim for damages. direct or consequential, is oonaectioa with ao,Y couderaaatioa or oche: taking of the property. or part fhb or foe ooaveyanoe in lieu of ecndemnation, are hereby assigned and shall be paid b Lander. In the event of a total taking of the Property. the proceeds shaA be applied W the sums secured by this Mortgage. with the e3esss~ if aqy, paid to Borrower. In the event cf a partial takdng of the Propestlr. unless Borrowee and Lander otherwise agree in writing. there shall be applied to the sums seemtid by this Mortgage sec6 proportion of the proceeds is equal to that peopoetian which the aaaont d the cams - secured bythis Mortgage immediately prior to the date of taluag bears to thefair marttat vahre ofthe Property imnaediatalvj?priorto tbedaDe d testing, vrith tae balance of the praoseds paid to Borrows: - If the Peol>e:ty i. abandoned by Bormwes, or if, after notice by Leader bo Borrower that the conderanoroffarstomekean award orsetde a ' claim for damages. Borrower faib to respond to Fender within 30 dap afte:the date snob notice is ensiled, Landes is anihorised to oollectand apply the prooeads. at lender's option, eithta to restoration or repair of the property ur to the sums secarad by this Mortgage. L'aless Lender sad 8orrowerotherwise agreeinwriting.any sachappticatioaofprooeedstopeincipalshaD notezterderpodpoaethedae date of the monthly installmenb referred to in Feragraplu 1 and 2 hereof or dranga the amount of sndr insidbaaenis. 10. Borrower Not Reles~aed. Baten+tion of the time for paym~t a modi5cstion of amortization of the awns secured by this Mortgag~c granted by Lender to any suoocesor in interest of Borrows: aball not operate to release, in any ~me~naer, the Liability of the original Bor:vwer end Bormwa's suaoessors in interest. bender shall not be required to oononaence proceedings cagainat sad? suooeesor or refine to ezknd time _ for paym~t or otherwise modify amortization of the surw setivred by this Mortgage by reason otany demand made by the original Borrower and Borrower's auooeesors in interest. ' 11. Forbeasanes uv der Not a Waiver. Any forbearance by Leader in eza+aing any right or remedy hereunder. err otherwise afforded by appficaW~ taw, shall not be a waiver of or preclude the exercise of any sa3? right a remedy. The procurement of insoranee err the payment of fazes or other liana or charges by Lender shat! not be a waiver of Leerder'e right bo'sooelerate the maturity of the indebtedness secured by this Mortgage. - - 12. Remedies Gtinutilstive. All remedies provided in_ this Mortgage are distinct and amnlative to sqy other right or remedy ender this Mortgage or afforded by-law or equity. and m4y be ezeecised concurrently, independmtty or aroeeesivety.- - 13.8ucoessorsand Assigns Bound: Joint and 3evera~l Liability; Captions. The covenants and agreements herein oantained shall - bind, and the rights herennda shall inure to, the respxtiva snooessors and assigns of Larder a~ Borrower. sabjert to the provisions of paragraph 17 hereoL All oovenanta and agreoanents of Borrnwer shall be joint and several. The captions and hmdings of the paragrapLsof this Mortgage are for eovenience ody and are not to be used to interpret a define the provisions hsreoL 14. Notice.lS:Dept for any notice required under applicable law to be giver in another manner, (a) any notice to Borrower provided for iii this Mortgage shall begigen by maiW~gsnch aoticebycertified mail addreeaed toBorroweratthe PropertyAddreseoratsach otheraddress as Borrows may designate by notice to Dander ss provided herein. and (b) any notice to Lender shall be given by certified mar'1, retarrn receipt raqueated. to Lender's address stated herein o: to such other address as Leads may designate by notice to Borrower as provided herein. Any notice provided for. in this Mortgage shall be deemed to have been given to Borrows or Lceder when given in the manna deeagioated herein. 15. Uniform Mortgage; Governing Law; $everabiiity. This form of mortgage combines uniform ooveaantc for national use and non- uniform oovenanta with limited variations by jurisdiction to oonstitnte a uniform security instrement covering real property. This Idort~aige shall iw governed b~ the law of the jurisdiction in which the Property is located. In the event that any-provision or chose of this Mortgage os the Note conflicts with applicable law, such oonllict shall not affect other provisions of this Mortgage ce the Note which can be gives effect _ without the bonfiicting provision. and to this end the provisions of the Mortgage and the Note sre~dedared to be aeverabla 1& Borrower's Copy. Borrower shall be fmr aiahed a conformed Dopy of the Note and of this Mortgage at the time of ezecutian or suer recordation hereof. - - - c~ 17. Transfer of the Property; Assumption. If all os any part of the Property or an iaterestther+ein is aoW or transferred by Burrower . we"thont Leader's prior written consent, excluding (a? the rneation of a lien or encambranoe aaboidinate to this lliatgage. (b) the creation d a ' purchase money aecnrity inter+est.for household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint v tenant or (d) the grant of any kasebold interest of three years or less rent containing an option to petrhase, Lender may. at I.eade:•s option, declare all the sums secured by this Mortgage to be immediately due sad payable. Lends shall have waived such option to aoeeierate ~ prior to thesale or transfer, I.~derand theperaoa to whom the Property iatobesold orttansfesredreach agreement in writingthatthecs~editofasch person is satisfactory to Lends and that the interest payable on the sums aecnred by this Mortgage shall be at anch rate s+s Linder shall - ' request. If Lender has waived the option to aecderate provided in this paragraph 17. and if Borrowers weoeesor in interest has ezewted a written assumption agreement aaoepted in writing by Lender, Lender shall release Borrows from all obligations andathis Mortgage and the Note. If bender exercises each option to aooela~ate, Lender shall mail Borroaer notice of aooelesation in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is wailed within which Bonowa may pay the soma declared ! due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereoL 1& Acceleration; Remedies. Ezc:ept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eoveuante to pay when clue siny samssecured by this li[ortgage, Larder - prior to sooeleration shall mail notice to Borrower as provided in paragraph 14 hereof speiafjring: (1) the breach; (Z) the action required to canes snob breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by wrhiich rush breach most be cured; and (4) that failure to cure such breach on or before the date speafied in the notice may result in acceleration of thx sums secured by this Mortgage, foreclosure by jndicialproceedingand saleofthePropertv.Thenoticeshall further inform Horroever of the right to reinstate after aeoleration and the right to auwert in the foreclosure proceeding the non-existence of a detaalt or any other defense of Borrower to aocelaration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Fender's option may declare a!l o! the soma secured by than Mortgage to be i mmediately dne and payable without farther demand and may forxlosethis Mortgage by judicial proceeding. Leader shall be entitled to collect in such proceeding all e:pensea of foreclosure, including. bat not limited to, reasonsEile attorney's fees; and costs of doenmentary evidence, abstracts and title reports. 19. Bonvvver}s Right to~Reinatate. Notwit+~atan!ling Lader's sooEleration of the amens secured by this lylortgage, BcKrowerehall have the right to have any Proceedings begun by Lender to enforce this Mortgage diacantinued at any time prior to entry ai' a judgment enforcing th;a Mortgage if: (a) Borrower pays Leiads all same which would be then due under taus Mortgage, the Note and notes eecaring Foresee Advances. if any, had no aecderation oocerred; (b) Borrower cores all>:reaches of any other ooveuants os m of Borrower containedm # this Mortgage: (c) Borrower pays all reasonable ezpeasea incurred by Leads in enforcing the covenants a :d agreements of Borrows contained in this Mortgage and in enforcing Leader's ranediea as provded in paragraph 18 hezeo$including, but red limited to, ressoruble attorney's fees; and (d) Borrower taken such action as Lender may -easonably require to assure that the lien of this Mortgr~ Leader's inter+aet in the Property and Borrower a obligation to pay the amens secured by this Mortgage shall oontinne unimpaired. Upon such payment and care by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect as if m a+ooele:atien had oocnrned. ~ 20. Assignment of Rents; Appointment of Receiver. Ae additional se.-unity hercender. Borrower hereby assig~os to Lendwrthe rents - of tae Property. provided that Borrows shall, prior tv aa^e>eration ender patagrap618 hereof or abauidonmcet of the Property, have fire right to collect and retain snob rents as they became due and pagabte. - a Upon aooderation ender paragraph 18 hereof or abandonment of the Frapa~ty, Lender shall oe entitled to have a receiver appointed by a court to enter.upon. take possession of and manage the Property and to collect the rents of the Propsty, including those past due. Ail rerrts collected by the receiver shall be agpliad first to peym~t of the oasts of managementof the Property and eolkction ofrents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and they to the sums secneed by this Martga~ The receiver shall be liable to aoflonnt only for theses rents actually received. i - ~~OK t~?~ PAGF _ e~~