Loading...
HomeMy WebLinkAbout1353 . _ . ~ ' . ` ~ { 1.' , Inepeelion. Lender may make or i~sttse to be made reaswtable nutria upon and inspectioru ofthe propeeey, provided that Lender shall give Bom~wer.aotics prior to any such inspection specifying reasonable cause therefor related to Ltnder's intercat in the Property. 9. Condetanation. Ths peooeeds of any award or claim for damages. director consequential. in oonrsection with any condemnation or other taking of the proper!`., or part therwof, os for conveyance in iieet of eondeasnation, are hereby assigned and shall be paid to Landes In the event of a total !sting of Ws Property. the proabds shall be applied w the sttme secured by this Mortgage, with the ezoess. if any. paid to Borrower. In the event o[ a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secttr+ed by Chia Mortgage such proportion of the proceeds as is equal to that pmportioo which the amount of the attms _ i secured by !file Mortgage immediately prior to the date of !sting bears to the fair market valuaatthe Property immediately prior fn the date of ~ taking. wiW the balsnea of the proceeds paid to Borrower. If the Propergr is abandoned by Borrower, or ~ after notice by Lender to Borrows that the oondemnoroffers to make an award or settle a claim for damages. Borrower fails to respond w Fender within 30 days aRa t;~e date such notice is mailed, Lender is authoii>ASd to collect and apply the proceeds, at Lendesra option, defier Lo restoration or repair of the property or to the stuns assured by this Mcrtgage~. Unless Lender and Borrower otherwise agree in writing. any such appW~tion of proceeds to prirupal shall not a:tend or postpone the due date of the monthly instaUm ~ats referred to in paragraphs 1 and 2 hereof or change the amotmt of stx~t installments. - 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any attcoeasor in interest of Borrower shall not operate to release, in any manner, tht Lability of the original Borrower and Borrower's suooeaoa in interest. Lender shall not be required to oommance prooeedinga against such sttoreaeor err refuse to extend time for payment err othervise modify amortization of the soma secured by this ;?fortgage by reason of any demand made by the original Borrowetr ~ and Borrower s suocessora in interest. - ' 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy her~euuder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to acolerate the trtatnrity of the itxlebtednees 1 sec+sred by this Mortgage. 12. Remedies Cmm~lative. AA remedies provided in this Mortgage are distinct and cumulative to aqy other right or remedy under this Mortcage or afforded by law or equity, and may be ezercise~i concurrently, independently or auooeseively. 13. $ticoeseors and Assigns Hotrod; Joint and Several Liability; CapEions. The covenants and agreements herein contained shall { bind, and the rights hereunder shall iattre to, the respective anccessors and aeaigits of Lender and Borrower, subject to the provisions'of paragraph 17 hereoL AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of ' this Mortgage are for ooveniP.nce only and an 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 begiven by mailingsnch noticebycertified mail addreasec(toBorrower atthe PropertyAddreesor atsuch otheraddress as Borrower may designate by notice b Lender as provided herein, and (b) anynotice !o Lender shall be given by certified mail, regtrn receipt requested, to Lender's address stated hezeitt or to such other address 8s Lender may designate by notice to Borrower as grovided herds. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender whey given in the ananner designaU•d herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage oau+bines uniform oovenante for national use and non- s uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properly. This Mortgage t shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or _ ~ tl.e Note conflicts with applicable Iaw, arch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect s without the eonfUcting provision, and to this end theprovisions of the Mortgage and the Note are declared to l:e severable. ~ ' Ili. Borrower's Copy. $orrower shall be fttraiahd a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. , - ~ f 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (a) the tseation of a lien or encumbrance subordinate to thin Mortgage, (b) the creation of a $ purchase money security interest tar household appliances, (c) a t:-anafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yerra or less not containing an option to par+chase, Lender may, ai Lender's option, declare all the sums secures by this Mortgage to be immediately due and payable. bender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to tw sold or transferred reach augreetnent in writing that the creditof arch $ person is satisfactory to Lende* and that the is~teres2 payable on the soma secured by rata Mortgage shall beat such rate as Leader shall € request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowet~s saooesaor in interest has executed a writ!enasaumptionagreementa+uneptedinwritiagbyI.ender,I.enderahallreleas_eBoaowesfromallobligationaunderthisMortgageandthe ~ Notes - t If Lender ezercisa such option to accelerate, Lender shall mail Harrower notice of aooeleration in aeoordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma dedared due. If Borrower fails to pay such sums prior to the ezpvaticn of such period, Lender may, without furt~ier zsetice or demand on Borrower, invoke any remedies permitted by paragaaoh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Harrower in this Mortgage, including the covenants to pay when 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 sQion required to wre each breach; (3) a date, trot less than 30 days from the date We notice is mailed to Borrower, by which such } breach must be cured; and (4) that fcilure to care such breach on or before the date specified in the notice may remit in acceleration of the sums 8e~cured by this Mortgage, foreclosure by jadicisl proceeding aa~l sale of the Property. The notice shall further inforw Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach iq not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the soma secured by this Mortgage to be immediatelydue and payable without further demand and may foireciose this Mortgageby judicial proceeding. Lender shall be entitled to collect io such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees, and casts of documentary evidence, abstracts and title reports. - 1.9. Borrawerb Right to Reinstate. NotwithstandingLenders acceleration of the sums secured by this 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 ttia Mortgage if: (a) Borrower pays Lender all soma which would be then due .nder this Mortgage, the Nate and notes secpring Iheture Advances, if any; had no aaoelerstion occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in . this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender i_*t enforcing the covenants and agreements of Borrower ~vntained in this Mortgage and in enforcing Lender's remedies as provided its paragraph I$ hereof; inclnd:nq, but not limited to, reasonable 4 - attorney's fees; and (d) Borrower takes such action as Lendermay reasonably require to assure that the lien of this Mortgage.. Lenders interest in the Property and Borrowers obligation to pry the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Horrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hez+eby assigns to Lender the rents ~ _ of the Property, provided that Borrower shall, prior to acceleration ender parsg: aph 1$ hereof or abandonment of the Property. have Weright to collect and retain such rents as they become due and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property, bender ahel! be entitled to have a receiver appointed by a oomt to enter~pon, take poeseebion of end manage the Property and to collect the rents of the Property, inctndirtg those peat doe. All testa oolttcted by the receiver shall be applied first to payment of the costa of maaagementof the Property and ooUection of trots, including, but not limited to, rec-eiver'a foes,. premiums ors recdvers bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. l'he recover aha11 be liable to account only for those rents actually reoaived. _ t - ~ gco~324 PaGE~352