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HomeMy WebLinkAbout1358 ~ - 1 .l _ . ' M ti~3r ~ ~ V~ f 8. Irupe+etioa. Leader may make or cause to be made reasonable entries upon and inspsctiotrs othee property. provided that Lender shall give Borrower notice prior M any such inspection sperifyiag roaaonable cause therefor related to Lender's interest in the Peoperty. - 9. Condemnatloa. The proceods of err. ~ lward or claim for damages. direct or oansequeatial, in oonnectioa with any ooadsmaatioa or other taking of the property. or pari Wereof.:: f~ ooaveyanoe in lieu of condemnation. are hereby assigned and shall be paid to I.ender. Ia the event of a total taking of the Property. the prooseda shall be applied to the sums secured by thin Mortgage. with the ezoea, if any. paid to 8orrawer. Ia the event of a partial taking of the Property, udass Boeeower and Lender otherwise agree in ~rriting, there shall be applied to the sums secured by this Mortgage sudt proportion of the prooeoda as is equal to that proportion which the amount of the sums ~ secured by this Mortgage immediately prior to tSe date of taking bears to the fair marked value of the Property immediately prior to the date of taking. with the bslanoa of the proceeds paid to Borrorroir. - ~ " if the Property is ab~aadoned by Borrower. ~ after aotioe by Leader to Borrower that the ooademnor often to make an awardor settle a } claim for damages, Borrower fails to respond to Lender within 30 days attex the date such notice is mailed. Leader is authorised to eollact and 2 apply the proceeds, at Lenders option, either to restoration or repair of the property or to the soma secured by this Mortgage. p Unless Leader and Borrower otherwise agree in writing. any such application of proceeds to principal shall rat extend or postpone the due ? date of the monthly installments nfetred~to in paragraphs 1 and 2 hereof or change the amount of such iaatallments. 10. Borrower Not RaIeP-sect. Eztension of flu time for payment or modification of amortisation of the soma secured by this Mortgage granted by Leitdex to any successor in itttrnat of Borrower shall rat operate to release. in any manner. the liability of the original Borrower and Borrower's succeeaors is interest. l r: rrer shall not be required to eaommence proceedings against sudn successor or refuse b eztertd time t for pay meat or athe:tivise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a successors in interest. 11. Forbearance lip Lander Not a Waiver. Any forbearance by Lender is ecrercising any right or remedy hereunder. err oths:orise afforded by applicable law, shall not be s waiver of or preclude the enertdee of any such right remedy. The procureanettt of insaranee or tht payment of fazes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness t secured by this Mortgage. - - i 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to tay? other right or remedy andex this { Mortgage or afforded by law or exlaity, and may be exs:cised concurrently, independently or successively. 13.3ucoesaorsand Resigns Bound; Joint and Sevest$1 Liability; Captions. The covenants and agreeroenta beasts contained shall i bind. and the rights hereunder shall inure to, the respective aueoeason and assigns of Lender and Borrower. subject fo We provisions of paragraph 17 hereof. All rnvenants and agreements of Borrowex shall be joint and several. The captions and headings of the pangraphs of thin Mortgage ere for rnvenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another meaner, ter) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrov~*erat the Property Address or at such other address as Borrowm may designate by notice to I.eudw ae provided herein. and (b) any-notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lrnder 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 Lender when given in the manner designated herein. _ 15. Uniform Mortgage; Governing Law; Severability. This farm of mortgage combines uniform covenants for national use and non- uniform rnvenanis with )invited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Ia the event that any pmvu+ion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this 1liortgage or the Iy'ote which can be gi 9en effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fnrniahed a conformed Dopy of the Note and of this Mortgage at the time of eaecation or at~r recordation hereof. ~ ` 17_ Transfer of the Property; Assumption. If all or any part of the.Froperty or an interest therein is sold or transferred by Borrower s~lthout Lendei s prior written consent, ezduding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (bj the creation of a purchase aaney security interest for household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of Buy leasehold interest of. three years or leas not containing an option to purchase, Lender may, at I.end~a option, r ~eclare all the sums escnred by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior W ~ to the sale or franaier, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing thatthe creditof such rson is satisfactory to Lender and that the interest payable on -the-sums secured by this Mortgage shall heat such rate as Lender shall _ • ~ ; request. If Lander has waived the option to aecelezate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligations Hader this Mortgage and the Note. - If lender eae:cises such option to accelerate, Lender shall mail Sorrower notice of aooelesatian in aooordance with paragraph I4 liereot Such notice shall provide a period of not less than 30 days from the date the notice is wailed withise which Borrower may pay theaums declared due. If Borrower fails to pay arch suona prior to the expiration of wch period, Lender may, without further notice or demand on Borrower, ir_voke any remedies permitted ly"paragaaoh 18 hexeoL 18. Aocelerstion; Remedies. Ezaxpt as provided in paragraph 17 hereof, npor± Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eeovenanta to pay when due any soma secured by thin Mortgage, L~der prior to acceleration shall mail notice to Borrower as provided in paragraph 1~1 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice ie mailed to Borrower, by which such breach moat be cured; and (4) that failure to care such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate ages acceleration and the righE to assert in the foreciasure proceeding the non-zzistence of a default or and other defense of Borrower to acceleration and foreclosure. If the breach ir• not cured on or before lire date specified in the notice, Lendef xt Lender's option may declare all of the sums secerred by this Mortgage to be i mmediately due_and payable without further demandand may [oreclose this DI[ortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ~ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. NotwithstandingLenders acceleration of She same 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 jndgmsnt enforcing this ,Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Mote and notce securing Fhtare Advances, if any, had rw aoeelPration occurred; (b) Borrower cures all breaches of any other rnvenanta or a~gc+eements of BorruvreT contained is this Mortgage; <r) Ac:-rower pays all reasonable expenses inenrred by Lender in rnforring the covenants and agreements of Borrower contained in this Mortgage and in enforcing Leader'a remedies ere provided in paragraph l8 hereof, including, but not limitri to. reasonabk? attorney's fees; and id) Borrower takes such action as Lendcr may reasonably require to assure that the lira of this Mortgage. Lender's interest in the Property and Borrower s obligation to pay the cams secured by this Mortgage shall continue unimpaired. Upon arch payment and care by Borrower, this Mortgage and the obligatirn~s secured hereby shall remain in full farce and effect as if no aooeleration had occurred. J. Assignnurt of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration ender parafctaph I8 hereoforabandosunentof thePtoperty, have Weright to collect and retain such reefs as they become due and payable. Upon aooderation ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter-upon, take poeseasion of and manage the Property and to Dolled the rents of the Property, including Wore peat due. All rents allected by the receiver shall be applied first to payment of the costa of managemerttof the Property and collection of r+enta„ including, but not limited to, receiver's fees, pr~iumg on receiver's bor?da and reasonable attorney's foes, and then io the amens secured by this Mortgage. The reoeirer shall be liable to aroant only far +.hose sautes actually received. . - 8~3~4-Pa~3357