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HomeMy WebLinkAbout2783 • 'i r ~ - - ~ ~ a Intpuctlon. Lender may 4nake or caws to be Deeds reasonable entries upon and iospedioas of the property. presided that Leadershall give Borrower aotias prior b eery such inspection specafying reasonable cause theretar related b bender's interest in the Propes4y. 9. Condemnation. The proresds of sal award or claim for damages, direct err consequential. is connection with any condemnation or other talong of the property, oe part thereof. or for conveyance in ~ ~t crndemnatioa, are hereby assigned and shaII bs paid b Iwndse. Ia the event of a total takia~ of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess, ff any. paid b Borrower. In the event of a partial taking of the Property, unlea Borrower and Lender otherwise agree in writing. there shall be applied b the sums secured by this Mortgage such proportion of the peooeeds as u equal b that proportion which the amount o[ the soma secured by this Mortgage immediately prior b the date of taking bears b the fair market velus of the Prop4rty immediately prior b thedats of ta?ing, with the balaaoe of the proceeds paid b Borrower. If We Property is abandoned by Borrower. or i>; aRer notice by Lender b Borrower that the condemnor offer b make an award or settle a claim for damages. Borrower foils b respond to Lsadet within 90 days after the date such notice is mailed, Lender is authorised to Dolled and apply the proceeds. at Lender's option, either b redoration or repair of the property a: b the sums secured by this Mortgage. Unlace Lender and Borrower otherwise agreein writing, anysnd?apptication ofprooeedsb principal shall note:trod arpostponethedne date of the monthly installments referred b in paragraphs 1 and 2 hereof or diange the amount of such installments. - 10 Borrower Not Released. Esteaaion of the time for payment or modification of amortization of tho stems secured by this Mortgage granted by Lender b any suooeesor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Fender shall not be reggired b commence proceedings against such snoceesos or refuse b eztend time for payment or otherwise modify amortization of the sums secnreid by this Mortgage by reason of say demand made by the original Borrower and Borrowda successors in interest. ~ . 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the esercisa of any such right or remedy. The procurement of inamance or the payment of lases or other lives or drarge_ s by Ler?der shall not be a waivey of Fender's right b accelerate the maturity oaf the indebtedness secured by this Mortgage. _ . 12. Remedies Cumulative. All remedies provided in this Mortgage are dialled and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciaecl concurrently, independently or ateooessively. 13 Snooessors and Assigns Bound; Joint and Several Liability;.Captions. The oovenauts end agreemaets herein contained shall bind, and the rights hereunder shall inane to; the respective anocessors and assigns of Lender and Borrower. subject b the provisions of paragraph 17 hereof: AU covenants and agreements of Borrower shall be joint and several.l'he captions and headings of the paragraphs of this Mortgage are for oovenience only and an not b be need b interpret or define the pa visions hereof: 14. Notice. Except4or any notice required nr~ aoplicable!ew b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing sash ice by ~ .r~6d: mail addressed b Borrower at the Property Address or at each other address as _ Borrower may designate by notice b Lender as provided ht rri:., and (b) any notice b Lender shall be given by certified mail, r~ettern receipt - regnested, bLender's address stated herein or b each other address as Leader may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to haw been given b Borroyer or Leader when given in We meaner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants foe national use and non- uniform covenants with limited variations by jurisdiction b constitute a naiform security instrument covering real property. This Mortgage - shall be governed by the law of the jariadidioa in which We Property is located. In the event that any l:roviaioa or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and b this end the provisions of the Mortgage and the Note are declared b be severable. - 1& Borrower's Dopy. Borrower shall be famished a conformed copy of We Note and of this Mortgage at the time of excretion or after rernrdation hereof. - - 17. Transfer of the Property; Assumption. If all or any part of the Property or as interest therein is sold or transferred by Borrower without Leadee's prior written consent, ezcluding (a) the creation of a lice or encumbrance epbordinate b this Mortgage, (b) the creation of a purchase money security interest for household appliaaaes, (c) a transfer 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 years or less not containing an option b purchase,Lender may, at I.efldds option, declare all the sums eecnreu by this Mortgage b be immediately due and payable. Lends shall have waived each option b accelerate if, prior to the sale ortranafer, Lender and theperaon b whom tfie Property is tobesold or transferred reach agreementin writing thatthecreditof sash - person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall ' ~iegnest. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrowda anoceaso~r in interest has ezecated a i t written assumption agreement accepted in writing by Lender, l.mder shall release Borrower from all obligations under this Mortgage and tbe Note. - _ - If Lender e:ercisea such option b accelerate, Lender ahsll mail Borrower notice of aooeleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30.:.:ya from the date the notice is mailed within which Borrower may pay the soma declared due. If Botoewer fails b pay arch sums prior to the expiration of such period, Lend „without Earths notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Bzcept as provided in paragraph 17 hereof, upon Borroa?er's breach of aqy covenant or - agreemeirt ofBorrower inthis lilortgage, inclndingthe covenants to pay when due any same secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action regained to care each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach moat be. cared; and (4) that failure W care each breach on or before the date specified in the notice may resell in acceleration of the snmssecnred by this Mortgage, foreclosure by judicial proceeding and sale.of the Property. The notice shall further inform Iforrowei• of the right to reinstate after acceleration and the right to assert in the foreclosure proceedingthe - non-ezistence of a default or any other defense of Borrower to sa~eleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this )Mortgage to be immediately dne and payable without further demand and map foreclose this Mortgage by judicial proceeding.Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts. and title reports. - 19. Borrower's Right to Reinstate. NotwithstandingLender'~ aooeleration ofthesums secured by thiaMortgage,Borrower shall have the right b have any prooeedinga begun by Lender b enforce this Mortgage discontinued at any time prim to entry of a judgment enforcing this Mortgage ii: (a) Boroewer pays Lender all same which would be then due ender this Mortgage, the Note and notes securing Plrture Advances, if any, had no sooeleration oocnrred; (b) Borrower cures all breaches ofany other covenants or agreem®ts of Borrower contained in I this Mortgage; (o) Borrower pays ail reasonable ezpenees incprred by. Lender in enforcing tbe ooveaants and agreements of Borrower S contained in this Mortgage and in enforcing Lendds remedies as provided in paragraph 18 hereaf, including, but not limited to, reasonabk? f attomey'e fees: and (d) Borrowez takes such action as I:ender may reasonably require b aswrc that the lien of this Mortgage, Lender's interest ii in the Property and Borrowda obligation to pay the soma secured by this Mortgage shall oontince unimpaired. Upon such paymcet and core f by Borrower, this Mortgage and the obligations secured hereby shall :amain in full force and effect as if no aooeleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Ace additions! security hereunder, Borrower hereby c:~igns to Lender the rata I of the Property, provided that Borrower absU;-prwr b aeoekration nude paragraph 18 hereof or abandonment of the Property, have theright to Dolled and retain each rents as they become due and payable. Upon eooekratioa ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a . court b eaternpon, take poeseasion of and manage the Property and b tolled the recta of the Property. including those past due: All netts ? collected by the reoEi ver shall be applied first b payment of the oasts of managemeatof the Property and collection of rents, inducting, bat not limited b, receivds fees, preminma on reoeivds bonds and reasonable attorney's fees, and then b the snms_ secured bythisMortgageThe - reedver shall be liable b aceoant only far those rents adaally received. i B~ PAGE~~ 4 -