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HomeMy WebLinkAbout1240 • ate ~ t tr,1• i~~ fl. Irupsotioa. Inndor may make or caws b be mach rrawnable entries upon and inapactiona oaths peopar~y. provided that Londe shall g[w Borrower notice prior b any such inopectioa apecibrins reasonable cams tbardar related b Lendar'a iaterwt is tM Propsty. >i. Coadessaatfoa. TM p~ooeeds of any awned a claim for damsgee, direct err ounaequential, iA oonneetion wiW aql? oondamnation or other taking of the peopsfy. ore part thereof. or for oonwyarws in lieu of condemnation, are haraby assigned and shall bs paid b Enacts. Ia tl» went of a total taking of the Ptopeny, the prooads shallbe applied to the sums secured by thin Moetgage4 with the ea;eoss, u any. paid b Boeeowor. In the awnt of a paetial tahdng of tbs Propergr, unless Boetower and I.setdee othswiss Ores in wilting, thane shall bs applied b tM snrns secue~etl by thin Mortgye such proportion of the piooeeds as i. agnal b that proportion which the amount o[ the sums seamed by this Mortgage iamodiataly prior b the data of taking bean b the fair market valve ofthe Property immediatabr prbrb the daM d taking, with the balance of the proasds paid b Borrower. Uthe Propef<y i• abandoned by Borrower. a i>7 after notice by I.wdar to Borrows that tM oondarnnor office b make an award or asttM a claim for damages. Borrower fails b respond b Lander within 30 days altar the date each notice is mailed, Lands is authorised b oolloct a~ apply thi proceeds. at Iwnder'e option, either b redoration or repair of the popeel~y or b the soma assured by this Mortgage. Ualas Iwndar and Borrower otherwise agree in wilting. any such application of proceeds b principal shall not extend a postpone the dw data of the monthly indallmenta rifared b in paragraphs 1 and 2 hereof or change the amonnE of such installments. 10. Borrower Not Released. S:tenaioa of the time for payment or modiScatioa of amortisation of the sums secured by this Mortgage granted by Lender b any suecaesor in interact of Borrows shall not operate b release, in nay manna, the liability of the oilginal Boreowar and Borrowag'a auooessors in interest. Lander shag not be required b oommeuos prooesdinge against such wooesaor or ratios b eztend time far peprment or oWerwise modify amortization of the sumr secured by thin Mortgage by mason of any demand made by the original Borrower and Bonowera anocessors in interest. 1 ~ ~ ~ ` ! 11. Forbearanos by Lendw Not a Waiver. Any forbearanos by Leeids in ese:cdsieig any~ig~t or rimy hereunder. oe othswisb afforded by applicable law, shall not be a waive: of or predade the ezscise d any ouch right err remedy. The procarernent of iworana~ or the pe~ymeat of tasep or other liens or charges by Lender shall not be a waives of Landers right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and aimuLtiw b aqy other right or remedy muds this Montage a affoeded by law or equity, and may be ezercis«l ooncanentlvy. independwtly or snooessively. 13 Sira~essora and Assigns Bound; Joint and Several Liability;Captions. The covenants and V herein contained shall bind, and the rights hereunder ahaU inane to, the respective lnoaeseon and assignor ~ Lender and Borrower, anbject to the peovisione d paragraph 1?hereof All ooveuants and agreeenenta of Borrower shall be joint and several. The captions and headings of the paragraphs o[ this Mortgage an for eovenience only and are not to be wed to interpret or define the provisions hereof. 14. Notice. Bzcept for any notice required under applicable law to be given in another manner, (a) any notion b Borrows provided for in this Mongage shall be given by mailing sash notice by oerti6ed mail addressed to Borrower atthe Property Address or at ouch other address as Borrower may designate by notice b Lender as provided herein. and (b) any notice b Leader shall be given by oertiSed mail. setira receipt requested, to Lender's addr+eas stated herein or b such other address as bander may designate by notice b Borrower as provided herein. Aqy notice provided for in thin Mortgage shall be deemed b have been given to Borrower or Lender whey given in the manna designated herein. 15. Uniform lllortgage; Governing Law; Severability. Thin form of mortgage combines uniform oovenanb for national nee and non- uniform covenants with limited variations b"y jurisdiction b eonstitnte a uniform securtity instrument covering reed propsty. Thin Mortgage shall be governed by the law of We jurisdiction in which the Property is located. In the event that any provision or clause of thin Mortgage or the Note conflicts with applicable law, each conflict shall not affect other provisions of thin Mortgage or the Note which can be given effect without We oonfiicting provision, and b this end the provisions of the Mortgage and the Note an declared b be severable. 16~ Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecation or after recordation hereof. 17.15ranafer of the Property; Assnrmption. if all or any pan of the Property or an interest therein is sold ~ transferred by Borrower ' without Landers prior wiltten consent, a:chiding (a) the creation of a fi~ or encnmbranoe anbordinate b this Mortgage, (b) the creation of a purchase money security interact for hoaaehold appliances,, (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 yearn or less not containing an option b purchsae, hander may, at Lender's option, dechare all the sums eecirea by this Mortgage to be immediately due and payable. Lender shall have waived such option b aecelerate if, prior to the sale or transfer. Lender and the person to wham We Property is to be sold err transferred reach agreement in wilting that the credit of such person is satisfactory to Lender and that the interest payable on the sums warred by this Mortgage shall be at snch~rate as Leader shell ~ request. If Leader has waived the option to accelerate provided in this paragraph 17, and if Borrowers snooessor in interest has aewted a written aasamption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. - ~ If Leader e:acises such option to accelerate. Lender shall mail Borrower notice of aeoeleration in aeoordance with paragraph ld hereof Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay We soma declared due. If Borrower fails to pay arch soma prior to the ezpiration of each period, Lender may, without further notice or demand on Sorrows, invoke any remedies permitted by paragaaih 18 hereof. 18. Acceleration; Remedies. E:cept as provided in Paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any soma sedered by thin Mortgage, Lender prior to s?eoeleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfytng: (i) the breach; (2) the action required b care such breach; (3) a date, not less than 30 days from the date We notice is mailed to Borrower, by which such breach moat be pored: end (4) that failure to care each breach on or before the date specified in the notice mar reaalt in acceleration otthe sums secured by this Mortgage. forechosnre by judicial proceeding and sale of the Property.The notice shall fur-then inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezidence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not pored 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 due and payable without further demand and may foreclose this Mortgage by Judicial proceeding. Lender shall be entitled to soiled in such proa~eding all ezpenses of toreclosnre, including, but not limited to, reasonable attorney's fees, and costs of doarmentnry evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender'sacceleration ofthe simssecured bythis Mortgage. Borrows shall haw the right to have any Proceedings begin by Lender to enforce this Mortgage discontinued at any time pilor b entry of a judgment enforcing tWs Mortgage if• (a) Bae~eower pays Lender all sums which would be then due under this Mortgage. the Note and notes securing Phtare 1 Advances, if any, had no aeoeleration ooarrred; (b) Borrower cures all breaches of any other arveaants err agreements of Borrows contained in this Mortgage, (c) Borrows pays all reasonable e:pensea incurred by Lender in enforcing file eovenan4 and y of Borrows contained in thin Mortgage and in enforcing Lender s remedies as provided in paragraph 18 hereof; including. but not limited b. reasonable ~ attarney'a fees; end (d) Borrows takes such action as Leader may reasonably require to assure that the lien of this Mortgage. I.endet's interact g in the Peopsty and Bormwrrs obligation to pay the soma secured by this Mortgage shall eontinne unimpaired. Upon sash payment and acre ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full fora and effect as if no aooelsation hail oocare+ed. ~ Z0. Asaignmeat of Rents; Appointment of Receiver. As additional security hereunder, Borrows hereby assigw b Leads the rmta of the Property, provided that Borrows shall, prior to acceleration under paragraph 18 hereof err abandonment of the Property, haw the right to eolltct end retain such rents as they become die and payable. y Upon aooekration ands paragraph 18 hereof or abandonment of the Property. Lander shall be entitled to have a receive appointed by a court b entsapon, take possession of and manage the Property end to collect the rents of the Propsty, including those pad doe. AU rents collected by the receiver shall be applied first b payment of the costs of management of the Property and collection otrerits, including, but not limited to, reoeivs's fees, premiums on reaive3's.bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The - receive shall be liable to sa~onnt only for thane rents actually received. ~ BOO Je~O PW6f~