Loading...
HomeMy WebLinkAbout0465,. ~ •~ • '~ .. . ;;.~~4 - . .' 8. laepecttoa. l.ender may make or cauee to be made reaaonable entries upon and inspectiona of the pmperty. provided that I.ender shall Kive Borrower notice prior to any auch inepection apecifying reasonable cauee therefor relaeed to I.ender e iatereat in the Property. 9. COpd@1t1118~1OQ. The proceeda of any award or claim for damages, direct or rnneequential, in connection with any oondemnation or uther taking of the property, or part thereof. or for conveyance in lieu of oondemnation, ate hereby aeaigned and shall be paid to l.ender. In the event of a btal taking of the Property. the proceede ehall be applied to the eume eecured by thie Mortgage. with the e:cees, if any, paid to Borrower. I~ the event of a partial taking of the Propetty, unlesa Borrower and l.ender otherwiee ag~ee in writing, there ehall be ~ipplied to the sums eecured by thia Mottgage auch pmportion of the procecda ae is equal to that proportion which the amount of the suma secured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Properiy immediately prior to the date o! taking, with the balanc~ of lhe proceeda paid to Borrower. If the Property ie abandoned by Borrower, or if, aRer notice by lxnder to Borrower that the condemnor offere to make an award or eettle a claim for damagee. Borrower faila to reepond to I.ender within 30 daye after the date such notice ia mailed, l.ender is authorized to collect and apply the proc~eeda. at Lender'e option, either fa reetoration or repair of the property or to the euma eecured by thie Mortgage. Unleae l.ender end Borrower otherwise agree in writing, any auch application of proceeda to principal shall not e:tend or postpone the due date of the monthly installments referred to in paragraphe I and 2 hereof or change the amount of anch inatallanents. 10. Borrower Not Released. Extension of the time for paymant or modification of amoriization otthe aums aecured by this Mortga~te Kranted by [.ender to any succeaeor in intereat of E;orrower ahall not operate to release, in any manner. the liability of the origioal Borrower :~nd Borrower's succesaora in interest. l.ender shall not be required to commence proceedinga againat auch succeasor or refuse to exte~d time fur payment or otherwixe modify amortization of the sums secvred by this Mortgage by reason otany demand made by theoriginal E3orrower :~nd E3orrower s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in e:ercising any right or remedy hereunder, or otherwiee afforded by applicable law. shall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of inaurance or the payment of taxea or uther liens or charges by Lender ahall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thie Mortgage are distinct and cumulative to any other right or remedy under this ~tortrage or afforded by law or equity. and may be e:erciae~t concurrently, independently or eucceasively. 13. Succeseore and Aeaigns Bound; Joint and Severel Liability; Captione. The covenants and agreements herein oontained shall bind, and the rights hereunder ahall inure to, the respective auc~.~esaore and assigna of l.ender and iiorrower, subject to the provisione of parngraph 17 hereoL All covenanta and agreements of Borrower ehall be joint and eeveral. The captiona and headinga of the para~trapha of this Mortgage are for covenience only and are not to be used to interpret or define the provieions hereof. l4. Notice. E:x e.ept for any notice required under applicable law to be given in another manner, (~) any notice to 13orrower provided for in t his Mortgage shall begiven by mailing such notice by certified mail addressed to Borrower at the Property Addresa or at such other addreas as t;nrrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to I.ender ahall be given by certified mail, retum receipt reyuested, to I.endrr's address stated herein or to such other address as I.ender may designate by notice to Borrower ax pmvided herein. Any nntice pro~~~;ad for in this Mortgage shall be deemed to have been given to [3orrower or Lender when given in the manner deaignated herein. 15_ li njform Mortguge; Governing Law; Severability. Thia form of mortgage combinea uniform wvenanta for national uee and non- uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instrunient covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clauae of this Mortgage or the Note conflicts with applicable lav~, such conflict shatl not affect other pmviaions ot this Mortgage or the Note which can be given effect w•ithout the rnnflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. l6_ Bnrrower's Copy. Borrower shall be furnished a conformed eopy of the Note and of this Mortgage at the time of execution or after recordatiun hereof. l7. Transfer of the Property; Aseumption. If all or any part of the Property or an interest therein ia soid or tranaferred by f3orrower w•ithout I.ender s prior written conaent, exclu~]ing (a) the creation of a lien or encumbrance subotdinate to thia Mortgage, (b) lhe creation of a purchase money security inteteat for household appliancea, (c) a tranafer by deviae, d~scent or by operation of Iaw upon the death of a joint tt•nant or (d) the grant of any leasehold interest of three years or leas not rnntaining an option to purchase, Lender may, at Lender's option, ~9eclare all the suma secured by this Mortgage to be immediately due and payable. I.ender ahall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property ia to be aold or transferred mach agreement in writing that thecredit of auch E~t~rson is satisfuctory to l.ender and that the interest payable on the sums secured by this Mortgage ahall be at such ~ate as Lender ahall reyuest. If Lender has waived the option to accelerate provided in this puragraph 17, and if t3orrower's successor in intereat has executed a w•ritten assumption agreement accepted in writinR by l.ender, I.endershall release Rorrower from all obligations underthis;Nortgage and the \ ote. [f I.ender eaercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~uch notice shall provide a period of not less than :i(1 dHys from thedate the notice is rr.ailed within which Borrower may pay the sums declared due_ If Borrower fails to pay such sums prior to the expiratiun of such period, I.ender may, without further notice or demand on 13orrower, ~nvoke any remedies permitted by paraKraoh iR hereof. 18. Acceleration; Remedies. F:cept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or aKreement of Borrower in this Mortgage, including the covenanta to pay when due any sumseecured by this Mortgage. Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not leas than 30 days from the date the notice ia mailed to Borrower, by which euch I~reach must be cured: and (4) that failure to cure such breach on or before the date epecified in the notice may reeult in acceleration of the auma secured by this Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleretion and the rig6t to esaert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and toreclosure. If the breach is not cured on or hefore the date epecified in the notice, Lender at Lender's option may declare all of the eums secured by thie Mortgage to be i mmediately due and payable without further demand and may [oreclose this Mortgage by judiciel proceeding. Lender ehall be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's tees. and costs of dceumentary evidence. abstracte and title reports. 19. Borrower's Right to Reinetate. Notwithatandinq [.ender's acceleration of the sums eecured by thia Mortgage, Borrower ehall have the right to have any pra,~eedings 6egun by Ixnder to enforce this Mortgage discontinued at any time prior to entry of a judgment enfurcing thie Mortgage if: (a) Borrower pays Lender ali sums which would be then due under thie Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cnres all breachea of any other rnvenanta or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all rnasonable expenaes incurred by Lender in enforcing the rnvenants and agreemente of Borrower contained in !~~'s~Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d) Borrower takea auch action as I.ender may reasonably require to aesure that the lien of thia Mortgage, I.ender's interest in the Property and Borrower s obligation to pay the aums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by I3orrower, this Mortgaqe and the obligations secored hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional sec~rity hereunder, Borrower hereby aseigna to Lender the rente of the Property, pmvided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment otthe Property, Lender shall be entitled to have a receiver appointed by a court to enterLpon, take possesaion of and manage the Property and to collect the rents of the Property, including thoee paet due. All rente collected by the receiver shall be applied first to payment of the ooate of managementof the Property and rnllection of rente, including, but not limited to. receiver'a feee, premiuma on receiver's bonda and reaeonable attorney's feee, and then to the eums aecured by this Mortgage. The receiver aha11 be liable to acoount only for thoae rente actually received. $~ 345 P~~F 4f 4 ~ _ _ _. .~,3_.f~ .:~ -