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HomeMy WebLinkAbout0469..- . . . -. 1 . . ~ :. ~1~ _ 8. laepectlon. [.ende~ may make or cause to be made reaaonable e~tri~ upon and inepectiona of the pmperty, provided that I.ender ehaU give Borrower notice prior to any such inepection apecifying rnasonable cause therefor reluted to I.ender'e intereat in the Properly. 9. Coademnatlon.'R~e procecds of any award or claitn for damagea, direct or conaequential, in connection with any condemnation or other taking of the ptoperty. or part thereot, or for conveyance in lieu of rnndemnation, are hereby aeaigned and shall be paid to I.ender. In the eve~t of a total taking of the Hroperty, the procceda ahall be applied to the auma secured by thie Mortgage, with the excese, if any. paid to Borrower. in the event of a partial taking of the Property, unlesg Borrower and Lender otherwiee aRree in writing, there ehall be applied to the auma secured by thie Mortgage auch proportion of the proceeds as is equal to that proportion which the amuunt ot the aume secured by this Mortgage immediately prio~ to the date of taking beare to the fair market value of the Property immediately prior W the date ot taking, with the balanc~ of the pr«.~eede paid to Iiorrower. IC the Property ie aba~doned by Borrower, or if, aRer notice by I.ender to liorrower that the condemnor of~'ere to make an award or eetde a claim for damagea, E3orrower fails to respond to Lender within 30 days after the date auch notice is mailed, l.ender is authorized to collect and ~pply the proceede, at Lender's option, either b restoration or ~epair of the property or to the eums secured by this Mortgage. Unleae l.ende~ and Borrower otherwise agree in writing, any such application of pra~eede to principal ahall not extend or poetpone the due date of the monthly inetallmente referred fa in paragrapha 1 and 2 hereof or chaoge the amount of auch ineLallments. 10. Borrower Not Released. Extension of the time for paym~nt or modification ot amortization of the auma secured by this Mortgege Krunted by l.ender to uny auccessor in intemat of f3orrow er shall not operate to release, in any manner, the liability of the original Bormwer ;~nd f3orrower's successora in interest_ I.ender shali not be required to commence proceeelings againat such succeasor or ref~ae to extend time f~:r pnymcnt or otherwise modify umortization of the sums securcd by this MortKnge hy rensun of any demand made by the origina) Borrower und I3orn~wer s succes.wxs in interest. i l. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exerciaing any riqht or remedy hereunder, or otherwiee :~ ffonied by applicable law, shall not be a waiver of or preclude the exerciae of any auch riRht or remedy. The procurement of inaurance or the payment ot taxes or other liena or charges by l.ender ahall not be a waiver of Lender s right to accelerate the maturity of ihe indebtedneee secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in lhis Mortgage are diatinct and cum-:lative to any other tiqht or remedy under this ~tortraqe or atfurded by law or equity, and snay be exerciae~i concurrently, independently or successively. 13. Succeasora and Assigna Bound; Joint and Several Liebility: Captions. The covenants and aRreements herein contained ahall I~inB, and the rights hereunder shall inure to, the respective successors and asaigna of I.ender and Rorrower, subject to the provisione of paragraph I7 hereof. All covenants and agreements of I3otrower shall be joint and several. The captions and headings of the paraqraphe ot this Mortgage are for covenience only and are not to be used to interpret or define the pmviaions hereof. 14. Notice. F.xcept for any notice required under applicable I:iw to be Kiven in anoth~r manner, la! any nutice to E~rn~wer provided for in this htortgage shall be given by mailing such notice by certified mail aiddressed to E3orrower at lhe Properiy Addreas or at such other address as f3~~rrower may designnte by notice to Lender as provided hernin, and (b) uny notice to I.ender ahall be given by certified mail, return receipt nquested, to l.endei s address st:ited herein or to such other addreas as I.ender may designale by notice to Borrower as provided herein. Any ~iutice provided for in this Mortgage shall be deemed to have been given to E3orrower or I.ender when given in the manner deaignated herein. 1 ~. Uniform MoMgage; (:overning Law; Severability. This form of mortgage combines uniCorm rnvenanta [or national uae and non- uniCorm cuvenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage .hall be governed by the law oCthe jurisdiction in which the Property is located. !n the event thai any provision or clause of this Mortgage or the Nute conllicts with applicable Iaw, such conflict shall not affect other provisions of this hlurtgnge or the Note which can be given effect w•ithout the coaflicting provision, and to this end the pmvisions of the Mortgage and the \Tote are declared to be severable. 16_ ~3orrower's Copy. E3orrower ahall be fumished a confor:ned rnpy of the Note and of thia Mortgage at the time otexecution or after rcrordation hereof. 17. 7Yansfer of the Property; Aasumption. If all or any part of the I'roperty or an interest therein is sold or transferred by E3orrower ~ithout [.ender'~ prior written consent, excluding (a) the cmatiun of a lien or encumhrance sulx~rdinate to this Mortqage, ib) the crnation of a purc~:ise money security interest for household appliances, (c) a transter by devise, d.~scent or bv operation of law upon the death of a joint tenant or (d) the grant ot any leasehold intemst of three years or less not containing an option to purchase, l.ender may, at I.ender s option, declare all the sums securea by this Mortgage fo be immediately due and payable. I.ender ahall have waived such optiun tu accelerate if, prior t~~ the sale or tranafer, Ixnder and the person to whom the Properly is to be sold or transferred reach agreement in writing that the credit of such ~•rson is satisfactory to I.ender and that the interei+t payable nn the sums secured by this MortgaKe shall be at such rate as I.ender shall r~~yuest_ It l.ender has waived the option to accelerate providecl in this paragraph l7, and if E3orruwer's successor in interest has executed a w•ritten ~-ssumptiun agreement accepted in w~ritinK by Ixnder, l.ender shall release I3orrower from all obliKations underthis Mortgaqe and the ti ote. It [.ender exercisrs such option to accelerate, lxnder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. luch notice shall provide a period of not lcws than 30 days from the d:~te the notice is mailecl within which Borrov-er may paY the sums declared due. If Borruwer fails to pay such sums prior to the expiration of such peri~xf, I.ender may, without further notice ur demand en t3orrower, invoke any remedies permittcd by paraKraoh 1R hercr~f 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof. upon Borrower's breach of any covenant or agreement otBorrower in this Mortgage. including the covenanta to pay when due any auma secured by this Mortgage. Lender prior to acceleration ahall mail notice to Borrower as pro~ ided in paraqraph 14 hereofepecifying: (1) the breach; (2)ttie action reyuired to cure such breach; (3) a date. not lesa than 30 days from the date the notice ia mailed to Borrower, by which auch breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reault in t~cceleration of the sums secured by this Mortgage. foreclosure by judicial prceeeding and sele otthe Property. The notice ahall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-c:istence of a default or any other detense of Borrower to acceleration and torecloaure. If the brcach ia not cured on or before the date apecified in the notice. I.ender at Ixnder's option mey declare all of the sums eecured by this Mortgage to be immediately due and payable without further demand and may [orecloae t6is Mortgege by judicial prceeedinq. Lender shall be entitled to collect in such proceeding all e:penaes of foreclos~re. including. but not limited to. reasonable attorney's feea. and c~osts of documentary evidence. abstracta and title reports. 19. Borrower's Right to Reinatate. Notwithstanding l.ender's acceleration olthe suma secured by this Mortgage, E3orrower shall have the right to have any proceedinga begun by I.ender to enforce this lNortqage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: /a) E3orrower pays I.ender al) sums which would be then due under this Mortgage. the Note and notea securing Futurn Advances, if any, had no acceleration occurred:Ib) $orrowercures all breaches of any otherrnvenanta or agreementa of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable expensee incurred by [.ender in enforcinq the covenanta and agmements of Borrower contained in this Mortgage and in enforcing [.ender's remedies ae provided in paragraph IS hereof, including, but not limited to, reaaonablr a ttorney's fees; and (dl Eiorrower takea auch action as l.ender may reasonably require to assure that the lien of this Mortgage, Lender'a interest in the Property and I3orrower'e obligation to pay the sums secured by this Mortgage shal) continue unimpaired. Upon such payment and cure by Horrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had accnrred. 20_ Assignment ot Rente; Appointment of Receiver. As additiunal eecurity hereunder, Borrower hereby aseigns to Lender the renta of the Property~ provided that Borrower shall, prior to acceleration under paragraph 18 hereotor abandonment otthe Property, have the right to collect and retain such rnnts as they become due and payable. LJpon acceleration under paraqraph 18 hereof or abandonment of the Property, t.ender ahal) be entitled to have a receiver appointed by a oourt to enter upon, take poseeasion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta eollected by the receiver ahal l be applied first to payment of the coste of management of the Pn,perty and collection of renta, including, but not limited to, receiver'a fees, premiums on receiver's bonda and reasonable attomey'e feee, and then to the sums eecured by this Mortgage. The receiver ahall be liable to acoount only for those renta actually received. ! . " . -r:~.]~ ~,.:.~ .. ar,~t~45 F~r,E 9:~ ~ _ ~~r y~ ~