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HomeMy WebLinkAbout28988. In~pection. Lender may mske or caure b bs made reawnabie entrie~ upon and inspectioru of the pmpesty. provided that 1.endK shall ~ive Borrowe~ aotice prior to any such ia~psction spaifyinit reasoAeble cawe therefor related to I.ender'~ interest ia tM ProperRy. g. Cot~demaaUon. The psoceed~ of any eward or claim for damage~. direct or consequential. iA connection with eny ooAdemnatioa or uther talti~ o{ the prope:ty~ or part thetsof. or fos conveysnoe in lieu oi oondemnation. are he:eby atsigned and ~hall be paid b Lendee. Ia the ev~t of a total takin~ of the Aroperty. the ptvoeeds ~hall be eppUed b the sums secured by thia Mort~age. w~th the esoew. if any~ paid to Botrower. In the evert of s padial talcinS ot the PropestY. unless Bocrowu and Lendar otherwiee agree in writin~, Wers ~hall bs applied to the wmo ~ecund by thie Mort~age ~uch pmportion o[ the procreds as is equsl to that pmportion ~vhich the amount of We ~i-m~ secured by thi~ Mort~age iaemediately prior to the date of takit~~ bears to thelair markd value of the Property immediately prior to the dete d taking. with the balanea of the proceed~ paid to Borrower. If the Peopsrt,y is abandoaed by Borrower. or if. eRer notice by I.ender to Borrower that the condemnor offen b meke an award or ~ettls a claim for damaQe~. Borrower fails W respond to Lender within 30 days aRer the datr such notioe ie mailed, I.ender ia authorized to oollect and spply the proceedi. at Lendei ~ option. either to restoration or repair of the property or to the sums ~ecured by this Mr,rtga~e. Ude~a I.eader and Bormwer otherwise agree in writing, any such application of pmceeda to principal shall not eut~end or pwtpone tbe dw date of the monthly in~taWnenb referred to in pasagraphs 1 and 2 hereof or change the amount of such inataUmeats. 10. Borrower Not Released. Facteneion of the time for paymant or modification of amortization of the eums eecurod by thi~ Mortg~e granted by Ler-der to any succeaeor in inter~t of Borrower ahall not operate to release. in any manner. the liability of the original Borrower and Borrower a auccessors in interes~ Lender ahall not be required to commence proceedings againet euch succesaor or refuse to e:tend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s succeeaors in intereet. ' ` 11. Forbearanoe by Leader Not a N-siver. My forbearance by Lender in ezerciaing any right or remedy hereunder. or otherwi~e afforded by applicable law. shaU not be a waiver of or pteclude the exerciee of any such right or remedy. The p:ocurement of insurenee or We payment of t,aues or other liens or charges by Lender ahall not be a waiver of Lender s right to aocelerate the maturity of the indebtednew aecured by this Mortgage. 12. ~temedies Cumulattve. All remediea pruvided in this Mortgage are dietinct and cumulative to any other right or nmedy under thi~ Mortcage or afforded by la~r or equity. and may be eacezcise~i ooncurrently. independenily or suecessivdy. 13. 3ucoeseors and Assigns 8ound; Joint and 3everal Liability; Ceptions.'1T~e covenanta and agrcemente herein oontained ~hall bind. and the rights hereunder shall inure to, the reapective aucceasors and assigns of Lender and i3orrower. aubject to the provisions a~ paragraph 17 hereof. All covenants and agnements of Borrower ahall be joint and several. The captions and headings of Lhe paragraplu of this Mortgage are for covenience only and are not tu be used to interpret or define !he proviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shall be give~ by mailing such notice by cettified mail addreaaed to Borrower a! the Property Addresa or at such other addnes eu Borrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to Lender shall be given by certified mail. retara reoeipt requeated, to Lender a address etated herein or to such other addresa as Lender may deeignate by notice to Borrower as provided henin. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender ahen given in the manner desigaated henin. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage rnmbines uniform oovenanta for national use and non- uni[orrn covenante with limited variatione by juriadiction to oonatitute a uniform security inatrutuent oovering real pmperty. This Mortgage ahall be governed by'the Iaw of the juriadiction in which the Property ie located. In the event that any provieion or clauee of thie Mortgage or the Note coniticta with applicable law, such conilict shali not aPFect other provisions of this Mortgage or the NoLe which can be given effect without the contlicting provision, and to thia end the proviaione of the Mort~age and the Note are declareid to be eeverable. 16. Borro~rer's Copy. BoTrower ehall be furnished a conformed oopy of the Note and of thia Mortgage at the time of ~ecution or efter reoordation hereof. 1?.'l~aasfer of the Property; Asaumption. If all or any part of the Property or an intereat therein ia eold or transfened by Borro~rer without Lender'F prior written conaent. excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the creation of a purchese money security intereat for honeehold appliancea, (c) a tranefet by devise, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leaaehold interest of three yeare or leea not rnntaining an option to parchaee, Lender may, at I,ender's option. declare all the aume aecurea by this Mortgage to be immediatelY due and payable. Lender ehall have waived euch option to sooelerate if. prior to the sale or trans[er, Lender and the person to whom the Property is to be sold or traneferrcd reach agreement in writing that the credit of snch pason ia eatiafactory to Lender and that the interest payable on the aums secured by thia Mortgage shall be at auch rate as Lender shall request. If Lender hae waived the option to accelerate provided in thia paragraph 17, and if Borrower s suecesaor in interest haa ezecuted a written asaumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under thia Mortgage and the Note. If Lend~ e:erciaes auch option to accelerate, l.ender ahall ~r.sil Borrower notice of acceleration in accordance with paragraph 14 hereoL Sur.h notice ehall provide a period o[not leas than 30 days from the date the notice is ~r,ailed within which Borrower may pay the awne declared due. If Botrower fails to pay such sums prior to the expiration of such period, I.ender may, without futther notice or demand on ~iorrower, mvoke any remediea permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. E:cept as provided in paragreph 1? hereot, upon Bonower'e breach ot any oovenant or agreement of Borrower in this lYlortgage. including the oovenants to pay when due any euma secured by t6ie Mortgage. Lend~ prior to acceleration shal l mail aotice to Borrower es provided in paragraph 14 hereof apecifying: (1) the breac6; (2) the action required to cure euch breach: (3) a date. not lese than 30 days from the date the notice is mailed to Borrower, try which sncb breaeh must be cured; and (4) that failure to cure such breach on or before the date speciCed in the notice may rewlt in ecceleration of the sums secured by thie Mortgage. foreclosure by judicial procecding and sale otthe Property.The notice shall further inform Borrower of the right to reinetate aBer acceleration and the right to aseert in the forecloeure proceediag the noa-eziatence of a default or any other detense of Borrower to aceeleration and torecloeure. It the breach ie not cared on or before the date sppcified in the notice, Lender at I.ender'e option may declare all ot t6e sume eecured by this Mortgege to be immediately due and payable without further demand and may forecloee this blortgege by judicial proceeding. Lender s6a11 be entitled to collect in snch proceeding all e:pensea of foreclosure, including. but not limited to, reeeoneble attorney's teea, and costs of documentary evidence, abetrecta and title reporta. 19. Borrower's Right to Reinatate. l~otwithetanding I.ender'a acceleration of the eums eecured by thia Mortgage, Borrower shall have the nght to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcinQ this Mortgage if: (a) Borrower paya Lender all suros which would be then due under thie Mortgage, the Note and nata securing Ftitnre Advances, if any; had no acceleration cecurred; (b) Borrower curea all breachea of any othercovenanta or agreements of Bormwer oontsined in thu Mortgege; (c) Borrower pays al) reseonable expensea incurred by l.ender in enforcing the oovenants and agreement~ of Borrower oontained in thie Mortgage and in enforcing I.ender'e remedies ae provided in paragraph 18 hereof, inciuding, but not limited to, r~auonabis attorney's fees; and (d) Borrower takea euch action as Lender may reseonably require to aseure that the lien of this Mortgage, I.ender'~ iaterert in the Property end Borrower a obligation to pay the sums aecured by this Mortgage ehall continue unimpaired. Upon ~uch payment and cnre by Borrower, this Mortgage and the obligatione secured hereby ahall remain in full force and effect as if no aoceleretion had occurred. Z0. Assignment otRente; Appointment of Receiver. As additional eecurity hereunder, Boaower hereby aseigns to Lender therenb of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retein euch renta ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandunment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter upon, take poeeesaion of and manage the Property and to collect the rente of the Property, including those paat due. All rent~ oollected by the receiver shaU be applied first to payment of the coats of managementof the Property and rnllection of rents, including, bnt aot limited to, receiver'a feea, premiuma on receiver's bonde and rnasonahle attomey'e fc~es, and then to the sume secured by thiu MortgaQe.'ILe receiver shall be liable to acoount only for those renta actually received. ~ ~ -~ . {; _ ~~ ~~:;~._• ,,. .. _ _ _ BO~K~4c~ P~GE28y7 ~ ~.~ .=~.~~~