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HomeMy WebLinkAbout2744; . ,. i ~ ~ • ~. 8. IaspeMioa. L.endar may mske or cawe b be made reawaeble entrie~ upon and inapectione of the pmperty. ~^ovided thst Leader ~hall give Bormwer notice ptior to any ~ucb uupection specitying reasonable cauee thenfor relaeed to Leade:'~ intere~t in the Pcope~y. 9. Coademnatloa. The proceeds of any award or claim fos damage+, direcs or consequenaal, in oonaacaon wi~h any ooadaoru,adoa or oWes tating of the pmperty. or part thereot. or for conveyanoe in lieu of eondemnation. are hereby aMigaed and shall bs p~id to Leades. In tl~e event of a~otal lakinQ of the Propetfy, the proceeds shall be applied to the ~ums secured by this MorfgaQe. wiW We ~oea„ itaay, peid to Botrower. In the event of a partial taking of the Property, unless Borrower and Lnder otherwi~e agree ia Mrritin~, there shall bs applied to the sums secured by this Mortgage such pmportion of the proceeds ae is equal to that proportion which the amount of the sutn~ secund by thie Mortgage iaemediately prior to the date of taking beare to the fair market value of the Propedy immediately prior b thrdats of talcing. wiW the balenea of the pmceeds paid b Bon~ower. If W e Property u abandoned by Borrower, or if. aRer notice by I.ender to Borrower that the oondemnor of~'ers to make en award or ~eRW a claim for damages. Borrowe~ fails to rapond to l.ender within 30 days aRer the date auch notice ia mailed, Lender is authorirAd to ooUect ~nd apply the pmoeed~. at I.ender's optioa. either b natoration or repair of the pmperty or Lo the sums secured by this Morfga~e. Unle~s Lender aad Borrower otherwiee agree in writing, any such epplication of prooeede to principal ahall not e~ctend or pwtpoae tbe dne date of the monthly inataUmenta nfured to in paragraphs 1 and 2 hereoi or change the amount of snch inetallmenf~. 10. Borrower Not Released. Estenaion o[ the time for paym~nt or modification of amortiaation of the sums eecured by thi~ Mort~a~e gsanted by Lender to any aucceasor in intereat of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's succeseors in interee~ L.ender shaU not be required to rnmmence proceedinga againet euch aucc~sor or refuse to e:tead time for payment or otherwiae modify xmortization of the eume secured by this Mortgage by reason of any demand made by the original Borrower and tiorrower's euccesaora in interest. 11. Forbearanoe by Lender Not s R-aiver. My torbearance by I.ender in exerciaing any right or remedy hereunder,~or other~rise afforded by applicable law. ahall not be a weiver of or preclude the exerciae of any euch right or remedy. The pmcnrement of insarance or the payment of ta~cea or other liens or chargee by Lender shall not be a waiver of Lender's right to accelerate the maturity of the iadebtednas eecured by this Mortgage. - - 12 Remediee Cumulative. All remediee provided in thie Mortgage are diatinM and cumulative to any other right or remedx nnd~ Wia Mortrage or afforded by law or equity, and may be exercise~i ooncurrently, independeatly or euccessively. 13. Successors and Aaeigns Bound; Joi~t and 3everal Liebility; Captions. The oovenants and agreemente herein aontained ehall bind, and the righte hereunder ahall inure to, the reapective aucceeeors and assigna of Lender and Borrower. subject to the pmviaions of paragraph 17 hereof. All covenants and agreeme~te of Sorrower ahall be joint and eeveral.'l~e captiona end headinga of the paragraphs of this Mortgage are for co'venience only and are not to be ueed to interpret or define the provisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notic~ to Borrower provided for in thia Mortgage shall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addreea o~ at euch other address as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ehall be given by certified mail. nturn reoeipt requested, to I~nder's addreae atated herein or to such other address as Lender may designate by notice to Borrower ae provided henin. My notice provided for in this Mortgage shall be deemed w have been given to Borrower or Lender when given in the manner deeigaeted hezeia. 15. Uniform Mortgage; Governi~g Law; 3everability. This form of mortgage rnmbinea unifornn oovenante for national use and non- unitorm covenanta with limited variations by juriediction to oonstitute a uniform eecurity instnuuent oovering real pmperty.'l~is Mortgage ehall be governed by'the law of the juriadiction in which the Property ia located. In the event that any proviRion or clause of thia Mortgage or the Note conflicta with applicaWe.law, such rnnflict ehall not affect other proviaions of this Mortgage or the Note which can be giv~ egect without the rnnflicting pmvieion, and to thia end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower shall •be fumished a rnnfmmed oopy of the Note and of thia Mortgage at the time of ezecntion or aRer recordation hereof. ~~/ 17.'l~anefer of the Property; Aesumption. If all or any part of the Property or en intereat therein is eold or traneferred by Bor~ower ~i wnthout Lender s prior written rnnsent, e:cluding (a) the creation of a lien or encvmbrance aubordinate to thia Mortgage. (b) the creatioa of a purchaee inoney security intereet for household appliancea, (c) a tranafer by devise, deecent or by operatioh of law upon the death of a joiat tenant or (d) the grant of any leaeehold intereat of three yeara or less not oontaining an option to purchaee. Leader may. et Lender's option. declare all the sums eecnrea by thie Mortgage to be immediately due and payable. Lender ahall have waived euch option to aocelerate if, prior to the sale or transfer, Lender and the peraon to whom the Properiy ia to be aoW or transferred reach egreement in writing that the credit of snch peraon is satisfactory to Lender and that the intrrest payable on the sums secured by this Mortgage sha11 be at auch rate as Lender ehall requeat. If Lender has waived the uption to accelerate provided in lhis paragraph 17, and if E3orrower e auccessor in intereat haa esecuted a written asaumptiun agreement accepted in writing by (.ender, Lender ahali release Borrower from al) obligationa under this Mortgage and the Note. . If Lender eaercisea such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14heteoL Such notice ahall provide a period of not lexs than 3~ days from the date the notice is rr.ailed within which Borrowes may pay ihe auma declared due. If Borrower faiis to pay such aums prior to the expiration of such period, l.ender may, without further notice or demand on E3orwwer. ~nvoke any remediea permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. E:cept ae provided in parsgraph 17 hereot, upon Bonower'e breach of any oovenant or agreement ot Borrower in this Mortgage. including the oovenant8 to pay when due any sume aecured by this Mortgage. Lender prior to acceleration ehall mail notice to Borrower as provided in paregrap614 hereof epecifying: (1) the breach; (2) the action required to cure s~:ch breach; (3) a date. not leae than 30 days from the date the notice is mailed to Borrower, by w6ich sucL breach must be cured; and (4) that failure to cure auch breach on or before the date epecified in t6e notice may reault in acceleration of the euma secured by this Mortgage. foreclosure by judicial proceeding and eale of the Pmperty. The nottce sball furt6er inform Borrower of the right to rein$tate aRer acceleration and the right to asBert in the foreclosdre proceeding the non-e:iatence of a default or any other defenae of Borrower to acceleretion and foreclosure. If the breach ie not cured oa os before the date epeci6ed in the notice, I.ender at I.ender'e option may declare a11 of the sums Becured by this Mortgage to be immediately due and payable withoul further demand and may torecloeethis blorigage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expensea of foreclosure, including, but not limited to, reasonable attorney'~ tee~. end coats of do,cumentary evidence, abetracta and title reports. 19. Borrower's Right to Reinatate. Notwithatanding Lender's ac~.~eleration of the euma secnred by thie Mortgege, Borrower ehall have the right to have any proceedings begun by Lender to en[orce thia Mortguge discontinued at any time prior to entry of a judgmeat enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing F~tnn Advanc~ee, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreemeitts of Borrower oontained in this Mortgage; (c1 Borrower paye all reasonable expenses incurred by I.endEr in enforcing the rnvenants and agreements of Bo~rrower oontained in thia Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereoE, including. but not lunited to. reasonabls attomey's feee; end (d) Borrvwer takea such action as I.ender may rnasonably require to aaeure that the lien of thia Mortgage. I.eader's iatetest in the Prope:ty and Borrower's obligetion to pay the suma secured by this Mortgage shall rnntinue unimpaired. Upon such paymant aad cnn by Borrower, thie Mortgage and the obliqationa eecnred hereby ahall remain in full force and effect as if no aa:2lrration had oocurred. 20. Asaignment ot Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigne to Leaderthercnts of the Property, provided that Borrower shall, prinr to acxeleratiu:~ under paragraph 18 hereof or abandonment of the Property, have the tight to rnllect and retain euch rents ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandunment of the Property, Lender ehail be entided to have a receiver eppointed by a oourt to enter upon, take poaseseion of and manage the Property and to collect the rent8 of the Property. including thoee paat due. AU rents ooUected by the receiver ahall be applied first to payment of the rnats of managementotthe Property and ooUection of rente, includiag. but not limited to, receiver'e fees, premiums on receiver's t,onda and reasonabie attorney'e fees, and then to the sums aecvred by this Mortgage. The receiver shall be liable to acoonnt only for thoee rents actualiy received. ~ 8~34~ ~2?::3~9