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HomeMy WebLinkAbout0990 1~ . . , }:.i . . • 8. In~pectton. Lender msy meke or cawe to be made rea~oaable eatrie~ upoa and inapectioas of tbe property~ provided that Lead~ sha11 ' ~iw Horrower notioe prio~ to aay such inspectioa sPecifyia6 rseuanabk cause th~ei~ related to I.ender'~ iatered 'w tM Propecty. 9. Condemnetion. The pcooeeds of any a~rard os claim for damege~. direct or oonsequeatial. in oonnectioa wiW aqy owidannatioa o~ oWer talcia~ oi the propezty. or p~t thereot, or for ooAVeyance in Ueu of oonde~auaaon. ars hereby a~si~ned and shall be paid b Lend~. In the event of a total tekin~ of the Property. tbe pmoeed~ shall be applied b the wau aecvred by tbi~ Moet~e~. wiW the esoe~ if ~qy~ paid b Bo=rower. Ia We eveat of s partial talring of the Propert,y. unless Boerower and Lendasr othec~ri~s agree in writin~. W~e shaU b •PPlied b the wm~ secured by @?ie Mortga~e such proportioa of tho Procaeds as ia equal to that propoction which the amount of the ~um~ ~ecared by t6is Mort~age ucmediately prior to We dste ot taking bears b the fais market value of the Property imnaediate~y prior to the da,te ot takins. with the balanoa of Lhe prooeeds paid to Borrower. Iithe Prupetqr i~ abandoned by Borrorver. or if. aRer notioe by Lend~ to Borro~ that the oondemnor otrers to make ea awasd or aett4 a daim for daine~es. Botrower faila to respoad to I.ender within 30 8ays aRer tha date such notioe is mailed. I.eudar is eutlwrized ~o oollset and app~y tbe pmooeed~. at Leader's optioa, eith~ to restoratioa or repair of the property or to tbe sams eecured by this Mort~a~se, Udew Le~des and Borrow~ othenvise agree in writing. auy such application of pmceed~ to principal shaU not ~t~d oz po~tpone the dw date of the moathly uutallmenta referred to in paragraphs 1 end 2 hereof or chaage the amount of such installments. 10. Borrower Not Released. Eztenaioa of the time for paymant os modificatioa of amortiwtioa of the aums aecured by thi~ Mo~a~e granted by Lender to any aucceesor in intereet of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's aucoeaeora in iatereei Leader sh~ll not be required to oommence proceedings againat y~tweCe~pe9~r refuee to ~tead time , [os pa~yment or otherwiee modify amortization of the auu~s secured by thia Mortgage by reasor? of sny demand tnade by the original Borrowar aad Borrower'e auccesaors in interest. - 11. Forbearanoe by Lender Not d Waiver. My forbearanae py Lender in eserciaing any right or nmedy here~nder. or othe:wi~e afforded by applicable law. shall not be a waiver of or preclude the euenise of any such right or remedy.'I7ie procurement of iasuranca or We payment of t~~ or oth~ liens or chargea by Lend~ shall not be a waiver of Lender s right to accelerate the ~aturity of the indebtedness eecnred by this Mortgage. ' 12 Remedies Cumulative. All remedies provided in this Mortgage are diatinct and cumalative to any other sight or remedy nnde~ this Mortrage or afforded by law or equity, aad msy be ezerciserl ooncurrendy, independently or snooessively. i3. Swsoesaore snd Aeeigns Bovnd; Joint and 3everal Liability; Captione.l~e coveawnts at~d agreemeAtB herein oontained sha11 bind. and the :ighte hereundez ehall inure to, the respective eacce~eors and assigas of I.ender and Borrowez~ sub° b the pmvisiona of paragraph 17 hereof. All rnvenante and agreemeuta of Borrower s6a11 be joint end several.'ibe ceptions and headings of We paragraphs of ~ thia Mortgage are for oovenience only aad are not to be used to interpret or define the provisions henof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (s) any notice to Bormwez provided for in this Mortgage shall be give~ by mailing such notice by certified mail addreaeed to Botrower at the Propedy Addreas or at ench other addnas as Borrower may deaignate by notice to Lender aa provided herein, and (b) any notice to Leader shall be given by certified meil, return reeaipt requested, b I,ender'e addreas atated herein or to auch other address ae i.ender may desigaate by notice to Borrower as pmovided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrow~ or Leader ~vhea given in the manner designated herein. 15. Uniform Mortgage; Governing I,aw; 3everability. This form of mortgage combinea unifotm oovenanta for national aseand non• ~ ~ aniform wvenante with limited variationa by juriediction to oonstitute a uniform aecurity inatrumeat oovering real property,'Phis Mortgage ahall be governed by'the law of the juriadiction in which the Property is located. In the event that any pmviaion or clauee of thi~ Mortgage or the Note cu:?tlicts r~ith applicable law, auch conflict ahall not affect other pmviaions of this Mortgage or the Note which can be givea effed without the oonflicting pmvision, and to this end the provisione of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Bormwer ahall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after reoordaticn hereof. ~ • • 17.'15ransfPr of the Property; Aseumption. If all or any part of the Property or an interest therein is sold or transfere+ed bq Borrowrer ~ without Lendei s prior written coneent, e~cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crcation of a purchase money eecurity interest for hoaeehold appliancea, (c) a transfer by deviee, descent or by ope:ation of law npon We death of a joint ~ tenant or (d) the grant of any leaeehold intereat of three yeare or lese not oontaining an option to pnrchase. I.ender may, at I.ender's option, ae ~ , declare all the eume eecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to aocelerate if, prior to the aale or tranafer, I.ender and the peraon to whom the Property ia to be eold or traneferred reach agreement in writing fhat the credit of sach person ia satiafactory to Lender and that the interest payable on the aums secured by thia Mortgage allgU be at such rate aa Lender ehall 1 requeat. If Lender has waived the option to acoelerate provided in thia paragraph 17. and if Borrower'e au~ceesor in interest haa esecuted a ~j written aseumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligatione underthis Mortgege and the ~ Note. If I.ender ezerciaes auch option to aocelerate, [.ender ehall mail Borrower notice of acceleration in aocordance with paragraph 14 hereoL Snch notice shall provide a period of not lesa than 30 days from the date the notice is mailed within which Borrower may pay the auma declared due. If Borrower fails to pay such suma prior to the expiration otauch period, Lender may, vrithout further notice or demand oa $orrowet. invoke any remedies permitted by paragraoh 18 hereof. , j 18. Acceleration; Remediee. E:cept se provided in paragraph 17 hereot, upon Borrower'e breach of any oovenent or ` agreement of Borrower in t6is Mortgage, including t6e covenante to pay when due any sume secured by this Mortgage, Leader I prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 6ereofapecifying: (1) the breach; (2) the action z~uireii to enre such breach; (3) a dato, not leae Lhan 30 daye from the date the pot~ce is mailed Sarra:. a~, ~ ss3~itt~ ~.~t breac6 must be cured; and (4) that failure to cure such breach oa or before the date apecified in the notice may resalt in eiaceleration of the eume secured by thia Mortgege, torecloaure by judicial proc~ediag and sale of the Property. The notice ehall further inform Borrower of the right to reinetate efter acceleratioa and the rig6t to asaert in the foreclosure proceeding tbe I non-ezistence of a defaul! or any other defense of Borrower to soceleration ~sud forecloeare. If the breach ie not cnred on or ~ before the date specified in the notice, Lender at Lender's option may declare all of the suma ee~red by this Mortgage to be immediately due and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. I.ender shall be ~ entitled to oollect in auch prceeeding all e:pensea of foreclosure, including, but not limited to, reaeonable attorney's feea. and ~ oosts of documentarq evidence, abstracte and title reports. ~ 19. Borrower's Right to Reinstate. Notwithetanding Lendei s acceleration of the euma secnred by thia Mortgage. Borrower shall have tbe right to have any procecdinga begun by Lender to enforce this Mortgage dieoontinued at any time prior to eatry of a judgm~t enforcan~ 's this Mortgage i! (a) Borrower paye Lendet all auma which would be then due under this Mortgage. the Note and notes secnring Futnre ~ Advances~ if sny, had no acceleration oocurred; (b) Borrower cures all breachea of any other oovenante or agreemeats of Borrower contained in I this Mortgage; (c) Borrower paye all reseonable ~penees incurred by I.ender in enforcing the coveaants and agrcementa of Borrower oontained in this Mortgage and in enforcing Lender'e remediee as provided in paragraph 18 hereof, including, but not timited to. reaso~nabls I attorney'a feea; and (d) Borrower takea such action as Lender may reaeonably require to aseure that the liea of this Mortgage, Leader'~ intere~t in the Prope:ty and Borrower's obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon such paymeat and cat~e ~ by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had oocurred. 20. Assignment of Rents; Appointment of Receiver. As additional eecurity herennder, Borrower hereby assigns b Leoder tbe t+eats of the Property. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Prope~rty, hsve the right to colled and retain such rents aa they become due and payable. Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reoeiver appointed by a I oonrt ~o enter~upon, take possession of end manage the Property and to collect the rents of the Property. including t6oee paat dne. All renta oollected by the reixiver shall be applied firat to payment of the oosta of management of the Property and oollection of rents. including. bnt nd limited to, receiver's fees, premiums on reoeivrr's bonda and reasonable atbrney'e fees, and then to the aums aecured by thia Mortgage. T6e reoeiver sheli be Uable to aooount only for lhoee rrnte actually received. ' B~(~~ P16E ~ ~