Loading...
HomeMy WebLinkAbout0313t l. _i . . .~ ~ 4 ; ' .~ S. IA/p6MI0A. Lender may make or cauae to be made reawnable entrie~ upon and inapections of ths property. provided that Leader ~hall give Borm~ve~ notice prior to any such inipectioa specifying reasoaable cauee therefor relete;d to Lender's interest ia the Property. 9. Condemnadoa. The proceeda of any award ur claim for damages. dinct or consequential, in conaection with aqy oondemaation or other taking of the property. or part thereof. or tor conveyance i~ lien of oondemnatio~, are hereby awi~aed and shall be paid to Leader. ln the event of a btal taking of the Propedy, the proceeds shell be applied to the sums secured by this Mortgage. with the e:oeas. i[ aay. paid to Borrower. ln the event of a pautial taking of the Pevperty, unlesa Borrower and Lender otherwise agree in writing. there ahall be appGed to the sums secured by this Mortgage such pmportion of the proceeda aa is equal to that proportion which the amount of the suma secured by thie Mortgage immediately prior to the date of taking bears lo the [air market value of the Property immediately prior to the date of taking. with the balanc~ of the proceeds paid b Bormwes. 1[ the Property is abandoned by Sorrower. or if. aRer notice by Lender to Borrower that the oondemnor oPfere to make an award or settle a claim for dameges. Borrower faila to ~pond to l.ender within 30 daya after the date euch notice ia mailed, Lender is authorized to coAect and apply the proceedi. at Leader's option. either to reatoration or repair o! the pmperty or to the sums secured by thie Mortgage.- Unles~ [.eader and Borrower otherwise agree ia writing, any such app~ication of pmceeds to principalshall not extend or postpone the due dnte of the monthly instaUaaenta nferrod to ia paregraphs 1 and 2 hereof or change the amount of such inatellments. l0. Borrower Not Releaeed. Extenaion of the time for paym=nt or modi6cation of amortization of the aums eecured by this Mortgage Kranted by I.ender to any auc~.~esaor in interest of Borrower shall not operate to releaee, in any manner, the liability of the original Bornower and Borrowei a aucceasora i~ intereaR. I.er-der shall not be ~rquired to commeoce proceedinge againet such succeador or refuee to exte~d time for payment or otherw~se modify amortization of the aums secureci by this Mortgage by rnason of ahy demand made by the urigina) Borrower a~nd 13orrower a auccesaore in intereat. t 1. Forbearanc8 by Lender Not a Waiver. Any torbearance by I.ender in exerciaing any right or remedy hereunder, or otherwiee a fforded by applicable law, ahaU not be a weiver otor preclude the exerciee of any auch right or remedy. The procurement of ineurance or the payment of taues or other liena or chargea by l.ende~ ehall not be a waiver of Lender s right to accelerate the maturity of the indebtednees secured by this Mortgage. 12. Remedies Gtitmulative. All remediea pmvided in thia Mortgage are distinct and cumuletive to any other right or remedy under thia blortrage or aftorded by law or equity, and ~nay be e:erciee~! concurrendy, independcatly or auccesaively. 13. Suoceesore aad Aasigne Bouad; Joint and 3everal Liability; Captione. The rnvenants and agreemeate herein oontained ahall bind, and the righte hereunder sha11 inure to, the reBpective aucceseors and aaeigna o[ I.ender and Borrower. aubject to the proviaions of paragraph 1? hereof. All covenants and agreementa of Borrower ehall be joint and several. The captions and headinge of the paregraphe of thia Mortgage are for covenience ooty and are not to be used to interpret or define the provieions hereof. l a. Notice. Except for any notice required under applicable lavi* to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage ahall be given by mailing such notice by certified mail addreaeed to Burrower at the Property Addreas or at such other addreas as Rorrower may designate by notice to Lender ae provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt reyueated, to Lender's addmes etated herein or to such other address as Lender may deaignate by notice to Borrower aa provided herein. Any notice pmvided for in this Mortgage shall be deemed to have been given to Borrower or [.ender when given in the manner deaignated herein. 15_ Uaiform Mortgage; Governing Law; 3everability. Thia form of mortgage combinee uniform covenante for national use and non- ~~niform covenants with limited vsuiationa by jurisdiction to conatitute a unifornt security instrunient oovering real property. This Mortgage shall be qovzrned by the law of the jurisdiction in which the Property ia located. In the event that any provu+ion or clause of this Mortgage or the Note coniticta with applicable law, auch confliM ahall not af~ect other provisiona ot this Mortgage or the Note which can be given effect w•ithaut the rnntlicting provision, and to thia end the provisiona of the Mortgage and the Note are declared to be severable. - i6. Borrower'e Copy. Borrower shall be furniahed a rnnformed oopy of the Note and of thia Martgage at the time of e:ecution or after recordation hereof. 1~. Transfer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia sold or traneferred by Borrower w~tha'at Lender s prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purehaae m~ney eecurity interest for houeehold appliancea, (c) a tranafer by deviee, descent or by oneration of law upon the death of a joint [enant ur (d) Lhe grant of any leaeehold intereat of three yeara or lese not containing an option to purchase, Lender may. at Lender a option, declare all the aums eecurea by this Mortgage to be immediately due and payable. Lender ahaU have waived such option to accelerate if. prior to the sale ot tianafer, Lender and the person to M; hom the Property ia to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to l.ender and that the interest payable on the sums aecured by this Mortgage shall be at auch rate ae Lender ahall request_ If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s eucressor in interest has eaecuted a w~ritten asaumption agreement accepted in writing by l.ender, Lenderahall release Borrower from all obligationa under thia Mortgage and the \ ute. If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof >uch notice shall provide a period of not less than 30 daya from the date the notice is rr.ailed within which Borrower may pay the aums declared due. [f Borrower tails to pay such sums prior to the expiration of such period, [.ender may, without further notice or demand on ESorrower, ~nvoke any remedies permitted by para~traoh 18 hereof. 18. Acceleration; Remedies. E:cept ea provided in paragraph 1? here~f. apon Borrower's breach ot any oovenant or agreement of Borrower in thia Mortguge. including the oovenante to pay when due any aumsaecured by t6ie Mortgage, Lender prior to aoceleration ahall mail notice to Borrower as provided in psragraph 14 hereofspecifying: (1) the breach; (2)theadion required to cure such breach; (3) a date, not less than 30 daye from the date the notice is mailed to Borrower, by which such breac6 muet be cured; and (4) that tailnre to cure such breach on or before t6e date apecified in the notice may result in acceleratioa of the aums secured by this Mortgage, foreclosure by judicial proceeding and sale otthe Property. The notice ahall fu rther inform Borrower of the right to reinstate sfter acceleration and the right to assert in the foreclosure proceeding the non-e:istence of a default or any other defense of Borrower to soceleration and torecloeure. If the Ureach ie not cured on or be[ore tbe date apecified in the notice. Lender at Lender's option may declare ell of the su~na secured by thie Mortgage to be immediately due and payable without furtherdemand and may foreclose thie~ Mortgage by judiciai procecding. Lender ahall be entitled to collect in such proceeding all e:penaes of toreclosure. including, but not limited to, reasonable attorney'e fees, and costs of documentary evidence, abstracte and title reporta. • 19. Borrower'e Right to Reinetate. Notwithetanding I.ender's acceleration of the euma secured by thia Mortgage, Borrower shall have the right to have any proceedinga began by Lender to enforce thia Mortgage discontinued at any time prior to entry ot a judgment enforcing thia Mortgage i[ (a) Borrower paya Lender all aums which would be then due under this Mortgage. the Note and notea eecuring I~ture Advances, if any, had no acceleration occurred; (b) Borrowercures all breachea of any other covenants or agreemente of Borruwer rnntained in thia Mortgage; (c) BorroweT pays all rnasonable e:penaes incurred by I.ender in enforcing the covenants and agreementa of Borrower contained in thie Mortgage and in enforcing Lender's remedies as provided in para~raph 18 hereof. including, but not liraited to, reasonable attorney's fees; and (d) Borrower takea such action as Lender may reasonably require to assure thet the lien of thie Mortgage. Lender'e interest in the Property and Borrower a obligation to pay the sums aecured by this Mortgage ahall rnntinue unimpaired. Upon auch payment and cnre by Borrower, thia Mortgage and the obligationa xecured hereby ahall remain in fuli force and effect as if no acceleration had ooeurred. Z0. Aseigament of Renta; Appointment of Rec:eiver. Ae additional ~ecurity hereunder, Borrower hereby asaigne to Lender the rents of the Property. provided that Borrower ahall. prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to rnllec! end retain auch rents ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a court to enter~pon, take poaeesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All rents coUected by tht receiver ahall be applied firet to payment of the ooata of management of the Property and ~ollection of rents, including, bat not limited to, receiver'e feee, premiwns on reoeiver's bonds and reaaonable attomey's fees, and then to the eums eecured by thia Mortgage. The receiver ahall be liable to aooount only tor thoee renta actually received. ~ - g.~ ~48 P~~ 313 ~ ~# ~~ f ~ ~-~~~~~~. _ . -- ~,:~ . - ~~~.