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HomeMy WebLinkAbout15588. IA/pCM~Op. I.ender may make or cawe to be made reasonable entriee upon and inspoctiona of the property. pmvided that Lender ~hall give Borrower notice prior b any such in~pection apecifying reasonable cause theref~ related to Lender s intacest in the Froperty. 9. Coadeataatio~. The proceeds of aay award or claim for damages. direct or consequential. in rnnnection with any ooademnatioa or oth~ taking of the property. or part thereof, or for oonveyanoe in lieu of oondemnation, an here6y assigned and ahall be paid to Lender. 1~ the event of a total taking of the Property. the procceds ahall be epplied to the aume aacurod by this Mottgage, with the escesa, if any. paid to Borrower. I~ the eve~t oi a pastial talring of the Prop~ty. unless Borrower and l.ender otherwise agree in writing, there ehall be epplied to the aume eecured by this Mortgage such proportio~ o! the prooeede ae is equal to that pmportion which the amount ot the eums eecured by this Mortgage immediately prior to the date o! taking bears to the fair market value of the Property immediately prior to the date ot taking. with the balanaa of the proceeds paid to Borrower. I[ the Pe~operty ie abandoned by Borrower. or if. aRe~ notioe by Lender to Borrower that the oondemnor otiera to make an award or settle a claim for dama~ces. Borrower fails to respond to Lender wilhin 30 daya aRer the date such notice is mailed. Lender is authorized b oollect and apply the proceeda. at Lender'e option, either to restoration or repair of the pmperty or W the euma eecured by thia Mortgage. Unlees Lender and Borrower otherwise agree in writing, any such appGcation of proceeda tu principal shall not extend or poetpone the due dete of tha moathly inatallments nferred to in paragraphs 1 and 2 hereof or change the amount of snch instaUments. 10. Borrower Not Releaeed. E:tenaion of the time for paym~nt or modification of amortization of the sume eecured by this Mortgage granted by I.ender to any aucceaeor in intereat of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's euccesaors in interea~ [.ender ahall not be required to oommence proceedinge againat auch auoceseor or refuee to e:tend time tor payment or otherwiae modify amortization o[the sums aecvred by this Mortgage by reason of any demand made by theoriginal Borrower and ~3orrower s succesaors in interest. i l~ Forbearance. by I.ender Not a N-siver. My forbearance by I.ender in exerciaing any right or remedy hereunder, or otheewise affordcd by applicable law, ehall not be a waiver of or preclude the exerciee of any ench right or remedy. The procurement otinawance or the payment of ta:ee or other liena or chargea by I.ender ahall not be a waiver of Lender e right to aocelerate the maturity of the indebtedneaa aecuied by thie Mortgage. 12 Remedies Cnmulative. All remediee provided in thie Mortgage are diatinct and cnmulative to any othetr right or remedy under thia Mortrage or afforded by law or equity. and may be ra~ercise~i ooncurrently, independently or aucoeasively. 13. 3ucceaeors and Aeeigne Bound; Joint and 3everal Liability; Captione. The co~ enante and ag-eementa herein rnntained ehall bind. and the righte hereunder ahall inure to. the reapective sucoeseors and sasigna of L.ender and Borrower, aubject to the provisiona of paragraph 1? hereof. All covenants and agreements of Borrower shail be joint and several. The captions and headinga of the paragraphs of thie Mortgage are for covenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided [or in this Mortgage shall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addrese or at euch other addreas as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to l.ender shall be given by certified mail. return receipt requeated, to Lender'a address stated herein or to such other addreae as I.ender may deaignate by notice to Borrower aa provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severabilily. 7'his form otmortgage combines uniform oovenanta for national uee and non- • uniforn~ rnvenanta with limited variations by jurisdiction W oonatitute a uniform aecurity instrument rnvering real pmperty. 7T~in Mortgage ahal) be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provigion or ciause of this I~brtgage or the Note conflicts w-ith applicable law. auch conflict shall not affect other provieions of this Mortgage,pr the Note which can be given effect without the conflicting provision, and to thia end the proviaions of the Mortgage and the Note are declared to be severable. 16. Barrower'e Copy. Borrower ahall be [umiehed a rnnformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. ., 17. 'I~ansfer of the Property; Aseumption. If all or any part of the Property or an intereat therein is eold or tranaferred by Borrower .~~' Wvithout Lender a prior written consent, excluding {a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a 1~~ purchase money security intereat for household appliancea, (c) a tranafer by devise, d~cent or by operation of law upon the death of a joint ~~tenant or (d) the grant of any leasehold interest of three yeara or lees not containing an option to purchaee, I.ender may, at I.ender a option, eclare all the aume securea by this Mortgage to be immediately due and payable. (.ender ahall have waived such optinn to accelerate if. prior to the eale or transfer, Lender and the person to whom the Property is to be sold or transferred resch agreement in writing that the credit of auch peraon is satiafactory to Lender and that the interest payable on the sums secured by this Mortqage ahall be at such rate as Lender ahall request. If Lender has waived the option to accelerate pwvided in this paragraph 17, and if Borrower s successor in intereat has executed a written assumption agreement accepted in writing by l.ender, Lender ahall releasz Borrower Crom ail obiigationa under this Mortgage and the Note. [f I.ender exercisea such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph.l4 hereof. Such notice shall provide a period of not leas than 30 days from the date the notice is rr.ailed within which Borrower may pav the sums declared due_ I[ Borrower fails to pay such aums prior to the expiration of such period, I.ender may, without further notice or demand on ~forrower, invoke any remedies permitted by parnqraoh 1R hereof. 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof. upon Borrower'e breach of any ooveaant or agreement otBorrower in thia Mortgage, including the oovenante to pay when due any sumeaecured by this Mortgage. Lender prior to acceleration shall mail hotice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action required to cure euch breach; (3) a date. not lese than 30 days from the date the notice ie mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or betore the date epecified ia the notice may result in acceleretion of the eume 8ecured by thie Mortgage. foreclosure by judicisl proceeding sad sale otthe property. The notice ehatl further inform Borrower of the right to reinstate aRer acceleretion and the right to aseert in the foreclosure proceeding t6e non-e:ietence of a default or any other detense of Borrower to acceleration and forecloaure. If the breac6 is not cured on or before the date apecified in the notice. Lender at l.ender's option may declare all of the sums ee~ured by this Mortgage to be immediately due and payable without turtherdemand and may toreclose this Mortgage by judicial proceeding. Lender ahall be entitled to rnllect in auch proceeding all e:penaes of forecloaure. including, but not limited to. reasonable attorney's fees, and coats of documentary evidence. abatracta and title reporte. 19. Borrower's Right to Reinatate. Notwithatanding l.ender's acceleration of the aums aecured by thia Mortgage, ~3orrower ehall have the right to have any proc~eedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under thie Mortgege. the Note and notea eecuring Future Advancee, if any, had no acceleration occurred;lb) Borrower cures all brnaches of any other rnvenanta or egreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the rnvenants and agreemente of Borrower oontained in thie Mortgage and in enforcing I.ender's mmedies as pro~ided in paragraph 18 hereof, including, bnt not limited to, reasoriable attorney s feea; and (d) Borrower takea such action as Lender may rnasonably require to asenre that the lien of thia Mortgage. Lender's intereat in the Property and Borrower s obligation to pay the auma secured by thia Mortgage ehall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligatione secured hereby ahall remain in full torce and eftect as i! no acceleration had occurred. 20. Aesignment of Rents; Appointment ot Receiver. Ae additional eecurity hereunder, Borrower hereby assigns to I.ender the renta of the Property, provided that Borrower shall, prior to sooeleration under paragraph 18 hereof or abandonment of the Property, have the right to colleci and retain auch rents as they become due and payable. Upon aaoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a oourt to enter.upon, take possesaion of and manage the Property and to oollect the rents of the Property, including those past due. All rente oollected by the receiver shall be applied firet to payment olthe oosta of managementof the Property and oollection of rents, including, but not limited to, receiver's [eea, premiume on receiver's bonda and reaaonable attomey a feee, and then to the euma secured by this Mortgege. The receiver ahall be liable w acmunt only for thoee renta actually received. eR'~ 348 P~~E 1558 } - , ~ ~~~ ~ . -- ~ ~,~~ ~~. ~,~ ...,, ___. ~ ` .~~~~~