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HomeMy WebLinkAbout1901, ~ ..- 8. lnepecUon. l.ender may make or cauee to be made reasonuble rntries upon and inspecliuna of the property, provided that I.e~der ehall give E3orrower notice prior to a~y auch inepection epecifyinq reasonable cauee theretor related to l.endei a interrst in lhe Property. 9. Condem~atio~.'11~e pra~eede of any award or claim for damages, direct or consequential, in connection wi-h any oondemnation or other taking of the prope~ty, or part theceot, or [or conveyance in lieu oI coademnation, are hereby assigned and ehall be paid to Irnder. In the event of a tota) taking of the Property, the praxrda ehall be applied to the euma eecured by thie Mortgage, with the e:ceas, if any. paid to Borrower. !n the event of a partial taking ot the Property, unleas Iiorrower and I.ender otherwiae a~ee in writing. there ehall be npplied to thP sume eecured by thie Mortgage such proportion of the proceeds ae ia equal to that proportion which the amou~t of the aume secured by thia Mortgage immediately prior to the date of taking beare b the fair market value of the Property immediately prior to the date of taking, with the balan~ of the procce.ia paid to Bore+nwer. If the Property ia abandonrd by Borrower. or if, after r-olice by l.ender to f3orrower that the cundemnor offera to make aa awurd or eetde a claim for damegea, Borrower fuile to reapond to Le~de~ within 30 days after the date auch notice ie muiled, l.ender is authorized tocoUect and apply the proceeda, nt Lender e option, either to reatoration or repai~ of the propecty or to the aums eecured by this Mortgage. Unleae Le~de~ and Borrower otherwiee agree in writing, any auch application of proceeds to pri~cipal ahall not extend or postpone the due date of the monthly inatallme~te referred to in paragrapha 1 and 2 hereot or change the amount of such inetaUm~nte. 10. Borrower Not Released. Extension of the time for paym~nt or modificntion of omortization of the suma secured by this Mortgage Kranted by l.ender to any successor in interext of f;orrower shall not operate to rele~~se, in any munner, the liability of the oriqinal I3orrower and Borrovrer's successors in intemst. I.ender shall not be required to commence proc~eciingx againat such sucrexsor or refuse to extend time f~~r puymrnt or otherwitie modify amortization of the sums secund by this MortKage by reason of tiny demund made bv the original Borrower :~nd Born~wer's :~uc~rs.w,rs in in/erest. 11_ Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in exerciaing Any right or remedy hereunder, or otherwise :-fforded by applicable law, shall not be a waiver of or preclude the exerciae of any such right or rnmedy. The procurement of insu~ance or the ~~<iy~ment of tnxes or other liena or chargea by l.ende~ shall not be a w~iver of l.ender s right to accelerate the maturity of the indebtednesa secured by thia Mortgage. 12_ Remedies Cumulative. All mmedies provided in this 41ort{~age are diatinct and cumulative to any other right or remedy under this 1lortrage or afforded by law or equity, and may be exercise~i concurrently, independently or succesaively. l:i. Successors and Assigne Bound; Joint and Several Liability; Captione. 7'he rnvenants and aRreements herein rnntained shall t~ind, and the rights hemunder shiill inure to, the respeclive successore and assigeea ef l.ender and Rorrower, subject to the proviaiona of paraKraph 17 hereof. All covenants and ugreementa of E3orrower ahall be joint and several. The captiona and headinqe of the paragrapha of this Alorigage are [or covenience only and are not to be used to interpret or define the proviaions hereof. 14. Notice. ExcYpt for any nutice reyuired under applicable li~w to t-e Kiven in anuth~r manner, la- any notirn to F3~-rrower provided forin this AtortgaKe shall be given by mailing ~uch notice by certified maii a-ddressed to E3orn~wer at the E'roperty Address ur xt such other address as Rorrower may designate by notice to I.ender as pmvided herein, and (b) any notim to [.ender shall be given by ceriified mail, return receipt reyuested, to I.ender's addres,ti stated hemin or to such other address as l.ender may designate by notice to Eiorrower nn provided hemin. Any notice pmvided for in this Mortgage shall be deemed tn have been given to I3orrower or I.ender when given in the manner designnted herein. 1:~. l Jn iform Mortgage; Governing Law; SeverRbility. This form of mortgaRe combines uniform covenanta for national use and non- uniform covenants with limited variations by jurisdiction to cunstitute i~ uniform security instrumrnt covering real property. This Mortgage shall be Koverned by the Inw of the jurisdiction in which the F'n>perty is located. In the eve~t that any pn,vision or clause otthis Mertgage or the Nute rontlicts w~th applicable law, such conllict shall not affect other pruvisions of this MoriQage or the Note which can be given effect .~~ithout the conflictinK provision, ~ind to this end the pmvisions of the MortRaRe and the Note are declared to be severnble. l6. Borrower's Copy. E;orrower shall be furnished a conformed copy of the l~Jote and of this Mortgage at the time of execution or after recordation hereot. %~/~ 17. Trwnater uf the Property: Assumption. If all or any part of the Yroperty or an interest thernin is sold or tranaferred by E3orrower ''- C~ ~ thout l.e;~det'~ prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crealion of a /' ~R purchase uwney security interest for household appliances, (c- a tranafer by devise, d.scent or by operation of !aw upon the death of a jo~nt i ~~ ~ 1'~t'enant or (d- the grant of xny leasehold interest of three years ur less not containing an option to purchase, l.ender may, at I.ender's option, ~ cieclare all the sumssecured by this MortgaKe to tie immediately due and payable. l.ender shalf have waived such option to accelerate if, prior to the sale or transfer, l.ender and lhe person to whom the Nroperiy is to be sold or transferred reach agreement in wriling that the credit nf auch ~ ~•rson is•satjsfactory tu l.ender and that the interest payable on the sumg scrurc~cl b~~ thia Mort~aKe shall be at such rate as I.ender shall rtque~t. If Ixnder has Maived the option tu acct lerate pm~•idc~ in this paraKraph ! 7, and if }iorruv-ei s successor in interest has executeei a «•ritien assumpliun agreement acceptrd in writinK by I.ender. I.endershall rele.-se &~rrower from all obliK:~tiuns underthis MortKageand the ti ute. If Ixnder exercise~ tiurh uplion to :iccelerate,l xnder shs~ll m:~il }iorrower notice of acceleration in acrnrdance with paragraph l4 hereof. ~uch notice shall pruvide a periud of not less than 311 da~•s frum thedate the notice is maileel within which Bormwer may pay thesums declared due. If Rorr~-wer fails to pat such sums prior to the expiratiun of such period, Ixnder ma~, wilhout further notice or demand on Borrower, ~nvoke ~ny remedic~ petmitted by paraKraoh Iri herc~~f. IR. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. uNon Bonower's breach ot any co~enant or a~reemenl of Borrower in this Mortgage. including the covenants to pay when due any euma aecured by thie Mortgage. Lender prior to acceleration ahall mai) notice to Borrower as provided in paragraph 14 hereofapecifying: (1)the breach; ('l) theaction required to cure such breach: (3) a date, not less than 30 days from tl~e date the notice ia mailed to Borrower. by which such breach must be cured; and (41 that failure to cure such breach on or before the date apeciGed in the notice may result in :icceleration of the suma secured by this Mortgage. foreclosure b~ judicial proceeding and sale of the Property. The notice ahall further inform Borrower of the right to reinstate aRer scceteration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. [f the breach is not wred on or F-eEore the date specified in the notice. Lender at Lender'~ option muy declare all of the auma secured by this Mortgage to be immediately due and payable without furtherdemand and may toreclose lhis Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding a!1 expensc~ of foreclosure. including. but not limited to. reasonable attorney's tees. and costs otdocumentary evidence~ abstracts and titte reports. 19_ Borrower's Right to Reinstale. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, E3orrower shall.have the right to have any proceedinKs begun by t.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Murtgaqe it: (al E3orrower pays [.ender all sums which would be then due unde: this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; tb) Borrower cures al! breaches of any other covenanta or agreements of Borrower contained in this htortgage; (c1 Borrower pays all reasonable expenses incurred by Lender in enforcing the covenante and agreemente of E3orrower contained in this Mortgage and in enforcing I.ender's remedies aR provided in paragraph 18 hereof, including, butnot limited to, teasonabl~ attorney's fees; and ldl F3orrower takes such action as I.ender may reasonably require to assurethat the lien of this Mortgage, I.ender's interest in the Property and Rorrower's obligation to pay the sums secnred by this Mortgage ahall continue unimpaired. Upon auch payment and curn by E3orrower, this Mortgage and the obligations secured hereby ehall remain in full force and effect as if no acceleration had occurred. 20. Aasignment of Rente; Appointment of Receiver. As additional secarity hereunder, Borrower hereby assigna to L.enderthe rents of the Property, provided that Borrower shall, prior to acceleration under paraqraph 18 hereof or abandonment of the Property, have the right to coilect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, [.ender shall be entitled to have a receiver appointed by a court to enter.upon, take possc~aion of and manage the Property and to collect the renta of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the coafs of management otthe Property and collection of rente, including, but not limited to, receiver's fees, premiums on receiver's bonda and reasonable attomey e feea, and then to the sums secured by this Mortgage. The receiver aha11 be liable to account only for those renta actually received. ' • ~ ~ ~ .+..~.~%2r`Le ...5~..` . ,.~. 4 .. .'. -. ~~'~K348 Pd~E~900 ~ ~ _ • - _ z!l~