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HomeMy WebLinkAbout0992 s ~ H. Inspection. l.ender may make or cause to be made reasonable entries upon and inapectione of the property, provided that Lender ehull ~ Kive E3orrower notice prier to any such inapection apecifying reasonable cause therefor related to Lender's intereat in the Property. ~ 9. Condemnntion. The proceede of any award or claim iot damagea, direct or consequentiai, in connection with any condemnation or ~ ~~ther taking of the property, or part thereof, or for conveyance in lieu of condemnation, arn hereby aaeigned and tlhall be paid ta I.ender. j In the event of a totxl taking of the Property, the proceede shall be applied to the suma aecured by thie IViortgage, with the exceaa, if any, pxid to F3~rrower. ln the event of a partial taking o! the Property, unlexa Borrower and Lender otherwiee agree in writing, there ehall be applied to the suma secured by thie ~lortgage auch proportion of the proceede as ia equal to that proportion which the amount of ihe aume gecured by thia Mortgage immediately prior to the date of taking beara to the fuir market value of the Property immediately prior to the date of t:iking, with the bfilance ot the proceeda paid to F;orrower. • lf the Property ia abandoned by Borrower, or if, after nutice by Lender to E3orrower that the condemnur offera to make an award or eettle a claim for damages, E3ormwer fails to reapond to Lender within 30 duys after the date auch notice is mailed, Le~der ia authorized to collect and = .~pply the proceede, at i.ender'a option, either to restorfltien or repair of the property or to the sums aecured by thie Mortgage. Unlesa l.ender and Borrower otherwiee agme in writing, any such application of proceede to principal shall not extend or poatpane the due date of the monthly installmenta referred to in paragraphe 1 and 2 hereof or change the amount of such inatallmenta, 10. Borrower Not Released. Extension of the time for paymrnt or modification of nmortization of the e~ums secured by this Mortgage ~;r.inted by l.ender to any successor in intemat of Borrower shall not operate to releaae, in any mflnner, the liability of the original Borrower and BorroN•er's successors in interest. I.ender shnll not be required to commence prxeedinga agziinat such succeasor or mfuae to extend time f~~r p~y~ment or utherw~ise modify umortizatiun of the sumK :~ecurEd by this lltort~aKe by reason uf :iny demand made by the oriEtinal Bonower i und f3urru~~~ei s succe~sors in interc~st. 11. Forbearance by I.ender Not a Waiver. Any forbear~nce by t.ender in exercising any right or remedy hereunder,.or otherwise ;~ffurded by applicabie law, shall nut be a waiver of or preclude the exercise of any auch right or remedy. The procurement of inaurance or the }~ayment af tsxes or other liens ur charKes by l.ender ahall not be a waiver of I.ender's right ta accelerate the maturity of the indebtednesa :cti~ured by this Mortgage. ~ ; 1`l. Remediea ('umulative. All remedies provided in ihis Slortgage are diatinct and cumulative to any other right or remedy under this • ~turtrage ar afforded by law or equity, and may be exerciaerl concurrently, independently or successively. ` 13. Successors and Aasigna Bound; Joint and Severxl Liability: Captions. The covenants and agreements herein contained ahall hind, and the riRhis hereunder ahall inure to, the respec•tive successors and assigns of Is~nder and f3orrower, subject to the provieions of par.~Kraph 1+ hereof. All covenxnts and ~greements of Borrow~er Shc+ll ba joint and several. The captions and headin~s of the paragrapha of this ~turtKaKe ~~re for co~•enience onh• and are not tu be used to interpret ur define the proviaione hereof., 1 3. tiutice. Excc•pt fur .~n}~ n~ftice rc~c~uired undc~r app!ir<~ble Ixw t+, tx~ ~;i~•en in .inother mnnner, (al an~• notice to Borrow•er provided for in thi~ 11~ rct~;a~;e shall be gi~•en b~• mailing such notice by certified mail addrexsed 1~ Iiorruwer flt the Property Addresy or ~t such other addreas as !t~ ~rru~~ er mat• dt~si~;nate h~• notice to [.ender as providcd herein, and ~b1 any notice to I.ender shall be given by certified mail, retum receipt r~,~ue.t~~d, tu IA~ndcr's address stated herein or to such other addre~s t~s I.ender may designate by notice to Borrower ae provided herein. Any n~ ~t:~~r pru~~id~~d for in this :lor2gaKe shall be deemtYl to have l~en given to F3orruwer or I.ender when given in the mar.ner designated herein. ~ 1:~ l'niformMortKage:(:overningLaw•;Severability.Thisformofmort~aKecombinesuniformcovenantsforn.+tionaluaeandnon- u nifurm c~~~ ertunt~ w~ith limited ~•ariations b}• jurisdiction tn cx~n~titutr a uniform security instrun?ent cuvering teal property. T'his Mortgage ;ha11 hr k~~~~ernftl h~• thr law~ uf thr jurisdictiun in which the I'roperty is located. In the e~~ent that ary provision or clause of this Mortgage or tht~ \ute c~~nflirt5 v.•ith applicable leiw, such conflict shall not affcrt uther provisions nf this ~lurtgaKe or the tiute whuh can be given ef!'ect ~+ithuut the cvnflictin~; pruvisiun, and to this end the pru~•isinn~ of the hlortKaKe .~nd the tibte are declxred to be se~~erable. ifi. Borrow•er's Copy. E~~rruw~er shall be furnishecl a conformec! copy of the Note and of this htortgaqe at the time of exc~cution or aftxr rt~c~~rdatiun herc~~f. ; 1~. Transfer of the Property; Assumption. If <ill or any part of the f'rapert~• or an interest therein is sold or tranaferted by Borrower ~ ithout l.ender's prio~ w•ritten consent, exciudinQ la~ the crextiun of a lien or encumbrance subordinate to this 111ortgage, Ib) the creatiun of a ~ purchuse money securi~~• interest for household appiiances. ~c~ a transfer by de~~ise, d.scent or b>~ operation of law upon the death of a joint tenant or ld) the Rrant of an~~ Ieasehuld interest of three :ears or less not cunt~iininK an option to purchase, I.ender may, at l.ender's option, ~ ~ ! ~icrlsre all the sums secured b~• this MortgaQe tn be immediately due and payable. I.ender ahall have waived auch option to accelerate if, prior ~ I t~ ~ the:cale or transfer, I.ender and the person to w•hum the 1'ropem• is to be sold oz transferred reach agreement in w~riiing that the credit of such ~ ~ E,c•rson is satisfaetun• tr~ Ixnder ~?nd th3t ~he interc•st p:t}•able un the sums secvreci b~~ this tilortKaKe shall be at sueh rate as I.ender shali r,~c~uest. If Lender has u,~iced th~~ ~*ption to accelFrate pri~~•ided in this par.iKraph 1 and if KurruK•e~ s successor in interest has exeeuted a ' ritten assumption aKre~~ment accepted in w-ritinK b}• [ A•nder, I.i~nder sh:?II releasr fiurruw•er from aU ~~~liKations under this 4tortgaqe and the ~ ' \nte. ! If Ixnder exercise~ such uption to accelerate. Ixnder sh.+ll mail f3orruv~•er nutice of acceleratiun in ~ccordance with paraQraph 14 hereof. ~ tiuch n~,.ice ~h,ill pru~~ide a pen~~ of nut Iess than :U~ d.i>•4 frvm thedate the ~uti~•e is rnail~~d w•ithin w~hich Rorruw•er ~na~• p~y the sums declared ~ ~iue. lf E3urrmti~er f.~ils tu pa~~ such sums prior tu the• : z{~irati~~n ~~f ~uch pt•ri~xl. Ixn~ier m.?y, without further noticr r,r demand nn fte~rrower. ~ im~oke~in}• remt•dies permittcd b~• ~~ara~;rat~h Iti here~~f. i 18. ~cceleration: Remedies. Except as provided in paragraph 17 hereof, apon Borrower's breach of t.ny covenant or a{{reement of Borrow•er in thie Hortgtage, including the covenants to pay when due any sums securecl by thi» Mortgage, Lender prior to acceleration shall maii notice to Borrower ~ provided in paragraph 14 hereofspecifying: (1) the breach; (2) the action reyuired to cure such breach: (3? a date, not leas than 30 days from the date the notice is mailed to Borrower. by vti hich such breach must be currd: and (4) that failure to cure auch breach on or before the date specified in the notice may result in • ~icceleration of the sumH ~ecured by thia Nortgage, foreclosure by judicial proceeding and saleofthe Property.The noticeahall f~rther inform Borrower of the right to reinstate after acceleration and the right to asaert in the foreclosure proceedir.g the non-existence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach is nat cured or. or before the date specified in the notice,.Lender nt Lender's option may declare all of the eums secured by thia :Hortgage to be ~ immediately duc and payable without further demand and ma}• foreclose this ltortgage by judicial proceeding. Lendcr ehall br ~ ~ t~ntitled tu collect in yuch proceeding all expenaes of foreclosure, includinR, but not limitecl t~, reasonable attornc~y's feea, and ~ custs of documentary evidence, abstrects and title reports. ~ 1 q. E3orrower s Right to Reinstate. NotwzthstandinK (.c~nder's acceleration of the aums secured by this biortgage. E3vrrower xhall ha~ e ~ the ri~;ht to have .inp pn~cetu.]inKs be~un by (.ender t~~ enfurce this ~tort~~?~e discnnti~ued at any time priot to entry of a judgment enforcinR ~ this Mort{{aKe if: ta~ Rorrow•er pays I.ender all 5ums which~w~~tuld iw then due under this btortgage, the I~`ote and notes securing f'uture fi Advances,ifany.hadnoaccelerationoccurre~;(b)BorruK•ercuresallbreachesofan~~othercovenantsoragreementaofI3orrowercontainedin this :~fortK<=Ke; t~? Korrower pays all reasonable expenses incurrecf by I.ender in ?nforcing the covenanta and aRreements of Borrower . contained in this titort~aKe and in enforcinR I.ender's remediea cis provided in paraKraph IK hereof, including, but not l:mited tr,, reasonable attorne~'s fees; and i d~ Rorruwer takes Kuch action a~ I,ender ma~• reasonably require io assure that the lien of this ;4tortKaRe, I.ender'a intereat in the Yroperty and Borrow•er's obiiRation tu pay the sums secured by this 6lurtgaKe shall cuntinue unimpaired_Up~n such payment and cure hy f3orrower, this 1liortgage and the obliQations se~vred hereby shall remain in full force and effect as if no.acceleration had occurred. 2U. Assignment of Rents; Appointment of Receiver. As additiunal security hereunder, Sorrow•er hereby assigns to Lender the rents uf the Property, provided that E3orrower ahall, prior to acceleration under paraQraph 1 R hereof or abandonment of the Property, have the right to collect and retain such rents aF tney become due and payable. Upon acceleration under paraKraph 1R hereof or abandonment of the Property, Lender shall be entetled to have a recei~~er appointed by a cuurt to enter upon, take poasession. of and manage the Yroperty and to collect the rent,s of the Property, induding those past due. All renta ~ rollected by the receiver ahall be applied fitst to payment of the custs of manaRement of the Properiy and collcction of rents, including, but not . lirnited to, receicer's feea, premiums on receiver's bonds and reasonable xttorney's fees, and then V~ the aums sec>>red by thia Murtgage. The ~ receiver shall be liable u~ acccunt only for .hose rents actually received. ~ a~~K 36fi ~~~E ~89 ~ . A F ~ ~r . _ . _ . . . . . . ~ .