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HomeMy WebLinkAbout0966 8• ID~PlC~jOA. Lender may make or cawe W be made ~earoaabl~ eatrie~ upoa and 'uup~ctiora otthe property, pcovided that Le~der ~F?aU give Bonowe~ aotice prior to any such irupectio~ specifyin~ reawnable cauie therefor ralaced to Lender'~ intenyt in the Property. 9. Coodemaadon.'11~e proceed~ o[ any award or claim for dama~e~, direct or con~equential, ia connection with any oondeaunation o~ other tskin~ of the pmperty, or part thereof, or for conveyanoe in lieu of ooademnetio~, an hereby as~i~ned and shell be paid to Iender. in the event of a total takinQ of the Property, the proceeds ahall be applied to the sua~s secured by this Mortgage. with the a:cep, if any, paid to Borrower. In the eve~t of a partial taking ot the Property, unless Borrower and Lender otherwi~e agree in writing, there shall be appGed W ehe sums secured by thii Mortgege snch proportion of the proceeds as is equal to that proportio~ which the amount of the sums 9ecured by this Mortgage immediaeely prior to the date of takiag bears to the fuir market value of the Property immediately prior W the date of taking, with the balan~ of the prooeed~ paid to Borrower. I[ the Property is abandoned by Borrowet. or if, aRer notice by I.ender to Borrower that the oo~demnor oPfera to make an award or settle a claim for damagea, Borrower fail~ to respond to Lender within 30 days after the date auch notice is maikd, lender ie authorized to collect and apply the proceeds. at Lender's option, either to eeatoration or repair of the ptoperty or to the eums secured by this Mortqage. Unless Lender and Borrower otherwi~e agree in writing, any such application of proceede to principal shall not e:tend or postpone the due date of the monthly inetallmenta referred to in paragraphs 1 and 2 hereof or change the amount of euch inatallmente. 10. Borrower Not Releaeed. E:teneion of the time for paym~nt or modification of amortization of the auma eecured by thie Mortgage ~ranted by i.ender to any auccessor in interest of Borrower ahall not operate to rnlease, in any manner, the liability of the original Borrower and Borrower's auccesaora in internat. Ixnder shall not be required to commence procecdings aRainst auch auccesaor or refuse to extend time for payment or otherwiae modify amortization of ihe suma secumd by this Mortgage by reason of any demand made by the original Borrower and Borrower'a auccessora in interest. . 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exercise of any auch right or remedy. The prceurement of inaurance or the payment of taxea or other liena or chargea by I.ender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtednese secured by thia Mortgage. 12 Remediee Cumulative. All remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be e:erciae~ concurrently, independently or aucceeaively. 13. Successore and Asaigne Bound; Joint and Several Liability; Ceptione.l'he covenants and aRreements herein contained shall bind, and the righte hereunder ehall inurn to, the respective auccessors and aseigne of Lender and BorroKer, subject to the proviaions of paragraph 17 hereof. All covenanta and agreementa of Borrower ahall be joint and several. The captiona ar.d headinga of the paragraphe of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner,la) nny notice to Rorrower provided [or in thie Mortgage ahall be qiven by mailing auch notice by certified mail addreas~.~d to Borrower at the Property Addreas or at auch other addrese ae Borrower may designate by notice to Lender ae provided herein, and (b) any notic~e to l.ender shall be given by certified mail, return receipt requested, to Lender's addreas atated herein or to auch ot~ier addrese as Gender may designate by notice to Borrower ax provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governipg Law; Severability. This form of mortgage combines uniform covenants for national uae and non- uniform covenanta with limited variationa by juriadiction to rnnatitute a uniform security instrument rnvering real property. Thia Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note contlicta with aFplicable law, such conflict shall not afCert other proviaions of this MurtRage or the Note which cun be given effect without the conflirting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. ' p~ p 17. 'I~anefer of the Property; Aeaumption. If all or any part of the Property or an intereat therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of s ' purchaee money eecurity intereat for houeehold appliancee, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or leas not rnntaining an option to purchase, Lender may. at Lender'a option, declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the eale or tranafer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch person is aatiafactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall request. If Leuder has waived the option to accelerate pmvided in this pazagraph 17, and if Borrowei s saccesaor in intereat has executed a w~ritten assumption agreement accepted in writinq by Lender, I.endershall relesae Borrower from all obiigations under this Mortqage and the ti ote. ; If Lender exercises such option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ Such notice ahall provide a period of not less than 30 days from thedate the notice is ~r.ailed within which Borrower may pay the aums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ' ~nvoke any remedies permitted by pa*agraoh IS hereof I ~ 18. Acceleration; Remedies. Ezce t as rovided in ara p p p graph 17 hereof. upon Borrower's breach of any oovenant or f agreement of Borrower in this Mortgage, including the covenants to pay when due any eume aecured by this Mortgage. Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not lese than 30 daye from the date the notice is mailed to Borrower, by which euch breach muat be cured: and (4) that failure to cure such breach on or before the date apecified in the notice may result in ~ acceleration of the aume aecured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinetate aRer acceleration and the right to assert in the foreclosure proceeding the non-ezietence of a default or any other defenee of Borrower to acceleration and forecloeure. i`the breach ie not cured on or ~ before the dete epecified in the notice. Lender at Lender's option may declare all of the sume secured by thie Mortgage to be ~ ~ i mmediately due and payable wit6out further demand and may torecloee thie Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding ell e:penaea of foreclosure. including. but not limited to. reaaonable attorney's feea, and `s costs of documentary evidence, abetracta and title reporta. ~ ~ ; 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of the suma secured by this Mortgage, Borrower ehall have ~ the right to have any proceed"inga begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing € thie Mortgage if: (s) Borrower paya Len~er all aums which would be then due under this Mortgage, the Note and notea securing Future ` Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenant8 or egreementa of Borro~ ~er contuined in this Mortgage; (c) Borrower paya all reaeonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower contained in thie Mortgage and in enforcing. Lender e remediea as provided in paragraph 18 hereof, including, but not limited to, reaaonable attorney e feea; and (d) Borrower takes such action as Lender may reasonably require to aeaure that the lien of this Mortgage, Lender'e intereet ' i n the Property and Borrower a obligation to pay the auma eecured by this Mortgage ehall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligatione eecured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aesi~nment of Rents; Appointment o! Receiver. As additional eecarity hereunder, Borrower hereby aeeigna to I.ender the reata of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or ebandonment of the Property, have the right to collect and retain auch rente sa they become due and payable. i Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ court to enter.upon, take posseseion of and manage the Property and to rnllect the rente of the Property, including those paat due. All rente ~ coUected by the receiver ehall be applied firat to payment o[ the ooete of management of the Froperty and collection of rente, including, but not ! limited to, receiver e fees, premiuma on receiver's bonds and reasonable attorney's feea, and then to the aume secured by this Mortgage. The ~ receiver shall be liable to acoount only for thoee rents actnally reoeived. k • ~ P~CE ~7U•J • CK't~U PAGE ;.3-I.C.~;:~ ~ ~ . - ~ . _ a.;,:~. ~,;w~.a - - ~