Loading...
HomeMy WebLinkAbout0955 . . _ ' ~ d 7~ , ~ + a ~ ' ~ . 8. In~pectioa. Lender mqy mske oi cause to be made reawnable ~trie~ upoa and 'uupsction~ oithe properRy. provided tlut Lsnde9r ~hall Bive Borrower notice prior to at~y such irupection specifying reawnable cauie theteto~ related to Leade~'~ inLenst in the Propespr. 9. Condemnadon.'!he proosed~ of sny award or claim for dama~ea, disect or ooa~equeatial. ia oonaec~on wiW any oondemnabon oz other tating of We property, or part Wereof. os for convsyanoe in lieu of oondemnation, are hereby sNi~?ed and shall bs paid to Lend~. i In the event of a total taking of the Property, the pmceeds ahall be applied to the sums secured by thia Mottgage, with !he esoea, if any, ~ paid to Borrower. In the event of a partial taking of the Properf,y. unleas Borrower and Lender other~vise agt~ae in writiug, then ahall be applied to the aums eecured 6y this Mortgage such proportion of the proceeds ss ie equal to that proportion ahieh the amount of We suma secured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Propedy imaaediately prior Lo the date of ; taking, with the balanoa of the pmoeeda paid b Borrower. ; If the Property u abandoned by Borrower~ or if. aR~er notice by Lender to Boitower that the oondemnor offers to make an aw+ard or eettle a cl aim for daaiages, Borm~rer fails to respond to Lendes within 30 daye after the date such notice ia mailed, Lender is autho=ised to collect and apply the proceeda, at i.ender s option, either to restoration or repair of the pmperty or to the eums secured by this Mortgage. Unl~s [.ender and Borrower otherwise agree in writing, any auch applicatioa of procceds to priticipal shall not extend or poetpone the due date of the monthly inatallmente referred to in paragraphe 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Released. E:teneion of the time for paym:nt or modificatioa of amoKizatioa of the sutna aecured by this Morigage Aranted by Lender to any aucceaaor in interegt of Borrower shall not opetate to release. in any manner. the liability of the original Borrower and Borrower's auccessors in interest. L.ender ahall not be required to rnmmence proceedinga againet euch aucceesor or r~fuee to extend time for payment or otherwise modify amortization of the auma secured by this Mortgage by reasan of any demand made Dy theoriginaJ Borrower and Borrower a eucv.~esaore in intereet. 11. Forbesranoe by Lender Not a Waiver. My forbearance by Lender in exercieing any right or remedy hereunder. or otherwise afforded by appUcable law. ahall not be a waivrr of or preclude the e:ercise of any auch right or remedy. The procurement of insurance or the paymeat of tei.:ea or other liene or charges by I,ender shsll not be a waiver of Lender a right to accelerate the matnrity of the indebtedneee secur8d by thia Mortgage. 12 Remediee Gtimulative. All remediee provided in thia Mortgage are distinct and cumulative Lo any other sight or remedy under this Mortcage or afforded by law or equity, and ~nay be ezercieed concurrentty, independeatly ar auc~ceasively. 13. Successore and Aaeigns Bound; Joint and Several Liability; Captione. The oovenante and agreementa herein oontained ehall bind, and the rights hereunder ehall inure to, the reapective eucceseors and aeaigna of I.ender and Rotmwer, eubject to the provisions of paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and eeveral. The captions and headinga of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the pmvieioas hereof. 14. Notice. Except for any notice required under applicable law to be given in anoth`r manner, (a) any notice to Borrower provided for in thia Morlgage shall be given by mailing such notice by certified mail addressed W Borrower at the Property Addresa or at auch otner adtirees as Borrower may deaignate by notice to Lendei ae pmvided herein, and (b) any notice to Lender shall be given by certified mail, return re~eipt requested, to I,ender a addrees etated herein orto such othet address ae I.ender may deaignate by notice to Botrower as pmvided herein. Any notice provided for in thia Mortgage aha11 be deemed to have been given to Borrovuer or I.ender when given in the manner deeignated herein_ 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combinea uniform covenante for national use and non- uniform covenanta with limited variations by juriadirtion to conatitute a uniform security instrument oovering real property. This Mortgage sh ail be governed by the law of the jurisdiction in which the Prope~rty is located. In the event tha~ any provieion or clauae of thie Mortgage or the Note confliMs wlth applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conilicting proviaion, and to thie end the proviaions of the Mortgage and the Note are declared to be eeverable. ' 16. Borrower'e Copy. Borrower ahall be fumiahed a rnnfomned copy of the Note ar.d of this Mortgage at the time of e:ecution or after recordation hereof. 1~~ y~ •17_ 7~anefer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower ~ without Lender E prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b} the creation of a ~ purchaee money eecurity intereet for houeehotd appiiances, (c) a transfe>- by devise, dcc~oent or b~ operation of law. upon the death of a joint tenant or (d) the grant of any leaeehold intezeet of three yeasa or lesa not containing an option to purchase, I.ender may, at I.ender e option. declare all the sums aecnrea by this Mortgage to be immediately due and payable. Lender ahaU have weived euch option to accelerate if, prior to the eale or transfer, Lender and the person to whom the Property ia to be sold or transferred resch agreement in writing that the credit of such = peraon is satiefactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at euch rate as I,ender shall request. If Lender has waived the option to accelerete provided in this paragraph 17, and if Borrower's succesaor in intereat haa e:ecuted a w-ritten asaumption agreement accepted in writing by Lender, Lender ahall releaee Borrower from all obligations under thia Mortgage and the ti ote. If Lender exerciaes snch option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereo[ Such notice shall provide a period of ~ot leas than 30 days from the date the notice ie rr,ailed within which Borrower may pay the auma declared due. If Borrower faile to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iiorrowet, mvoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remediee. Ezcept se provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage~ including the oovenanis to pay whea due any eume aecured by t6is Mortgage, Leader ~rior to acceleration shal! mail notice to Borrower ae provided ia paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lese than 30 daye from the date the notice ia mailed to Borrower, by whic6 such breac6 must be curc~i; and (4) thet lailure to cure euch breach on or before the date epecified in the notice may result ia acceleration of the sums eecured by this Mortgage. foreclosure by jadicial prooeedin~ and eale of the Property. The aotice shall further inform Borrower of the right to reinetate after acceleration and the righ! to sasert in the foreclosure proceeding the non-e~[iatence of a defsult or any other defenae of Borrower to acceleration and forectosure. Ii the breach ie aot cured on or before the date epeciHed in the notice. Lender at I.eader'e option may declare all of the sums secured by thia Moctgage to be immediatety due and payable without further demand and may forecloee thie Mortgage by judicia! procxeding. Lender ahall be entitled to collect in such proceeding all ezpenses of forecloeure, including, but not limited to. reaaonable attorney's fees. and roste of doc?~mentary evidence, ebatracts add title reports. 19. Borrower'e Right to Reinatate. Notwithatanding [.,endei s acceleration of the suma secured by thia Mortgage, Borrowerahall have the right to have any prooeedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enfot+cing thia Mortgage if• (a) Borrower pays Lender all eume which would be then due under this Mortgage, the Note and notee eecuring fi~turE Advences, if any; had no aa:eleration ocrurred; (b) Borrower curea all breachea of any oiher ooven anta or agreementa of Borrower contained in this Mortgage; (c) Borrower paya all reasonable e~penaea incurred by I.ender un eniorcing the oovenaa~a and agn~ements of Borrower contained in this Mortgage and in enforcing I,ender'e remediee as pmvided in paragraph l8 hereof, including, but not limited to, reasonable a ttorney's fees; end (d) Borrower takea auch action as I.ender may reaeonably require to aeeure that the lien of thie Mortgage, Lender'e intereat in the Property and Borrower's obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon such payment and cure bv Borrower, thie Mortgage and the obligationa eecured hereby shaU remain in fiill foroe and rEfect ae if no aoceleration had oocurred. 20. Assignment of Itente; Appointment of Receiver. Aa additional eecurity hereunder, Borrower henby assigns to I.ender the rents of the Properiy, pmvided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain auch rents aa they become due and payable. Upon acoeleradon under paragraph 18 hereof or abandonment of the Propetty, Lender shall be entitled to have a receiver appointed by e court to entera~pon, take poeeeeeion of and manage the Prope~ty snd to rnllect the rente of the Property. inclnding those paat due. All nnta rnllected by the reoeiver shall be applied firet to payment of the ooets of management of the Property and oollection of rents, including, but not limited to, receiver's feea. premiume on receiver'e bonds and reaeonable attorney's feea, and tf~en to the sums serured by this Mortgage. The receiver ehall be lieble to acoount onty for thoee rente actually r~ecxived. 800~1( ~AGf ~5 ~ ~ ~ - _