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HomeMy WebLinkAbout0925 ~s R . , ~ ' t ~N ` • _ . 8. liupection. Lender may make or cawe to be made reawnsble entsie~ upon and inapectiona of the property~ ptovided tl~at Leadu ~hall give Borrow~ notice prior to aqy ~uth in~pection specitying reaaonable cawe th~ei~ related to Lender'~ interat in th~ Peopsrty. 9. Coademnadon. ~I~1! pIOOE~~ Ot BAS/ BNB~ O= Ciilm tOi ~Sl~ fill'!C~ O! CORaEQYQA~1tI.1R OOAAlCt10A i~l~i AI~/ OOA~I1at10A OT other tal~iag o! the pmperty~ or pert thereof, or for conveyencs in Ueu of oondemnation. are hereby awi~aed aad ~hall be paid to I.ender. Ia the event of a btal taking of the Propedy, the prooeed~ ~hall be applied to the sums secured by this Mort~e~e. ~rith the eioeM. if any. paid to Borrower. In the event of a partial tating of the Prope~rly. unless Borrowcr and Lend~ otherwiee agree in writing, there sha11 be applied to the sums secnred by this Mortgage ~uch pmportion of the proceeds aa ia equal to that pmportion wrhich tbe amona! of the sums eecund by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immedistely prior to the date of ~ taking. ~rith tbe balanca of the prooeed~ paid to Borrower. If We Property u abandoned by Borro~ver. or if. aRer notioe by Lendes to Borrower that the oondemnor offers to make aa award or ~ettle a claim for damages. Borrower fail~ to reepond to Lender within 30 days after the date such notioe ie mailed, Lender is authorised to collect and apply the proceeds, at I,end~'s option, either to nstoration or repair of the pmperty or to the sums aecured by this Mortgage. Unless Lender and Borrower otherwise agt~ee in writing, any such application of proceeds to principal shall not ~tend or pwtpone the due date of the monthly instaWneats nferred to in paragraphs 1 and 2 hereof or change the aawunt of auch iiutallmenb, . 10. Borrower Not Released. Extension of the time for paymsnt or modificatioa of amortizatioa of the sums secured by thie Mortgage granted by Lender to any aucx~eaeor in interest of Borrower ahall not operate to release, in any manner, the liability of the oiiginal Borrower and Borrowei a succeesora in intereet. i.ender ahali not be required to oommence proceedings againat euch succeseor or refuse to eztend time ~ for payment or otherwise modify amortization of the suma secured by this Mortgage by rraeon of arly demand made by the original Borrowez and Borrower a succesaora in intereat. 11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender in exercising anyi right or~remedy hereunder. or otherwibe afforded by applicable law. ehall not be a waiver of or preclude the ezerciee of eny auch right or remedy. The procurement of ineurance or the payment of ta:ee or other Uene or charges by Lender ehall not be a waiver of I.endei a right to aocelerate the maturity of the indebtedneas secured by thia Mortgage. 12 Remedies Cumulative. All remediee provided in thie Morigage are dietinct and cum~:lative to any other right or remedy under this Mortcage or afforded by law or equity. and may be e~erciae~i concurrently. independently or aucceesively. 13. 3ucceeeors and Aseigne Bound; Joint and Several Liability; Captione. The oovenanta and agreements herein oontained ehall bind, and the righte hereunder ahall inure to, the reapective succeeaors and aasigna of Lender and Borrower, aubject to the provieione of paragraph 17 hereof. All covenanta and agreements of Borrower shall be joint and several. The ceptior?s and headinge of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 14. Notice. Eacept for any notice required under appiicable law to be given in anothzr manner, (a) any notice to Borrower provided for in this Mortgageahall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addreas or at auch other addreea es Borrower may designate by notice to Lender ae provided herein, and (b) any notice to l.ender ahall be given by certified mafl, return receipt requeated. to Lender's addrees stated herein or to such other addreae as Lender may designate by notice to Borrower ea provided herein. My notice pmvided for in thia Mortgage shall be deemed to have been given to Borrovver or Lender when given in the mannet designated herein. 15. Uniform Mortgage; Goveraing Law; Severability. Thie form of mortgage rnmbinea uniform oovenanta for national uee aad non- uniform covenanta with limited variations by jurisdiction to conetitute a uniform eecurity instrument oovering real pmperty.'lliia Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clauae of this ~Vlortgage or the Note conilicts with applicable law, auch conflict ahall not affect other proviaions of this Mortgage or the Note which.can be given effeM without the oonflicting pmviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower ahall be furniahed a conforsned oopy of the Note and of thie Mortgage at the time of e:ecution or after recotdation heteof. 17.15ranefer of the Property; Aeeumption. If all or any part of the Property or an intereat therein ia eold or traneferred by Borrower without Lender'e prior written conaent, e:cluding (a) the creation of a lien or encambrance subordinate to thie Mortgage, (b) the creation of a purchaee money eecnrity intere8t for household appliances, (c) a transfer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three years or lesa not containing an option to purchaee. Lender may. at I.ender's option, declare aU the eume eecured by this Mortgage to be immediately due and payable_ Lender ehall have waived auch option to accelerate if. prior to the eale or tranafer, I.ender and the pereon to whom the Property ia to be sold or tranaferred reach agreeinent in writing that the credit of euch person is aatiafactory to L.ender and that Rhe interest payable on the sums seaired by this Mortgage ahall be at euch rate as L.ender ahail request. If Lender has waived.the option to accelerate ~rovidecl in thia paragraph 17, and ~f Borrower's eucceaeor in intereat hss eaecuted a written assumption agreement socepted in writing by Lender, Lender ahall releaee Borrower from all obligations under thia Mortgage and the Note. If Lender exerciaes such option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereot Such notice ahall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the euma declared due. If Borrower fails to pay euch aums prior ta the expiration of such period, Lender may, without further notice or demand on I3orrower, invoke any remediea permitted by paragraoh 18 hereof. 18. Acceleration; Remediee. Except ae provided in paragraph 17 hereof. u~on Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenante to pay when due any sums secured by thie Mortgage. Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ' required to cure such breach; (3) a date, not lees than 30 daye from the date the notice is mailed to Borrower, by which euch breach muet be cured; and (4) that feilure to cure euch breach on or before the date specified in the notice may reault in , acceleration of the eume secured by thie Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice shall , further inform Bortower of the right to reinstate aR.er acceleration and the right to aseert in the foreclosure proceeding the non-euetence of a defauit or any other defense of Borrower to aoceleration and foreclosure. If t6e breac6 is not cured on or ; before the date epecifed in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by )udicial proceeding. Lender shell be ~ ; entitled to oollect in such proceeding all ezpenaes of forecloeure, including, but not limited to, reasonable attomey's feea. and coata of documentary evidence, abstracte and title reports. ; 19. Borrower'e Right to Reinetate. Notwithstanding Lender'e acceleration of the suma secnred by thie Mortgage, Borrower shaU have i the right to have any proceedinge begun by Lender to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes ae~uring I~ture Advances, if any, had no aoceleration oocurred; (b) Borrower curee all breachea of any other covenants or agreements of Borrower oontained in thie Mortgage; (c) Bortower paya ell reseonable ~peneea incurred by Lender in enforcing the ooveaente and agreements of Borrower ; contained in thia Mortgage and in enforcing Lender's remedie8 aa provided in paragraph 18 hereof, including, but not limited to. reasonable attomey e feee; and (d) Borrower takea such action as L.ender may reaeonably req~ire to aeaure that the lien of this Mortgage~ Lender's interest ~ in the Property and Borrower's obligation to pay the sums aecured by thie Mortgage ahall oontinue unimpaired. Upon such payment and cure ' by Borrower, this Mortgage and the obligations secared hereby ehall remain in full torce and effect as if no acceleration had occurred. ~ 20. Assi~nment of Rents; Appoiatment of Iteceiver. As additional security hereunder. Borrower hereby aseigns to Lender the rwta of the Properiy. provided that Borrower ahaU. prior to aooeleration under paragraph 18 hereof or abandonment of the Property~ have the right ; to collect and retain such rents aa they become due and payable. • ~ Upon acceleration under patagraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a reoeiver appointed by a " court to enter.~pon, take poseeeaion of and manage the Property and to collect the rents of the Property, including those paet due. All renta ; cbllected by the receiver ahall be applied fust to payment of the ooete of management of the Property and oollection of rents, including. bnt not 1 imited to, receiver's fees, premiuma on reoeiver's bonds and reseonable attorney'e feea, and then to the sums sxured by this Mortgage. The E receiver ehall be liable to accaunt only for thoee renta actually received. i ~ ~ ~K ~J6 P»CE ~V B@~t( ! ' ~ _ ~ - - - _ • - b - ~ . . . _ : ~ ~~a3-,.~ ~ y _ , _ ~ . - - - - - - rrr r-~+~~ '~`e'~..~k1~~ xra~='~ - ~ ~