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HomeMy WebLinkAbout0941 ~ Z' ~ LI g, Lupectlon. Lender may make or ca~us to be made rse~onable eutrie~ upon and inspections oi the property. provided that Lender ahall givs Borrow~ notioe prior to aay ~uch icupsction ~pecity?in~ rs~wnsbla ca~ut therefo: related to I.end~'~ intere~t in the Proparty. ; 9. Coademnation. 'IUe prooeeds oi eny a~r~rd or cLim for d~ma~N. direct or tun~sVuenpal. in oonnection with any oondemnation or : other takin~ of the pmperty. or part therwf. or for oonveysnce in lieu of oondemnation. are hareby uaaned and ~hall be paid to L~der. ~ In the event of a total tal~ine of the PropartY. the prooeeda ~haU be applied to the sum~ ~ecund by thii Mort~aSe, with the ~ceM. if any, paid to Borro~rer. In the eveat of a partial tsking of We Property. nnlea~ Borrow~ and Leader othee~vise a~ree it~ writia~. there shall be applied Lo the euaia secured by thi~ Mort~sQe tuch proportion of the prooeeds as u equal t~o that proportion ~rhich We amount of the sum~ { eecured by this Mort~age immediately prior to the date of takinQ besrs to the fair market value o€the Property immediately prios to We date of _ talrinQ. with the balanas of tha prooeeds paid to Borrow+er. If the Property is abandoned by Borrower, or if, sRes notioe by Lender to Bo=rower that the o~ndemnor olters to make an awazd or ~ettle a olaim for damege~. Borrowe: faila to respond to Lender within 30 days after the dste such notioe u meiled, Lead~ u anthorised to oollect and apply the pmceed~, at I.ender'~ option, either to re~toration or repair of the property or Lo the suans secured by this Mortgage. Unless L.ender and Borrower otherwise a8ree in writin8. anY such application of proceed~ to principel shall not e:tend or postpone the due date of the montRly installments teferred to in paregraph~ 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Reles~ed. Extension of the time for paymant or modif cation of amortizatian of the suma sec~ued by thie Mortga~e granted by I.ender to any succeaeor in inter~at of Borrower ehall not operate to release, in any manner, the liability of the onginal Bormwer ~ and Borrower'a eaeceeaora in intereat Lender ahall not be required to ooma?ence proceedinge againet each succeaeor or refuee to e:tend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reseon of any demand made by the original Borrowef and Borrower s aucceseo:s in interest. 11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in e:ercisiag any right or remedy hereunder, or otherwise afforded by applicable law. ehail not be a wai~ er of or preclude the ezerciee of any such right or remedy_ The procurement of ineurance or the payment of t~es or other liena or chargea by Lender ahall not be a waiver of Lender s right to soceletate the maturity of the indebtedness ~ aec~red by thie Mortgage. 12 Remediee Cumulative. All remediee provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortrage or afforded by law or eqeiity, and may be e:ercise~l concurrently, independendy or aucc~easively. 13. 3uccessors and Assigne Bound; Joiat and Several Liability; Captioas. The covenante and agreemente herein contained ehall bind, and the righta hereund~ ehail inure to, the respective ducceseore and assigna of Lender and Borrower, aubject to the provieiona of ~ paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeveral. The captiona and headinge of the paragraphe of , thie Mortgage are for covenience only and are not to be ueed to interpret or define the proviaione hereof. ~ ' 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage ehall be given by mailing such notice by certified mail addre8aed to Borrower at t~e Property Addreea or at such other addrees as . ? Borrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certified mail, teturn zeoeipt ~ requested, to Lender'a address ateted herein or to auch other addrese as Lender may deeignate by notice to Borrowu ea provided herein. Any . notic~ provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~ 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform oovenante for national uae and non- { uniform covenanta with limited variationa by juriadiction to constitute a uniform eecurity instrument covering real property. This Mortgege ~ shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provu+ion or clauae of thie Mortgage or the Note conflicte with applicable law, such conflict shall not affect other provisiona of thie Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the provieions of the Mortgage and the Note are declared to be aeverable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after - recordation hereof. 17. 'l~anefer of the Property; Aaeumption. If all or any part of the Property or an interest therein ia eold or tranaferred by Borrower without Lender'F prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a pnre~aee money security intereat for household appliancee, (c) a transfer by deviae, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or lese not containing an option to purchaee, Lender may. at Lender's option; declare all tha sums aecured by thie Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or trantifer, Lender andihe person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of such i j person is satistactory to Lender and that the interest payable on the aums aecured by this Mortgage shall be at auch rate sa Lender ehall request_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a auccesaor in intereat has e:ecuted a f i written aseumption agreement accepted in writing by I.ender, Lender ahall release Borrower from all obligationa under thia Mortgage and the i Note. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ ~ Such notice shall provide a period of not lesa than 30 days from the date the notice ia Tr~aile3 within which Borrower may pay the sums declared ~ 3ue. If Borrower fails ta pay such aums prior to the expiration of such period, Lender may, without further notice or demand on F3orrower, - f invoke any remediea permitted by paragraoh IS hereof. E 18. Acceleration; Reme<liee. Ezcepi ae provided in paragreph 17 hereof, u~on Borrower'e breach of any oovenant or agreement of Borrower in thia Mortgage. including the oovenanta to pay when due any eume eecured by thie Mortgage. Lender prior to acceleration ahail mail notice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action : required to cure euch breach; (3) a date, not lesa than 30 daya from tbe date the notice is mailed to Borrower, by which such ~ breach muet be cured; and (4) that failure to cure such breach on or before the date epecifed ia the notice may result in acceleration of the suma eecured by thie Mortgage, foreclosure by judicisl proceeding and sale of the Property. The notice shall ; further inform Borrower of the right to reinatate aRer acceleration and the right to aesert in the forecloeure proceeding the ; non-ezietence of a default or any other defense of Borrower to acceleration and forecloeure. If the breach ie not cured on or ; before the date epecified in the notice. Lender at Lender's option may declare all of f~he euma secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may foreclose thie Mortga~eby jud~r,ial prceeeding. Lender shall be E: ntitled to eollect in such proceeding all expenaes of foreclosure, ineluding. but not lfmited to. reasonable ettorney's feea, and costs of documentary evidence. abetracts and title reports. 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the suma secured by this Mortgage, Borrowet ahall have the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgtnent enforcing ; this Mortgage if: {a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notes eecuring Ftiture ~ ~ Advances, if any, had no acceleration cecurred; (b) Borrower cures all breaches of any other covenanta or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower ~ contained in this MortqaRe and in enforcing Lender'a remedies as provided in paragraph 18 hereof, inctuding, but not limited to, reaeonable ~ attomey's fees; and { d1 Borrower takes auch action as Lender may reasonably require to asaure that Lhe lien of thia Mortgage, Lender'e interest _ in the Property and Bormwer's obligation to pay the sume secured by thie Mortgage ahali continue unimpaired. Upon such payment and cure by Borrower, this MortgaRe and the obligatiuna eecured hereby shall remain in full force and effect as if no acceleration had occurred. 20_ Asaignment of Renta: Appointment of fteceiver. As additional security hereunder, Borrower hereby asaigne to Lender therente of the Property, provided that Borrower shali, prior to acceleration under paragraph 18 hereof or abandonment of the P:operty, have the right to coUect and retain such rents as they become due and payable. t/pon acceleration under paraRraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take posseasion of and manage the Property and to collect the rents of the Property, including thoee paet due. AU rente coilected by the receiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but not iimited to, receiver's fees, premiums on receiver's bonde and reasonable attorney'e feea, and then to the sums aecured by this Mortgage.'[~e receiver shall be liable to account only for those renta aMually received. ~O~K `t~ PlGE e~~U _ . ~ -