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HomeMy WebLinkAbout0958 • . ~ . - ~ . 8. Inepection. Lender may mRke or cauee to be mede reasonuble enMes upon and inepection~ otthe prophr2y, pruvided tha! I~ender ehall give Borro~ver notice prior to any euch in~peMion eQecitying Teaeonable cauee therefor releted to Lender'e inlereat in the Property. - 9. Condemnstlon, The pTOOeeda of any awsrd or claim for dainage~, dire~t o? consequentia!. in conndcti~n with any oondenination or other taking of the property, or part t4ereof, or for conveynnce in lieu of condemnetion, are hereby assigned snd shall be paid to Londer. In the event o~t a iotal taking of the Property,'tho proceede ehall be upplied to the eume eecured by thie Mortgage, with the excese, if sny, paid ta Fiorrower. In the event of a partial taking of the Property, unlees Aorrower snd Lender otherwise agree in writing, there ahall be applizd to the aums secured by this 14tortgage such proportion of the proceeds ae ie equsl to that proportion which the arnount of the sume secured by thie rd~r~.gaAe immediately prior to the date of taking beara to the tair market valueof the E'ropc*_~y imn:ediately priorta thedate of taking, with the balanca of the proceede paid io Borrower. If the Property ie abandoned by Borrower, or if, atter notice by Lender to E3orrower that the corcdemnor ofi'ers ta make an award or aettle a claim [or damages, Borrower faile to reepond to Lender within 30 daye after the date euch notice is mailed, Lender ia authorized to collect and apply lhe proceeda, at I.ender's optian, either to reatoration or tepair of the pmperty or to the aume se~ured by ihie Mortgage. Unlesa I.ender and Borrawer other~+~se sgree in writing, any euch application of proceede to principal shell not extend or poetpone the due i date of the monthly inetallments referreci to in paragraphe 1 and 2 herrof or change the amount of auch inetullmente. ~ 10. Aorrower Not Roleaeed. Exteneion of the time for paym:nt or modification of amortiztetion of the euma secured by thie Mo-tgage granted hy I.ender to any euccessor in interest of Bormwer ehall not operace ta rnle:iae, in any manner, the liability of the original Bonower ~ . and BorTOwer's successors in intereat. l,ender shall not be required to commence proceedinga against euch aucceasor or refues to extend time ~ for payment or otherwise modify nmortization of the sums secured by this ~tortg~;e by renson of any demand mnde by the original Sorrower ~ and Borrower's successors in interest. - 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in exercieing a??y ri~ht us spmedy hereunder, or otherwiae ~ afforded by applicable law, ehall not be e waiver of or preclude the exerciee of any auch right or remedy.'I'he piocurement of ineurance or the payment of taxea or other liens or chargea by Lender ehall not be a waiver of Lender'a right to accelerate the maturity vf the indebtedneea secured by thiR ?4iortgage. ~ . ~ 12. Remediee Cumulative. All r~mediea provided in this Mortgage are dieti~ct and cumt:lative to any other right or remedy under this ~ Mortrage or afforded by law or equity, and may be exerciser~ concurrently, independently or succeasively. ~ ~ 13. Succeaeora and Assigne Bound; Joint and Several Liability; Captione. The covensnta and agreementa herein contained ahall ~ bind, and the righta hereunder shall inure to, the reapective succesaore and aseigna of Lender and Borrower, aubject to the proviaione of paragraph 17 hereof. All covenantr and agreements of Borrower shall be joint and several. The captiona and headinga of the paragraphe of ~ this Mortgage are for covenience only and are not to be used to interpret c+r define the provieiona hereof. ~ ~ 1~i. Notice. F.xcept for any notice required under ppplicable law to be given in anothLr manner, any notice to Borrower provided for in ~ this hiortgage ahall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addreas or at such other addresa aa Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, eeturn receipt requested, to l.ender's address atated herein or to auch other addreas as Lender may designate by notice to Bonower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combenea uniform rnvenants for national use and non- uniform covenants with limited variatione by juri~diction to conatitute a uniform sMurity instrument covering real property.'I'6is biortgage shall be govemed by the law of the jurisdiction in which the Property is located. In the event that any proviPion or clause of this htortgage or f the Note conflicts with applicable law, auch contlict ahnll not affect other provisions of this biortgage or the Note which can be given effect w~thout the conflicting provis~on, and to this end the proviaiona of the i.lottgage and the Note are declared to be severabte_ ? 16. Borrower'e Copy. Bonower elial! be furnished a canfor:ned copy of the Note and of thia Mortgage ak the time of execution or after ~ recordation hereof. 3 17.'I~-anefer of the Property; Aseumption. If all or sny part of the I'roperty or an i~itereat therein is sold or tranaferred by Rorrower ~ without Ler_der'F prior vrritten conaent, excluding (a) the creation of a lien or encumbrar,ce aubordinate to thia Mortgage, (b) the creution of a ~ purchase money secnrity interest for houeehold appliances, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of the~ea years or lesa not r.ontaining an option to purchase, Lender may, at Lender'a option, . declare all the sume secureG by this Mortgage !o be immediateiy due and payable. Lender ehall have waived euch option to accelezate if, prior to the eale or tranefer, L.ender and the person to whom the Property ie to be sold or tranaferred reach agreement in writing thet the credit of Auch person ia satisfactory to Lender and that the interest ~;a~ =1ble on the aums secured by this'~iortgage ahall ~e at such :ate as Lender shall ~ *equest. If Lender has waived the option to accel.erate pro~: ~deci in this paragraph 17, and if BonoHer's successor in interest has executed a written assumption agreement accegted in writing by Lender, I.ender shall reiease Borr~wer frcm all obligations under this Mortgage and the ~ ~ Note. F If I.ender exercisex such option to accelerate, I,ender shall mail Borrower notice of acceleration in accordance with p~ragraph 14 hereof. Such notice shall provide a period of not less thar 5~ days from the datE Lhe notice is rr,ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums rrior to the expiraticr. of such period, Lender may, without further notice or demand o~ ~rrower, ~nvoke any remedies permitteci by paragrc~oh 18 hereof. ~ - 18. Acceleretion; Remediea. E:cept as provided it~ paragraph I7 hereot. u~on Borrower's breach of any covenant or . ~ • agreement of Borro~ver in ihis Mortgage, including the covenanta to pay when due any aums aecured by this Mortgage. Lender ~ ~ prior to aeceleration eha1D mail notice to Borrower aa provided in paragraph 14 hereof eFecifying: (1) the breach; (2) the action ` required to cure such breach; (3) a date, not leas than 30 days from th~ date the notice ie mailed to Borrower. by which euch ~ - breach muet be cured; and (4) that failure to cure euch brea~h on or b~fore the date speci6ed ir_ the notice may result in acceleration of the suma securec~ by this Mortgagef foreclosure by judicial proceeding and eale of the Property. The notice ehall turther inform Borrower of th~ right Fo reinatate after acc;eleration and the right to assert in the foreclosure proceeding the no~-ezietence of a defaulR or an3* other defense of Borruwer to acceleration and foreclosur~. If the breach is not cured on or ~ before the date apecified in the notice, I.ender at Lender's optaon may declare all of the euma aecured by this Mcrtgage to be immediately due and payable without further demand and may forecloae this Mottgage hy judiciel p~oceedin~. i.ender shall be ~ entitied to collect in auch proceeding all expenaes of foreclosure, inciuding, hut not limited to, reasonable attorney's feea. and cot~ta of documentary evidencP. abstracts and title rep~rts. 19. Borrawer's Right tu Reinetate. Notwithatandiag I.ender's acceleration of the eume aecured by this Mortgage, Borrower shall have the right to havP any praceedings begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing thia htortgage ii: (a) Borrower pays Lender all sums which woutd be then due uader this 11~,ortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenanta or agreements of ~rrower contained in this Mortgage; (c) Bonower pays all reasonable eapenses incurred by Lender in enforcing the covenants and agreements of Bonower ~ oontainel in thia Mortgage and in enforcing Lender's remedies as provided in paragrsph 18 hereof, including, but not limited to, rea~onablc+ attorney's fees; and (d) Borrower takea such action se Lender may reasonably require to assure that the tien of thia Mortgage, Lender'a interest ~ in the Property and Borrowei s obligation to pay the suma sec~ered by this hlort~tage ahaU continue nnimpaired. Upon au~h payment and cure . by Bono~~ver, thia Mnrtgnge and the obligationa ee~,~ured hereby shall remain in full force and zffect as i: no acceleration had occarred. a 20. Aesignment of Reate; Appointment of Beceiver. As additional aecurity hereunder, Borrower hereby assigne to Lender the rents ~ of the Property, pr~vided that Borrower shall, p:ior to accelerstion under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rents as they become due and payable. . Upon acceleration under paragraph 18 hereof or abandonment of the Praperty, Lender ahall be entittcd to have a receiver appointed by a oourt to enter-upon, take posaQSeion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta_ collected by th~ receiver ahal) be applied first to payment of the aasfs of management of the Property and collection of rente, including, buk not lin,ited to, receiver'a fees, premiums on receiver's bonds and Teasonable attorr~~y's feea, and then to the sums aecured by thia Mortgage. The receiver ahall be 2iable to account only for those rents actually received. _ ~ ao~..~~~ PaGF ~~l7 .