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HomeMy WebLinkAbout0200 ~ . . ` 8. larpection. Lender may make or cause to be msde nawnable e~triee upon and inrpections of the property, provided that [.ender shal! give Borrower notice prior to any such inepection epecifying reasonable cauee therefor related to I.ender's interest in the Property. 9. Coedemnatioa.'IT?e proceeds of any award or claira !or datnages. direct or consequential, in con~ection with any mndemnation or other taking of the propeety, or part thereof, or tor conveyance in lieu of condemnation, are hereby aesigned artd ehall be paid to I.ender. In the event of a total taking of the Property, the proceeds shall be applied to the suma eecured by this Mo~age, with the e:cess, if any, paid to Borrower. In the event of a pertial taking of the Property, unlea. Botrowet snd [.ender othetwise agree in writing, therre ehall be applied to the sums secured by this Mortgage such proportion of the pnx~eeds as ia equal to that proportion which the amount of the aums aecured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of taking, with the balancv of tha peoceeda paid to Borrower. _ • If the Ptuperty ia abendoned by Borrower, or if, aRer notice by Lender to Borrower that the oondemnoroPfere to make an award or aettle a claim for damagee, Borrowes faile to respond to Lender within 30 days aRer the date auch notice is mailed, I.ender is authorized to collect atid apply the pmceeds, at Lender'a option, either to reatoratio~ or repair of the property or to the aums eecured by thie Mortgage. Unleee I.ender and Borwwer otherwise agree in writing, any auch application of proceede to principal shall nut extend or poetpone the due date of the monthly inetallments referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallmenta. 10. Borrower Not Released. Eatenaion of the time for paymznt or modifict?~ion of amortization of the sums eecured by this Mortgage granted by l.ender to any eucceeaor in intereat oi Borrower ahall not operate totelease, in any manner, the liability of the original Botrower and Borrower's successors in interest. I~ender ahall not be required to commence p`oceEViings againat euch auccessor o~ refuse to e:tend time for payment or otherwise modify umortization of the sums aecured by this Mortgage by reason of any demand made by the original Borrower ~nd fiorrowe~ e successors in inteteat. I 1. Forbearence by Lender Not a R?siver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwise af~orded by applicable law, ahall not be a waiver of or prectude the e:etciee of any euch right or remedy. The procurement of inaurance or the payment of tauea or other iiena or chargea by Lender ahal! not be s waiver of Lender a right to accelerate the maturity of tt~ indebtedneas aecured by this Mortgage. 12 Remediee Curaulative. All remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exe~+cise~ c~oncurrently, independently or aucceasively. l3. Successore and Assigna Bound; Joint and 3everal Liability; Captione. The covenante and agreementa herein contained ehall bind, and the rights hereunder shall inure to, the respective succeseore and aeaigne of l.ender and Borrower, subject to the proviaiona of paragraph 17 hereof. All covenants and agreementa of Borrower shalt be joint and several. The captions and headings of the paragrapha of thia Mortgage are for cnvenience only and are not to be ueed to interpret or define the proviaions hereof. 14_ Notice. Except for uny notice required under Applicable laN to tie given in another manner, (a1 any notice to Borirower provided for in this Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Property Address or at guch other addrese as Bomower may designate by notice to [.ender as provided herein, and (b) any notiee to Lender aha11 be given by certified mail, seturn receipt requested, to I.ender's sddreas etated herein or to anch other addresa as I.ender may designate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form otmortgage combinea uniform covenanta for national use and non- uniform covenante with iimited variations by jurisdiction to oonstitate a uniform security inatrun~ent covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicta with appiicable law, such conilict ahall not affect other provisions of this Mortgage or the Note which can be given ePfect without the rnnflicting provision, and to this end the provisions af the Mortgage and the Note are declar~ed to be aeverable. i6. Borrower's Copy. Borrower shall be fumished a rnnformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17.1'rans[er of t6e Property; Asaumption. If all or any part of the Property or an intereet therein is soW or traneferred by Borrower without Lender s prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for houaehold appliancea, (c) a hansfer by devise, deecent or by operation of law upon the death of a joint tenant or ~d) the grant of any leaaehold intereet of three yeara or lesa not rnntaining an option to purchaee, I.ender may, at Lender's option, declare all the aums secureu by this Mortgage to be immediately due and payable. I.ender ahail have waived auch option to aocelerate if. prior to the sale or tranafer, Lender and the person to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of auch person ie satisfactory to Lender and that the intereat payable on the sums secured by this Mortgage ahall be at auch rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Bo~rowei s successor in interFSt has e:ecuted a written asaumption agreement accepted in writing by I.ender, Lender ahall reiease 8orrower Crom al) obligations under this Mortgageand the Note. If l.ender exercises such option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the r.otice is inailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, 1.ender may, withoat further notice or demand on E3orrower, invoke an}~ remedies permitied by paragranh 18 hereot 18. Acceleration; Remediea. Ezcept as provided in paragraph !7 hereof, upon Borrower'e breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any sumB secured 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 daya from the date the aotice ie maited to Bornower. by which euch breach muet be cured; and (4) that failure to cure auch breach on or belore t6e date epecified in the notice may reeult in acceleration of the sums aecured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall further infotm Borrower of the right to reinatete aft.er acceleration and the right to assert in the forectosure proceeding the non-eziatence of a default or any other defense of Borrower to acceteration and toreclosure. If the breach ie not cured on or _ before the date epecified in the notice. Lender at Lender's option may declare all of the aume aecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to. reasonabte attorney's fees, and coata of documentary evidence, abatracts and title reports. 19. Bortower'e ftight ta Reinatate. Notwithatanding I.endei s acceleration of theauma secured by this Mortgage, Borrowershall have the right to have any proceedinge begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes aecaring Futu;e Advances, if auy, had no acceleration occurred; (b) Borrowercures all breaches of any othereovenanta or agreementa of Borrower contained in thie Mortgage; (c) Borrower pays a11 reasonable expensea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; artd (d) Borrower takes auch action as I.ender may reasonabiy require to assure that the tien of thie Mortgage, Lender'a intereet in the Property and Borrower's obligation to pay the aums aec~{red by this Mortgage shall continueunimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect es if no acceleration had occurred. • 20. Aasignment of Rente; Appointment of Receiver. As additional secarity hereunder, Borrower hereby assigna to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paraqraph 18 hereof or ebandonment of the Property, have the right to collect and retain such rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oourt to enter upon, take poaseseion of and manage the Property and to collect the rents of the Property, inctuding thoee past due. All rents cotlected by the receiver ahall be applied firat to payment of the oosis of management of the Propetty and collection of sente, including. but not limited Go, receivei s fees, premiuma on receiver's bonds and reasonable attorney'a feea, and then to the suma secured by this Mortgage. The • receiver ahall be liable to acaount only for thoee renta actually received. Il Q S~!'•X~~ ~jl~E ~Q~. t7~J - - - y--. . ; _ . _ „ ~ ~ _ ~y z _