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HomeMy WebLinkAbout0406 - . ~ , 8. ln~pectloa. Lender may make or cause to be made ~eawnable entries upon and in~pections of the pcoperty, provided that l.ender shall give Borrower noiice prior to any auch inspection specifying reaeonable cause thenfor related to I.ende~'s incerest in the Property. 9. CoadetnnatioA.'!t?e proceeda of any award or cleim for damagea, direct or conee~quential, in rnnnection with any oondemnation or other taki~g of the property, or part thereof. or !or conveyance in lieu of condemnation, ara~re~eby ~ae+~~ d shall be paid to Lender. In the event of a total taking of the Properiy, the proceeds shaA be applied to the sums sec~6red by this e, with the excess. if any, paid to Borrower. In the event of a partial taking ot the Property. unless Bocrower and Lender otherwiee agree in writing. there ahall be applied to the aume eecured by.this Mortgaga such proportion of the proceedo aa is equal to that proportio~ which 1he amount o! the ewas secured by thie Mortgage immedietely prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the.prooeeds paid to Borrower. If the Property is abandoned by Borrower, or if, after aotice by Lender to Borrower that the condemnor oPfera to make an award or eetlle a ctaim for damagea, Borrower fails to rapond to Lendes within 30 days akeir the date euch notice ia mailed. Lender ia authorized b collect and apply the pmceede, at Lender'e option, either to restoration or repair of the property or to the suma eecured by this Mortgage. Unleas Lender and Borrower otherwiee agree in writing. any euch application of proceeds b principal shall not e:tend or poatpone the due date of the monthly installmente nferred to in paregraphs 1 and 2 henof or change the amount of auch instaUments. 10. Borrower Not Iteleasetl. E:tenaion of the time for paymant or modification of amortization of the aums aecured by this Mortgage granted by Lender to any aucceasot in intereat of Borrower ehall not operate to release, in any manner, the liability of the original Borrower and Borrower s aucceasora in interns~ Lender ahall not be required to oommence proceedings againat auch succeaeor or refuee.to e:tend time for payment or otherwise modify umortization of the suma secared by this MorEgage by reason of any de~ and Rnade by the original Borrower and Borrower a auccesBOrs in interes~ 11. Forbearanoe by Lender Not a Walver. My forbearance by Lender in exescising any rig t or remedy heceunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any such right or temedy. The procureanent of insurance or the payment of ta~cea or other liens or chazges by I.ender shall not be a waiver of Lender s right to accelerate the matnrity of the indebtedneas aecused by this Mortgage. 12. Remediee Cumulative. All remediea provided in thia Mortgage are diatinct and cumutative to any other right or remedy under thia Mortgage or afforded by la~r or equity, and may be e:erciee~l o~ncurrently. independently or aucceeaively. ' ~ t3. 3ucceesore and Aseigne Bound; Joint and Several Llability; Captions. The oovenants and agreewenta herein contained ahall bind, and the righta hereund~ shall inure to, the reepective eucceasora aad aeaigns of l.ender and Bortower, aubject to the pmviaions o[ paragraph 17 hereof. All covenante and agreementa of Borrower ahalt be joint and several..The captione and headinga of the paragraphe o! thie Mortgage are for covenience only and are not to be used to interpret or define the ptovieions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Aonower provided for in this Mortgage shall be given by mailing auch notice by certified anail addreseed to Borrowe~ at the Property Addreas or at such other addre8s as Botrower may deaignate by notice W Lender as pmvided herein, and (b) any notice to Lender eha11 be given by ce'fied mail, return reoeipf requested, to Lender's address ststed herrin or to such other addrees ea I.ender mey designate by notice to Borrower as pmvided herein. My notice 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; 3everability. Thia form of mortgage combines uniform oovenante for national ose and non- unifortn covenanta with limited variations by juriediction to oonetitute a u.niform aecurity instrunient oovering real property. Thie 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 Mortgage or the Note contlicta with applicable iaw, sach rnnflict shall not afiect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting provieion, and to thia end the provisions of the Mortgage and the Note arr declared to be eeverable. 16. Borrower'e Copy. Borrower shall be furnished a conlormed copy of the Note and of lhie Mortgage at the time of execution or after recotdatian heseof ~ ~ 17. '15raaefer of the Property; Asaumption. If all or any part of the Property or an intereat therein ia eold or transferred by Botrower without Lender'a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money secarity in~t for household appliancea. (c) s transfer by deviae, deacent or by operation of law upon the death uf a joint tenant or (d)1he grant of any leseehold interest of t6ree years or less not rnntaining an option to purchese, Lender may, at I.ender's option, declare all the sums secured by thia Mortgage to be immediately due and payable. I.ender shaU have waived euch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit of euch person ie satisfactory to Lender and that the interest payabte on the auma secured by this Mortgage ahall be at such rate as Lender shall request. If l.ender has waived the option to accelerate ptovided in this paragtraph 17. and if Borrower's succesaor in interest has ezecuted a written assumption agreement accepted in writing by I.ender, l.ender ahall releaBe Borrower from all obligations under thia Mortgage and the lYote. If Lender exercisea auch option to ~ccelerate, Lender ehali mail Borrower notice of aoceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is ~r,siled within which Botrower may pay the sums declared due. If Borrower fails to pay such sums prior to the ezpiration of such period, Lender may, without further notice ar demand on $orrower, invoke any remedies permilted by paragra~h IS hereof. . 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in thia Mortgage, including the covenatite to p~y w6en due any aume secured by this Mortgage, I.ender prior to aceeleration shell mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breac6; (3) a date, not lese than 30 daye from the date tite notice ie mailed to Borrower, by which auch breach must be cured; aad (4) that failure to cure such breach on or before the date apecified in the notice may reault in . acceleration of the suma aecured by thia Mortgage, foreclosure by judicial proceeding and sale of the Property. The natice shap further inform Borrower of the right to reinstate aRer acceleretion and the right to aesert in the forectosure proceeding t6e non-ezietence of a defeult or any other defenae ot Borrower to aoce~eration and forecloaure. If the breach ie not cured on or before the date apecified in the notice. Lender at Lender•s option may declare all of the gume secured by t6is Mortgage to be immediately due and peyable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such prceeeding all e:penaes of foreclosure. including, but not limited to, reasonabie attorney's feea, and coste of documentary evidence. abstracte and title reports. - 19_ Borrower'e Right to Reinstate. Notwithatanding Lender a acceleration of the sums secu;ed by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing • this Mortgage if: (a) Borrower paya Lender all aums which would be then due under thie Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrowercures all breaches of any other oovenants or agreemeats of 8orrower contained in thie Mortgage; (c) Bormwer pays all reasonable e:penseH incarred by I.ender in enforcinq the covenants and agreemente of Borrowet contained in thie Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonabie attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to aseure that the lien of thia Mortgage, I.ender'a intereat in the Property and Borrower's ohligation to pay the auma eecured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations eecnred hereby shall retnain in full force and effect aa if no aoceleration had occurred. 20. Aeeignment of Renta; Appointmeat of Receiver. As additional security hereunder, Borrower hereby asaigns to Lender the rente of the Property, provided that Bomower ahall, prior to aoceleration under paragraph 29 hereof or abandonmeat of the Property, have the right to collect and rntain ench rente ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shali be entitled to have a receiver appointed by a oourt to enter~upon, take poeaession of and manage the Property and to rnllect the rente of the Property, including thoae past due. All renta ~ oollected by the receiver shaIl be appiied first to payment of the oosts of management of the Property and col!ection of renta, including, but not limited to, receivPr'a fees, premiuma on receiver's bonds and reaeonabte attorney'a fees, and then to the sums eecured by thie Mortgage. The receiver ehell be liabie to account only for thoee tente adually received. ~~~x2~ ~ ~ ~ ~ ~ - - ^ _ . . _ . ~ ~ ~ - ~ _ -