Loading...
HomeMy WebLinkAbout0410 ~ ' .~r : ~ ~ i 8. Inspectioa. l.ender may make or cauee to be made ~easonable entries upon and inspectiona of the property, pmvided that l.ender shall give Botrower notice prior to any such inspectio~ specifying reasonable cause thenfor relsted to [.ender s inteneat in the Property. 9. CoademnaUoa.'l~e pmceeds of any awerd or claim !or demagea, direct or coneequentisl. in rnanection with any oondemnatioa or other taking of the property. or part thereof, or for conveyenoe in lieu of oondemnation, are hereby asaigaed and shaU be paid to I.eader. In the event of a total taking o! the Property, the proceeds shall be applied b the sums secured by this Mortgagt, with the e=cess, ii any, paid to Borrower. In the event of a partial taking of the Property. unlesa Borrower and I.eader otherwise agrre ia writin~, there ~hall be applied to the sums eecared by this Mort~age such pmportion of the proceeds as ia equat to that proportion which the amouat of the suma aecured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Pcoperty ima?ediately prior eo the date of taking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender to Boreower that the oondemnor of~ers to make an award or setde a daim for damagea. Borrower fails to reapond to Lender within 30 de~ys after the date euch notice is mailed, Lender is authorit~ed to collect and apply the proceeds. at Lender s optioa. either to restoration or repair of the pmperty or to ths ~~cu~ed by this MortBage. ~ Unless Lender and Bormwer otherwiee agree in writing, any such appliration of ptoceeds Lo pnndpsl s6a11 not ~tend or postpone the dne . date of the monthly inatallments nferred tn in paragraphs 1 and 2 hereof or change the amount of such inatallmenta. ~ 10. Borrower Not Released. Eztension of the time for paymant or modificatiorl of amortization of the euma secured by thia Mortgage granted by Leoder to any eucceseor in intereat of Borrower ahall not operate to release, in any manner, the IiabiGty of the origina) Borrower and Borrower'e auccesaora in intereat. I.ender shall not be required to oommence proceedings againat such succeseor or refuae to extend time for payment or otherwiae modify amortization of the auma eecured by this Mortgage by reseon of any demand made by the original Borrowet and Borrower s aucceaeors in interest. ~ i l. For6earance by I.eader Not a R?aiver. Any forbearance by I.ender in e:erciaing any right or nmedy hereunder, or otherwise afforded by applicable law, shall not be a waiver otor preclude the exercise of any auch right or remedy. The procuremeat of inaurance or the payment of ta~ces or other liens or chargea by Lender ehall not be a waiver of I.ender's right tfl aocelerate the maturity of the indebtedneae secured by this Mortgage. , ~ 12 Remediee Cumulative. All remedies provided in this Mortgage are dietinct and cnmulative to any other right or remedy nndez this Mortgage or afforded by law or equity. and may be e:erciae~i ooncurrendy. independently or auaeseively. ~ . 13. 3ucceeeore and Aseigns Bound; Joiat aad Several Liability; Captione.'11~e mvenants and agreementa herein contained ehall bind, and the rights hereunder ahall inure to, the respective succeseors and aesigns of Lender and Borrower, subject to the pmviaione of paragraph 17 hereo! All covenants and agreementa of Borrower ehall be joinL and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable lavr to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addresaed to Borrower at the Pcoperty Addresa or at euch other address as Borrower may designate by notice to Lender as provided tierein, and (b) any notice to Lender shall be given by certified mail. return reoeipt sequested, to l.ender's addreae atated herein or to euch other addrPSe as I.ender may designate by notice to Borrower aa provided herein. Any. notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner desigaated herein. 15. Uniform ll~ortgage; Governiag Law; Severabitity. Thia form of mortgage combinea uniform oovenants for natioaal use and non- uniform covenanta with limited variations by jurisdiction to conatitute a uniform security instnunent ~uvering real property.'l~is Mortgege shall be govemed by the law of the jurisdiction in which the Property ia located_ In the event that any proviaion or clanse of this Mortgage or the Note conflicts wlth applicable law, auch rnnflict ahall not aRect other proviaions of this Mortgage or the Note which can be given effect without the cunflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable_ 16_ Borrower's Copy. Borrower shall be furnished_ a conformed copy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. ~ 17.'l~anefer of We Property; Aseumption. lf all or any part of the Property or an intereat therein ie eold ortransferred by Borrower without Lrnder'e prior written consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the creation of a purchase money security interest for houeehold appliances, (c) a transfer by deviee, descent or by operation of law upon the death of a joint tenant or (~l) the grant of any leasehold interest of three years or less not containing an option to ptuchase, Lender may. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender ahail have waived such option to socelerate if, prior to the sale or transfer, Lender and the person to whom the Piroperty ia to be aold or transferred reach agreement in vvriting that the credit of such peraon is satisfactory to Lender and that the interest payable on the aums aecured by this Mottgage ahall be at auch rate as L.ender sha11 request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei s successor in interest has e:ecvted a w~ritten assumption a~treement accepted in writing by Lender, I.ender shall release Borrower from al1 obligations under this Mortgage and the ~ Note. ; If Lender ezercisea auch option ta accelerate, Lender shall mail Borrower notice of acceleration in acrnrdance with paragraph 14 hereof. ; Such notice shal) provide a period of not less than 30 days from the date the notice is ~r,ailed within which Borrower may pay the sums declared j due. If Borrower faila to pay such suma prior to the e:piration of such period, Lender may, without further notice or demand on E3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof ~ ~ 18. Acceleration; Remedies. E:cept as provided ia paragraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage. including the covenante to pay when due any sume eecured by this ~ortgage, Lender z prior to aoceteration e6all mail notice to Borrower ae provided ia paragrap614 hereof specifying: (1) t6e 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 sach ~ breach muet be cured; and (4) that failure to cure such breach on or before the date specified in t6e notice may result in ~ acceleration of the aums secured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. T6e notice ehall further in[orm Borrower o! the right to reinetate after acceleration and the rig6t to aseert in the forecloaure procceding the non-eziatence of a default or any other detenae of Borrower to aceeleration and forecloaure. If the breach ie not cured on or before t6e date specified in the notice, Lender at I.ender'e option may declare all of We suma aecured by this Mortgage to be immediately due and payable without turther demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in auch proceeding all ezpenses of foreclosure, including. but not limited to. reasonable attorney's fees, and coste of documentary evidence. abstracts and title reporta. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the aums eecured by this Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by Lender to enforce this Mortgage discontinned 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 thia Mortgage. the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower rnntained in thia Mortgage; (c) Borrower paya all reasonable e:penaee inenrred by Lender in enforcing the covenants and agteements of Borrower. ~ oontained in thie Mortgage and in enforcing Lender 8 remedies as provided in paragraph IS hereof, including, but not limited to, reaaonable attorney's feea; and (d) Botrower takes auch aMion as I.ender may reasonably require to aasure that the lien of this Mortgage. Lendei s interest in the Property and Borrower's obligation to pay the aume aecured by thia Mortgage shall continue unimpaired. Upon euch payment and c~re ~ by Borrower, thie Mortgage and the obligationa secured hernby shall remain in full force and effect as if no acceleration had oocarred. 20. Aasignment of Rente; Appointment of Receiver. As additional eecurity hereunder. Borrower hereby aeeigna to Leader the rente ~ of the Property, provided that Borrower shall, prior to aoceleration under paragraph 1 S hereof or abandonment of the Property, have the right ~ to rnllect and retain euch rnnts ae they become d~e and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a reoeiver appointed by a ~ oourt to enter~pon. take possession of and manage the Property and to collect the rente of the Property, including thoee past due. All renta ~ rnllected by the receiver ahall be applied firat to payment of the costa of management of the Property and collection otrenta, inclading, but not limited to, receiver'e fees, premiuma on receivei s bonda and reasonable attorney's fees, and then to the sums eecured by thie Mortgage. The ~ receiver aha11 be liable to acoount only for those rente actually received. ~ ~ ~ • ~ Gk ~ :ccx285 Ya4F 4~$ ~ ~ _ ~ , - - . , _ . _ - ~r. ~ _u.w F _