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HomeMy WebLinkAbout0414 . • ' 8. lnspectloa. I.ender may make or c~uee to be made reasonable et?tries upon end inspectione of the property, provided that l.ender shall give Bo:rowe~ notice prior to any eucb inspection apecifying reasonable cauee therefor related to I.ender'a intereet in the Property. 9. Condemnation. The pmceeds of any award or claim for damages, direct or rnneequential, in connection with any oondemnation or other taking of the property, or part thereof, or for cortwyaac~ in lieu of oQndamnation, are hereby aaaigned and shall be paid to I.ender. In the event oi a total taking of the Propecty. the proceede shall be app~lied to the eume eecured by thie Mortgege. with the e:ceas. if any, paid to Borrower. In the event of a parlial taking of the Property. unleas Boirower and Lender otherwise agree in writing. ther8 shall be applied to the aume aecured by thie Mortgage euch proportion of the proceEds ae ia equal b that proportion which the amount of the sums secured by thia Mortgage immediately prior b the date of taking beara to the fair market value of the Pcoperty imu~ediately prior to the date of taking. with the balancv of the proceeda paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offera to make an award or eettle a claim for damegea, Borrower fails to reepond to I.ender within 30 days after the date such notice ie mailed, L.ender ie authorized to coUect and apply the proceeda, at [.ender a option. either to reetoration or repair of the property or to the euma eecured by this Mortgage. Unleee Lender and Borrowet otherwiae agree in writing, any such application of proceede to principal ehall not eutend or postpone the due date of the monthly inatallmente referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallments. . 10. Borrower Not Releaaed. Extenaion of the time for paymant or modification of amorii~ation of the sums aecured by this Mortgage - granted by l.ender to any succebeor in intereat of Eiorrower ahall not operate to ieleaee, in any ~mtler.~tl~e~liability of the original Borrower nnd Borrower'e succeasora in intereat I.ender shall ~ot be required to oommence proceedinge againet such ~ucceasor or refuae to extend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reason of any demand made by theoriginal Borrower and I3orrower's succeasors in interest. 11. Forbearaace by Lender Not a Waicer. My forbearance by I.ender in e:esciain~ any right or remedy he~under, or otherwiee aFforded by applicable iaw. ahall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liena or chargea by Lender ahall not be a waiver of Lender e right to accelerate th! maturity of the indebtednees secured by this Mortgage. 12 Remedles Cumulative. All remediea provided in thie Mortgage are diatinM and cumulative to any other right or rnraedy under thie Mortgage or afEorded by law or equity, and may be e:erciee.l concurrently, independendy or succeseively. 13. Succesaors and Aesigne Bound; Joint and Several Liability; Captioae. The coveaant8 and agreements herein contained shall bind, and the righta hereunder ahall inure to, the respective successors and aesigna of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenanta and agreements of Borrower ehall be joint and eeveral. The captions and hesdings of the paragraphe of this Mortgage are for rnvenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to I3orrower provided for in this Mortgage shall be given by mailing auch notice by certified mail addreesed to Borrower at the Property Addreas or at such other addresa as F3orrower may designate by notice !o Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender's addreas stated herein or to auch other addresa as Lender may designate by notice to Borrower as pmvided hernin. 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 I.aw; Severability. Thia form of mortgage combines uniform covenante for national use and non- uniform covenante with limited vatiations by jurisdiction to conetitute a unifotm security instrun~ent oovering real property.'l7~is Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any provu+ion or clause of this Mortgage or the Note contlicts with applicable law, auch contlict ahall not affect other provisiona of this Mortgage or the Note which can be given effect w~thout the rnnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execation or after recordation hereof. 17. 'I~ansfer of t6e Property; Asaumption. If all or any part of the Property or an internet therein is sold or tranaferred by Borrower without Lender s prior written conaent, excluding (a) the rreation of a lien or encumbrance aubordinate W thia Mortgage, (b) the creation of a purchase money security intetest for household appliances, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lees not containing an option to purchase, Lender may, at Lender s option, declare all the aums aecured by this 111ortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior tu the sale or tranafer, Lender and the person to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of euch person is safisfactory to Lender and that the interest payable on the sums serured by this Mortgage ahall be at such rate aa Lender ahal! request. lf Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei a aucceasor in intereat has executed a µ~ritten asaumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ; ~ ti ote. ~ _ If Lender exercises such option to accelerate, Lender shall maii E3orrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall pmvide a period of not lesa than 30 days from the date the notice is rc,ailed within which Borrower may pay the sums declared ; due_ If Borrower fails to pay such sums prior to theexpiration of such period, Lender mav, w~thout further notice or demand on tiorrower, ~ mvoke any remedies permiued by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept es provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage. including the oovenants to pay when due any aume eecured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lesa then 30 days from the date the notice ie mailed to Borrower, by which auch F breach must be cured; and (4) that failure to cure auch breach on or before the date apecified in the notice may reeult in acceleration of the sume secured by this Mortgage, forecloaure by judicia! proceeding and sale of the Property. The notice ahaU further inform Borrower of the right to reinatate after acceleration and the right to aeeert in the foreciosure proceeding the non-e:istence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach ie not cured on or before the date apecit'ied in the notice, Lender at Lender's option may declare all of the auma eecured by this Mortgage to be immediately due and payabie without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's fees, and costs of dorumentary evidence. abstracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithatanding I.ender a acceleration of theauma secured by thia Mortgage, Borrowershail have ~ the right to have any proceedinge begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occarred; (b) Borrower curea all breachee of any other covenants or agreements of Borrower rnntsiined in this Mortgage; (c> Borrower pays all reasonable e:penses incurred by Lender in enforcing the covenante and agreementa of Borrower = contained in this Mortga~e and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable w attorney's fees; and (dl Borrower takes such action as Lender may reasonably require to asaure that the lien of thia Mortgage, L.ender'a interest in the Property and Borrower's obligation to pay the aums secured by this Mottgage ahall continue unimpaited. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations aecvred hereby aha11 remain in full force and effect as if no acceleration had occurred. u 20. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna to I.ender the renta " of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch renta as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a ~ oourt to enter~pon, take poesesaion of and manage the Property and to coUect the rents of the Property, including thoee past due. All rents rnllected by the receiver ahall be applied first to payment of the ooeta of management of the Property and rnllection of rents, including, but not limited to, receiver a feea, premiuma on receiver's bonda and reasonable attorney'a tees, and then to the sums secured by this Mortgage. The ~ receiver ahall be liable to acoount only for thoee rente actualiy received. z~. ~ r~ ~ ~ ~ ~~Rx 285 PA~ E 409 ~ _ . ~ , - - - ~r~ . ,r~