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HomeMy WebLinkAbout0805 • S. Ia~pectloa. Lender may make or cause.to be made reawnable entriea upon and 'uupectioru olthe propehy, provided that I.ender shal! give Borrower notiea prior to any such inspecdon apecifying teasonable cause thenfot relat~ b Lendei s in~ in the Property. 9. Coademnatioa. "tlie proceeds of a~y award or claim for dama~es, direct or rnnaequential, in connection with any oondemnetion or other taking of the property. or part ther~.wf, or for oonveyanca in lieu of oondemnation, are hereby assigned and shaU be paid to I.ender. [n the event of a total taking of the Property. the proceeds ehall be applied to the sums secured by thie Mortgage. with the excees. ii any, paid to Borrower. In the event of a pariial taking of the Property. unles~ Borrower and Lender otheewise agree in writir?g, then shc~ll be appGed to the sume secured by this Mortgage such proportion of 1he proceeda as ia equal to that proportion which the amount of the aums eecured by this Mortgage immediately prior tc~ the date of taking bean to the fair market value of the Property immediately prior Lo the date of taking, with the balan~ of the prooeeds paid to Borrower. lf the Property u abandoned by Borrower, or if, sRer notice by I.ender b Borrower that the oondemnor offers to make an eward or settle a claim for damages. Borrower fails to respond to Lender within 30 dqys efter the date such notic~e ia mailed, Lender ia suthorized to coUect and apply the proceeds, at Lendei s option. either to restoration or repair of the property or to the sume eecured by this Mortgage. Unles~ I.ender and Borrower otherwise agree in wridng, any euch application of proceeds to principal shall not extend or postpone We due deLe of the monthly inatallments nierred to in paragtapha 1 and 2 hereof or change the amou~t of auch inetallmenes. 10. Borrower Not Released. E:tension of the time for paymsnt or modification of amortization of the auma eecured by thie Mortgage granted by I.ender to any succeaeor in intereat of Sorrower ehaU not operate to release, in any manner. the liability of tAe original Borrower and Borrower e aucce~asore in intereet. l.ender shall not be required to rnmmence proceedings againat auch aucceaeor or refuae to extend time for payment or otherwiae modify amortization of the auma secured by this Mortgage by reason of any demand made by the original Borrower and Horrower a succeesors in inter~t. i l. Forbearance by Lender Not a Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the e:ercise of any auch right or remedy. The procurement of inaurance or the payment of te~cee or other liene or chargee by Lender ehall not be a waiver of Lendet's right to aooelerate the maturity of the indebtedness secured by this Mortgage. • - 12 Aemedies Cumulalive. All remediea provided. in thie Mostgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be ~erciee~i ooncurrendy, independently or encceseively. 13 3ucceseore and Aseigna Bound; Joiat and 3everal Liability; Captlons. The rnvenanta and agreemente herein containedehall bind, and the rights hereunder ahall inure to, the reapective eucceseors and aasigns of Lender and Borrower, subject to the provieions of paragraph 17 hereof. All covenante and agreementa of Botrower ahall be joint and aeveral. The captione and headinga of the paragraphe of thia Mortgage are for covenience only and are not to be uaed to interpret or define the provieions hereof. 14. Notice. Except for any notice required under applic~ble law to be given in another manner, (a) any notice to Borrowe~[ provided for in this Mortgage shall be given by mailing such notice by certified mail addreased W Borrower at the Property Addresa or at auch other addrees as Borrower may deaignate by notice to Lender ae provided herein, and (b) any notice to I.ender shall be given by certified mail, retum receipt requested, to Lenderb addreas atated herein or to wch other addreea ae Lender may designate by notice to Borrower ae pmvided herein. Any notice pmvided for in this Mor~tgage ahell be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein. $ 15. Uniform Mortgage; Governing I.aw; Severabillty. Thie form of mortgage rnmbinea uniform oovenanta for national uee and non- + uniform covenante with limited variationa by jurisdiction to oonetitute a uniform eecurity instrua~ent oovering real property.'l~is Mortgage ahall be governed by the law of the jurisdiction in which the Property ie located. In the event that any provieion or clauae of this Mortgage or the Note conflicta with applicable law, such contliM shall not affect other provisions of this Mortgage or the Note which can be given effect without the oonflicting proviaion, and to thia end the proviaions of the Morigage and the Note are declared to be severable_ 16. Bormwer'e Copy. Borrower ehall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after } recordation hereof. 17. 'IYanafer of the Property; Aesumpdon. If all or any part of the Property or an intereet therein ie sold or traneferred by Borrower without Ixnder's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of e purchaBe money eecurity intereet for household appliancee, (c) a transfer by deviae, descent or by operation of law upon the death of a joint tena_nt or (d) the grant of any teasehold interest of three years or lese not eontaining an option to purchase, L.ender may, at Lender s option, deciare all the sums eecared by thia Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior ; to the eale or tranafer, Lender and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch i peraon ia satisfactory to I.ender and thaY the intereet payable on the eume aecured by this Mortgage ahall be at auch rate as Lender ahall ~ request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower'e succeesor in intereat has ezec~ted a ~ written easumption agreement acoepted in writing by Lender, Lender shall release Borrower from all obligationa under thia Mortgage and the ~ Note. lf Lender eaercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in aocordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not leas than 30 daya from the date the notice ia mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay auch suma prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ mvoke any remedies permitted by paragraoh 18 hereof 18. Acceleration; Remedies. Except ae provided in peragraph 1? hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage, inctuding the ooveaante to pay when due any aume eecured by this blortgage. Lender prior to aoceleration s6a11 mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action required to cure such breach; (3) a date, not lese than 30 daye trom the date the notice ie mailed to Borrower~ by which such breach muet be cured; and (4) that tailure to cure such breach on or before the date epecified ia the notice may res~lt in acceleration of the sums secured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice shall further inform Borrower ot the right to reinstate after aooeleration and the right to assert in the foreclosure proceeding the non-ezietence of a default or any other defenae of Bonower to scceleratioa snd forecloeure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the aums secvred by this Mortgage to-be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shell be entitled to collect in such proceeding all expenees of forecloeure. including, but not limited to, reasonable attorney's feee, and costs of documentary evidence, abstracte and title reporte. 19. Borrower'e Right to fteinetate. Notwithatanding Lende~a acceleration of the auma secured by thia Mortgage, Borrower shall have the right to have any prooeedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya L.ender all sums which would be then due under this Mortgage. the Note and notea eecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea aA breachea of any other covenants or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by I.ender in enforcing the covenante and agreements of Borrower oontained in this Mortgage and in enforcing L.ender's remediee as provided in paragraph 18 hereof, including, but not limited to, reaeonable attomey a fees; and (d) Borrower takes such action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender'e interest v in the Pioperty and Borrower e obligation to pay the sums secured by this Mortgage shall continue ununpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations aecured hereby ahall remain in full force and effect as if no acceleration had occurred. Z0. Aaeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigne to Lender the rents ~F of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the righL ~ to collect and retain auch rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a rnoeiver appointed by a ~ aourt to enter~pon, take poaseaeion of and manage the Property and to collect the rents of the Property, including those past due. Al1 rents oollected by the receiver shall be apptied firat to pay~nent of the ooste of management of the Property and collection of rente, including. but nat ~ limited to, receiver's fees, premiuma on receiver e bonde and reasanable attorney's feea, and then to the auma eecvred by thie Mortgage: The ~ receiver ehall be liable to acoount only for those renta actually received. ~ _ l~ F ~ ~~~~285 F.~GE t Vti ~ ~ ~ ~s., ~ . , . _ _ - - - ~ -Y . _