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HomeMy WebLinkAbout0026 c ~ ~ 8. laspection. I.ender may make or cauee to be made ceasonable entriee upon and inapectiuna of the property, provided that l.endec ehall give Bor~awer notice prior to any euch inepection apecifying reae~onable cause theretor celated to l.ender'e intereat in the Property. 9. Condemnetion. The proceeda of any award or claim for datas8q, direct o~ c~~equential, i~ connection with any condemnation o~ u~ner i+?iung of tt,C ycv}~criy, or part L.`~cr~f, ar for ~nec~ ss:ce in liees of co:zdemnnhc+n ww hP.~+hy wwwign~vl wnd ahall he Qaid to Lender. In the event of a total taking of the P~opecty, the proceede shall be applied to the aums secured by this Mortgage, with the excees, if any, paid to Borrower. In the event of a partial taking of the Property. unlesa Borrower and Lender otherwise agree in writing. there ehall be applied W the aums aecured by this Mortgage auch proportion of the proceede ae ia equal to that proportion which the amount of the sume eecured by thie Mortgage immediately 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 proceeda paid to Boreower. If the Property ia abandoned by E3orroweT, or if, afte~ notice by I.ender to Borrower that the condemnor offere to make an award or eettle a claim foT damagea, Borrower faila to reapond to Lender within 30 daye after the date euch notice ie mailed, Lender ia authorized to collect and apply the proceede, at Lender's option, either to restoratio~ or repair of the property or to the euma secured by thia Mortgage. Unteea I.ender and Borrower otherwiae agree in writing, any auch application of procecde to principal ehail not e:tend or postpone the due date of the monthly inetallments referred to in paragrapha 1 and 2 here~f or change the amount of auch installmenta. 10. Borrower Not Released. Fxtenaion of the time for paymant or modification of amortization of the suma secured by this Mortgage granted by I.ender to any successor in interest of Borrower ahalt not operate to release, in any manner, the tiability of the original Borrower and Borrawei a auccesxors in internst. Lender shall not be tequired to commence proceedinga against such aucreaeor or refuae to extend time for payment or othemise modify amortization of the sums secured by this Mortqage by reason of uny demand madeby the original Borrower nnd Sorrower s successors in interest. 11. Forbearance by Lender Not a VHaiver. My forbearance by Lender in exerciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or prectude the exeniee of any auch right or remedy. The procurement of insurance or the ~yment of taxea or other liena or charges by Lender ahall not be a waiver of Lender'e right to accelerate the maturity of the indebtedneas eecured by this Mortgage. 12 Remediee Cumulative. A11 remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:erciaed concurrendy, independently or succeaeively. 13. Succeasors and Asaigna Bound; Joint and Several Liebility; Captione. The covenanta and agreements herein rnntained ahall bind, and the rights hereunder aha1) inure to, the respectiee succeasora and assigns of Lender and Botrower, aubject to the proviaione of paragraph 17 hereoL All covenants and agreementa of Borrower ahall be joint and several. The captiona and headinge of the paragrapha of this Mortgage are for covenience only and am not to be uaed to interQret or define the provisione hereof. 14. Notice. Except for any notice required under applicnble law to be qiven in another manner, (a) any notice to Borrower provided forin thie Mortgage shall be qiven by meiling such notice by certified mail addresaed to Borrower at the Property Addresa or at such other addreae se Botrower may designate by notice to l.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return recei~ requeated, to Lender'e addreas atated herein or to such other addrese as Lender may designate by notice to Borrower as provided herein. My notice provided for in this MortgaEte shaii be deemed to have been given to Borrower or Ixnder when given in the manner deaignated hemin. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combinea uniform covenanta for national uae and non- uniform covenanta with lunited variations by juriadiMion to oonstitute a uniform security inatrument oovering real property_ This Mortgage ehall be governed by the law of the jurisdiction in which the Property is located_ In the event that any provision or clause of this Mortgage or the Note conflicta with applicable law, such conflict shall not af~'ect other provisior~s of this Mortgage or the Note which can be given effect without the conflicting ptovision, and to thie end the provisions of the Mortgage and the Note are deelared to be severable_ S6. Borsovrcr's Copy. Bozrax er shall be furni~hed a con forme~ rnpy of the Note and ~f thia MortgaRe at the time of execution or after recordation hereof. ' 17.1`ranafer of the Property; Aasumptioa. If all or any part of the Property or an interest therein is sold or transferred by Borrower wi/hout Lender's prior written conaent, exduding (a) the creation of a lien or encumbrance eubordinate to this Mortgage. (b) the creation of a ~ ~ purchase money security interest for household appliances, (c) a transfer by deviae, descent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any leasehold intereat of three years or leas not containing an option to purchase, Lender may, at Lender's option, ~ declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to arcelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that thecredit of auch ~ - . _ * ~ --•---a ~tir e..~.a ea...ss.o,~ 1.., ~1.;0 1?~..~Q~oP ahpll FW £t A~Rr`}t iA~P AR I.PTI(~Pr A}IA~I NCfiiV1~ ~a DLlaaaidCNi7j~ w i~c~iu~I u::ii :::.1s i::~ :::'w:w: ~ssjuv:s ~ . _ . ~ - request. If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ~ written assumption agreement accepted in wridng by I.ender, [xndershall release Borrower from all obligations under this Mortgage and the ~ Note. If Lender exercises auch option to accelerate. I.ender shalt mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not lesx than 30 days from the date the noticeis mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without furlher notice or demand on Borrower, ~ mvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage, inclnding the covenants to pay when due any sums securedby t6ie Mortgage, Lender prior to.acceleration ehall 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 leas than 30 daye from the date the notice is mailed to Borrower, by which euch - breach muat be cured: and (4) that failure to cure such breach on or before the date speciCed in the notice may reault in acceleration of the sums aecured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ehall further intorm Borrower of the right to reinstate after acceleration and the right to asaert in the forecloaure proceeding the non-e:ietence of a default or any other defenae of Borrower to aceeleration and foreclosure. If the breach ia not cured on or ~ before the date aperified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be ~ immediately due and payabie without further demand and may foreclose this Mortga~(e by judicial proceeding. Lender shall be ~ entitied to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees. and ~ costs of documentary evidence. abatracts and title reporta. 19. Borrov~rer's Right to Reinstate. Notwithatanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall 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 pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreemente of Borrower rnntained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreements of Borrower mntained in this Mortgage and in enfoming Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable = attorney's fee9; and (d) Borrower takes auch action ns Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest ee. in the Property and Borrower s obligation to pay the auma secured by this btortgage shsll continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obliqationa secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aaeignment of Renta; Appointment of Receiver. Ae additional security hereunder, Borrower hereby assigns to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents 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 court to enter~upon, take posaession of and manage the Property and to collect the rente of the Property, including those past due. All renta oollected by the receiver ahall be applied first to payment of the ooste of management of the Property and collection of renta, including, but not limited to, receiver's fees, premiums on rereiver's bonda and reasonable attorney'e fees, and then to the aums secured by this Mortgage.l'he ~ receiver ahal) be liable to acoount only for those rents actually received. ~ ~oor.2~ P~t~ ~