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HomeMy WebLinkAbout0920 « . ' , . _ . 8. Insp~ction. l.ender may make or cauBe to be made reasonable entriee upon and inapcrtions of the property, pruvided lhat I.ender shall give Borrower nutice prior to any auch inspection specifying reasonable cauee thernfor related to1{ adet'a interqs in the Property. 9. Condemaation.'I7~e p~oceeds of any awa~d or claim for damages, direct or coneequential, ir~`tonnection~wi~~sny rnndemnation o~ ot}ier taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aeaigned and ahall be paid to t.ender. 1~ the event of a total taking of the Property, the praceede ehall be applied tu the euma eecured by thia Mortgage, with 1he e:cees, if any, paid to Eiorrower. In the er+ent of a partial taking of the Property, unleaa Borrower and I.ender otherwiee agree in wriling, there ehall be applied to the aums aecured by this Mortgage such proportion of the procc~da ae is eyual to that proportion which the amount of the suma secured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the dete of ~ taking, with lhe balanca of the proceede paid to Borrower. ?e.a - -L__ ~ T~-----' 'e -es__-_~:..~{... i ....J..~~.. R..~.......~~{.e~~{.e ..d.. n{~nsyf~me4nen u s~einneallle - ...e... m e l: iiii:: ~v~w:::j 1.r.S'a'n:::::v::~~i ~ij -vv::::::~ ::..::::::::~ti~~ " c:== ' . _ claim for damagea, Borrower fails to respond to I.ender within :30 daye after the date auch notice is mailed, I.ender is authorized to collect and apply the procefcie, at I.ender'e option, either to reatoration or repair of the property or to the auma secured by thie Mortgage. tinleas [.ender and Borrower othervrise agree in writing, any euch application of proceede to principal ehall not extend or postpone the due date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amou~t of such inatellmenta. 10. Borrower Not Releaeed. F:xtension of the time for paym~nt or modification of amortization of the aums secured by this Mortgege granted by I.ender to any auccessor in intemat of Borrower ahall not operate to release, in any manner, the liability of the original Horrower and Borrower's successora in interest. l.ender ahall not be required to commenre proceedings against such euccessor or refuee to excend time for payment or otherwise modify amortization of the suma secured by this MoriguRe by rexaon of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exercise of any auch right or remedy_ The procurement of insurance or the payment of taxeei or other liene or charges by Lender shall not be a waiver of Lendei e right to accelerate the maturity of the indebtedneea secured by this Mortgage. 12 Remediee Cumulative. Ali remedies provided in thia Mortgag~are dietinct and cnmulative to any other right or mmedy under thie Mortgage or afforded by law or equity, and may be exercise.l concurrently, independently or aucceasively. 13. Succeaeora and Asaigne Bound; Joint and Several Liability; Captiona. The covenanta and agreements herein uontained ehall bind, and the rights hernunder ahaU inure to, the reapective succesaora and seeigne ot l.encier and isorrower, auuject to ti~e proviaiona oi paragraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and several. The captiona and headings of the paragraphe of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereof. 1~. Notice. F.xcept fur any notice required under applicable law to be qiven in another manner, (al any notice to Borrower provided for in thia Mortgage ahall be given by mailing suc}i notice by certified mail addreaeed to Borrower at the Property Addresa or at auch other addreae as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to Lender e addrnss atated herein or to such other addreas as I.ender may designate by notice to Borrower se provided herein. Any notice provided for in th:s Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. 7'his form of mortgagecombinea uniform covenanta for national use and non- uniform covenants with limited variationa by jurisdiMion to constitute a unifor[n security instrument covering real property_ This Mortgage shall be governed by the law of the jurisdiction in which the Property is iceated. In the event that any provision or clause of this Mortgage or the Note conflicta with applicabie law, auch contlict shal! not affect other pmviaions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the pmviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereoL . 17. Tranafer of the Property; Assumption. If all or any part of the Property or an intereat therein is aold or traneferred by Borrower without I.ender s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a ' purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of !aw upon the death of a joint ~ tenant or (d) the grant of any leaeehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option. i declare all the sums secvred by this Mortgage to be immediately due and payable_ Lender shaU have waived auch option to accelerate if, prior ~ to the sale or tranafer, [.ender and the person to whom the Property is to be aold or transferred reach agreement in writing that the credit of euch ~ , person is satisfactory to l.ender and that the interest-payable on the suma secured by this biortgage shall be at such rate as Lender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's auccessor in interest has executed a ~ written assumption agreement accepted in writing by Lender, I.ender shall release Borrower from all obligationa under this Mortgage and the Note. ~ If I.ender exercises such option to accelerate. [.ender shall mail Borrower notice of acceleration in accordance with paraqraph 14 hereof. ~ Such notice shall provide a period of not les.s than 30days frum thedate the notice is mailed within which Borrower may pay the sums declared - € due. If Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without further notice or demand on l3orrower, _ ~nvoke any remedies permitted by paraRra~h 18 hereof. 8 ~ 18. Acceleration; Remedies. Fxcept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage. including the covenants to pay when due any eums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the aMion ~ required to cure ~uch breach; (3) a date. not lesa than 30 daya from the date the notice ie mailed to Rorrower, by which euch breach muat be cured; and (4) that failure to cure such breach on or before the date apecifed in the notice may result in ~ acceleration of the suma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinstate after acceleration and the right to asaert in the forecloeure proceeding the non-e:iatence of a default or any other detense of Borrower to acceleration and foreclosure. If the breach ie not cured on or ; before the date specified in the notice. Lender at Lender's option may dectare all of the eums aecured by this Mortgage to be ~ immediately due and payable without furtherdemand and may foreclose thiR Mortgage by judicial proceeding. Lender shall be ~ entitled to co11eM in such proceeding afl expenses otforecloaure, including. but not limited to. reasonable attorney's fees, and ~ costs of documentary evidence. abatracte and title reports. , ~ 19. Borrower's Right Eo Reinatate. NotwithstandinQ Lender's acceleration of the suma secured by this Mortgage, Borrower ahall have '.x the right to have any proceedinga begun by Lender to enforce thia 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 notee aecuring ~ture ~ Advances, if any, had no acceleration occurred; (b) Sorrower cures all breaches of any other covenante or agreementa of Borr~wer contained in rtgage; (cl Borrower paya all reasonable expensea incurred by Lender in enforcing the covenants and agreements of Borrower thia Mo _ contained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable - attorney'a fees; and (d) f3orrow er takes auch action as Lender may reasonabiy requiie to assure that the lien of thia Mortgage, Lender's interest in the Property and Borrowei s obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations aecured hereby ahall remuin in full force and effect ae if no acceleration had occurred. - 20. Asaignment of Renta; Appointment of Receiver. As additiunal security hereunder, Borrower hereby assigns to Lender the rents - of the Property, provided that Borrower ahaU, 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 shall be entitled to have a receiver appointed by a ~ oourt to enter upon, take posseasion o[ and manage the Property and to collect the rents of the Property, including thoee past due. All rents collected by the receiver shall be applied firat to payment of the costa of management of the Prvperty and rnllection of rents, including, but not - limited to, receiver'a fees, premiums on receiver a bonda and reasonable attorney's feea, and then to the sums secured by thie Mortgage. The receiver shall be liable to account only for those rents actually received. r.-9 tl Q ! :3 SL'jx 'rq~'~ Vj4 - - - - - _