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HomeMy WebLinkAbout0604 . ~ . 8. InspecUon. Lendsr may make or cawe b be made e~e~~onwble eatrie~ upon and iaspectioas of the property, provided that Lender shall give Borrower aotice prior to any auch in~pection specifyin~ teawnabq eauN therefor related to Lender ~ interest in the Proper~?. 9. Coridemnsdon. The pzoeseds of any a~rard or claim for damp~e~. direct or con~equential. in connection with any oond~nnation or oth~ tal~inQ of the property. or part thereof. or fo~ conveyanos in lieu of oondemnsaon, are hereby s.si~ned and ahall bs paid ~o I~nder. In the svent o! a total taking of the Property. the proceeds shall ba applied to the ~ums ~acured by this Mort~a~a wf W the esoe~+. I[ uay. paid to Borrower. In the eveAt oi a paetial taking of the Proper4y. unless Borrowe~ eu~d ~.ender otherwiss aQres in writin~, there ~hall be applied to ehe sums secured by this Moct~a~e such proportion oi the proceeds a~ is equal to that proportion which the amount of tbe ~um~ eecured by thie Mort~ege immediately prior to the date of taking bears tp the fair market value of tha Property immediably prios to the date of tukin8~ with ths Dalanc~ of the proceeda pe?id to Borro~rer. Ii W e Pro~ercy i. abaAdoned by Borro.ver. ar if, after aotice by Lender to BorroMe+r that the o~ademnor otrers to make an award or settie a cleim for damage~, Borrow~r fails to respond b Lender within 30 day~ after Lhe date ~uch potice is mailed, L~der is authorir~ed b rnUect qad apply the prooeeds. at Lenda ~ optioa. either to restoretion or repair of tbe prope~rb? or b the ~uma secured by Wis Mortgage. Unless Lender aad Bormwer othe=wise agree in writin8. enY suchspplicatioa of prooeed~ to principal shall aot e~ctend or postpoae the due date of the monthly installmenta nfere+ed to in peragraphs 1 and 2 hereof or change the amount of such inaLaltmeats. 10. Borrower Not Releaaed. Extenaion of the time for paymsnt or modification of araortisation of the eums eecured by this Mortgage granted by Leader to any suocessor in intereat oi Borrower shall not operate to release, in any mannez. the liability of the original Borrower and Borrower'e succeeaore in intereat- Lender ahall aot be required to oommence proceedinga against such eucceawr or refiue to e:tend time for payment or oEherwiae modifv amortization of the suma eecured by thia Mortgage by reseon of any demand made by the original Borrower and Borrower's succeeaors in intereai. 11. Forbearapoe by Lender Not a Waiver. My forbearance by Lende: in ~erciaiag any right or remedy hereunder. or otherwise . afforded by applicable law, ehall not be a waiver of or preclude the ~ercise of aay ench right or remedy. The procurement of insurance or the payment of teaes or other lieas or chargee by Lender shall not be a waivez of Lender's right to aooelerate the maturity of the indebtednesa eecured by thia Mortgage. 1~ Remedies Cumulative. All remediea provided in this Mortgege are distind and cumnlative to any other right or rewedy under this Mortgage or afforded by law or equity. and may be eze~i ooncurnntly. independently or sucoeeaively. 13. 3uooesaors and Assigns Bouad; Joint and Several Liability; Captiona. The oovenante and agreemente herein eontained shaU bind, and the righta hereunde~ ahell inure to, the respective anccesaors and asaigns of Lender and Borrower, eubject to the psovisioas of paragraph 17 hereof. All oovenante and agreemen4 of Borrowez ehall be joint and eeveral. The captions and h~dings of the peragrephs of thia Mortgage are for rnvenience only and are not to be ueed to interpret or define the provieions hereof. 14. Notice. Ezcept foT any notire required under applicable law to be given-in another manne~r, (a) any notice to Borrower provided for in thia Mortgage shall be givea by mailing auch notice by certi5ed mail addreseed to Borrower at the Property Addreaa ar at euch other addr~eea aa _ Borrowez may deeignate by notice b I.ender as provided herein, and (b) any notice to Lender shall be given by certi5ed mail, retnrn receipt requested. to Lender's addreea atated herein or to snch other addrees sa Lender may designate by notice to Borrower as provided henin. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Goveruing I.aw; 3everability.'lfiis form of mortgage combin~ uniform oovenents for national use and non- uniform oovenente with limited variationa by juriediction to oonatitute a uniform security instrument oovering real pmperty. Thia Mortgage shall be govemed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clause of this Mortgage or the Note conilicta with applicable law, auch conflict ahall not affect other proviaione of this Mortgage or the Note which can be given effect without the oonflicting pmviaion, and to thie end the pmviaions of the Mortgage and the Note are declared to be eeverable. 1& Borrowee's Copy. Borrower shall be furniahed a oonformed oopy of the Note and of this Mortgage at the time of aecution or after recordation hereof. " . 17. Tranefer of the property; Aseumpdon. V all or any part of the Property or an intereat therein is eold or tranafetred by Borrower withont Lender's prior written coriaent, r~cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchase money security intereet for houeehold appGancea, (c) a~anafer by deviae. descent or by operatioa of law upon We death of a joint - tenant or (d) the granL of any leasehold interest of three years or leae not oontaining an option to purchase, Lender may. at Lender's option, declare all the aume eecured by thia Mortgage to be immediately due and payable. Lender ahall have waived such option to aooelerate if. prior lo the sale or trenafer. Lender and the person to whom the Property ia to be eold or traneferred reach egn~ement in writing that the credit of auch person ia satiafactory to Lender and that the interest payable on the suma eecared by this Mortgage shall be at euch rate as Lender shall requeat. If Lender has waived the option to socelerate provided in thia paragraph 17, and if Borrower e aucceseor in interest has ezecuted a ; writteu asaumption agreement sooepted in writing by Lender, Lender ahall releaae Borrower from all obligations under thia Mortgege and the ~ Note. ~ If Lend~ ~ercisee auch option to~accelerate, Lender shall mail Borrowernotice of aooeleration in aocordance with paragraph 14 hereoL ~ Such notice ahall provide a period of not lesa than 30 daya from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower faila to pay such sums prior to the e:piration of euch period, Lender may, without further notice or demand on Borrower, i invoke any remedies permitted by paragraoh I8 hereof. _ 18. Acceleration; Remediea Ezcept as provided in paragraph 1? hereol, upoa Borrower's breach of any ooveaant _or . agreement of Borrow er in this D~ortgage, inclnding the ooveaante to pay when due any sumt secared by thie ~ortgage, Leader prior to scceleration shall mail notice W Borrower ae pmvided in paragrap614 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lese t6an 30 daye from t6e date the nottce is mailed to Borrower. by w6ich such breach muet be cnred; and (4) that failure to cure such breach on or before the date specified in the aotice may result in acceleration of tbe suma eecured by this Mortgage, foreclosure by judicial prooeeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinetate aRer aoceleration and the ri~ht to a8.ert in the foreclosure proceeding the non-ezistence of a defaul; or any other defense of Borrower w aoceleration and foreclosure. If the breach ie not cared on or before the date specified in the notice, Leader at Lender's option may declare all of t6e sums secured by this Mortgage to be immediately due and payable withont further demand and may toreclose thie Nlortgese by judicial prooeeding. Lender shall be entitled to collect in such proceediog all ezpenaes ot forecloeure, including, but not limited to, reaeonable attorney's tees. and coste of documentary evidence, abstracte and title reports. ' ~ 19. Borrower'e Right to Reiastate. Notwithatanding Lende~a acceleration of the eama securad by thie Mortgage, Borrower ahall have the right to have any prooeedinge begun by I.ende~r Lo enforce thia Mortgage disc~ontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paye I.ender all euma which would be then due nnder this Mortgage, the Note and notes securing Fnture Advanoea, if any, had no acceleration ocxurred; (b) Borrower curea all breachee of any other covenaata or egreementa of Borrower oontained in ~ this Mortgage; (c) Bortower pays alt reaeonable e~cpeneee incurred by I.ender in enforcing the oovenaats and agreeanents ot Borrower ~ oontained in thie Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d) Borrower talcea such action as Lender may reaeoaably require to aeeore that the lien of thia Mortgage, Lendds interest ~ in the Property and Borrower e obligation to pay the sums eecured by thia Mortgage shall oontinue unimpaired. Upon anch payment and cuTe by Borrower, thie Mortgage and the obligations eecured hereby ehall rrmain in full force and tffect as i4' no aoceleration had oocurred. ~ 20. Assigament ot Rents; Appointment of Receiver. As additiopal security hereunder, Borrower hereby assigna to Lender We renta ~ of the property, provided that Borrower shall. prior to aoceleration under patagraph 18 hereof or abandonment of the Property. have_ the right to collect end retain euch rents as they become due and payable. . Upon soceleration under paragreph 18 hereof or abandonment of the Property. I.ender shall be P.ntided to have a reoeiver appointed by s conrt to enter~pon; take poeeeseion of and manage the Property and to collect the rents of the Property, including those.paat due. All rents coUected by the receiver sh~ll be applied fuat to payment of the oosb of management of the Propezty and ooUection of renta, including, bnt not limited to, reoeiver's fees, premiuma oa reoeiver'e bonds and reasonable atLorney's feee, and then to the sums secared by thia Mortgage.l!?e receiver ehall be liable to acoonnt only for those rente actually received. ~ 6UG1( ~~O PAGE ~