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HomeMy WebLinkAbout0608 8. Inspectioa. Lender may make or cauae b be made re~waable entriei upon and inspections oithe property, provided that Lender ehall give Borm~ver notioe prior b any such inspection ~pecityinB reawnabk cau~e therefo~ related to Leader i interest in the Property. 9. COIldelrlDa~01f,'t1~e proceeds of any award or claia? for daraa~es. dinct a~ co,uequeadal. in conaection with any oondemnatioa or othar talrin~c of the pmpa+rty. or part thereoi, or foe oonveyancs ia lieu of ooademnation, ers hereby a~ned and ahall be paid to Lender. Ia the eveat of a btal taking of the Property. the proceed~ ~}iall bs spplied to the sums secund by thi~ Most~a~e. with the esoe~s, if anY. paid to Borrovrer. In the eveAt of a partial taking of the Proper4y. unlees Botrow~ and Lender otherwi~e agree in wribin~~ there ~hall be ' applied to We sums secured by this Mort~a~ee ~uch proportion of the pmceeds a~ u equel to that proportion which the amount of !he sums secured by this Mort~age immediaeely prior to the date ot eaking bears to the fair market value of tha Aroperty immediately prior to the dab oi taking. ~vith the balancv of We pmoeeds paid b Borro~rer. If !he Properq? u abandoaed by Borrower. ar if~ aRer notioe by Leader to Borrower thst the oondemnor o~en to mate aa aMrard or setlle a claim for damaQes, Bo~ower lails b respond to Lender within 30 days aRes the date auch notioe is mailed, Lender is authoriud to collect and apply the pmcee~. at I.endar's optioa. either to restoratioa or repair of We property or to the ~ams secured by thia Mortgage. Unleea I,ender aad Borrower otheivviee agree in writiag. any snch application of proceed~ to principal shall not e:tend or poetpone the due dat~ of the monthly inetsllments referred to in paragraphs 1 eAd 2 hereof or chen~e the amoant of auch instaUments. 10. Borrower Not Released. E:tension of the time for p~nnsnt or modification of amortization of the euma secured by this MoYtgage granted by Lender to any aua~essor in interest of Borrower shall not operate to release, in any menner, the liability of the original Borrower and Borrower's aucceaeon in interea~ Lender ahall not be required to oommence proc~eedinge against auch aucceewr or refuse to r~tend time tor payment or otherwiae modify amortizetion of the aume aecured by thia Mortgage by reason of any demand made by the original Borrower and Borrower a succeaeors in interest. l l. Forbearanoe by Leader Not a Waiver. My forbearance by I.ender in ezercising any right os remedy her~under. or otlierwise afforded by applicable law. shaU not be a waiver of or preclude the e:erciee of any such right or remedy.'It~e procurement of ins~ranoe or the payment of t~es or other liens or chargea by Lender shall not be a waiver of Lender s right tfl aooelerata the matvrity of the indebtednesa eecured by this Mortgage. . 12 Remedies (,~umulstive. All remediee provided in thie Mortgage are distinct and cumulatiye to any other right or remedy und~ this Mortgage or afforded by Iaw or equity, and may be ezercise~i ooncurrendy. independeatly or suooesaively. 13. 3ucceaeors aad Aseigns Bound; Joint and 3everal Liability; Captions. Tl~e oovenanta aad agreements hereue oontained shall bind, and the rights hereundez shall inure to, t6e reepective auoceesoes and assigaa of I.ender and Borrower, subject to the proviaions of paragraph 17 hereof. All covenanta and agreementa of Borrow~ ehall be joint and eeveral. The csptione and headinge of the parag~aphs of thie Mortgage are for covenience only and are not to be ueed to intetpret or defiae the provisiona hereof. . ~ 14. Notice. Except for any notice required under appGcable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addreaeed to Botrower at the Property Addreas or at such other addrese as Borrower may designat~e by notice to Lender as pmvided herein. and (b) any notice to I.ender shall be given by certified mail, teturn receipt requeated, to Lender'a addreae atated herein or to such other addresa ae Lender may designate by r_otice to Borrower as provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Bormwer or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability.'iliie form of mortgageoombinee uniform oovenanta for national uee and aon- uniform oovenants with limifed variations b}f juriadictioa lo oonatiWte a unifora~ security instrument oovering real property. This Mortgege shall be governed by the law of the juriadiction in which the Property is locsted. In the event that any proviaion or clauae of this Mortgage or the Note coniticta with applicable law, auch conflict shall not aftect other proviaiona of this Mortgsge or fhe Note which can be given effect t without the oonflicting proviaion, and tn this end the pmvixiona of the Mortgage and the Note are declareci to be aeverable. ~ 16. Borrower'e Copy. Borrower ehall be fumiahed a conformed oopy of the Note and of this Mortgage at the time of exec~tion or after reoordation hereof. ~ ; 17.1ticanefer o! We Property; Aesumption. If all or any part of the Property or an intereet therein is eold or traneferred by Borrower without L.ende~s prior written conaent, ~cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage,.(b) the creation of a purchsse inoney eecurity intereet for houeehold appliancee, (c) a tranafer by devise, desoent or by operation of law upon the death of a joint j tenant or (d) the grant of any leaeehold interESt of three years or leea not oontaining an option to purchase. Lender may. at I.ender's optioa, declare all the suma eecured by this Martgage to be immediately due and paysbie. Lender ahall hsve waived auch option to accelerateif, prior to the eale or tranafer, Lender andthe pereon to whom the Property ia to be sold or tranafereed reach agreement in writing that the credit of such j pe~son ie satiafactory to Lender and that the interest payable on the enms secured by this Mortgage ehall be at auch rate ae I.ender ehall request. If Lender haa waived the option to aooelerate provided in this paragraph 1T, and if Borrower s succeasor in interest has e:ecuted a ~ ` written aaeumption agreement accepied in writing by Lender, L.ender ahall releaee Borrower from all obligatione under this Mortgage and the ~ Note: . ; E 4 If Lender ezercisee such option to accelerate, I.ender ahall mail Borrower notice of soceleration in acoordance with paragraph 14 hereo£ ~ Such notice shaU provide a period of not less than 30 daya from the date the notice ia mai}ed within which Borrower may pay the auma declered ~ due. If Borrower fails to pay auch suma prior to the e:piration of such period, Lender may, without fnrther notice or demand on Borrower, mvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleretion; Remediee. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of aay oovenant or agreement ot Borrower in this b[ortgage, iucluding the oovenants to pay when due any sume eecured by this Mortgage, Lender ' ~ prior to acceleration ehall mail notice to Borrower as pmvided in paragraph 14 6ereof specifying: (1) the breach; (2) the action ~ required to cure sac6 breach; (3) e date, not lese thaa 30 daye from the date the notice ia mailed to Borrower, by which sach = breach muet be cured; and (4) t6at failure to cure sucb breach on or before the date specified in the notice may result in ~ acceleration of the sume eecnred by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall ' further intorm Borrower of the right to reinatate aRer aoceleration and the right to aseert in the toreclosure proceeding t6e ~ non-eziatence of a de[ault or any other defense of Borrower to ac+celeration and foreclosure. If the breach is not cured on or - before the date specitied in the notice, Lender at Leader's optioa may declare all of the euma secnred by thie il~ortgage to be immediately due and payable without further demand and may foreclose this blortgage by jndicial proceeding. Lender ahall be entitled to collect in such proceeding all e:penses of toreclosure, including, but not lfmited to, reaeonable attorney's tees. and costs of documeatarq evidence, abetracts and title reporta. - 19. Borrower's Right to Reinetate. Notwithatanding Iender'a acceleration of the sume secured by thia Mortgage, Borrower shall have the right to have any proceedings b~un by Lend~ to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paya Lender all"aums which would be then due under this Mortgage, the Note and notee aecuring fi~ture Advancea, it eny. had no aoceleration occurred; (b) Borrower cures all breachea of any othet oovenants or agreementa of Borrower rnntained in ~ this Mortgage; (c) Borrower paya all reaBOnable e:penaee incurred by Lender in eaforcing the wvenants and agreementa of Borrower oontained in thie Mortgage and in enforcing Leader e remediea ae provided in paragraph 18 hereof, includiag, but not lunited to, reasonable ~ ~ attorney's fces; and (d) Borrowtr takee such action se Lender may reasonably require to saeure thai the lien of thie Moregage, I.ender'a interest j ~ in the Property and Borrowe~s obligation to pay the eume sec~red by this Mortgage ahall oontinae anunpaired_ Upon snch payment and cnre : by Borrower, thie Mortgage and the obligationa eecured hereby ahall remain in fiill foroe and effect aa if no soceleratian haii occarred. ~ 20. Aasignmeat of Reats; Appointment of Receiver. Aa additional eecurity hereunder. Borrower hereby aesigna to Lender the reats ~ ~ of the Property, provided that Borrower ahall, prior to aoceleration ander paragraph 18 hereof or abandonment of the Property. have the right ; ~ to colled and retain snch rents ae they become due and payable. ' ~ Upon aooeleration under paragraph IS hereof or abandonment of the Property, Lender ahall be entif]ed to have a receiver a t aourt to enter~u n, take PPou?ted by a po poseeasion of and manage the Property and to oollect the renta of the Property. including thaee past due. All rents oollected by the receiver ~hall be applied firet to payment of the oosts of management of the Property and oollection of rents, inclnding, but not limited to, receiver's fcea, premiuma on receiver's bonds and reaaonable attorney's feea, and then to We euma secured by thia Morfgage. The ; receiver ahell be liable to acoount only for thoee renta adually reoeived. ~ ~ ; . ~ i 90GK 2~0 f'AGE 6t~V ~ }