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HomeMy WebLinkAbout0902 8. In~pectioa. L.ender m~y make or cauae to be msde ~wnable entrie~ upo~ and inipection~ of the propecty, provided thst l.ender shall Qivs f3orrower notice prior to any such in~pection ~pecitying reaaonable cawe therefor ret~ed to l.ender'~ inteceat in the Property. 9. Coademnatlon.'I~e pracoedi oi aay awud or claim tor damages, direct or cona~quent~al, in rnnnection with any oondemnation or othe~ takinQ o! Ehe propezty. or part thereof. or tor conveyenoe in lieu of aondemnation, are hereby assi~ned and shall be paid Lo I.ender. [n the event of a btal takinQ ot the Property, the proceede ~hall be applied b the sums secured by thi~ Mortgage. with the excess, if any. paid to Borrower. In the event of e partial taking oi the Property. unleas Borrower end I.ender otherwise aQree in writing, there ~hall be applied to the suau ~ecured by fhu Mortga~e such proportion of the proceeds ae is equal to that proportion which the smount ofthe suau secure~! by this Mortga~e immediately prior to the date of taking bears to Ihe fair market value of the Property immediaeely prior to the date of taking. with the balan~ of the proceeds paid to Hort~ovrer. ' If the Pcoperty u abandoped by Borrowcr, or if, after notioe by l.ender to Borrower that the oondemnot offers to make an eward orsettle s ~rtsim~brd • ~ apply the proceed~. at Lender'~ option. either to reatoratioa or repair of the pwperty or to !he sunns secured by this Mortgage. Unleas I.endu and Borrower otherwise agree in writing, any such application oI proceeds to principal ahall not e:tend or postpone the due date of tbe monthly installmenta referred to in paragraplu 1 aad 2 hereof or chenge the amount oi such installments. 10. Borrower Not Released. Exteneio~ of the time for ppym~nt ur modificatioa of amortization of the eume eecured by thie Mortgege granted by I.ender to any successor in inte~eat of Borrower shall not operate to release, in any manner, the liebility of the original Borrower and Borrowei s succesaora in interes~ l.e~der ahall not be req~»red to commence pmceedinge againat auch aucceeeor or nfuee to e:tend time for payment or otherwise modify amortization of the sums eecured by thie Mortgage by reason of any demand made by the original Borrow~ and E3orrower s Aucceaeora in intereat. - 11. Forbearaaoe by Lender Not s N?siver. My forbearance by I.ender in e:ercising any right or remedy hereunder, or otherwise afforded by applicable law. shall aot be e waiver of or preclude the exerciae o[ any such risht or remedy. The procurement of inaurance or the peyme~nt of Laues or other liens o~ chargea by I.ender ahaU not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by thia Mortgage. 12 Remedieo Cumuletive. Al! remedies provided in thia Mortgage are diatinM and cumulative to any other right or remedy under this Mortgage or afforded by lavr or equity. and may be e:ercise~i ooncusrentiy, independendy or succeaaively. 13. 3ucc~eawrs and Asai~ns Boand; Joint and Several Liability; Captione. The rnvenante and agreements herein oontained ehall bind, and the righta hereunder shall inure to, the respective eucreesors and aeaigna of Lender and Borrower, aubject to the proviaiona of • paregtaph 17 hereof. All covenante and agreementa of Borrower ehall be joint aad eeveral. The captione and headinga of the paragraphe of thia Mortge~te are !or covenience only and are not to be ueed to interpret or define the provieionahereof. 14. Notice. E:cept for any notice required under applicable law to be qiven in another manner, (a) any notice ta Borirower provided torin thia Mortgage.ahall be given by mailing euch notice by certified mail addreaaed to Borrower at the Property Addrees or at such other addreee sa Borrower may deeignate by notice to l.ender ae pmvided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested. to Lender e addmss stated herein or to auch other addreee as L.ender may de8ignate by notice W Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.ew; $everability. This form of mortgagecombinea uniform oovenante for national use and non- uniform coveoanta with limited variatione by juriediction to oonatitute a uniform aecurity instrument covering real property. This Mortgage ahall be governed by the law of the jurisdiction iA which the Property ia located, In the event that any provision or clanee of this Mortgage or the Note conflicfe with spplicable law, such rnnflict ahall not ai'fect other proviaions of this Mortgage or the Note which can be given effect without the oonilicting pmviaion, and tu this end the pmvisions of the Mortgage and the Note are declared Lo be eeverable: , 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgege at the time of execution or after recordation hereof. 17. Tranefer of the Property; Aeeumption. If all or any part of the Property or an intereat therein is eold or tranaferred by Borrower without Lender e prior written consent, ~cluding (a) the creation of e fien or encumbrance eubordinate to thie Mortgage, (b) the creation of a purchaee money aecurity intereat for household appliances. (c) a tranafer by deviae, dc~cent or by operation of law upoa the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lesa not oontaining an option to purchase, Lender may, at Leadxr's option, declare all the aums eecured by thia Mortgage to be immediately due and payable. I.ender shall have waived auch op6on to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property ie W be aold or tranaferred reach agreement in writing that the credit of auch ~ peraon ia satiafaclory to I.ender and that the interest payable on the aums aecured by this Mortgage ahall be at auch rate as I.ender ahall ~ reques~. If Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower e successor in interest has e:ecuted a written asaumption agreement aecepted in writing by Lender, [.ender ahall release Boriower from all obligationa under this~lortgage and the Note. ~ ~ If I.ender exercisea such option to accelerate, [.ender ehall mai) Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice ahall provide a period of not leas than 30 daya from the date the notice ia ir.ailed within which Borrower may pay the suma declared ~ dye: If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on l3orrower~ invoke any remedies permitted by paragranh IS hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower e breach of any covenent or . agreement of Borrower in this Mortgage, includiag the oo~enants to pay when due any sume secnred by thia Mortgage.I.ender prior to acceleration shall mail notice to Bor~ower as pmvided in paragraph 14 hereof epecifying: (1) the br$ach; (2) the attion required to cure such breach; (3) a date, not lese than 30 daya from the date the zeotice is mailed to Borrower, by which euch breach must be cured; and (4) that tailure to cure such breach on or before the date specified in the notice may result in acoeleration of the eume secured by this Mortgage, foreclosure by judicia! proce.~eding and eale of the Property. The notice ahall furt6er inform Borrower of the right to reinatate atter acceleration and the right to aesert in the foreclosure proceeding t6e non-ezietence of a detault or any other detense of Borrower to accele~ation and forecloeure. If the breach ie not cured on or before the date epecified in the notice, Lender at Lender's option may declare aU of the sums aecured by this Mortgage to be immediately due and payable without further demand and may forectose this Mortgege by judicisl proceeding. Lender ahall be entitled to collect in euch proceeding all e:pensee of forecloeure, including, twt not limited to, reaeonable attorney's tees, ~ coste of documentary evidence, abatracta and title reporte. 19. Rorrower's Right to Reinatate. Notwithetanding I.ender s acceleration of the suma se~ured by lhia Mortgag rowerahall have the right to have any proceedings begun by Lender to enforce thia Mortgage discontin~ed at any time prior to entty of a judgment enforcing thie Mortgage if: (a) Borrower paye Lender all sums which would be then due under this Mortgege. the Note and notee eecuring Future Advancea, if any, had no acceleration occurred; (b) Borrov~er curea all breachea of any other covenanta or agreementa of Botrower contained in thie Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenante and agreemente of BoTrower oontained in this Mortgage and in enforcing Lender'a rnmedies aH provided in paragraph 18 hereof, inclading, but not litnited to, reaeonable ~ attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Lendei a intereet ~ in the Property and Borrower's obligation to pay the suma secured by thie Mortgage ahall continue unimpaired. Upon auch paymeni and cure by Borrower, thia Mortgage and the obligatione eecured hereby. ahall remain in full force and effect as if no aoceleration had occurred. 20. Assignment of Renta; Appointment of Receiver. Aa additional security hereunder, Borrower hereby aseigne ta Lenderthe rente of the Property, provided that Borrower ahall, prior to acceleration under paregraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rente ae they become due and payable. Upon ecceleration under paragraph 18 hereof or abandonment of the Property, Lender ahaU be entitled to have a receiver appointed by a ~ oourt to enter~pon, talce poseeseion of and manage the Property and to collect the rents of the Property, including thoee paat due. All rents collected by the receiver ah all be applied firat to payment of the ooeta of management of the Property and collection of rents, including, but not limited to, receiver'a feee, premiuma on receiver's bonda and reasonable attorney'a feee, and then to the eums eecured by this Mortgage.'ll~e receiver ahall be liable to aooount only for those rente actually received. ~ . B~~K289 P~E 891 ~ ~ ~ = ~ ¢ = ~ ~ ~ ~ ~ ~ : ~ ~ - ~ s . ~r - ~ _ ~ ~ - -~-~.~s ~~a