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HomeMy WebLinkAbout0325 A. I~epection. t.ender may make o~ cauae b be made reaaonable entrieu upon and inepections of the property, provided that l.ender ehell give Horrower notice prior to any puch inapection epecifying masonable cnuee therefor related to l.endei e interesl ia the Property. 9. Coademnalion. The procreds of a~y award or claim tor damagee, direct or coneequential, in coanection with any eondemnation or other Laking of the properiy, or {?a~t the~eof, ar for conveyancc in licu of condemnetion, are heccby naeigned and shall be paid to l.ender. ln the event o[ a tota! taking of the Property, the proceede ehall be applied to the eume eecured by thia Mortgage, with the e:ceea, i[any, paid to E3orrower. In the event o( a partiel takiog ot the Property, unleee E3oROwer and l.ender otherwiee aKree in writing, there shall be applied ta the sums aecured by thie Mortgage euch proportion of the proceede as ie equal to that proportiun which the amount of the aums secured by thie Mortgage immediately prior to the date of Laking bears to the fait market value of the Property immediately prior to the date of taking, with the bslance of the praceede paid to l3orrower. If the Property is at?andoned by Boirrower, or if, after notice by Lender to E3orrower thet the condemnor offere to make an award or settle e claim for damages, Borruwer faila to reapond to L,ender within :30 days after the date auch notice ie mailed, l.ender ie authoriud to collect and apply the proce~ede, at l.ender s option, either to reatoration or repair of the property or to the auma eecured by thie Mortgage. Unlesa I.ender and Borrower otherwine agree in writing, any auch application of proceeds to principal shall not e:tend or poetpone the due date ot the monthly inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of such inetallmenta. ~ 10. Borrowe~ Not Releaeed. Extension of the time for paym~nt or modification of amortization of the aums aecured by thia Mortgege granted by l.ender to any successor in intemst of f3~rrower shall not operate lo mlease, in any manner, the liability ot the original Rorrower and Korrower'a successura in intemat. l.ender ahall not be required tu commence proceediogs againat such sucreasor or refuse to extend time for pxyment or otherwise mcxlify amurtizution of the sums secured by thia N1ortKage by reason of ~ny demand made by the uriginal Bonower und &?rrower s succrs.~rs in interc~t. 11. Forbearance by Lender Not a Waiver. Any [orbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee Afforded by applicable Iaw, ahall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of inaurance or the payment of taxea or other liena or chargea by I,ender shall not be a waiver of I.ender's right to accelerate the maturity of the indebtedneae secured by thie Mortgage. . 1'L Remedies Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie ~lottgage or afforded by law or equity, and may be exercise~l concurrendy, independently or succeeaively. ' ` 13. Successore and Asaigna Round; Joint and Several Liebility; Captione. The covenants and agreements herein contained ahall bind, and the righi~+ hereunder shall inure to, the respective successors and asaigns of Lender and E3orrower, aubject to the provisiona of paragraph 17 hereot All covenants and aRreements of Horrower ahall be joint and several. The captiona and headinga of the paragraphe cf this Mortgage arn for covenience only and are not to be used to interpret or define the proviaions hereof. 14_ Notice. Except for nny notice requirecl under applic~ble I~w to be Riven in nnother mt~nner, ln1 any notice to 1;ormwer provided for in this MortgAge shall be given by mailing such notice by certified mail addressed to E3orrower at the Property Address or at such other addrea~ as k3orrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender shall be qiven by certified maii, return receipt requested, to Lender'a addreas atated herein or to such other addrese as l.ender may designate by notice to Borrower as provided hemin. Any notice provided for in this Mortgage ahall be deemed to have been given to E3orrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform covenanta for national uae and non- uniform covenants with limited variations by jurisdiction to conatitute a uniform security inatrument covering rnal pmperty. This Mortgage shall be qoverned by the law of the jurisdiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note contlicts w~th ~pplicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the contlicting provisiun, and to thia end the provisions of the Mortgage and the Note arn declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time otexecution or after recordation hercwf. 17. Transfer of the Property; Aaeumption. If all or any part of the Yroperty or an interest therein is sold or transferred by Borrower writhout I.ender s prior written consent, excluding lal the creation of a tien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security intereat for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at [.ender's option, cieclare all the sums secured by this Mortgage to be immediately due and payable. I.ender ahall have waived auch option to accelerate if, prioT to the sale or transfer, i.ender and the person to whom the Properiy ia to be sold or tranaferred reach agreement in writing that the credit of such person is satisfactory to I.ender and that the interest payable on the sums secured by this INortgage ahall be at such rate as l.ender shall reyuext. If Ixnder has v?aived the option to accelerate provided in this paraqraph 17, and if E;orrower'a successor in interest has executed a written ass6mption agrcrment accepted in veritinK by l.ender, l.ender shall release Borrower from all obligations under this Mortgage and the ' N ote. ~ I f I.ender exercises such option to acceler~te, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ , y pay the sums declared ~ ~uch notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed K ithin which Rormwer ma ~ due. If KorroW er fails to pay such sums prior to the expiration of such period, I.ender may, withuut further notice or demand on Fiorrower, ~ invoke any remedier, permitted by paragra~h lA hereof. ~ 18. Acceleration; Remedies. Eacept es provided in paragraph 17 hereot, upon Borrower's breach of any covenant or ~ aqreement of Borrower i~ thia Mortgage. including the oovenants to pay when due any sums secured by this Mortgage, Lender ' ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying:(1)thebreach;(2)theaction ~ required to cure auch breach; (3) a date. not leas than 30 daya from the date the notice ie mailed to Borrower. by whicb euch ~ breach muet be cured: and (4) that failure to cure such breach on or before the date apecified in the notice mey reault in ~ ncceleration of the suma secured by this Mortgage, forecloaure by judicial proceeding and eale of the Property: The noticeahell further inform Borrower of the right to reinetate after acceleration and the right to sasert in the foreclosure prceeeding the ~ non-eziatence ot a default or any other defense of Borrower to acreleration and forecloaure. Itthe breach ie not cured on or ~ befor~ the date specified in the notice. Lender at Lender'e option may declare all of the eums aecured by this Mortgage to be immediately due and payable without furtherdemand and may torecloae this Mortgage by judicial proceeding. Lender ehall be ~ entitled to co11eM in auch proceeding all expenses of foreclosure, includinq. but not limited to. reasonable attorney's feea. and coats of documentary evidence. abstracts and title reports. ~ 19. Borrower's Right to Reinatate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender to enforce this Dtortgage diecontinued at any time prior to entry of a judgment enforcing this blortgage if: Ia? I3orrower pays Lender all suma which would be then due under this Mortgage, the Note and notes securinR Future Advances, if any, had no acceleration occurred; fb1 E3orrowercurea ali breachea of any othercovenante or agreements of Borrower contnined in ~ this ~lortgage; !c? Borrower pays all reasonable expense~ incurred hy I,ender in enforcing the covenanta and agreements of Borrower ~ contained in this Mortgage and in enforcing I.ender's mmedies as provided in paragraph 18 hereof, including, but not limited to, reseonable . attorney's fees; and Id) Borrower takes euch action as Lender may reasonably require to assure that the lien of this Mortgage, Lendei a intereet ` in the Property and E3orrower s obligation to pay the sums secured by this Mortgage ahaU continue unimpaired. Upon such payment and cwe ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred_ ~ 'L0. Asaignment of Rente; Appointment of Rereiver. As additional security hereunder, E3orrower hereby assigna to Lender the rents ; pe y, provided that Aorrower shali, prior to acceleration under paragraph lShereof or abandonment of the Property, have the right of the Yro rt " to collect and retain such rnnts as they become due and payable. ~ Upon acceleration under paraqraph 18 hereof or abandonment of the Property, (.ender shall be entitled to have a receiver appointed by a ~ court to enter.upon, take possession of and manage the Property and to collect the renta of the Property, including those past due. All renta collected by the receiver shall be applied first to aayment of the coste of managementof the Pmperty and collection otrente, including, but not ~ limited to, receiver's fees, premiums on receiver's bonda and reasonable attorney'a fees, and then to the aums aecured by thie Mortgage. The ~ receiver shall t?e liable to account only for thoae rents aMually received. ~ ~ i ~ ~ u:,~c f 11(,~ ~ k ~90 325 ~ ~ ~ _ , - - - - - - - ~ " , ~ ~ ~ ~ ~ ~n r ~ . _ ~ . - ....tss~. "3 .