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HomeMy WebLinkAbout0603 A. lnepection. l.ender may meke or cauae W be made reasonabie entries upon and iaapections of the propersy, provided that I.ender ehall give Borrower notice prior to any auch inapectiou apecifying rnasonable cause therei~ rela~ted to I.ender e intereat in !he Property. 9. Condemnatioa. The proceeda of any award or claim tor damages, direct or conaequential, in connection with any,oondemnation or othe~ taking of the property, or pn?t thereof, or for conveyance in lieu of condemnation, are hereby aaxi~ned and ehall be paid to I.ender. tn the event of a total taking of the Property, the proceede shall be applied to the eume eecured by this Mortgage, with the eacess, if eny, paid to Borrower. In the event ot a partial taking ot the Property, unl~a Borrower and l.ender otherwiee agree in writing, there ehall be applied to the euma secured by thie Mortgage euch pwportion of the proceecis es ia equal to that pwportion which the amcunt of the aums aecured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to !he date of taking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after nobice by I.ender to Borrower that the oondemnor offera to make an award or eettle a claim [or damagee, Borrower failn b reepond to Lender within 30 days after the date euch notice ie mailed, l.ender ie authorized to collect and npply the proceeda, at I.e~der'e option, either to reatoration or repair of the property or to the euma eecured by thie Mortgege. Unlese Lender and Borrower otherwiee agree in writing, any such application of proceede to principal ehall not extend or poetpone the due date of the monthly inetallmente referred to in paragrapha 1 and 2 hereof or chan~e amount of such inetaltmente. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the aums secured by thie.Mortgage grantrd by I.ender to any aucceagor in intereat of Borrower ahaU not operete to release, in any n;:. ::°c, !he liabitity of the original Borrower nnd f3orrowei e successors in intereat. l.ender shall not be required to rnmmence pnx.€; ~Engs againat such aucceasor or refuse to extend time for payment or utherwixe modify amurtization of the suma secuted by this Mortgage by reason of any demand made by the original Borrower and Born~wer s succes.qors in interest. 11. Forbearance by Lender Not a R?siver. My forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwiee af'forded by applicable law, shall not be a waiver of or preclude the e~cerciee of any auch right or remedy. The procurement of ineurance or the payment of taxea or other liene or charges by Lender ahall not be a waiver of Lender'e right to accelerate the maturity of the indebtedneae aecured by thie Mortgage. 12 Remediee Cumulative. All remediea provided in this Mortgage are diadnct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciae.i concurrendy, independently or aucceaeively. 13. Succesaors and Asaigne Bound; Joiat and Severat Liability; Captione. The covenants and agreementsherein contained ahall bind, and the rights hereunder shall inure to, the reapective euccesaore and aseigns of Lender and Borrower, aubject to the provieions of paragraph 1? hereoL All covenanta and agreementa of Borrower shall be joint and several.l'he captions and headinge of the paragrephe of this Mortgage are for covenience only and are not to be ueed to interpret or define the pro~~aiona hemof. 14. Notice. F.xcept [or any notice required under npplicable law to be given in another manner, (a) any notice to ~3orrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addreee as Borrower may designate by notice to l.ender xs provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender'a addreea stated herein or to auch other addreas as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or L.ender when given in the manner designated herein. i5_ Uniform Mortgage; Governing Law; Severability. Thie form of mortgage combines uniform oovenante for national uae and non- uniform covenants with limited variationa by jurisdiction to conatitute a uniform security instrument rnvering real property. Thia Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not af~ect other proviaiona of this Mortgage or the Note which can be given effect Nithout the conflicting proviaion, and to this end the provisione of the Mortgage and the Note are decl~red to be severable. I6. Borrower'B Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time ot execution or after recordation hereof. 17. '[~ansfer of the ~'roperty; Aasumption. If all or any part of the Property or an intereat therein ie aold or tranaferrecl by Borrower without I.ender a prior w~ritten conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, lb) the crnation of a purrhase money aecurity interest for household appliances, (c) s tranafer by devise, descent or by operation of law upan the death of a joint tenant or (d1 the grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lender'a option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of euch person ia satiafactory to 1P~dP~ A~d that the interest payable on the soms secured by this Mortgage 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 successor in interest has executed a ~ KTitten assumption agreement accepted in writing by l.ender, Lender ahall release Borrower from all obligations underthis Mortgage and the i ~i ote. ~ If Lender exercisea auch option to accelerate, I.ender ahall mail F3orruwer notice of ecceleration in accordance with paragraph 14 hereof. ! Such notice shaU provide a period of not less than:~ days from thedate the notice is mailed within which Borrower may pay the sums declared ~ ' due. I[ Borrower fails to pay auch aums prior to the expiration of such period, I.ender may, v~~thout further notice or demand on t3orrower, ~ invoke any remcKlies permitted by paragraoh 1R hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement otl3orrower in thie Mortgage. including the oovenants to pay when due any suma secured by thie Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower aa provided in paragraph 14 hereof specifying: (1) the breach; (2) the action s required to cure such breach; (3) a date, not less then 30 daye from the date the notice ie mailed to Borrower. by which auch ~ breach must be cured: and (4) that failure to cure euch breach on or before the date specified in the notice may result in ~ acceleration of the euma secured by this Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice ahall ~ further inform Borrower of the right to reinatate after acceleretion and the right to aesert in the foreclosure proceeding the non-e:ietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach iB not cured on or ~ I~efore the date epecified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may forecloae this Mortgage by judiciai proceeding. Lender shall be ~ entitled to collect in auch proceeding all e:penses otforeclosure. including. but nut limited to. reaaonable attorney's fees. and ~ costa of documentary evidence. abatracte and title reporta. ~ 19. Borrower's Right to Reinstate. Notwithstanding I.ender s acceleration of the aums eecured by this Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) E3orrower pays I.ender all suma which would be then due under this Mortgage, the Note and notea securing Future ~ Advancea, if any, had no acceleration cecurred; (b) Borrower curea all breachea of any other covenants or agreements of Borrower rnntained in this Motrtgage; (c) Bortower pays all reasonable expenaea incurred by Lender in enforcing the covenante and agreemenfs of Borrower oontained in this Mort{;aqe and in enforcing I.ender's remedies as provided in paragraph 18 hereof, inctuding, but not limited to, reasonable ~ attorney's fees; and (d) Borrower takes auch action as I.ender may reasonably require to asaurn that the lien of thia Mortgage, Lender's interest - in the Property and Borrower's obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. t~saignment ot Rente; Appointment ot Receiver. As additional aecurity hereunder, Borrower hereby assigna to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right x to collect and retain auch rents ae they become due and payeble_ ; Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a~ court to enterLpon, take poeseaeion of and manage the Property and tu collect the rents of the Property, including thoee paet due. All renta collected by the mceiver ahall be applied first to payment of the ooste of management of the Property and collection of rents, including, bnt not rtgage. The limited to, receiver a fees, premiuma on receiver's bonda and reasonable attorney's feea, and then to the aums eecured by thie Mo ~ receiver ehall be liable to aoeount only for thoae renta aclually received. t~ ~ ~ ~ l: ~ ( ti~ ~vliK ~VU YAGF ~ ~ ~ ' ' . _ y~.~..r.~.~~~ ati - 1a€ .s a . ~Z..-= ' - j ~a . . . . . t." . . s~C`:;J:~'_. . . .