Loading...
HomeMy WebLinkAbout0612 8. Inspectioa. [.ender may make or cause to be made reasoneble eatties upon and ip~ptctians of the pruperty, provided thet l.ender ahall give Borrower nutice priur Lo any auch inspectio~ eperifying reasonabl~ ¢suee therefa~ related to I.ender's interest in Ihe Property. 9. Condemnatioa. The prooeede of any award or claim for damagce, direct or coneequential, in con~ection with any o~ndemnation or other taking of the property, or part thereof. or for conveyance in lieu of cond~u;j.~iii,z, a,~ l;t:r~, °~eigned and ahall be paid to [.ender. In the event of e total taking of the Property. the proceeds shall be epplied to the sums necurcd by this Mortgage, with the e:cess, ii any. paid to Borrower. ln the event of a partia~ taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be ~nnlifxl to the eums aecured by this Mortgage auch proportion oi the proceeds aa is equal fa that pmportion which the amount of the eums eecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the bnlanca of the proceede paid to Borrovrer. If the Property ia abartdoned by Borrower, or if, aRer notice by l.ender to Borrower that the oondemnor oPfers to ma~s u.-~ ~.;:.rd or setde a claim for dameges, Borrower taile to reepond to Lender within 30 daye afier the date euch notice ie mailed, I.ender ie authorized W coAect and apply the proceeds, at Lender'e option, either to reatoration or repair of the property or to the eums aecured by this Alortgage. Unlese I.ender and Borrower otherwiee agree in writing, any euch application of proceeda t~, principal ehall not e:tend or poetpone the due date of the monthly inetallmente referred to in paragraphe 1 and 2 hereof or change the amount of auch installmente. 10. Borrower Not Releasecl. Extension of the time for paymant or modification of amortization of the aums secured by this Mortgage granted by I.ender to any aucceseor in interest of I;orrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowei s succeasors in interest. Le~der ahall not be required to oommence proceedinga against such succesaor or refuse to extend time for payment or otherwise madify amortization of the sums secured by ihis Mortgage by reasun of any demand made by theoriginal Borrower and E3orrower s succ~ssors in intereat. 11. Forbearaace by Leader Not a Weiver. At~y torbearance by I.ender in e:erciaing any right or remedy hereunder. or otherwise afforded by applicable law, ehall not be a waiver of or preclude the e:erciee of any euch right or ~emedy.'11~e procurement of inaurance or the payment of ta:ea or other liena or chargea by Lender ehall not be a waiver of Lender a right to accelerate the maturity of the indebtedneee secured by this Mortgage. 12 Remedies Cumulative. All remediea provided in thie Mortgage are dietinct and cumulative to eny other right or remedy under thie Mortgage or afforded by law or equity, and may be e:erciee~l concurrently, independently or succeeeively. 13. 3ucceeeore and Asaigna Bound; Joint and Severat Liability; Captione. The covenants and ugreemente herein contained ehall bind, nnd the rights hereunder ahall inure to, the reapective succeasora and assigne of Lender and Borrower, subject to the proviaiona ef paragraph 17 hereof. All covenanta and agreementa of Borrower sha11 be joint and several. The captions and headings of the paragraphe of thie Mortgs~ge are for covenience only and are not to be used to interpret or define the proviHions hereof. 14. Notice. Except for any notice required under applicable law to be qiven in another manner, la) any notice to Borrower provided for in this Mortgage shal) be given by mailing such notice by certified mail addreaaed to Borrower at the Property Addreae or at such other addreae as E;orrower may designate by notice to l.ender as provided hemin, and (b) any notice to Lender ahall be given by certified mail, mturn receipt requested, w Lender's address stated herein or to auch other addreas as Lender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage shall be deemed to have been given to 13orrower or I.ender when given in the manner deaignated herein. 15. Un iform Mortgsge; Governi ng Law; 3everability. This form of mortqage combines uniform oovenants for national uae and non- uniform covenants with limited variatione by jurisdiction to constitute a uniform security instrunient rnvering real propetty. This Mortgage shal! be governed by the law of the jurisdiction in which the Property ia located. In the event that any pmvieion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not af~ect other provisions of this Mortgage or the Note which can be given ef[ect without the conflicting provision, and to thia end the provisiona of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Borrower ahall be furnished a conformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. Transfer of the Property; Aeaumption. If all or any part uf the Property or an interest therein is aold or tranaferred by Borrower w~thout I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to th:s Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lesa not oontaining an option to purchase, Lender may, at Lender's option, declare alt the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior ! to the sale or transfer, Lender and the peraon to whom the Ptoperty is to be aold or tranaferred reach agreement in writing that the credit of such ~ person is satisfactory to Lender and that the interest payable on the sums aecured by this Mortgaqe shall be at such rate as I.ender s}iall i request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s successor in interest haa executed a i w~ritten asaumption agreement accepted in writing by Lender, I.ender ahall release Fiorrower from a11 obligations underthis Mortgage and the ~ ote. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period uf not tess than 30 days fmm the date the notice is rr.ailed within which f3~rrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without further notice or demand on Eiorrower, 4 invoke any remedies permitted by paraRra~h IS hereof. ~ ~ ~ 18. Acceleration; Remediea. Ezcept ae provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or agreement of Borrower in thia Mortgege. including the oovenants to pay when due any sums gecured by this Mortgage. Lender ' prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not leae than 30 daya from the date the notice ie mailed to Borrower, by which such g breach must be cured; end (4) thet tailure to cure auch breach on or before the date epecified in the notice may result .in ~ acceleration otthe sume aecured by thie Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice ehall . further inform Borrower of the right to reinstate aRer acceleration and t6e right to aesert in the toreclosure prceeeding the ~ non-eziatence ota detault or any other defense of Bonower to aceeleration and forecloaure. If the breach is not cured on or ~ be[ore the date specified in the notice. Lender at Lender's option may declare all of the sums secured by thia Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all e:penses of torecloaure. including. but not limited to. reasonable attorney's fees. end ~ costs of documentary evidence. abstracts and title reporte. ~ 19. Borrower'e Right to Reinetate. Notwithstanding Lender's acceleration of the suma secuted by thia Mortgage, Borrowerahall have ~ the right to have any proceedings begun by i.ender to enforce thie Atortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Bormwer paya Lender all aums which would be then due under this Mortgage, the Note and notea securing Future = Advances, if any, had no acceleration occurred; (b) Borrvwer cnrea all breachea of any other covenante or agreements of Boaow er contained in ~ this Mortgage; Ic) BorrQwer pays all reasonable expenaea incurred by Lender in enforcing the covenants and agreementa of Borrower ~ oontained in this Mortgage and in enforcing Lender's remc~eag aa provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney 8 teea; and Id) Borrower takea auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lendei s intereat ~~F in the Property and Borrower's obligation to pay the auma eecured by this Mortgage ahail continue unimpaired. Upon auch payment and curn a by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aeeignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aesigne to Lender the rents ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right lo collect and retain auch rente as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ehall be entitled to have a receiver appointed by a ~ court to enter upon, take poeeesaion of and manage the Property and to collect the renta of the Property, including thaee past due. All renta oollected by the receiver ehall be applied firet W payment of the coate of management of the Property and collection of renta, including, but not limitcd to, receiver's fees, premiuma on receiver's bonde and reaeonable attorney's feea, and then to the sums secured by thia Mortgage. The ~ receiver ehall be liable to acoount only for thoae rents actually received. 3G~,M ~ k 290 F~~E 612 ~ ~ _ _ ~ i - - . _ _ _ _ _ _ _ ~ - - - - _ ~ ~ ~ ~ - ~ • ~ . . 4 ~~~.X S~w.Ys~w.- . . .