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HomeMy WebLinkAbout0073 . • . 8_ In~pectioa. I.ender may make or cawe to be made reawnable entries upon and inspectiona olthe property, providai that Lender ahall ~~ve Eiorrower notice prior to any such inspection specifying reasonable cau~e therelor related to l.endei s interest in the Property. J. COpl~elllAa~Otl. The proca~+ds oi any award or claim for damages, direct o~ conseque~tial, in connection with aay oondemnation or other takin~ of the property, or pett thenwf, or for rnnveyanoe in lieu of rn~demnation, are hereby ensigned and shall be paid to Lender. Ia the event of a:oLal taking o! the Propedy. the pra.beda shall be applied to the sums secured by this Mortgage. with the euc~ss, if any. paid to Borrower. I~ the event oi s partial taking of the Property, unleas Borrower and Lender otherwiee agree in writing. Wen shall be ~ applied W the sums secured by thie Mortgage such proDortion of the psoceedr aa is equal to that proportion which the amount of the sums eecured by this Mortgage immedietely prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balan~ of the proceeds paid to Borrower. If the Property is abandoned by Bon+ower. or if, aRer notioe by Lender to Borrower that the oondemaor oPfers to make an award or eetde a claim for damages, tiorrower fails to respond to Lender within ~U daya afier the date such notioe is mailed. Lender is authorised to collect and apply the proceeds. at Lender's option, either to reetoration or repair of the property or to the auma secured by this Mortgage. Unleae Lender and Borrowes otherwiee agr~ee in writing. any such appGcation of pmce~s to principal ahall not e:tend or poetpone the due date of the monthly installments re[crred to in paragraphs 1 and 2 hereof or change the amount of such instaWnents. 10. Borrower Not Released. E:tenaion of the time for paym~nt or modification of amortization of the aums eecured by this Mortgage gra~ted by [.e~der to any aucceaeor in intereat of Borrower ehall not operate to releaae, in any manaer, the liability of the original Borrower and Borrower's aueceeeora in interea~. I.ender ehall not be required to oommence procPedinge againat euch eucceaeor or refuse to e:tend time for pqyment or otherwiee modify amortization of the suma secured by thie Mortgage by reason of any demand made by the original Borrower and Borrower a aucc~esaora in intereat. 11. Forbearaace by I.eader Not a R?aiver. My forbearance by Lender in ezercising any right or remedy hereunder. or otherwise afforded by appGcable law. shall not be a waiver of or preclude the e:erciee of any euch right or remedy. TAe procurement of insurance or the , payment of ta~ces or other liens or chargee by Lender shall not be a waivtr of Lender'~ right to accelerate the maturity of the indebtedneas secured by this Mortgage. 12. Remedies Cumulative. All remediea provided in thie Mortgege are diatinct and cnmulative Lo aqy other right or remedy under thie Mortgage or afforded by law or equity. and may be e:erciee~l ooncurrendy, independently or suoceeaively. 13. 3uccesaore and Assigns Bound; Joint and 3everal Liability; Captions. The oovenanta and agreemente herein contained ehall bind, and the riRhta hereunder ahall inure to. the reepective suc~ceesore aad assigns of Lender and Borrower, aubject to the pmvieions of paragraph 17 hereof. AU covenante and agreemente of Borrower shall be joiat and several. The captions and headinga of the paragrapha of ; this Mortgage are for covenience only and are not to be ueed to interpret or define the proviaione hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower pmvided for in t hia Mortgage ehall be given by mailing such notice by certified mail addreased to Borrower at the Property Addrees or at auch other address ae Borrower may deaignate by notice W Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to I.ender e addrees stated herein or to such other addreas as [.ender may d~ignate by notice to Borrower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uaitorm Mortgage; Governing Law; Severability. Thia torm of mortgage combines uniform oovenanta for national ueeand noa- uniform covenante with limited varietione by juriediction to oonstitute a uniform eecurity instrun~ent oovering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provu+ion or clause of thia Mortgage or the Note conilicta with applicable law, such conilict shali not at'fect other proviaions of this Mortgage or the Note which can be given effect without the oonflicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be farniehed a confonned oopy of the Note and of thia Mortgage at the time of e~cecution or after recordation hereof. 1?.15ransfer of t6e Property; Aeaumption. If all or any part of the Property or an intereat therein is eold or tranaferred by Borrower without Lender's prior written consent, ezduding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchaee money eecurity interest for houeehoW appliances, (c) a tranafer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeare or lesa not wntaining an option to purchaee. Lender may, at I.endefs option, declare all the eums aecurea by thia Mortgage to be immediately due.and payable. [.ender ahall have waived euch option to accelerate if, prior to the sale or tranefer, Lender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit of euch person is satiafactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at auch rate as Lender ahap requeat. lf L.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower a aucceasor in interest has executed a written assumption.agreement accepted in writing by L.ender, L.enderahaU release Borrower from all obligationa under this Mortgage and the Note. ; If Lender exerciees such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereot ~ Such notice shall provide a period of not less than 30 daya from the date the notice is ~r.siled within which Borrower may pay the auma declared ~ due_ If Borrower fails to pay auch aums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof ~ ~ 18. Acceleration; Remediea E:cept as provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or F agreement of Borrower in thie Mortgage, including the oovenante to pay w6en due any sums secured by this Mortgage, Lender ; prior to acceleration ahall mail aotice to Borrower ae prnvided in paragraph 14 hereof apecifying: (1) the breach; (2) t6e action ~ required to cure such breach; (3) a date, not lees than 30 days from t6e date the notice ie mailed to Borrower, by which euc6 ~ breach must be cured; and (4) that failure to cure auc6 breach on or before the date apecified in the notice may result in ~ acceleration of the eums eecured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.The notice ehall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding f.he non-ezistence of a detault or any ot6er defense of Borrower to aoceleration and foreclosure. If the breach ie not cured on or before the date apecified in t6e notice, Lender at Lender's option may declare all of the auma se~cured by thie Mortgage to be i mmediately due and payable without further demand and may forecloae thie Mortgage by judicial proceeding. Lender shall be. ~ entitled to collect in such proceeding all ezpenees of forecloeure, including, but not llmited to, reasonable attorney's feea, and ~ c•oste of documentary evidence. abstracts and title reporte. ~ 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of the auma eecured by thia Mortgage, Borrower sha11 have ~ the right to have any proceedinge begun by Lender to enforce thia Mortgage disoontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays L.ender all aums which would be then due under this Mortgage. the Note and notes aecuring Future Advances, if any, had no aoceletation oa.~urred; (b) Borrower cures all breachee of any other oovenante or agreemente of Bonower contained in ~ thie Mortgage; (c) Borrowe~r pays all reasonable e:pensea incurred by Lender in enforcing the oovenants and agreeme~ts of Borrower ~ contained in this Mortgage and in enforcing I.ender e remedie8 as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney a feea; and Id) Borrower takes eoch action ae Lender may reasonably require to aeaure that the lien of thia Mortgage. Lender's intereet ~ ~ in the Property and Borrowe~s obligation to pay the auma eecured by this Mortgage ehall continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations secured hereby ahall remain in ful! force and effect as if no acceleration had ocrurred. ~ 20. Aseignment ot Rente; Appointment of Receiver. As additional secarity hereunder, Borrower hereby seaigna to Lender the renta ~ of the Property, provided that Borrower shall, prior to aooeleration under psragraph IS hereof or abandonment of the Property, have the right ~ to rnllect and retain euch rents aa fhey become due and payable. • ~ Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender eha11 be entitled to have a receiver sppointed by a ~ ~rourt to enter~pon, take poaeeesion of and manage the Property and to collect the renta of the Property, including thoee past due. All rente ~ collected by the receiver ahall be applied first to payment of the ooeta of managementof the Property end collection of renta, including, but not ~ limited to, receiver's fees. premiuma on receiver's bonda and reasonable attorney e fees, and then to the anms secured by thie Mortgage. The ~ receiver shall be liable to acoount only for thoee renta actually received. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ _ . - ~ _ ~ y~.~y~~ _ ~ ~ ~ ~ a -