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HomeMy WebLinkAbout0116 . ~ 8. Ip~pcMlO[f. l.ender mqy make or cauee to be made roawnable entries upon snd irupections of the property, pmvided that l.ender shall give Horrower aotice prior to any such inspection specifying reasonable cauee therefor related to l,ender's interest in the Property. 9. Condemnatloa.'!be proceeds of any award or claim for damage~. direM or rn~sequentiel, in connection with any aondemnetion or other taking o! the property. or part thereot, or for conveyanee in tieu ot oondemnadon. are hereby assigned and shall be paid to Lender. Ia the event of a total taking ot the Property. the proceeda shall be appGed to the suma aecured by this Mortgage. with the exceas, if any, paid to Bon~ower. Ia the event of a partisl taking of the Propes~y. unleas Borrowe~r and Lender otherwise agsee in writing. there shall be applied to the eums secured by this Mortgage such proportion of the proceeds aa is equal to that proportion which the amount of the sums eecured by thia Mortgage immediately prior to the date of taking beare to the fair market value oithe Property immediately prior to the date of talcing. with the balanea of the proceeds paid to Borrower. lf the Property ie abandoned by Borrower. or if, aRer aotice by Lender to Borrower that the oondemnor ofters to make an a~rard or settle a claim for damages. Bon~ower fails to reepond Lo Lender within 30 days after the date euch notioe is mailed, I.ertder is authorized to collect and apply the proceeds. at Lender s option, either to r~toration or repair of the pmperty or to the aume secured by this Mortgage. Unlees Lender and Borrower otherwise agree in wniting, any euch applicatioa of proceede to principal ehall not e:tend or pwtpone the due date of the monthly installments nferred to in paragraphs 1 and 2 hereof or change the aawunt of such installments. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the suma eecured by thia Mortqage granted by Lender to any succeeaor in interest of Borrower shall not operate to releaae, in any manner, the liability of the original Borrower and Borrower s succeasora in interea~. l.ender shall not be required to oommence proceedinge againat auch aucceaeor or nfuee to e:tend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reaeon of any demandmade by the original Borrow~ and Borrower's succeasore in interest. 11. Forbearance by Lender Not a R?aiver. My forbeatance by Lender in e:erciaing any right or remedy hereuader, or otherwise afforded by applicable law, ehall not be a waiver of or preclude the exerciee of any euch right or remedy.'lT~e procurement of inaurance or the payment of t~ee or other liens or chargea by Lender ahall aot be a waiver of I.ender'a right to aocelerate the meturity of the indebtednesa secured by this Mortgage. 12 Remediea Cumulative. All remediee provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or aPforded by law or equity. and may be esercise~l ooncurrently, independently or auooeasively. 13. Successore and Aseigna Bouad; Joiat and 3everal Liebility; Captions. The oovenante and agreements herein oonlained shall bind, and the rights hereunder ehaU inure to, the reepei.~tive eucceseors and asaigns of Lender and Borrower, eubject to the pmviaione of paragraph 17 hereof. All covenanta and agreemente of Borrower shall be joint and several. The captions and headinge of the paragraphe of ' thia Mortgage are for rnvenience only and an not to be ueed to interpret or define the ~roviaiona hereof. 14_ Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing ench notice by certified mail addreseed to Borrower at the Property Address or at euch other addrese as Borrower may deaignete by notice to Lender as provided herein. and (b) any notice to Lender ahall be given by certified mail, return reoeipt requested, to Lender s address etated herein or to such othes address ae Lender may deeignate by notice to Borrower as provided herein. Any notice pmvided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform o~venants for national uee and non- uniform rnvenanta with limited variationa by juriadiction to oonetitute a uniform security instrument rnvering real property.'I'hie Mortgage ehall be govern¢d by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clanee of this Mortgage or the Note conflicts with applicable law, such coailict shall not affect other pmvisiona of thia Mortgage or the Note which can be given effect without the oontlicting proviaion, and to this~end theproviaions of the Mortgage and the Note are declared to be eeverable. ~ 16. Borrower'e Copy. Borrower shall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of r~ecution or after recordation hereof. 17. 'ltiransfer of the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower without Lender e prior written conaent, ezcluding (a) the creation of a Uen or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money security intereet for houeehdd appliances, (c) a tranafer by devise, 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 Lendei s option, declare all the aums eecured by this Mortgage to be immediately due and payable. I.ender shall have vvaived eucb option to accelerate if, prior to the sale or transfer, Lender and the peraon to whom the Property ie to be sold or traneferred reach agreement in writing that the credit of auch peraon ia satisfactory to Lender and that the intereat payable on the aucns secured by this Mortgage ehall be at euch rate as Lender ahall request_ If Lender has waived the option to accelerate provided in tfiis paragraph 17. and if Borrower's aucceasor in interest has e:ecvted a written asaumption agteement accepted in writing by Lender, Lender ehall releaee Borrower from all obligations under this Mortgage and the Note. ; If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of aceeleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not leas than 30 days from the date the notice ie ~r.siled within which Borrower may pay the aume declared j due. If Borrowet faila to pay auch.aums prior to the e:piration of such period, Lender may, without further notice or demand on ~3orrower, ~ invoke any remediea pennitted by paragraoh 18 hereof. i 18. Acceleretion; Remediee. Ezcept'ae provided in paragrap6 17 6ereof. npon Borrower's breach of any covena.nt or € agreement of Borrower in this Mortgage. including the oovenante to pay when due any sums eecured by thia Mortgage.I.ender ~ prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not lese than 30 days from the date the aotice is mailed to Borrovi?er, by whic6 such ~ breach must be cured; and (4) that~ failure to cure such breach oa or before the date apecifed in the notice may result in acceleration of the sums secured by this Mortgage. forecloeure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinetste aRer soceleration and the right to assert in the forecloeure proceeding the non-ezietence of a default or any other defenee of Borrower to acceleration and forecloeure. If the breach ie not cured on or before t6e date specified in the notice, Lender at Lender'e option may declare all of the suma secured by this Mortgage to be - immediately due aad payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all e:pensea otforeclosure, including, but not limited to, reseonable attorney'e feea. and coste of documentary evidence, abetracte and title reports. 19- Borrower's Right to Reinetate. Notwithatanding Lender s acceleration of the sums eecured by thie Mortgage, Borrower aha11 have the right to have any pmceedinga begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paye Lender all aums which would be then due under thie Mortgage. the Note and notes eecuring Future Advancee, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreements of Borrower rnntained in ~ thie Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenante and agreemente of Borrower oontained in this Mortgage and in enforcing Lender's reme~ies as provided in paragraph 18 hereof, induding, but not limited to, reaaoneble ~ attorney e feee; and (d) Borrower takes such ac/ion as Lender may reasonably require to aeaure that the lien of thie Mortgage, I.ender a intereat ~ in the Property and Bornnwer a obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon such payment and cnre r by Borrower, Lhia Mortgage and the obligatione eecnred hereby shall remain in fu11 force and effect as if no acceleration had occnrred. ~ 20. Asei~ment of Renta; Appointment of Receiver. AB additional eecurity hereunder, Borrower hereby assigna to I.eader the rents ~ of the Property. provided that Borrower ahall, prior to acoeleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to coUect and retain auch rents se they become due and payable. ~ Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ` ~ oourt to enter~pon. take posseseion of and manage the Property and to collect the rente of the Property, including those past due. All r~nte r oollected by the receiver shall be applied firet to payment of the ooata of managementof the Property and collection of rente, including, but not ~ limited to. receiver's fees, premiuma on reoeiver e bonds and reseonable attomey's feea, and then to the eume secured by this Mortgage. The ~ receiver ahall be liable to a~ount only for those rente actnally received. ~ ~ ' fl R ~ - ~ z~~~29i. ~,<< sifi ~ ~ - ~ _ _ . ~ - . ~ " _ ~ ~~3 _ 4 r;i.> '~'x-