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HomeMy WebLinkAbout0428 . . . 8. IaspeMioa. Lender me~y make or cawe to be made reawneble entrie~ upon and in~pectioru of the property, pmvided that Lender shaU give Bortowe~ notice prior to any such inspection specifyin~ reasonable ceuae theref~ relaLed to I.endei ~ interest in the Property. 9. COA(I@IpA9~011. The pmceeds of any award or claim fos dama~ee. direct or rnnraquential. in connection with any ooAdemnation or other taking of the property, or part thereof, or for conveyance ia lieu of oondem~aQon. are hereby assigned and ehall be paid to Lender. In the event of a total taking of the Property. the pmceeds shall be applied to the sums secnred by this Mortgage. ~vith the e:cess. if any, paid to Bon~ower. Ia the event of s partial taking of the Prop~ty, unlees Bocrower and Lendar otherwise agree in writing. there ahali be applied to the suma secured by this Mortgage s~ch proportion of the proceedi ae ia equal to that pmportion which the amount of the sums eecured by thie Mortgage immediately prior to the date of taking bears to the fair market value oithe Property immediately prior to the date of tating. with the balanca oi the proceeds paid to Borrower. If the Propetty is abandoned by Borrower, or if, after notice by Lendu to Borrower that the oondemnor offers to make an award or settle a claim for dameges, Bor~ower feiL to respoad to Lender within 30 days aft.er the date such notioe is mailed, I.ender ia authoriud Lo coUect and apply the proceeds. at I.endei e option. eitha to restoration or repair of the•property or to the sums socured by this Morfgage. Ualeea Lender and Borrower otheiwise agree in writing, any such application of proceeds b principal ahall not e:tend or pwtpone We due date of the monthly inetallmenta referred b in paragraphs 1 and 2 hereof or change the amouat ot such installments. 10. Borrower Not Released. E:teneion of the time for paymant or modification of amortization of the sums eec~u~ed b~v this Mortgege ~anted by l.ender to any succeasor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower's aucceeaore in interea~ Lender ehall not be required to oommence proc+eedinge against auch succesaor or refuse to e:tend time for payment or otherwise modify amortization of the suma aecured by this Mortgage by reaeon of any demand made by the original Borrowet and Borrower a auccessora in interes~ 11. Forbearanve by Lender Not a R?aiver. My forbearance by Lender in exerciaing any right or reaaedy hereunder. or otherwise attorded by applicable law, ahall not be a waiver of or preclude the e:erciee of any euch right or remedy. The proc~rement of ineurance or the payment of ta:ee or other liene or chargee by Leader shaU not be a waiver of Lender'e right to accelerate the maturity of the indebfednees eecured by thie Mortgage. 12 Remediee Camulative. All remediea pmvided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or at~orded by law or equity, and may be exerciee~i ooncurrendy. independendy or suooeeeively. 13. 3ucceasors and Aasigne-Bound; Joint and 3everal Liability; Captiona The covenants and agreemente herein rnntained shall bind, and the righta hereunder shaU inure to, the reapective euccessors end aaeigas of Lender and Borrower, eubject to the proviaions of paragraph 17 hereof. All rnvenante and agreemente of Borrower ahall be joint and eeveral. The captione and headings of the paragraphe of thia Mortgege are for covenience only and are not to be used to interpret or define the provisions 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 this Mortgage ahall be given by mailing such notice by certified mail addreased to Boreower at the Property Addreae or at such other addreee ae Borrower may deaignate by notice to Lender as provided herein. and (b) any notice to Lender ahall be given by certified mail, return reoeipt re~uested, to Lender'e addrese atated herein or to such other addreas ea Lender may deeignate by notice to Borrower ae pmvided herein. Any nodce provided for in thie Mortgage shall be deemed to have been givea to Borrower or Lender when given in the manner deaignated her~ein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage combinea uniform oovenanta for national uee and non- uniform covenants with limited variations by jurisdiction to oonstitute a nniform security inatrument oovering real property. This Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or - the Note rnnflicts with applicable law. auch contlict ahall not affect other proviaione of this Mortgage or the Note which can be given effxt without the rnnflicting proviaion, and to thie end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thie Mortgage at the time of ezecution or after recordation hereof. ~ 1?.15ranefer of the Property; Aesumption. If all or any part of the Property or an intereat therein is sold or transferred by Borrower without Lender s prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchaee money serurity intereet for houeehold appliancea. (c) a transfer by deviee, deacent or by operation of law upon the death of a joint ' tenant or (d) the grant of any leaeehold intereat of three yea:s or leee not oontaining an option to purchase. Lender may. at Lender'e option. declare all the sums aecured by this Mortgage to be immediately due and payable. I.ender ahall have waived auch option to aocelerate if, prior to the sale or trane~er, Lender and the person to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of auch person ia satisfactory to I.ender and that the intereet payable on the suma secured by this Mortgage ahall be at auch rate aa I.ender ahall requeet. If I.ender hae waived the option to accelerate provided in thia paragraph 17, and if Borrower a successor in interest has e:ecuted a E written aseumption agreement accepted in writing by Lender, Lender ahall release Borrower trom all obligatione under thia Mortgage and the ; Note. ; If Lender exerciaes auch option to accelerate, [.ender ahall mail Borrower notice of acceleration in sooordance with paragraph 14 hereoL ~ Such notice ahall provide a period of not lesa than 30 daya from the date the notice ia mailed within v~ hich Borrower may pay the sums declared ~ due. If Borrower faila to pay such suma prior to the e:piration of such period, Lender may, without further notice or demand on E3orrowez, . mvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediee. Escept as prnvided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in t6ie Mortgage, includiag t6e oovenants to pay when due any sume secure~ by t6ie Mortgage, Lender prior to acceleration ehall mail notice to Borrower ae provided ia paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not lese than 30 days trom the date the notice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may reault in ~ acceleration of t6e sums aecured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. T6e notice s6all further inform Borrower of the right to reinetafe after acceleratioa and t6e rig6t to aseert in the foreclosure proceeding the non•ezistence of a default or any other defense of Borrower to aoceleration and forecloeure. If the breach ie not cured on or before the date specified in the notice, Lender at I.ender's option may declare all of the sume eecured by this Mortgage to be immediately due and payable without further demand and may toreclose thie Mortgage by judicial proceeding. Lender shall be entitled to collect in auch proceeding all ezpenaes of forecloaure. including, but not limited to. reasonable attorney'e feea. and ~ coste of documentary evidence. abetracte and title reports. ~ 19. Borrower's Right to Reinstate. Notwithatanding Lender e acceleration of the auma secured by this Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender W enforce thia Mortgage disrnntinued at any time prior to entry of a judgment enforcing ~ khia Mortgage if: (a) Borrower paya Lender all sums which would be Lhen due under fhie Mortgage, the Note and notea securing I~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenanta or agreemente of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the aovenante and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney'e feee; and (d) Borrower takea euch action as Lender may reseonably require to aseure that the lien of thie Mortgage. Lender's intemet ; in the Property and Borrower a obligatioa to pay the aucns eecured by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Borrower, thie Mortgage and the obligatione secured hereby ahall remain in full force and effect ae if no acceleration had oocurred. ~ 20. Asai ent of Rente• A intment of Iteceiver. As additional eecurit hereunder. Borrower hereb ase~ Bom . PPo Y Y 1Bne to L.enderlhe renta ~ of the Property, pmvided that Borrower ehall, prior to acceleration ander paragraph 18 hereof or abandonment of the Property, heve the right to collect and retain auch rente as they become due and payable. ~ Upon acceleration under paragraph l8 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver a ~ ~ ppoinced by a ~ oourt to enter.~pon, take poeeesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All rents oollected by the receiver ahall be applied firet to payment of the ooste of management of the Property and oollection of rents, including, but not ~r. limited to, receiver'e fees, premiums on receiver's bonds and reasonable attorney's feea, and then to the suma secured by this Mortgage. The receiver sha11 be lisble to acoount only for thoae rente actaally received. ~ ' ~ ~ ' ~ 8°ooK 291 r~cE 4z8 _ ~ ; . - ~ - ~ x=~ _ ~ _ = ~