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HomeMy WebLinkAbout0539 ~ 8. la~pectlon. Lender may make or cawe to ba made reawnable entrie~ upon aad'uupections of the property, provided that L.ender rhall give Horrowr~ aotioe prior to any such inspection specifying reasonable cawe therefor ~elated to I.ender's interest in the Property. 9. Coademaadon. The prooeed~ of any awurd or claim for damagea, direct or consequential, in connectioa with any oondemnation or othe~ taking of the property. or part thereof. or fos conveyanoe in lieu oi oondemnatioa. an hereby assigned and shall be paid ~o Le~der. I~ the event of a btal taking of the Propedy, the pioceedi ~hall be applied b the sums secured by thi~ Mortgage. with the e:cess, ii any. paid to Borrower. !n the.event o! a partial takinQ of ehe Propert,y. unlea Borrowrer and Leader otherwi~e aQree in ~vriting. there shall be applied W the eums ~ecund by thiu Mortgage ~uch proportion of the proceed~ as is oqual Lo that proportion which the aarount of the sww eecured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Property immediately prior to the date of taking. with !he balanca of the proceeds Paid fo Borrower. Itthe Property is abandoned by Borrower, or if. aRer notioe by i.ender to Bo~ower that the oondemnor offen to make an award or settk a claim [or damegee. Borcower fails to respond to Lender withia 30 days after the daf~e such aotice is mailed. Lend~ is euthorised to ooUect and apply the pra.~eeds, at Lend~'s option. either b restoration or repair of the propecty or ~o the sums secured by this Mortgage. Unless I,ender sad Borrower othervviee agree in writing. any such appUcation of proceed~ to principal ahall aot e:tend or postpone the due date of the monthly inatalimeats referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tenaion of the time for paymsnt or modification of amodization of the aums eecured by this Mortgage granted by Lender to any eucceseor in intereat of Borrower ahall aot operate to releaee, in any manner, the liability of the original Borrower and Borrower a eucceaeore in interest Lender shall not be required to cominence proceedinge against auch euccessor or refuse to e:tend time for pavment or otherwise modify amortization of the sums aecured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower a aucceeaors in interest_ 11. Forbearanoe by Lender Not a Waiver. Any forbearance by I.euder in e:ercising any right or nmedy hereunder, or oth~vviee afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of ineuranae or the payment of tazee or other liena or chargee by I.ender ehall not be a waivet of Lender's tight to aocelerate the maturity of the iadebtedness secured by thie Mortgage. . 12 Remediea Cumulative. All remedies provided in this Mortgage are dietiact and cumulative to any other right or remedy ander thia Mortgage or afforded by 1aw or equity, and may be exerciae~i ooncurrently, indepeadendy or euooeaaively. 13 Saccessors and Assigne Bound; Joiat aad 3everal I.iability; Captione. The oovenants aad agreemente herein oontained ehall bind, and the righta hereunder ahall inure to. the respective aucceseors and seeigas of Lender and Borrower, aubject to the provieione of paragraph 17 hereof. All covenants and agreementa of Borrower shall be joint and aeveral. The captions and headinga of the paragraphs of thie Mortgage are for covenienoe only and are not to be used tainterpret or define the provisiona hereof. 14. Notice. Except tor any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ehaU be given by mailing auch notice by oertifi~d mail addreased to Borrower at the Property Addresa or at auch other addreee aa E3orrower may designate by notice to Lender ae provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requested, to Lendei a address atated herein or to auch other addrese aa Lender may d~ignate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrow~ or Lender when given in the manner deaigaated herein. 15. Uniform Mortgage; Governiag I.aw; 3everability. Thia form of mortgage combines unifor~n oovenante for national uee and non- uniform covenanta with limited variationa by juriadiction !o oonetitute a uniform sec~uity inatrument oovering real property.'1liia Mortgage ahall be governed by the law of the jariadiction in which the Propedy ie located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, auch conilict shall not affect other proviaione of this Mortgage or the Note which can be givea effect _ without the conflicting proviaion, and to this end the provieiona of the Mortgage and the Note are declared to be eevereble, 16. Borrower'e Copy. Borrower shall be furniehed a conformed oopy of the Note and of thie Mortgage at the time of ezecution or after recordation hereof. 17. 'I~ansfer of the Property; Assumption. If all or any part of the Property or an interest therein ia sold or transferred by Borrower without I.ender's prior written rnnsent, e:cluding (a) the creation of a lien or encumbrance.aubordinate to thia Mortgage, (b) the creation of a purchase money eecurity intereet for household appliancea, (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeare or lesa not wntaining an option to purchaee, Lender may, at Lender s option, declare all the sums secured by thie Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior to the sale or ttanafer, I.ender and the peraon to whom the Property ie to be eold or traneferred reach agreement in writing that the credit of euch , person is eatisfactory to I.ender and that the interest payable on the aume eecured by this Mortgage ahall be at such rate as Lender ahall request. If I.ender has waived the option to aooelerate provided in this paragraph 17, and if Borrowei s successor in intereet has e:ecuted a ; written assumption agrcement accepted in writing by Lender, Lender ehall release Borrower ftom all obiigationa under thia Mortgage and the ~ tiot~ ~ ! If Lender exercises auch option to accelerate, Lender ahall mail Borrower notice of aoceleration in accordance with paragraph 14 hereot f y pay the eume decl E Such notice ahall prov:de a period of not less than 30 days from the date the notice ie ~r,ailed within which Borrower ma ~ due_ If Borrower fails to pay auch suma prior to the expiration of such period. Lender may, without further notice or demand on F3orrower, ~ invoke any remediea permitted by paragraoh 18 hereof. ~ 18. Ac~celeration; Bemediea Ezcept ss provided in paragrap6 17 hereof. upon Borrower's breach of any oovenant or ~ agreemeot of Borrower in this Mortgage, including the oovenante to pay when due any sume secured by thie Mortgage, Lender , prior to acceleration ehall mail notice to Borrower as 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 from the date the notice ie mailed to Borrower, by which ench breac6 must be cured; and (4) that failure to cnre such breach on or before the date specified in the notice may result in acceleration of the sume secured by t6is Mortgage, forecloaure by judicial proceeding and sale of the Property. T6e notice shall ~ further intorm Borrower of the right to reinetate sRer acceleration and the right b aseert in the foreclosure proceeding the ~ non•ezistence of e default or any other defense of Borrower to acceteration and foreclosure. If the breach is not cured on or ~ before the date epecified in the notice. Lender et Lender'e option mey declere all of the eums secured by thie Mortgag~ to be immediately due and payable without further demand and may foreclose thia Mortgage by judicial proceeding. Lender shall be entitled to coliect in such proceeding all ezpenees of foreclosure, including, but not limlted to, reasonable attorney's fees, and coete of documentary evidence, abatracts and title reports. ~ 19. Borrower's Right to Reinatate. Notwithatanding Lender a acceleration of the eums secured by thiH Mortgage, Borrower ahall have • the right to have any proceedinga begun by Lender W enforce thia Mortgsge discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if; (a) Borrower pays I.ender all auma which would be then due under this Mortgage, the Note and notea eecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenanta or agreemente of Borrower contained in ~ this Mortgage; (c) Borrower pays all reaeonable expenses incurred by L,ender in enforcing the oovenante and. agreementa of Borrower oontained in thie Mortgage and in enforcing Lender 8 remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e fee8; and (d) Borrower takes euch action aa Lender may reaeonably reqaire to aeanre that the lien of thie Mortgage. Lender'e interest ~ in the Property and Borrower'e obligetion to pay the aums aecured by this Mortgage ehall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligatione eecured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aasignment of Rents; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby aeaigns to Lender the renta ~ of the Property, provided that Borrower ehall, prior to aoceleration nnder paragraph 18 hereof or eb9ndonment of the Property, heve the right ~ to collect end retain auch rente as they become due and payable. ~ Upon acceleration undez paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a ~ oourt to enter~pon, take poeseaeion of and manage the Property and to collect the rente of the Property, including thaee peat due. All rente ~ aollerted by the receiver ahall be applied first to peyment of the oosts of management of the Property and collection of rents, including. but not ~ limited to, reoeiver s feea, pretniums on receivei s bonda end reaaonable attorney's feea. and then to the aums eecured by thia Mortgage. The receiver shall be liable to aooount only far thoee rente actually received. ! ~ ~~F~ ~91 5~~9 ~ ~ ~ a,' _ . . . . _ . _ - yy. ~ - ~..~~s. ~ ` ~y -~sa~s.'~ -