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HomeMy WebLinkAbout0545 8. In~pectlon. l.ender may make or cause to be mads reewnabk ei?triei upoA and in~pections of the property, provided that Lender shaU give Borrower notice prior to any such inspection speci[ying reasonable cawe therefor related to I.ender i intereat in tt~e Property. 9. Coademnatlott.'14~e proceeds of any award or claim foe demagas. direM or rnnsequential. in'rnnnection with any oondemnation or other taking of the property. or part thereof. or for conveyenoe in lieu of oondemnatioA. en hereby asai~ned and shall be paid b Lender. In tt~e event of a total laking o! Lhe Property, the proceeds shall be applied b the su~ns ~ecured by fhis Mortg~e, with the ~ces~, if any, paid to Borrower. In the event of a paitiel taking of the Property. unlees fiorwwer and I.ende: otherv?iae agree ia writing. there ahall be applied to the suma secured by this MortgaQe such pmportion of the proceeda aa is equal b that proportion which the amount of the suras eecured by thu Mortgage immediately prior to the date of taking bears to the fair market value oithe Property immediately prior W the date o! taking. with the balanoa of the pmceeds paid to Borrower. If the Property is abandoned by Borwwer. or if. aRer notice by Lend~ to Borrower that the oondemnor ogen to make an award or settk a ' claun for damages. Borrower faiL to respoad to Lender withia 30 days after the dete such notice is mailed, I.ender is authorized to coUect and apply the pmceeds. at l.ender's option, eithrr to resbration or repair of We property or to the sams ~ecured by this Mortgage. Unleaa Lender and Borrower otheswise agree in writing. eny sach application of procceds to principal shall not eztend or postpoae the due date of the monthly iastallmenta nferred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amoctizetion oithe suwa eecared by this Mortgage granted by Lender to any auccessor in intereat of Borrower ehall not operate to release, in aay manner, the liability o[ the original Borrower and Borrowetb succeasore in inLeres~ Lender shall not be required to aommence p~oceedings against auch aucceaeor or refuee to extend time for payment or otherwiee modify amortization of the sums aecured by thia MortAage by reason of any demand made by the original Borrow~ and Borrower s aucceseora in interest. ~ 11. Forbearsnee by I.ender Not a VBaiver. Any forbearance by Lender in exercising any right or remedy hereunder, or othervviee aPfordad by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or remedy.'ILe procurement of insurance or the payment of taues or oWer liens or charges by I.ender ehall not be a waiver of Lender e right to aooelerate the maturity of the indebtednesa secured by thia Mortgage. 12 Remedies Gtitmulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or af~orded by law or equity. and may be ~ercise~i ooacurnntly. independendy or auceeasively. 13. 3uooeseors and Aseigns Bound; Joiat and 3everal Liability; Captions.'t~e oovenanta and agreements herein rnntained shall bind, and the righLs hereunder ahall inun to. the reapective aucceseors and aesigns of Lender and Borrower, aubject to the provisions of paragraph 17 hereof. All covenante and agreements of Borrower shall be joiat and eeveral. The captione and h~dings of the paragrspha of this Mortgage are for covenience only and are not to be uaed to interpret or define the provisione hereof. 14. Notice. Eacept for any notice required under applicable law to be given in enother manner, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing such notice by certified mail addreesed to Borrower at the Property Addrees or at such other addresa aa E3orrower may deaignate by notice to I.ender aa provided herein. and (b) any notice to I.ender ahall be given by certified mail, return teceipt requesLed, to Lender'a addrees stated herein or to such other addrees ae Lender may designate by notice to Borrower aa provided herein. My notice provided for in this Mortgage ahall be dcemed to have been given to BorroweT or Lender when given in the manner designa~ed herein 15. Uniform Yortgage; Governing I.sw; 3everability.'l~ie fora~ of mortgage oombinea uniform oovenenta for nationel neeand non- uniform covenante with limited variationa by juriadiction to oonetitute a unifor~n aecarity instrument oovering real property.'l~ie Mortgage shall be govemed by the law of the juriediction in which the Property ie located. In the event that any pmvieion or clause of this Mortgege or the Note conAicte with applicable law, such conflict ahall not affect other proviaions of this Mortgage or the Note which can be given effect without the contlicting proviaion, and to this end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be fiuniahed a conformed oopy of the Note and of thia Mortgage at the time of e~cecntion or after recordation her~eof. 17. 7~anefer of t6e Property; Assumption. If all or any part of the Proparty or an interest therein is sold or transferred by Borrower without Lender s prior written consent, ea[cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purehaee money eecurity intereet for household appliancee, (c) a tranefer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lees not oontaining an option to purchaee, Lender may. at L,ender's option, declare all the eume eecared by thie Mortgage to be immediately due and payable. Lender shall have waived euch optioa to aocelerate if, prior to the eale or tranafer, Lender and the pereon to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage ahall be at such rate as Lender ahall request. [f Lender has waived the option to aocelerate provided in this paragraph 17, and if Borrower a succeaeor in interest has e:etvted a I written assumption agreement accepted in writing by Lender, l.ender ahall releaee Borrower firom all obligationa under thie Mortgage and the ! Note. i If Lender ~ercises such option to accelaate, Lender ahall mail Borrower notice of aoceleration in acxordance with paragraph 1~ hereof. ~ Such notice ehall provide a period of not lesa than 30 daya from thedate the notice ia mailed within which Borrower may pay the aume declared E due. If Borrower fails to a auch eums rior to the ex uation of auch ~ p y p p period, L.ender may, without further notice or demand on I3orrower, ~ ~nvoke any rcnnediea permitted by paragraoh 18 hereof. 18. Acceleratioa; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in t6ia Mortgage, including the covenanta to pay when due any sums secured by this Mortgage, Lender prior to aoceleretion ehall mail notice to Borrower as provided in paragraph 14 hereof specitying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, aot lese than 30 daya from the date t6e notice is mailed to Borrower, by w6ic6 eucl~ ~ bresch muet be cured; and (4) that failnre to cure such breach on or before the date specified in the notice may result ia ~ acceleration of the eums secured by thia Mortgage, foreclosure by Judicial proceeding and eale of the Property. T6e notice ehall further inform Borrower of the right to reinatate aRer acceleration aad the right to aeaert in the foreclosure proceeding the non-e:istence of a defeult or any other defenae of Borrower to aoceleration aad foreclosure. If the breach ie not cured on or before the date apecified in the notice. Lender at Lender'B option may declare all of t6e aums ee~ured by t6is Mortgage to be immediately due and payable without furtherdemand and may foreclosethis blortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaee of foreclosure. including, but not limlted to, reasonable attorney's fees, and coste of documentary evidence. abstracts end title reporte. 19. Borrower's Rig6t to Reinetate. Notwithetanding Lender's aooeleration of the eume secured by thie Mortgage, Borrower shall have ~ the right to have any proeeedings begun by L,ender to enforce thie Mortgage disoontinued at any time prior to eatry of a judgment enforcing thia Mortgage if: (a) Borrower pays Lender aU suma which would be then due under this Mortgage, the Note and notee eecuring Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other oovenanta or agreemente of Borrower contained in ~ thia Moitgage; (c) Borrower pays all reaeonable e:pensee incurred by Lender in enforcing the oovenante and agreements of Borrower ~ rnntained in this Mortgage and in enforcing Lender'e remediee as provided in paragraph 18 hereof. including, but not limited to, reasonable attomey'e feee; and (d) Borrower takea such action ae Lender may reaeonably require to aseure that the lien of thia Mortgage, Lender'e intereat ~ in the Property and Borrowei a obligation to pay the aums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage and the obligations eecured hereby ahall remain in full force and effect ae if no acceleration had occurred. ' ~ 20. Assignmeat of Rents; Appointment of Receiver. As additional aecurity hereunder. Borrower hereby aseigna to Lender the rents : ~ of the Property, provided that Borrower ehall, prior to aooelerarion under paragraph 18 hereof or abandonment of the Property. have the right ~a~, w collect and retain euch rente aa they become due and payable. ~ ~ Upon aooeleration under paragraph 18 hereof or abandonment of the Property, L.ender shell be entided to have a receiver appointed by e ` oourt to enter.upon, take poasesaion of and menage the Property and to coDect the rents of the Property, including thoee past due. All rents ~ collected by the receiver shall be epplied first to payment of the oosta of managementof the Property and rnUection of rents, including, bnt not limited to, receiver's fees, premiums on receiver e bonde and reasonable attorney's feea, and then to the auma eecured by this Mortgage. The ~ receiver ehall be liable to acoount only for those rente actually reoeived, ~ - - ~ Q . 2g~ r~c~ 545 ~ ~ . ~ ~ ~ . ~:r _ _ _ _ ~ ~t ~ - '~.~<riy:'~=::;