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HomeMy WebLinkAbout0751 ? S. IA~~@CtIOA. Lende~ m0.y make or cauee to be made reswnable eatries up~a and inspectiona of the property, provided that Lender shall give Barrower aotiee prior to any auch ir~spection ipecifying reasonable cause therefor relatRd to Lendei s interest ip the Ptoperty. 9. Condemnatloa. The proceed~ of any award or claim for damages. direct or consequential~ in connection w~ithir?y oondemnation or other takinQ ot the property, ar pert thersof, or for conveyance in lieu of oondemnation. an hereby as~igned ahd th~ill be paid to Lender. In the event oi a total taking of tiie Pwperty. the proceeds shal! be applied lo the sume securod by this MortgaYe, with tha e:cese, ii any, paid to Borrower. In the event of a partial tsking of the Property. unlees Botrower and Lender otherwise agree in writing, there ehall be appGed to the suans eecured by this Mortgage such pmportion of the proceeda as ia equal to that p~opoctioa which the amount of the suma eecured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately ptior to the date of tnking, with the balanc~ of the pmcee~da paid to Borrower. I[ the Property ia abandoned by Borrower. or if, aRet notice by Lender to 8ortower that the oondemnor of[era to make an award or settle a claim for damages. Borrower fails to respond to (.ender within 30 daye after the date such notice is maited, I.ender ia authorised to collect and apply the pmceeds. at I.ender's option. either to reatoration or repair of the property or to the sums secured by this Mortgage. Unlesa Lender snd $orrower otherwiee agree in writing. any auch epplication of pmceeda to principal ~hall aot extend or postpone the due date of the anoathly installmenta teferred to in paragraphs 1 and 2 henof or change the amount of aueh insLaltments. 10. Borrower Not Released. £xtension of the time for paymsnt or modification of amortization of the aums secured by this Talortgage granced by Gender to any sacceeaor in intereat of Borrower shall eot operate b release, in any manner, the liability of the original Borrower ar~d Borrower'a suceeasore in interea~ l.ender shall not be required to oommence proceedings egainet auch eucceasor or refuse to eztend time fo~ payment or otherwise modify amoriization of the sums aecvred by thia Mortgage by reaeon of any demand made by the original Boirrower and Borrower a aucceseors in intereet. i!, Forbearanoe by Leader Not s Walver. My forbearance by Lender in exerciaing any right or remedy hereunder. or otherwise aHorded by applicable law, ehall not be a waiver of or preclude the e:ercise of any auch right or remedy. 71~e procurement of insurance or the payment of ta:ea or other liens or charges by Lender ahall not be a waiver of [.ender e right to aocelerate the maturity of the indebtedness eecured by this Mortgage. " 12 Remediea Cumulwtive. All remeaies provided in this Mortgage are distinct aad cumulative b any other right or remedy under this Mortgage or afforded by law or equity; and may be ~trciaeii ooncurrendy. iadependently or suocessively. 13. 3ucceseors and Assigns Bouad; Joiat and 3everal Liabiltty; Captions. The oovenante and agrre~nents herein contained ehall bind, and the rights herrunder ehaU inure to. the reapective suoceseora and aasigne of Lender and Borrower, aubject to the proviaione of ' paragraph 17 heteof. All rnvenante and agreements of BorroweT ahall be joint and several. The captions and headinge of the paragraphs of thia Mortgage aie for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. Except for any notice required undet applicabte law to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage ahall be given by mailing auch notice by certi6ed mail addreaeed to Borrower at the Property Addreee or at such other addreea es Borrower may designate by notice to I.ender ae pmvided herein, and (b) any notice to I.ender ahall be given by certified mai1, return reoeipt requested, to Lender'a addrees atated herein or to auch other address ae Lender may designate by notice to Borrower ae pmvided herein. My notice provided for in thie Mortgage ahall be deemed to have been given to Botrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia fora~ of mortgage combines uniform aovenanta for national uee and non- uniform rnvenante with limited variations by jariediction to wnedtute a unifor~n eecurity inatrument oovering real property.'('hie Mortgage ehall be govemed by the Iaw of the juriadiction in which the Property is located. In the event thst any provieion or clauae olthis Mortgage or the Note.conflects with applicable law, auch contlict shall not affect other ptoviaione of this Mortgage or the Note which can be given effect without the oonflicting peoviaion, and to thia end the provieions of the Mortgage and the Note are der.lared to be severable. 1& Borrower's Copy, Borrower shall be furniahed a confonned oopy of the Note and of this Mortgage at the time of r~ecution or after recordation hereof. 17. Tranater of tbe Property; Aasumption. If all or any part of the Property or an intereat therein is eold or traneferred by Borrower without Lender'a prior written consent, excluding (a) the creation of a lien or encnmbrance Bubordinate b this Mortgage, (b) the creation of a purchaee money eecurity intereat for household appliancea, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or less not oontaining an option b purchaee, Lender may, at I.ender'e option, declare aA the sume eecured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the eale or transfer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch p~aon ie satiafactory to [.ender and that the interest payable on the sums secured by this Mortgage ahal) be at auch rate aa Lender ahall reqaest. If Leader has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succesaor in interest ha8 executed a written assumption agreement accepted in writing by Lender, Lender shall relesee Borrower from all obligationa under thia Mortgage and the Note_ If Lenda e:erciees such option to accelerate, L.end~ shall mail Borrower notice of acceleration in accordance with patagraph 14 hereoL Such notice ahall provide a period of not less than 30 days from the date the notice iB ~r,ailed within which Borrower may pay the suma declared due. If Borrower faila to pay such sums ptior to the exp'vation of auch period, Lender may, withoat further notice or demand on Borrower, invoke any remediea permitted by pazagraoh 18 hereof. 18. Aoceleration; Bemediea. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thia Mortgage, iucinding the oovenant8 to pay when due sny sume secured by thie Mortgage, Lender ~ prior to ac~celeration ehall mail notice to Borrower ae pmvided in paragraph 14 hereof epecityiag: (1) the breach; (2) the action required to cure such breach; (3) a date. not leae than 30 daye from the date the notice is mailed to Borruwer, by which such breach must be cnred; and (4) that failure to cure euch breach oa or before t6e dete specified in the notice may result ia acceleration of the sums aecured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ehaU further inform Borrower of the right to reinatate aRer aoceleration aad the right to assert in the forecloaure proceeding the noa-ezietence of a default or any other defenee ot Borrower to aceeleration and foreclosure, If the breach ie not cured on or before the date epecited in the notice, Lender at Lender'e option may declare alt of t6e suma secured by thie Mortgage ta be immediately due and p~vable without further demsnd and msy foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to rnllect in auch proceeding all e:penaes olforecloeure. including, but not limited to, reasonable ettorney'8 fees, and costa of documentary evidence, abetracta snd title reporte. 19. Borrower's Right to Aeinatate. Notwithstanding Lender's aoceteration of the aums secw~ed by this Mortgage, Borrowerahall have the right to have any proceedinge begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays Lender all suma which would be then due under this Mortgage. the Note and notea securing Future Advancee, if any, had no acceleration occumed; (b) Borrower cures all breachea of any other rnvenante or agreements of Borrower contained in lhis Mortgage; (c) Borrower pays all resaonable expenees incurred by Lender in enforcing the covenante and agreements of Borrower o~ntained in this Mortgage and in enforci~g I.ender 8 remedies as provided in paragraph 18 hereof, including, but not limited to, reseonable attomey e icea; and (d) Borrower takes auch action as Lender may reasonably require to asaure thet the lien of thie Mortgege, Lender e intereat in the Property and Borrower a obligation to pay the suma aecured by this Mortgage ehall continue unimpaired. Upon euch payment and cnre by Borrower, this Mortgage and the obligationa secured hereby shall remein in full torce and effect as if no acceleration had occnrred. 20. Aseigament of Renta; Appointment of Receiver. Aa additional eecurity hereunder, Borrower hereby aseigna to Lender the rente of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or sbandonment of the Property, have the right to colled and retain euch rente aa they become due and payable. Up~n aoceieration under paragraph ZS hereot or abandonment of the Property, Lender shaU be entitled to have a receiver appointed by a oonrt to enter~pon, take poesesaion of and manage the Property and to collect the rent8 of the Property, including thoee past due. All rents ooUected by the receiver ahall be applied first to payment of the oosta of management of the Property and collection of renta, including, but not limited to, receiver'e feea, premiume on receiver'e bonda and reaaonable attorney'e teea, and then to the eums eecured by thie Mortgage. The receiver ahall be liable to acoouni only for thoee renta actually received. ~ aoax 2g1 P~~f 7~ _ i ~ ~ : z--- - - - . - - b. . = - ~ ~ ~