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HomeMy WebLinkAbout0351 • : . . . ~ 8. taspectiop. Ixnder may make or cause to be made reasonable entries upon and inspections of the property, provided that L.ender ehall give E3orrowcr notice prior to any such inapection epecifying reasonable cause therefor related to Lender's i~terest in the Piroperty. 9. Condemaatioa. The proceeds of any award o~ claim for damagw, direct or conaequential, in connectio~ with any oondemnation or other taking o[ the property, or part thernof, or fo~ conveyance in lieu ot condemnation, are hereby assigned and shall be paid to Lender. ln the event of a totul taking of the Property. the proceeda shall ba applied to the suma secured by this Mortgage, with the e:ceea. i[ any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwiee agree in writing, there ahall be applied to the sums eecured by this Mortgage such proportion o! the proceeds as ie equal !o that pmportion which the amount of the sutns secufed by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immedietely prior to the date of taking, with the bulanc~ of the proceede paid to Borrower. If the Property is abandoned by Eiorrower, or if, eRer notice by I.ende~ ta Borrower that the oondemnor offers to make an award or eettle a claim•for damagea, Bonower faile to reepcnd to Lender within 30 days aRer the date euch notice ie mailed, l.ender ia authorized to collect and apply the proceeds, at l.ender'e option, either to reetoration or repair of the property or to the eume secured by thie Mortgage. Unlesa Lender and Borrower otherwiee agree in writing, any euch application of proceeda to principal shall not e:tend or poatpone the due date of the monthly itietallmenta referred to in paragrapha 1 and 2 hereof or change the amount of euch inatallmente. 10. Borro~irer Not Released. Extenaion of the time for paymsnt or modification of amortization of the auma secured by this Mortgage granted by l.ender to any succeasor in interest of Borrower ahall not operate to releaae, in any manner, the liability of the original Borrower a~d Iiotrower's succeasora in intereat_ Lender ahaU not be required to commence proceedings againat auch succeasor or refuee to e:tend time for payment or otherwiae modify amortization of the sums secured by this Mortgage by reason of any demand made by the original 13orrower and Borrowei a auccessora in interes~ 11. Forbearaace by I.ender Not a Waiver. My forbearance by I.ender in e:ercieing any right or remedy hereunder. or otherwiee afforded by applicable law. shall not be a waiver of or preclude the exerciae oi any auch right or remedy. The procurement of inaurance or the payment of ta~c~ or other liena or charqes by l.ender ahall not be a waiver of I.ender e right to accelerate the maturity of the indebtedneea secured by thie Mortgage. . 12 Remediee Cumulative. All rnmediea pmvided in this Mortgage are diednct and cumalative to any other right or remedy under thie 111ortgage or afforded by law or equity, and may be e:erciee~i concurrently, independently or eucceasively. 13. Succeesore and Aseigne Bound; Joint and Several Liability; Captione. The rnvenanta and agreemente herein contained ehall bind, and the righte hereunder ahall inure to, the reepective aucceeeors and aseigne of Lender and Borrower, subject to the provisiona of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and eeveral. The captiona and headinge of the paragrapha of thia Mortgage are ior covenience only and are not to be uaed to interpret or de5ne the proviaione hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, le) any notice to E3orrower provided forin thia Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addrese or at auch other addrese aa Borrower may deaignate by notice to l.ender ss provided herein, and {b) any notice to Lender ahall be given by certified mail. return receipt requeated, to Lender'a addreas atated herein or to auch other addrese se Lender may deeignate by notice to Borrower ae provided herein. My notice pmvided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Goveraing Law; Severability. This form of mortgage combines uniform oovenanta for national uee and non- uniform covenanta with limited variations by juriediction to rnnetitute a unifotm security inatrument eovering real property.'I~is Mortgage shalt be govemed by the law of the juriadiction in which the Property is located. In the event that anv provision or clauae of this Mortgage or the Note conflicts with applicable law, such conflict shall not aPfect other provisiona of this Mortgage or the Note which can be given effect without the eonflicting pro~ieion, and to thia end the provisions of the Mortgage and the Note are declazed to be eeverable. 16_ Borrower's Copy. Borrower ahall be furniehed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Tranafer of the Property; Aeeumption. ]f all or any part of the Property or an interest therein ia sold or traneferred by Borrqwer without Lender's prior written consent. e:cluding (a) the creation of a lien or encumbrance aubotdinate to thia Mortgage. (b) the creation of a purehase money security intereet for hoaeehold appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or ld1 the grant of any leasehold interest of three yeare or lesa not oontaining an option to purchaee, Lender may, at Lender e option, declare all the auma eecured by thie Mortgage to be immediately due and payable. L.ender ahall have waived auch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a aucceasor in interest has executed a written assumption agreement accepted in writing by Lender, l.ender ahall re?ease Borrower from all obligations under this Mortgage and the Note. ; If Lender eaercises auch option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shail provide a period of not less th~n 30 days from the date the notice ie mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay auch suma prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower, j invoke any remedies permitted by paragraoh IA hereof. j 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or ; agreement ot Borrower in thie 6lortgage. including the covenante to pay w6ea due any aume eecured by thie Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action ~ required to cure such breach; (3) a date, not less than 30 days from the date the notice ia mailed to Borrower, by which auch ~ breach muat be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in ~ acceleration of the sume secured by this Mortgage. forecloaure by judicial proceeding and sale of the Property. The notice ehall ~ turther inform Borrower of the right to eeinatate after aoceleration and the right to assert in the foreclosure prceeeding the ~ non-ezietence of a default or any other defenee of Borrower to acceleration and forecloeure. If the breach is not cured on or ~ before the date speci~ed in the notice. Lender at Lender'e option may declare all of the aums aecured by this Mortgege to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all expenaes of forecloeure. i~cluding. but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracta and title reports. . ~ 19. Borrower's Right to Reinetate. Notwithstanding Lender s acceleration of the sums eecured by thia Mortgage, Borrower shall have r the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paye Lender all suma which woutd be then due under thie Mortgage, the Note and notea securing Future ~ Advancee, if any, had no acceleration occarred; (b) Borrower cures all bmachea of any other covenanta or agreements of Borrower rnniained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enfotring the covenante and agreementa of Borrower contained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable ~ attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender'e intereet - in the Property and Borrowei s obligation to pay the a~uns aecured by thie Mortgage ahall continue unimpaired. Upon such payment and cure by I3orrower, this Mortgage and lhe obligntiona eecured hereby shall rnmain in full torce and effect ae if no aceeleration had occurred. Z0. Aasignment of Rente; Appointment of Receiver. Ae additional security hereunder, Borrower hereby aeeigns to i.ender the rente of the Property, provided ihat Borrower ahall, prior to acceleradon under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rente as they become due and payable. Upon acceleration under paragraph IS hereot or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a oourt.to enter upon, take poasesaion of and manage the Property and to collect the rents of the Property, including thoee paet due. All renta eollected by the receiver ahaU be applied firat to payment of the ooata of management of the Property and oollection of rente, including~ but not limited to, receivei a feea, premiuma on receiver 8 bonds and reasonable attorney's feea, and then to the sums eecured by this Mortgage. The _ receiver shall be liable to acoount only for thoee rents ectually received. z ~3 a ~ : ~~.K ~AC~ : ~ ~9` 35 ~ ~ i ~ _ _ ~ e;F ~ _ , z - - ~_s . _ 4 ~ Y x~ Y .Y _ . 3' Y ,e ~'.`~.a.-+.Y S'n.~.+EC~ .v"~v _ ~ ~'3~2,ac~'4-S~~ a4 .~-S' .t ~ Xr ~a~~~?.}.~., -p~ ~~Y~ ~ ; ~S 'r ~ u`~„ ~y.}~~~ 7 c ~ ~"~"X'"~~'~'Y ~1~ 1'~.~ ~ y ~ _ ~a-~,.~c+5-{'~~ sr.i~.q ~-~'A=~ 2`t- _ : ~~.,.~~,r+~ . . . . . ' ~..;a:;_:.:; . '