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HomeMy WebLinkAbout0641 , 8. In~pection. l,ender may make o~ cause to be made e~cawnRble entriee u~on snd inspections of the property, provided that l.ender ahall give Burrower notice prior to any such inspection specitying reasonable caws thbrefor related to l.e~de~ s intereat in the Property. 9. CoademnaUoa. The proceeds of any award or claim [or damages, direct or coneequential, in connection with any oondemnation or other taking of the property, or part the~oi, or for conveyance in lieu of eondemnation, are heteby assigned and shall be paid to I.ender. In the event o[ a total takinQ oi the Property, the proceeds ahall be applied to the eums aecured by this Mortgage, with the e:eas. if any. paid to Borrower. In the event of s partiel taking of the Property, unlees Borrower and [.ender otherwise agree in writing, there shall be applied to the aums secured by this Mort~age such proportion of the proceeds ae is equal to that proportion which the amount of the sums eecured by thia Mortgega immediately prior to the date of taking bears Lo the fair market value of the Property imatediately prior to tha date of taking, with the balan~ of the pcoceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after ~otice by I.ender to E3orrower that the oondemnor oPlers to make an award or setde a claim for damages. Borrowar faile to respond to I.ender within 30 days after the date auch notice ia mailed, l.ender ia authorized to coUect and apply the proceeds. at Lender s option, eithe~ to restoration or repair of the property or to the sums secured by thie Mortgage. Uniesa Lender and Hotrower otherwiee agree in writing, any euch application of proceeds to principal ehall not e:tend or poetpone the due date of the monthly icutallmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch installmenta. 10. Borrower Not Releaeed. Extenaion of the time for paymant or modification of amortization of the auma secured by thie Mortgage granted by I.ender to any auccesaor in intereat of Aorrower ehall not operate to release, in any manner, the liability of the originel Borrower and Borrower's succeasors in intereat. I~nder shall not be required to commence proceedings againat euch aucceesor or refuse to extend time for payment or otherwise modify amortization of the suma eecured by thie Mortgage by reaeon of any demand made by theoriginal Borrower and Borrower s succeaeora in intereat. ~ 11. Forbearance by Lender Not s Waiver. My forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicable law. ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of inaurance or the payment of t~ea or other liena or chaTgea by Lender ahall not be e waiver of Lender's right to accelerate the maturity of the indebtedneae secured by thie Mortgage. 1Z Remediea Cumulative. All remediea provided in this Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or aftorded by law or equity, and may be ezerciee~l ooncurrently, independendy or succeseiveFy. 13. Successors and Aesjgna Bouad; Joint sad Several Liabilfty; Captjone. The covenante and agreementa herein contained ahall bind, and the righte hereunder ahall inure to, the reepective succeanors and aseigna of Lender and Borrower. eubject to the provisiona of paragraph 17 hereof. All covenanta and agreements of Borrower shall be joint and eeveral. The captione and headinga of the paragrapha of thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaions hereof. 14. Notice. Except for any notice required under applicable !uw to be given in another manner, (a) any notice to Borrower provided forin this Mort~cage ahall be given by mailing euch notice by certified mail addreased to Borrower at the Property Addreas or at auch otheraddre~ae as E3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender's addreas etated herein or to such other addreas as I.ender may designate by notice to Borrower as provided herein. My notice pmvided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Unitorm Mortgage; Governing I.aw; 3everability. Thia forrn of mortgage combinee uniform oovenante for national uae and noa- uniform covenants with limited variatione by jurisdiction to oonatitute a uniform security instrument covering real property.'I~is Mortgage shall be governed by the law of the juriediction in which the Property ia lceated. In the event that any provis+ion or clauee of this Mortgage or the Note conilicts with applicable iaw, auch conflict shall not affect other provieions of this Mortgage or the Note which can be given efiect w-ithout the rnntliMing provision, and to this end the provisiona of the Mortgage and the Note ate declared to be severable. 16. Borrower's Copy. ~3orrower ahali be furniahed a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. . 17. Tranefer of the Property; Aeaumption. If all or any part of the Property or an intereat therei~ ia sold or traneferred by Borrower without [.endei a prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money aecurity interest for household appliances, (c) a transfer by deviae, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lesa not rnntaining an option to purchase, Lender may, at Lender a option, declare all the suma Becured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to acceletate if, prior ~ to the sale or transfer, I.ender and the person to whom the Property ia to be aold or tranaferred teach agreement in writing that the credit of auch j peraon is aatiafactory to Lender and that the interest payable on the eume secured by this ~torigage sAall be at auch rate as Lender ahall f request. If Lender has v?aived the option to accelerate provided in thia paragraph 17, and if Borrower's ancceasor in interest has executed a ~ «~ritten aseumption agreement accepted in writing by I.ender, Lender shall release Borrowe~ from aU obligations under this Mortgage and the ~ ti ote. . t If Lender exercisea such option to accelerate, I.ender ahall mail Aorrower notice of acceleration in accordance with paragraph 14 here~f. € 5uch notice ahall provide a period of not less than 30 days from the date the notice ia rr.ailed within which I3orrower may pay the sums declared ~ due. If Borrower fails to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by paragra~h 18 hereof. ~ 18. Acceleration; Remediea. E:cept as provided in paragreph 1? hereof, upon Borrower'e breach of any covenant or ~ agreement of Borrower in this Mortgage, including the rnvenants to pay when due any aume eecured by this Mortgage. Lender ~ prior to acceleration e6a11 mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breacb;l2) the action ~ required to cure such breach; (3) a date, not less than 30 daya from the date the aotice is mailed to Borrower. by which auch ~ breach muet be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in acceleration of the aums secured by this Mortgage, torecloaure by judicial proceeding and eale of the Property. The notice ehall ~ further inform Borrower of the rigbt to reinstate aRer acceleration and the right to asaert in the foreclosure proceeding the ~ non-ezietence of a default or any other defenae of Borrower to acceleration and foreclosure. lf t6e breach ie not cured on or before the date speci6ed in the notice, Lender at Lender e option may declare all of t6e euma secured by thie Mortgage to be ~ immediately due and payable without further demand and mey forecloae this Mortgage by judicial proceeding. Lender ahall be entitled to rnllect in auch proceeding all expenaes ot foreclosure, including, but not limited to. reasonable attorney's feee. and ~ costa of documentary evidence. abetracte and title reporte. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the eume secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thia Mortgage diecontinued st any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a? Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenanta or agreements of Borrower contained in ~ thie Mortgage; (c) Borrower paya all reasonable expenses incurred by Lender in enforcing the rnvenanta and agreemente of Borrower contained in this Mortgage and in enforcing Lender's remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable - attorney'a feea; and (dl Borrower takee euch action as I.ender may reasonably require to asaure that the lien of this Mortgage, I.ender B interest in the Property and Botrower'e obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon euch payment and cure = by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aseignment of Rents; Appointment of Receiver. AB additional secur~ty hereunder, $orrower hereby aeeigns to Lender the renta of the Pmperty, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become dne and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, [.ender ehall be entitled to have a receiver appointed by a court W enter upon, take poasesaion of and manage the Property and to collect the renta of the Property, including thoee past due. All rente ~ collected by the reoeiver ahall be applied firat to payment of the costa of management of the Property and collection of renta, including, but not - limited to, receiver's fees, premiums on receiver a bonds and reasonable attorney'e feee, and then to the sums secured by thie Mortgage. The receiver sha11 be liable to aooount only for thoee rents actually received. - ~ ~ • ~ ~~9K 292 P~;~ 64i ~ t ~ - - - - - ~F: ~ - - - - ~ ~ ~~f^n-~~~.x'~ ~ Sv~ " ^e*5 ~;y, ,,~z-~~ .3~ :s:.` -+'~-s;az ....~r..-'a; ~~.~R c . .