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HomeMy WebLinkAbout0722 V . 8. In~pectioa. Lender may make or cause to be made reawnable entries upon and in~pections of the property, provided thet Lender shali give t3ormwet notice prior to any such inapection specifying reasonable cawe /herefor releted to I,cnder's intereat in the Property. 9. Condemu~ttoa. 7tie prooeede of any award or claim for damagea, direct or rnnsequentiai. in connecdo~ with any condemnation or other talring oi tha pmperty, or part thereof. or for ooaveyanoe in lieu of condemnation, an hereby essigned a~d ehall be paid to I.ender. In the event of a total taking of the Property. the proceeda shaU be applied W the sume eecured by thia Mortgage, with the e:ceas, if any, paid w Borrower. In the evcnt of a partial taking of the Pmp~ty, unlees Borrower and I,ender otherwise agree in writing~ there shall be agplied to the sums secured by this Morigage auch proportion of the pmceeds as is equel to that pmportion which the a.mount oi the eums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of takiag, witb the balanca oi the pt~oceeds paid to Borrower. . - • • • --ee _a~__.:.._s...re..d.~.~..A....~...M..~{..~t6.ew~d~rnnnrnffer~fnmakeanewardorsett~es li tCaeY~v~Ciay [i ocfci[icw;;~ta uy c::.::.. - - u= _ - _ claim !or damaga, Bo~ro~rer fails to resDond to Lender within 30 days aR,er the date such notice is mailed. Lend~ is authorised to coUect and apply the prooeeds. at Lender s optioa. either to reatoratioa or repair of !he property or ta the sums eecured by Lhis Mortgage. Unless Leuder and Borrower otheewiae agree in writing, any auch application of prooeede to principel ahall no! Pactend or postpone the due date of the monthly iaatalLaenta referrerl to in paragraphs 1 and 2 hereof or change the amount of ench installmenta. • - 10, Borrower Not Releaeed. E:te~sion of the time for paym~nt or modification of amortization of the sutns eecured by thie Mortgage granted by Lender to any succeaeor in intereat of Borrower ahall not operate to telease, in any manner, the Iiability of the original Borrower , and Borrowrr's auocessora in intereat L.ender ehall not be required to cbmmence proccedings againat such auccesaor or refuee to extend time ' for payment ar otherwiae modify amortization of the suma eecured by thia Mortgage by reaeon of any demand made by the original Borrowear and Borrower'e auceessors in interes~ 11. Forbearance by Leader Not a R?aiver. Any forbearance by I.ender in execriaing aay right or remedy hereunder. or otherwise at~orded by appHcable law, shall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of inau•rance or the payment of tauee or other liena or charge8 by Lender ahall not be a waiver of Lender e right to aocelerete the maturity of the indebtedneae aecured by thia Mortgage. ~ 12. Remedies Cumulative. Ail remediea provided in this Mortgage are diatinct snd cumulative Lo any other right or remedy under thia Mortgsge or sfforded by law or equity, and may be ezerci~e+i ooncnrrently, independently or sucoeeaively. 13_ 3ucccasore and Aseigns Bound; Joint and Several Liability; Captions. The covenants and agreementa herein rnntained ehall bind, and the righte hereunder shali inure to. the reepective aucceeeors and aseigne of Lender and Surcuwar, ~ubjct.i to tt:~ pravieiuns of paragraph IT hereof. All covenants and agreemente of Borrower ahall be joint and eeveral. The captione and headinga of the paragraphe of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisione hen.wf. 14. Notice. Except [or any notice required under applicable law to be Qiven in another manner, (a) any notice tu Borrower provided for in thia Mortgage ahall tie given by mailing auch notice by certified mail addreased to Botrower at the Aroperty Addrese or at anch other addrese ae Borrower may deeignate by notice to I.ende: as pmvided herein, and (b) any notice to Lender sh811 be given by certified mail, return receipt requested, to I.ender's address stated herein or to euch other address as l.ender may deaignate by notice to Borrower aa pmvided herein. My notice provided for in thie Mortgage shali be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein, la. Uniform ll~ortgage; Governiag Law; 3everahility. Thia form of mortgageo~mbines uniform oovenanta for national uee and non- uniform eovenanta with limited variations by juriadiction to mnatitute a uniform security inatmaient oovering teal property. Thie Moitgage shall be govemed by the law of the juriadiction ittwhich the Rroperty is located_ In the event that any provieion or clauee of this Mortgage or the Note contlicts with applicable law, auch conflict ahall not af'fect other proviaiona of this Mortgage or the Note which can be given effect without the oonflicting provision, and to this end the proviaiona of the Mortgage and the Note are declared to be severable. 16 Borrower's Copy. Borrower ehall be furniahed a conformed oopy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. Transfer of t6e Property; ABSUmption. If ali or any part of the Property or an inten~st therein is sold or traneferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrar~ce eubordinate Lo thie Mortgage. (b) the creation of a purchaee money eecurity interest for houaehold appliances, (c) a transfer by deviee. descent or by operation of law upon the death of a joint tenant or (d) the grant of eny leseehold inLereet of three years or leae not containing an option to purchase, Lender may, at I.ender'e option, declare all the eums secured by this Mortgage to be immediately due and paysble. Lender ah~l have waived auch option to accelerate if, prior to the sale or tranafer, Lender and thepereon b whom the Property is to be eold or traasferred reach agreement in writing that the credit of auch peraon is satisfactory to Lender and t}~at the interest payable on the eume secured by thie Mortgage ahall be at auch rate ae I.ender ahall request. If Lender has waived the option to accelerate ptovided in this paragraph 17, and if Borrower's sutt~easor in interest hea e:ecut~d a vvritten asaumption agreement accepted in writing by Lender, [,ender shall release Borrower from all obligationa under this Mortgage and the Note. ~ If Lender eaerciaes auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice ahall provide a period of not less than 3d daya fro~ the date the notice is rr.siled within which Borrower may pay the euma declared due_ If Botrower faila to pay such sums prior to the e:piration of such period, I:ender may, without fiirther notice or demand on $orrower, mvoke any remedieg permitted by paragraoh 18 hereof. 18. Acceleration; Remediee. Ezcept ea provided in paragraph 17 hereof, upon Borrower's breach of at~y oovenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any enme secured by thie Mortgage, Lender prior to aoceleration sltall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach: (3) a date. not less tban 30 daya from the date the notice is mailed to Borrower. by which such breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in aoceleration of the eums secured by this Mortgage. forecloaure by judicial prw~eeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate aHer acce[eration and the right to assert in the foreclosure proceeding the non-e:istence ot a default or any ot6et defense of Borrower to aoceleration and foreclosure. If the breach ia aot cured oa or before the date specified in the notice, Lender at Lender's option may declare all of the sume secured by this Mortgage to be immediately due and payable without further demand and may foreclose tt~ie Mortgage by judicial proceeding. Lender ehall be entitled to cotiect in sach proceecling ali e:penses otforeciosure, including, but not limited to, ressonable ettoraey'e feee. and rnsta of documentary evidence, abstracte and title reports. " - - 19. Borrower's Right to Reinstate. Notwithstsnding Lender s aoceleration of the euma secured by this Mortgage. Borrower shall have the right to have any proceedinga begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgroent enforcing this Mortgage if: (ay Borrower pays Lender atl sums which would be then dne under thia Mortgage, the Note and notes eecuring ~ture Advsnces, if any, had noacceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Bortower contained in thia Mortgage; (c) Borrower pays all reasonable e:penses incurred by I.ender in enforcing the oovenanta and agreemLnts of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph IS hereof, inctuding, but not limited to, reasonabie attorney's feea; and (d) Borrower takes euch action as t.ender may resaonably require toasaare that the lien of thie Mortgage, I.ender's intereet in the Property and Borrower'e obtigation to pay the sume secured by this Mortgage ahall continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations eecured hereby ahall remain in full force and effect aa if no acceleration had occurred. 20. Assignment oi Rents; Appointment of Reoeiver. Aa additional eecurity hereunder, Borrower hereby aseigne to Lender the rente of the Property, provided that Borrower ahal), prior to acceleration ander 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 nnder paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver $ppointed by a ' ooart to enter-upon, take poasession of and manage the Property and to collect the rents of the Property, iacluding tho~se past due_ All rents oollected by the receiveT shall be applied first to payment of the ooete of managementof the Property and oollection of rente, including, but not limited to, receiver'a feea, premiums on receiver e bonds and reasoneble attorney'e feee, and then to the suma secured by this Mortgage. The ~ reoeiver ahall be liable to aooount only for those rents actually received. • i i ~ ~ i ~ ~ . . , . _ . . Le- t - - - ' . . . . . - _ , : u~'~'~-~'x~.. '-w ~ ~~r,~-`'t''~ ~'s.~~:F*~ s.~'~.s~"~`.r _ _ : ~z '-'.~.'x, -~,o~ ;=~-~~a'"`~r+'~».,..s°';