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HomeMy WebLinkAbout0726 . ~e , 8. Inrpection. Lender may make or ceuae to be made reawnable entries upon and inepectiona of the property, prorided that l.ender ehall give Bormwa.notice prior to any such inepection epecifying reaaonable cauee therefor related to [.endei s intereat in the Property. • 9. Coademnatioa. The ptoceeds of any award or claim for damages, direct or conaequential, in connection with any oondemnation or other tating of the property. or pxrt thereof, or for rnnveyaace in lieu of oondemnation. are hereby aeeig~ed and ahaU be paid to I.ender. In the event of a total taking of the Property. the proceeds ahall be applied to the suana secured by this Mortgage, with the e:cees. if any. paid to BoTrower. In the event of a partial taking of the Pmperty, unleea Borrower and Lender otherwise agree in vrriting, there ahall be applied to the aume secured by this Mortgage auch pmportion of the proceeds ae ie equal to that proportio~ which the amount oi the euwa eccured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceede paid to Borrower. : _~__~___~t__o_~w~ __:t ~A~~....~:..~{...i~..d~~..R....rsvrw~~hatfl?~mndwm~nrnffwratnmwkeanawa~oTSettiea i lit'li~.t Rl~ii.l~y iBiiL'~Z~JvSiCiiJ3 L:iiiVriL:~u1~i~~::~::a_ar-.' . claim for damages. Borrower fails to respond to L.ender within 30 daye sEter the date such notice is mailed. Lender ie authorized to ooUect and apply the proceeds, at Lender'e option, eith~ to reatoration or repair of !he pmperty or to the eums secured by thia Mortgage. Unleea Lender and Borrower otherwise agree in writin8. any auch application of procceda to principal ehall not extend or postpoae the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installmente. 10. Borrower Not Releaeed. Exteneion of the time for paymsnt or modification of amortization of the auma eecured,by this Mortgage granted by Le~der to any eucceaeor in intereat of Borrower ahall not operste to release, in any manner, the liability of the original Borrower and Borrower'e succesaora in interest. Lender ahall not be required to rnmmence proceedings againat such succeseor or refuse to e:tend time , ior payment or otherwise modify amortization of the suma secured by this Mortgage by rnason of any demand made by the original Borrower and Borrower s sucresaore in intereet. i l. Forbearence by Lender Not a Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise aftorded by applicable law, shall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of ineurance or the payment of ta~cea or other liena or chargee by I.ender ahall not be a waiver of Lendei e right to socelerate the maturity of the indebtedaeas aecured by thie Mortgage. 12 Remedies G~mulative. All remediea pmvided in thie Mortgage are distinct and cumulative to any other right or remedy under thi~ Mortgage or afforded by law or equity, and may be e:ereise~l concurrendy. independendy or succesaively. 13. Sueceeaors and Aseigne Bound; Joint and 3everal Liability; Captiuna. The oovenanta and agreementa herein oontsined ehall bind, and the rights hereunder ahall inure to, the ~eepective auccessors and asaigns of I.ender and Borruw~, aubjea:t to ihe provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captione and headings of the paragrapha of thia Mortgage are for covenience only and are not to be ueed to interpret or de5ne the provisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreased to Borrawer at the Property Addreae or at such other addreee aa Borrower may deaignate by notice to I.ender as provided~herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender'a address atated herein or to euch other addrees as I.ender may deeignate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combinea uniform oovenants for national use and non- uniform eovenanta with limited variations by jurisdiction to oonstitute a uniform security instrument wvering real property.ll?is Mortgage shail be governed by the law of the juriediction in which the Property is located. In the event that any provii+ion or clanse of this Mortgage or the Note conflicta with appiicable law, such conilict shall not aFfect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be sevemble_ 16_ Borrower'e Copy. Borrower ehall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordafion hereof. 17. 'l~anafer of the Property; Aseumption. If all or any part of the Property or an interest therein ia sold or traneferred by Botrower without Lender e prior written rnnsent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money aecurity interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehotd interest of three years or less not oontaining an option to purchase, I.ender may, at Lender s option, declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such persoq ia satisfactory to Lender and that the interest payable on the swna secured by this Mortgage shall be at such rate as Lender aha11 i request. If Lender has waived the option to accelerate ~rovided in this paragraph 17, and if Borrower's successor in interest has executed a. ; written aesumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this I1lortgage and the I Note. i If Lender ezerciaea such option to accelerate, Lender-sha11 mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not lesa than 30 days from the date the notice ie rr.ailed within which Borrower may pay the sums declared ~ due_ If Borrower faila to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by pazagraoh lA hereof. ~ 18. Acceleration; Remedies. E:cept as provided ia paragraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage. iacluding t6e oovenanta to pay when due any aume secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower se provided in paragcaph 14 hereof epecifying: (1) the breach; (2) the actioa ~ required to cure such breach; (3) a date, not lesa t6an 30 daya from the date the notice ie mailed to Borrower, by which eucb breach must be cured; and (4) that failure to cure auch breach on or betore the date epecified in the aotice may result in ~ acceleration of the sume secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate after acceleration aad t6e right to sasert in the foreclosure prceeeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or ~ before the date epecified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all ezpenses of loreclosure, including. but not limited to. reasonable attorney's fees, and ~oeta of documentary evidence. abstracte and title reporte. ~ 19. Borrower'8 Right to Reinstate. Notwithatanding Lender's acceleration of the aums eecured by this Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by I.ender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ~a this Mortgage if: (a) Borrower paya Lender all aume which would be then due under this Mortgage, the Note and notea eecuring Future ~ Advancee. if any, had no acceleration occurred; (b) Borrower cures all breaches of any other rnvenants or agreementa of Borrower contained in ~ thia Mortgage; (c) Borrower paya all reasonable e:penses incurred by Lender in enforcing the covenants and agreemente of Borrower rnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney e fees; and Id) Borrower takee such action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lendei s interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment end cure ~ by Borrower, this Mortgage and the obligationa secured hereby shall remain in full forae and effect ae if no acceleration had occurred. 20. Aaeignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigns to Lender the rente _ of the Property, provided that Borrower ahall, prior to acceleralion under paragraph 18 hereof or abandonment of the Property. have the right ~ to rnllect and retain auch rents ae they become due and payable. ~ Upon aaxleration under paragraph IS hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a Y oourt to enterupon, take poeeeasion of and manage the Property and to rnllect the reots of the Property, induding thoee past due. All rnnts ~ collected by the receiver ahall be applied 5ret to payment of the ooets of managementof the Property and colleMion of rnnte, including, but not ~w limited to, receiver's feea, premiuma on receiver'e bonds and reasonable attorney e fees, and then to the suma eecured by this Mortgage. The receiver shall be liable to aooount only for thoee renta sctually received. ~ ~ ~ ~ i$lIDR t~ ~ ~ , - ~ ~ ~ - _ ~ ~ - - - - - - - - - - - ~ : . ~ _ ~ r = - ~ = ~ F . ~..~,._r~~~~-