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HomeMy WebLinkAbout0212 . . . 8. lnepection. L.eader may make or cause to be made reaevnable entries upon and inepectiona of the properly, provided that I.ender ahall give Barrower notice prior to uny auch inapection apecifying maeonable cauae therefor related ta Lender'a interest in the Property. 9. Condemnatlon. The proceeda of any award or claim for damagee, direct or coneequential, in connection with any condemnation or other taking ot the property, or part thereof, or for rnnveyance in lieu of condemnation, are hereby aesigned und ahaU be paid to Lender. ln the event of e total taking of the Property, the proceeds shall be applied to the aume secund by thie Mortgage, with the e:ceas, if any, paid to Borrower. !n the event of a partial taking of the Property, unleas Borrower and I.ender otherwiee agree in writing, there ehall be applied to the sums aecured by thie Mortgage euch proportion ot the proceeds ae ie equal to that proportion which the amount of the eums secured by this Mortgage immediately prior io the date of taking beara to the fair market value of the Property immediately prior to the date of taking, with the balanca ot the proceeda paid to Borrower. If the Property ie abandoned by Borrower, or if, aRer notice by l.en;ler to Borrower that the uondemnor o~ere to make an award oY eettle a claim for damagee. Borrower faila to reepond to L.ender within 30 days after ihe date such notice is mailed, Lender is authorized to collect and apply the proc~eeda, at l.endei a uption, either to reetoration or repair of the property or to the sums eecured by thie Mortgage. Unleae I.ender and Borrower otherwiee agree in writing, any such application of proceeda to principal shall notextend or poetpone the due date of the monihly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallments. 10. Borrower Not Released. Exteneion of the time for paym~nt or modificatio~ of amortization of the sums secured by this Mortgage granted by I.ender to any succeasor in intereat of E3orrower ahall not operate to release, in nny manner, thr liability of the original Borrower and Borrower's successors in interest. Lender ahall not be required to commence proceedinga againat auch succeasor or refuae to extend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reason of uny demand made by the original Borrower and Borrower's succesaors in interest. 1 l. Forbearance by Lender Not s VNaiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiae afforded by applicable law, ahall not be a waiver of or preclude the exerciae of any euch right or remedy. The procurement of inaurance or the payment of taxea or other liena or charges by I.ender shall not be a waiver of Lender's right to accelerafe the maturity of the indebtedneas secured by thie Mortgage. . 12 Remedies Cumulative. All remedies provided in thie Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exercise~i concurrenUy, independently or succeaeively. 13. Succeasore and Asaigns Bound; Joint and Several Liability; Captione. The covenants and agreementa hernin rnntained ahall bind, at~d the rights hereunder ahall inure to, the respective succesaors and asaigns of Lender and Borrower, aubject to the provieione of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joint and several. The captiona and headinga of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable lave to be given in another manner, (a) any notice to E;orrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ae Borrower may designate by notice to I.ender as provided herein, and (b) any notice to l.ender shall be given by certified mail, return receipt reyuested, W l.ender'a addresa stated herein or to such other address as l.ender may designate by notice to Borrower as provided herein. Any notice provided 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; Governing Law; Severability. This form of mortgage rnmbines uniform oovenants for national useand non- uniform covenanta with limited variations by jurisdiction to conatitute a uniform security instrument rnvering real pioperty. This Mortgage ahall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict ahall not affect other pro~lsions ~f this Mortgage or the Note which can be given effect withuut the conflicting proviaion, and to this end the pro~~sions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 1~. Trenafer of the Property; Asaumption. If all or any part of the Property or an intereat therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbcance subordinate to this Mortgage, (b) the creation of a ~ purchase money security intereat for household appliances, (c) a transfer by devise; d.acent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any leasehold interest of three years or lesa not rnntaining an option to purchase, Lender may, at Lender's option, ~ declare all the aums secured by this Mortgage to be immediately due and payable. Lender shall have waived such optioa to accelerate if, prior ~ to the aale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such t person is satisfaMory to Lender and that the interest payable on the sums secured by this Nortgage shall be at auch rate as Lender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a written asaumption agreement acceptedin writing by I.ender, Lender shall release Borrower from all obligations under this Mortgage and the ~ Note. If t.ender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall pro~ ide a period of not less than 30 days from the datx the notice is mailed within which Borrower may pay thesuma declared ~ due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on I3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remediea. Except as provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or aareement of Borrower in this Mortgage. including the covenants to pay when due any suma secured by this Mortgage. Lender prior to acceleration ahall mail notice to Borrower aa provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daya from the date the notice is mailed to Borrower. by which such ~ breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ` ~ acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of t6e right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other detenae of Bonower to acceleration and foreclosure. It the breach is not cured on or ~ before the date speci£ed in the notice, Lender at Lender's option may declare all of the sums aecured by this Mortgage to be ~ immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial prceeeding. Lender shall be ~ entitled to colleM in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees, and ~ costs of documentary evidence. abatracts and title reports. ~ 19. Borrower's Right to Reinatate. Notwithstanding Lendei s acceleration of t}~eauma secured by thia Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by I.ender to enforce thisMortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: lay $orrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes aecuring Future ~a Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenanta or agreements of Bonower contained in ~ this Mortgage; (c} Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreements of Borrov~er contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, ceasonable = attorney'a fees; and ld) Borrower takes auch uction as Lender may reasonably require to assure that the lien of this Mortgage, Lendei e intereet in the Property and Borrower s obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall rnmain in full force and effect as if no acceleration had occarred. 20. Aesignment of Renta; Appointment of Receiver. As additional secarity hereunder, Borrower hereby asaigna to Lender the renta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to rnlleet and retain such rents as they become due and payable. 3 Upon acceleration undeT paragraph 18 hereof or abandonment otthe Property, I.ender ahall be entitled to have a receiver appointed by a ; oourt to enterLpon, take poasesaion of and manage the Property and to collect the rents of the Property, including those past due. All rents r`~ collected by the teceiver shali be applied firat to payment of the ooata of management of the Property and collection of rente, including, but not Iimited to, receiver's fees,-premiums on receiver's bonda and reasonable attorney's feea, and then to the suma secured by this Mortgage. The receiver ahall be liable to account only for those rents actually received. ~ ~ _ s~R~ ~94 ~a~F 212 5 . - . _...a_ : . ' _ _ . _ II~ Tr ~'~~?m.-w'°~~"3'S-FN .tLUa'-:'~~"i,..+~:n.~.s.2........ ~ a.~~:~r_'c~~+~X.'!~