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HomeMy WebLinkAbout0512 ~ c. ~ • , r v 8. Inepection. l.ender may make ~r cauae to be made reasonable entries upo~ and inapectione of the property, provided that Lender shall give Bortower notice prior to any such inepection apecifying ~eaaoaable cauae therefor celated to Le~der'a interest in the Property. ' 9. Condemnation. The p~oceeds of any award or claim for damsgea, direct or coneequential, in connection with any oondemnation or other taking oi the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aseigned and ahaU be paid to Lender. In the event of a total takiog of the Property. the proceeda ehall be applied to the euma eecured by this Mortgage, with the excess, if any. paid to Borcower. In Lhe event of a partial taking of the Property, unleea Borrower and I.ender otherwiee agree in writing. there ehall be applied to the sume aecurrJ by thie Mortgage auch pmportion of the procfede ae is equal to thal proportion which the amount of the eums secured by this Mortgage immediately prior to the date of t,aking beara to the fair market value of the Propertp immediately prior to the date of taking, witli the balancx of the proceede paid to Bore~ower. If the Property ie abandoned by Borrower, or if, after notice by l.ender to Borrower that the oondemnor oft'era to make an award or eetde a claim for damagea. Bore+ower faila to respond to I.ender within 30 daye after the date such notice is mailed, t.ender ia authorized to collect and apply the proceeda, at [.ender'a option, either to reatoration or repair of the property or to the suma eecured by this Mortgage. Unleae Lender and Botrower otherwise agree in writing, any auch application of proceede to principal shall not extend or postpone the due date of the monthly inatallments referred to in paragraphe 1 and 2 hereof or change the amount of such inatallmente. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortization of the auma secured by thia Mortgage granted by Lender to any succeaeor in intereat of Borrower ahall not operate to mlease, in any manner, the liability of the original Borrower and Borrower's auccessora in intereat. I.ender shall not be required to commence proceedings against such suceeaeor or retuae to e:tend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reasun of any demand made by theoriginal8orrower and E3oirtower's auccessors in interest. 11. ForbeArance by I.ender Not a N?aiver. Any forbearance by l.ender in exerciaing any right or remedy hereunder, or otherwiee afforded by appiicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of ineurance or the payment of taxes or other liena or charges by Lender ahalt not be a waiver of l.ender a right to accelerate the maturity of the indebtedneea aecured by this Mortgage. 12 Remediee Cumulative. All remedies provided in thie Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciserl concurrently, independently or aucceaaively. 13. Succesaors and Aseigna Bound; Joint and Several Liability; Captione. T6e covenants and agreements herein contained shall bind, and the righta hereunder ahall inure to, the respective succeseors and aseigns of Lender and fiorrower, aubject to the proviaione of paragraph 1? hereof. All covenants and agreements of Borrower ahall be joint and eeveral. The captiens and headinga of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. l4. Notiee. F.xcept for any notice required under applicable law tc~ be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahaU be given by mailing such notice by certified mail addresaed to Borrower at the Property Addresa or at such other addrese as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to Lender's address stated herein or to such other address as l.ender may designate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or L,ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform wvenanta for national use and non- uniform covenants with limited varia!ions by jurisdiction to conetitute a uniform security instrument covering real propetty. This Mortgage ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the 1Vote conflicts with applicable law, auch conflict shall not aH'ect other provisions of this Mortgage or the Note which can be given eHect without the conflictinR pro~~sion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furnished a conformed oopy of the Note ~nd of thia Mortgage ut the time of execution or after recordation hereof. " ' 17. 'l~^anafer of the Property; Aaeumption. If all or any part of the Propetty or an interest therein is aold or tranaferred by Borrower without Lender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a pumhase money security interest for houaehold appliances, (c) a tranafer by devise, deacent or by opetation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lese not oontaining an option to purchase, Lender may, at Lender'a option, declare all the sums aecure~! by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ; to the sale or transfer, I.er.der and the person W whom the Property is to be sold or transf~rred mach agreement in writing that the credit of such ' person is satisfactory to l.ender and that the interest payable on the sums aecured by this Mortgage shall be at auch rate as Lender shall ~ request. If l.ender has waived the option to accelerate provided in this parngraph I7, and if Borrower's succesaor in interest has executed a written asaumption agreement accepted in writing by Lender, Ixndershall release Borrower from all obligations under this Mortgage and the ` Note. : . i If I.ender exercises snch option to accelerate. Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the sums declared f due_ If Eiorrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ' 18. Acceleretion; Remedies. Ezcept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in thia Mortgage. including the covenanta to pay when due any sume secured by thie Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not lesa than 30 days from the date the notice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to cure auch breach on or before the date specified in t6e notice may reault in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ahall further inform Borrower of the right to reinetate after acceleration and the right to asaert in the foreclosure proceeditig the ~ non-eziatence of a default or any other defease of Borrower to acceleration and foreclosure. If the breach ie not cared on or ~ before the date epecified in the notice. Lender at Lender's option may declare all of t6e eums aecured by this Mortgage to be immediately due and payable without furtherdemand and may foreclosethis Mortgage by judicial proceeding. Lendershall be ~ entitled to collect in such proceeding atl expenses of foreclosure. including, but ~ot limited to, reasonable attorney's fees, and - - coata ot documentary evidence. abstracts and title reporte. ~ 19. Borrower's Right to Reinatete. Notwithstanding Lender's acceleration of the sums aecured by this Mortgage, Borrowershall have the right to have any proceedinga begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all suma which would be then due under this Mortgage, the Note and notea securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cnrea aU breachea of any otherrnvenanta or agrcemenfs of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by I.ender in enforring the covenanta and agreementa of E3orrower ~ rnntained in this Mortgage and in enforcing Lender'n remedies as provided in paragraph 18 hereof, including, but not limited to, resaonable - attorney's fees; and (dl Borrower takea euch action as Lender may reasonably require to asaure that the lien of this Mortgage, Lendei s intereat ~ in the Property and Borrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure s by Borrower, this Mortgage and the obligatioris secured hereby ehall remain in full force and effect as if no acceleration had occurred. ~ 20. Aasignment of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigns 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 ~ W collect and rntain such renta as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ ~ conrt to enter~upon, take poaeeasion of and manage the Property and to rnllect the renta of the Property, including those past due. All rente = oollected by the receiver shall be applied first lo payment of the oosts of management of the Property and collection of rents, including, but not limited to, receiver e fees, premiuma on receiver's bonds and reasonable attomey'e feea, and then to the aums secured by this Mortgage_ The receiver ahall be liable to acoount only for those renta actually received. . _ s~ ~ ~ ~i R ~~~2~~4 ~ 51Z ~ : _ - _ - _ _ - ~ - - ~ b E ~ 3 _ _ _ F ~93-+:~ _ 3y ~ C ~ ~ ' _ ~}r ~ . ~ . _ . ~ y V ~ ~q~ ..i?~ h ~ : S~T~~S.x~.'*~'~~~3`~~~-r~~~ac'~-~x"'a~ . . x