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HomeMy WebLinkAbout0520 8. Inspcction. I.ender may make or cauee to be made reaeonable entries upon and inspectione ~ lhe pn?perty, provided lhet Lender shall give Borrower notioe prior to any such inepection specifying reasonebie Eause fberefor rel~ tQ Lender'e intereat in the Propeety. 9. Coademnetion. The procEede of any award or claim [or damages, direct or conaequ dAl; in connection with any oondemnation or other taking of the property, or part theroof, or for oonveyance in lieu of oondemnation, are hereby aeeigned and ahall be paid to Lender. In the event of a total taking of the Property. the pmceeds ehall be applied to the aume secured by thie Mortgage, with the e~ccesa, if any, paid to Borrower. In the event of e pa~tial taking of the Property, unless Borrower and L.ender otherwiee agree in writing, there shall be applied to the sums eecured by this Mortgage euch proportion of the proceeda ea ia equal to that proportion which the atnount of the aums secured by thie 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 proceeda paid to Borrower. lf the Property is abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the oondemnor oftere to make an award or eettle a claim for damagee, Borrower fails to reapond to L.ender within 30 daye aRer the date euch notice ie mailed, l.ender is authorized to collect aad apply the proceeda, at Lender e option, either to reetoration or repair of the pmperty or to the sume eecured by thie Mortgage. Unlesa Lender and Borrower otherwiee agree in writing, any such application of proceeda to prinripal shall not extend or postpone the due date of the monthly inataUmenta referred b in paragraphs 1 and 2 hereof or change the amount of auch inatallmente. 10. Borrower Not Released. Eatenaion ot the time for payma~t or modification of amortization of the euma secured by thia Mortgage granted by l.ender to any aucceaeor in intereat of Borrower shall not operate to releaee, in any manner. the liability of the original BorrowPr and Borrowe~ e succeasore in intereet~ Lender shall not be required w oommence proceedinge againet such euccessor or refuee to extend time for payment o~ otherwise modify amortization of the sums secured h~ this Mortgage by reason of any demand made by the original Borrower and Bor?rower's succeasora in intereat. 11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any anch right or remedy.l'he procurement of insarance or the payment of taxes or other liena or charges by Lender ehaU not be a waiver of Lender'e right to accelerate the meturity of the indebtedneae secured by thie Mortgage. _ _ 12 Remediee Cumulative. All rnmediea provided in this Mortgage are distinct and cutnulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciee~ ooncurrently, indepeqdently or aucceesively. 13_ Succeseore and Aaeigns Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained ahall bind, and the rights hereunder ahall inure to, the reepective succeseore and assigna of Lender and Borrower; subject to the proviaione of paragraph 17 hereof. All covenants and agreements of Borrower ahalt be joint and eeveral. The captions and headings of the paragraphs of - this Mortgage are for covenience only and are not to be used to interpret or define. the pmviaione hereof. ~ 14. Notice. Except for any notice required under applicabte law to be given in another manne;, (a) any notice to Korrower provided for in this Mortgage ahall be given by mailing such notice by certified maii addresaed to Borrower at the Property Addreae or at auch other addrese ae Borrower may deaignate by notice to Le~der as provided herain, and (b) any notice to Lender ehall be given by certified mail, return receipt requested, to Lendei a address stated herein or to euch other add~ess as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage ahail 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 combinea uniform covenanta for national use and non- uniform covenanta with limited variatione by juriadiction to oonetitute a unifotm security instrument covering real property.'l7iie Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clauae of this Mortgage or the Note conflicts with applicable law, such conDict ahall not af~ect other provisiona of this Murtgage or the Note which can be given effect without the conflicting proviaion, and to thia end the provisions of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower shall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17_ 'ltiransfer of the Property; Assumption. If all or any part of the Property or an intereat therein is sold or transferred by Borrower without Lender's prior written consent, eacluding (a) the rreation of a lien or encambrance subordinate to this Mortgage, (b) the creation of a purchase money security intereat for houeehold appliances, (c) a tranefer by devise, descent or by operation of law upon the death of a joint tsnant or (d) the grant of any leaeehoid intereat of three years or less not oontaining an option to purchase, Lender may, at Lender's option, declare all the aums securetl by this Mortgage to be immediately due and payablt. Lender ahalt have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such person is satiafactory to Lender and that the interest payable on the sums secured by this Mortgage ahali be at such rate as Lender shall • request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a succesaor in interest has executed a ' written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations underthis Mortgage and the j ; Note. . ~ If Lender exercises auch option to accelerate, I.ender ahall mail Borrower noEice of acceleration in aecordance with paragraph 14 hereof. ~ Such notice shall provide a period of not tess than 30 days from the date the notice is ~r.ailed within which Borrower may pay the sums declared i due. If Borrower faila to pay auch sums prior to the expiration of such period, Lender may, v~~thout further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by paragranh 18 heteof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in t6ia Mortgage, including the wvenante to pay when due any eums secured by thie Mortgage, Lender ~ prior to acceleration shell mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) tbe breach; (2) the action ~ required to cure such breach; (3) a date. not lesa than 30 days from the date the notice is mailed to Borrower, by which euch ~ breach muet be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in ; acceleration of the aume secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice shall ~ further inform Borrower of the right to reinatate after acceleration end the right to aasert in the forecloaure proceeding the ~ non-e:iatence of a default or any other defenae of Borrower to acxeleration and forecloeure. If the breach ia not cured on or ~ before the date specified 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 e:penses of toreclosure, including. but not limited to. reasonable attorney's fees. and ~ coats of documentary evidence, abetracts and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithatanding L.ender's acceleration of the aums secured by this Mortgage, Borrower ahall have ~ the right to have any prooeedinga begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays L.ender all aums which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advanoes, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or agreementa of Borrower contained in this Mortgage; (c) I3orrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreementa of Boaower ~ oontained in this Mortgage and in enforcing Lender's rnmedies as provided in paragraph IS hereof, including, but not limited to, reasonable ~ attomey'a fees; and (d) Borrower takea such action se Lender may reasonably require to asaure ihat the lien of this Mortgage, Lender'a intereet in the Property and Borrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full foroe and effect as if no acceleration had occurred. = 20. Aesignment o[ Rents; Appointment of Receiver. As additional se~curity hernunder, Borrower hereby asaigna to I.ender the renta ~ of the Property, provided that Borrower sha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to coUect and retain euch renta as they become due and payable. = Upon acce?eration under paragraph 18 hereof or abandonment of the Property, Lender shail be entided to have a rnceiver appointed by a. oourt to enter~upon, take poaeesaion of and manage the Property and to collect the rents of the Property, including those paat due. All renta 4 collected by the receiver shall be applieci first to payment of the ooats of management of the Property and collection of rente, including. but not limited to, receivei a feee, premiums un receiver's bonds and reasonable attomey e feee, and then to the aums aecured by this Mortgage. The receiver shall be liable to acoount only for those rents actualiy received. ~ ~ ~ ~ ~ a~~~ 294 ~~E 520 ~ ~ , . ~ . _ , - - ~ - - : ~ - ~ ~ - - t ~`5 ~ tz;.. ~ id F . H. Y..._., `K ' ~k~_ 4~ . . ' - b~x~a.~..~'~.~~:~.R^-. 3~..~~ F. ..ti ' ~ ~ ~ ~ r r~ ~ '~~~~i~'."~~