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HomeMy WebLinkAbout0818 , . f . , ~ . , . 8. Inspection. l.ender may make or cauee to be made reaeonable entriee upon and inepectione of the property, pruvided that L.ender ehall give Bo~rower notice prior to any such inspection specifying reasonable cause therefor related to l.ender'e intereat in the Property. 9. Coademaation.'I1~e proceeds of any eward or claim for damages, direct or conaequential, in connection with any oondemnation or uther taking of the pmperty, or part thereoi, or for conveyance in lieu of rnndemnation, are hereby aeeigned and shall be paid to I.ender. ln lhe event of a total taking of the Property, the proc~eede ahall be applied to the eums aecured by thie Mortgage, with the e:ceea, it any, paid to Borrower. In the event of a pertial taking of the Property, unleee Bocrower and Lender otherwiee agree in writing, there ehall be npplied to the euma secured by this Mortgage such proportioa of the pmceede as is equal to that proportion which the amount of the euma secured by this Mortgage immediately prior to the date of taking bears Lo the fair market value of the Property immediately prior to the date ot taking, with the balanc~ of lhe proceeds paid to Borrower. If the Property ia abandoned by Borrower, or ii, aRer notice by Lender to Bortower that the condemnor offere to mal~e an award o: settle a • daim for damages, Borrower fails to reapond to I.ender within 30 days after the date euch notice ie mailed, Lender is authorised to collect and apply the prooeeds, at Lender a option. either to resLoration or repair of the property or to the aume aecured by this Mortgage. Unlees I.ender and Borrower otherwiee agree in writing, any auch application of proceede to principal ehall not extend or postpone the due date of the monthly inetallments referred to in paragrapha 1 and 2 hereof or change the amount of such inetalimenta. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the aume secured by this Mortgage granted by Lend~ to any succesaor in intereat of Borrower ahall not operate to mleuse, in any manner, the liability of the original Borrower and Borrowei s auccesaors in interest. I.ender shall not be required to rnmmence procredinga against auch succesaor or refuse to e:tend time for payment or otherwise modify amortization ofthe suma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower'a successora in interest. ~ 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwiee afforded by appGcable law, ahall not be a waiver of or preclude the exerciee of any auch Tight or remedy. The procurement of inaurance or the payment of taxes or other liena or chargea by Lender ahall not be a waiver of [.ender'a right to accelerate the maturity of the indebteslnese secured by this Mortgage. ~ 12. Remediee Cumulative. All remediea pmvided in thie Mortgage are dietinM and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and roay be e:ercised concurrently, independently or succeaeively. 13_ Succesaors and Aseigne Bound; Joint and Several Liability; Captione. The rnvenante and agreements herein rnntained ehall bind, and lhe righta hereunder ahall inure to, the reapective successors and aesigne of Lender and Borrower, aubject to the provisiona of paragraph 17 hereof. Al! covenanta and agreements of Borrower shall be joint and several. The captiona and headings of the paragrapha of this Mortgage are for covenience onty and are not to be used to interpret or define the pmviaions 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 Mortqage shall be given by mailing such notice by certified maii addreased to Borrower at the Property Addrnsa or at such othet addreae as Korrower may desiqnate by notice to I.ender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to Lender'a address stated hernin or to auch other address as Lender may designate by notice to Borrower ax provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to f3otrower or [.ender when given in the manner deaignat~d herein. 15. Uaiform ~lortgage; Governing I.aw; Severability. Thia form of mortgagecombines uniform covenants for nstional use and non- uniform covenants with limited variationa by jurisdiction to conatitute a uniform security instrunient oovering real property. This Mortgage whall be governed by the law of the jurisdiction in which the Property is located. In the event that any provu+ion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not af'fect other provisions of this Mortgage or the Note which can be given effect w•ithout the rnnflicting pmvision, and to this end the proviseons of the Mortgage and the Note are declared to be severable. 16. Bortower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thie Mortgage a; the time of execution or after recordation hereof. 17. 'Itiraneter of the Property: Assumption. If all or any part of the Property or an intereat therein is sold or tranaferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purcha8e money security interest for houaehold appliancea, (c) a transfer by deviee, descent or by operation of law upon the death of a joint :enant or (d) the grant of any leasehold intereat of three yeare or leas not rnntaining an option to purchase, Lender may, at Lender's option, declarn ail the sums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or tranafer, I.ender and the peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch ' person is satislactory to Lender and that the interest payable on the aums secured by this Mortgage shall t?e at such rate ae Lender shall request. If Lender has waived the option to accelerate provided in thia paragrAph 17, and if Borrower's auccessor in interrst has executed a w•ritten assumption agreement accepted in writing by I.ender, Lender ahall release Borrower from all obligations under this Mortgage and the `ote_ ~ If I.ender exercises such option to acceierate, Lender ahall mail Borrower notice of acceleration in accordance v?~th paragraph 14 hereof. ' Such notice shall pro~ ide a period of not less than 30 days from the date the notice is rnailed within which Borrower may paY the sums declared ; due. If Borrower fails to pay such sums prior to the expiration of such period, i.ender may, without further notice or demand on l3onower, ~nvoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breac6 of any covenant or s agreement of Borrower in thia Mortgage, including the covenants to pay when due any sums aectired by thie Mortgage. Lender ~ prior to acceteration shali mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action s required to cure such breach;l3) a date, not less than 30 daye from the date the notice is mailed to Borrower, by which euch 3 hreach 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 aums aecured by thie Mortgage. foreclosure by jadicial proc~c,~eding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinatate after acceleration and the rig6t to asaert in the loreclosure proceeding the ; non-ezietence of a default or any other defenee of Borrower to aoceleration and forecloaure. If the breach ie not cured on or # before the date specified in the notice. Lender at Lender's option may declare all of the eume secured by thie Mortgage to be immediately due and payable without further demand and may foreclose this Mortgege by judicial proceeding. Lender s6a11 be ~ entitled to coliect in such proceeding all e:penaes of foreclosure. including. but not limited to, reasonable attorney's fees, and ~ costs of documentary evidence, abatracte and title reporta ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the auma secured by this Mortgage, Borrower shall have the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing - this Mortgage iL• (a) Borrower paya L.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other wvenante or agreements of Borrower contained in thie Mortgage; fc) Borrower paya all reasonable expensea incurred by Lender in enforcing the covenanta and agreementa of Borrower ~ oontained in this Mortgaqe and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a[eea; and (d) Borrower takea such action as Lender may reasonably require to assure that the lien of thie Morigage, Lender'a interest - in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, thia Mortgage and the obligations aecured hereby shall rnmain in full force and effect as if no acceleration had occurred. 20_ Aseignment of Reate; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the rente ~ of the Property, provided that Borrower ehall, prior to acceleration under paragtaph 18 hereof or abandonment of the Property, have the right to collect and retain auch rent8 as they become due and payable. - Upon acceleration nnder paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reoeiver appointed by a oourt b enterLpon, take possesaion of and manage the Property and to coilect the rnnts of the Property, including those past due. All renta - oollected by the receiver ahall be applied firat W payment of the coste of management of the Property and rnllection of rents, including, but not limited to, receivei s feea, premiuma on receiver's bonda and reasonable attorney'e teea, und then to the suma secured by this Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. ~ ~ 9 F 1 ~ goRx ~4 rACE ~1~ - , - . - - - - _ _ ~ ~ _ ; ~ v ; ~ , <ti. ~ ° : ~ : ~ ~ ~ _ , . . ~ t~.~.:~°~~~