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HomeMy WebLinkAbout0604 ~ . A • • ~ ;t • • ~ 8. [~speMioa. Lender may make or cauee to be made reasoneble eatrie~ upon and ip~pectioas of th~ pmperty, provided thet l.ender ahall give Horrower notice prior w any such inapection specitying reasonable cawe therefae related to' Lerd~r'e intereat in the Property. ~ 9. CoademnaUon.'I1~e proceeda of any award or claim for damage~, direct or coneequential, in rnnnection wiW any oondemnation or other taking of the property. or part thereof. or fos conveyanoe in lieu oi condeaanation. an hereby aesigned and ahall be paid to l.ender. I~ the event of a total taking ~i the Property. the proceeds shall be applied to the sums secured by tAis Mortgage. with the excees, if any, paid to Borrower. In the event of a partial taking of the Ptope:ty, unleas Borrowaz and Lender atherwise agree in writing, there shall be applied to the sums secured by this Mort~age such proportion of the pzocecds as ia equal to that pmportion which the amount of the sua?s secured by thia Mortgage immediately prior !o the date of taking beare to the fair market value of the Property immediately prior b the date of taking, with the balancv ot the proceeds paid to Boreower. If the Propesty ie abandoned by Borrower, or if. sRer notice by Lender to Borrorrer that the oondemnor offers to make an award or settle a claim for damages, Borrower fails to reepond to Lender within 30 days after the date euch notice ia mailed. [.ender ia authorised to oollect and epply the proceeds. at I.endet's option, either to restoration or repair of the pwperty or to the suma secured by this Mortgage. Unleee I.ender and Borrower otherwise agree in writing, any auch application of pmceeds to principal shall not e:tend or poetpone the d~e date of the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the amount of euch installments. 10. Borrower Not Released. Extension of the time [or paymant or modification of aanortization of the eums eecured by thie Mortgage granted by l.ender to any succeaeor in intereat of Borrower ahall not operate to relesee, i~ any manner. the liability of the original Borrower and Borrower e aucceasors in interest. l.ender shall not be required to oomme~ce proceedinga againet euch euccesaor or refuee to e:tend time for puyment or otherwiav modify amortization of the aume aecured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower a anccesaors in interest. 11. Forbeareace by Lender Not s Waiver. Any forbearnnce by Lender in e:ercising eny right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of or preclude the e:ereiee of any such right or remedy. The procurement of ineurance or the payment of ta:es or other Uena or chargea by Lender shall not be a waiver of Lender a right to accelerate the maturity of the indebtedness eecured by this Mortgage. 12_ Remedies Cumulative. All remedies provided in thia Mortgage are dintinct and cmm~lative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e=ercieed ooncurrenUy, independendy or aucceseively. 13. Successors and Aseigns Bound; Joint aad 3everal Liability; Captions. The oovenants and agreementa herein rnntained ahall bind, and the rights hereunder ahnll inure to, the respective succeseore and asaigns of Lender and Borrower, eubject to the provieione of paragraph l7 hereof. All covenants and agreementa .of BoROwer ahall be joint and eevetal.'l~e captione and headings of the paregraphe o! this Mortgage are for rnvenience only and are not to be ueed to interpret or define the provisions hereof. 1-1_ Notiee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Iiorrower F+rovided forin this Murtgage shall be given by mailing auch notice by certified mail addresaed to Botrower et the Property Addreas or at euch other addreas as Bor~ower may designate by notice to Lender as pmvided herein, and (b) any notice to Lender aha11 be given by certified mail, return receipt requested, to I.endei s address stated herein or to auch other addreas as Lender may designate by notice to Borrower as pmvided herein. My notice provided for in this Mortgage ahalt be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform blortgage; Governing Law; 3everability. Thia form of mortgage combines uniform oovenant8 for national uae and non- uniform covenants with limited variationa by jurisdiction to oonatitute a uniform security instrument oovering real property.'l~ie Mortgage shall be governed by the law of the juriadiction in which the Propedy ia lceated. In the event that any provision or clanse of this Mortgage or the Note conflicts with applicable law, auch conflict shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furniahed a contormed oopy of the Note and of this Mortgage at the time of e=ecution or after recordation hereof. 17_ 'I~anafer of the Property; Assumption. If all or any pad of the Property or an interest therein is aold or traneferred by Borrower without Lender's prior written consent, ezcluding (a) the creation of a lien or encnmbrance aubordinate to thie Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tranafer by deviae. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold internat of three years or lesa not wnLaining an option to purchase. Lender may. at Lender's option. declare all the aums securea by this Mortgage to be immediately due and payable. Lender ahall have waived auch 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 persan is satisfactory to Lender and that the interest payable on the aums secured by this Mortgage 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 aucceasor in interest hea eaecuted a written assumption agreement accepted in writing by Lender, [.ender ahall release Borrower ftom all obligations under this Mortgage and the 4 Note. If Lender exerrises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice ehall provide a period of not leas than 30 days from the date the notice is ruailed within which Borrower may pay thesums declared ; due. If Borrower fails to pay such sume prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, p invoke any remediea permitted by paragraoh 18 hereof. • ~ 18. Acc~leration; Remedies. Ezcept se provided in paragraph 1? 6ereof, npon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenanta to pay when due any sume eecured by thia Mortgage. Lender ~ prior to acceleration ehaU mail aotice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breac6; (2) the action required to cure such breach; (3) a date, not lese than 30 daya irom the date the notice ie mailed to Borrower, by which auch ~ breach muet be cured; and (4) that failure to cure such hreach on or before the date.specified in the notice may result in acceleration of the suma secured by thie Mortgage. foreclosure by judicial procee.~ding and sale of the Property. The notice ahall further inform Borrower of the right to reinetate atter aooeleration and the right to aseert in t6e forecloeure proceeding the non-e:istence of e default or any other defenae of Borrower to soceleration and forecloeure. If the breach ia not cured on or before the date epecified in the notice, Lender at Lender'e option may declare all of t6e euma secured by this Mortgage to be immediately due and payablewithout further demand and may foreciose this Mortgage by judicial proceeding. Lender ehall be entitled to co11eM in such proceeding all e:penaea of foreclosure. including, but not limited to, reaeonable attorney's fees. and coats of documentary evidence, abstracta and title reporte. ~ ~ 19. Borrower's Right to Reinatate. Notwithstanding Lender s acceleration otthe aums aecured by thia Mortgage, Borrower shall have the right to have any proceedinga begun by Lender to enforce this Mortgage disrnntinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays Lender all suma which would be then due under thia Mortgage, the Note and notee securing Future Advances, if any, had no acceleration oocurred; (b) Borrower cures all breaches of any other covenante or egreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:penaes incurred by I.ender in enforcing the covenanta and agreemer.!e of Bonower ~ contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable attomey e feea; and (d) Borrower takes such action se Lender may reasonably require to assure that the lien of thie Mortgage, Lender's interest in the Property and Borrowei s obligation to pay the eums eecured by this Mortgage ahall continue unimpaired. Upon each payment and cure ~ •by Borrower, thie Mortgage and the obligations eecnred hereby ahall remain in full force and effect es if no acceleration had oocnrred. ~ 20. Aseignment of Reote; Appointment of Receiver. As additional sec~rity hereunder. Borrower hereby sesigna to Lender the renta ~ of the Praperty, provided that Borrower ahall, ptior b aooelrration under paragraph 18 hereof or abandonment of the Property, have the right ~ to coUect and retain such rents se they become due and payable. Upon acceleration under paragreph 18 hereof or abandonment of the Property, I.ender ehall be entitled to have a receiver appointed by a oourt to enter~upon, take poaeesaion of and manage the Property and to collect the renta of the Property, including thoee past due. All rente ~ oollected by the receiver shall be applied firet to payment of the oosta of management of the Property and coUection of renta, including, but not limited to, receiver's feea, premiums on recei+er e bonds and reasonable attorney a feee, and then to the euma secured by thie Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. ~ ~ ~ s ~i~~~~ w~CE ~ ~ ~ ~ . ~ : . . _ - _ _ - rr-;~ - ~ v . .s _ _ _ . ~ .1,~,~..,s ~