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HomeMy WebLinkAbout0676 ~ ~ ~w 8. Inepectioa. Lender may make or cause to be made reasonable eatries upon and ia~pectien~ o{tM~property, p~d that Lender shall give Borrower notice p~or to eny such inspecaion specifying reasonable cawe there[or related to C~nder'. intereat in tL~ Property. ' 9. Coademnetloa.'Il~e procceda of ar?y award or claim for dama~es, direct or consequential. in oonnection witA e~ij?icondemnatio~ or + other taking of the property, o~ part thereof, or for rnnveyance in lieu of oondeimnation. are hereby a~eigned ead shall bs paid to I.ender. I~ the event of a'total tal~ing of the Propedy, the proceeds shall be applied to the snme secured by t1w Mortgage. wiW the excees. if any. ' paid b 8orrower. I~ We event of a paitial taking of the Prop~ty. anles~ Bot:owez and Leader otherwise agree ia writia~, there ahall be ; applied b the sums secured by this Mor~age such propoction of the proceeds as is equal b that pcoportion which the amouat of the ~ww ' secured by this Mortgage immediately prior to the dat~e of taking bean to the fair market value of the Property immedietely prior b the date of taking, with the balanca of the pe~oceeds paid b Borrowe~. ~ If the Proputy is abaadoned by Borrower. or if. aRer aotice by Lender Lo Borrower that the oondemnor olfers to make aa award or settk a claim for damages. ~iorroarer fails to tespond to Lender withia 30 days atter the date auch notioe is mailed, Lender ie authorir~i to coUect and apply the proceeds. at I.ender s option. eith~ to natoration or repais of the pmper4y or to the swns ~ecured by this Mortgage. ~ Unless Lender and Borrower otherwise agree ia writin8. anY such application of prooeeds to principal ahall not ~tend or poetpone the due ' date of the monthly installmsnts referred to iA paragrapha 1 aad 2 hereof or change the amount of such installments. ' 10. Borrower Not Reteaeed. E:tens:on of the time for paymsnt or modification of amortiaetion of t6e aume secured by thie Mortgage granted by l.ender to any eucceseor in intereet of Borrower shall not operate to release, in any manner, the liabi6ty of the original Borrower and Borrower'a aucceseots in interee~ Lender ahell not be required to oommence proceedinge against auch aucceaeor or refuee Lo e:Lend time for payment or otherwise modity amortization ot the eums aecured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower s succeseora in iMeres~. : 11. Forbearanoe by Leader Not a Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder. or otherwise aPforded by applicable law. ehall not be a waiver of or preclude the e:ercise of any such right or remedy.'11~e procurement of ineurance or the payment of ta~ies or other liens or chargea by Lender ehall not be a waiver of Lender's right to accelerate the raaturity of the indebtedneas secured by thie Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are diatinct and camulative to any other right or remedy under thia Mortgage or af~orded by law or cquity, end may be exerriee~i ooncarrendy, independently or snccesaively. 13. Succeseors and Aseigne Bound; Joint and 3everal Liability; Captione. The rnvenants and agreemenLe herein oont~ined shall bind, and the rights hereunder ahall inure to, the respective succeseora and assigne of Lender and Borrovrer, subject to the provisiona of paragraph 1? hereof. All covenanta and agreemente of Borrower ehall be joint and several. The captions and headings of the paragiraphs of thia Mortgage are for cc?venience only and are not to be ueed to interpret or de6ne the provisiona hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage ahaU be given by mailing anch notice by certified mail addresaed to Borrower at the Property Addreea or at euch other addreea as F3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requested, to Lender'a addreae atated herein or to euch other addreae as Lender may deaignate by notice to Borrower ae provided hereia. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15_ Uniform Mortgage;Goveraing I.aw; 8everability. Thia form of mortgage combinea uniform oovenanfa for national use and noa- unifora~ covenants with limited variationa by juriadiction to oonetitute a uniform aecurity instruruent oovering real property. Thie Mottgage shall be governed by the law of lhe juriadiction in which the Property ia located. In the event that any provic+ion or clause of thia Mortgage or the Note conflicts with applicable law, such contlict ahall not affect other provieiona of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverabte. ~ 16. Borrower'e Copy. Borrower shatl be furniahed a oon[ormed oopy of the Note $nd of this Mortgage at the time of e~ution or after recordation hereof. 17. Tranafer o! the Property; Assumption. If all or any part of the Property or an interest therein is aold or transferrEd by Borrower without Lender'a prior written conaent, e~ccluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage. (b) the creation of a purchase money aecurity intezest for houeehold appliancee, (c) a tranefer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or lesa not oontaining an option to purchase. Lender may, at Lender'e option. declare all the auma eecurea by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the sale or transfer, Lender and the peraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of euch person iB satisfactory to Lender and that the interest payable on the aume secured by thie Mortgage ehall be at auch rate as Lender ahall request_ If Lender has waived the option to accelerate pmvided in this paragraph 1?, and if Borrower's auccessor in intereat has ezecvted a written assumption agreement accepted in writing by Lender, Lender shall releaee Borrower from all obligationa under this Mortgage and the Note. f If Lender e:ercisea such option to accelerate, I.ender shall mail Borrower notice of acceleration in socordance with paragraph 14 hereof. I Such notice shall provide a period of not less than 30 days from the date the notice is ~nailed within which Borrower may pay the suma declared ~ due_ If Borrower faila to pay auch sums prior to the expiration of such period, t.ender may, without further notice or demand on fiorrower, ~ mvoke any remediea permitted by paragraoh 18 hereof. ' ~ 18. Acceleration; Remedies. Ezcept as prnvided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in tUis Mortgage. including the oovenanta to pay w6en due any enms secured by thia Yortgage, Lender prior to aoceleration ehallmail notice to Borrower es provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not leee than 30 daya from the date t6e notice ie mailed to Borrower, by whic6 such ~ breach must be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may reault ia l acceleretion of the sume eecured by this Mortgage, forecloeure by judicial proceeding and ealeof the Property.T6e notice ehail further inform Borrower ot the right to reinstate after acceleration and the right to asaert ia the toreclosure praceeding the ' non-ezistence of a default or any other defense of Borrower to soceleration and forecloeure. If the breach is not cured on or b~:fore the date epecified in the notice, Lender at Lender's option may declare all of the sums secured by thie Mortgage fo be immediately due and payeble without further demand and may forecloae this Mortgage by judicial proceeding. Lender ehel! be ~ entitled to collect in such proceeding sll expenaea of forecloeure, including, but not limited to, reaeonable attorney'alees, and costa of documentary evidence. abetracte and title reports. 19. Borrower's Right to Reinetate. Notwithstanding Lendei a acceleration of the aume eecured by this Mortgage, Borrower ahall have the right to have any proceedinga begun by Lender W enforce thia Mortgage discontinued at any time prio~ to entry of a judgment enforring ~ thie Mortgage if: (a) Borrower pays L.endrr all suma which would be then due under this Mortgage, the Note and notes eec~ring I~ture ~ 4dvancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreemente of Borrower contained in ~ this Mortgage; (c) Borrower pays all reaeonable expenses incurred by Lender in enforcing the oovenania and agreements of Bonower ~ aontained in this Mortgage and in enfonting Lender e remedies as provided in paragraph 18 hereof, includiag, but not limit,ed to, reasoneble attorney'e fees; and (d) Borrower takea snch action as Lender may reasonably require to asaure that thelien of thia Mortgage, Lender's interest in the Property and Borrower'a obligation to pay the suma secured by ihia Mortgage ahall continue unimpaired. Upon euch payment and cure ~ by Borrower. thia Mortgage and the obligationa secured hernby ahall remain in full force and effect ae if no acceleration had oocarred. ~ Z0. Aasignment of Rents; Appointment of Receiver. AB additional eecuriiy hereunder, Borrower hereby aeeigns to I.ender the rente of the Property, provided that Borrower ahail, prior to acceleration under paragraph 18 hereof or abandonment of the Ptoperty, have the right to colled and retain such rents as they become due and payable. ~ ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a ~ oourt to enter~upon, take possesaion of and manage the Property and to rnllect the renta of the Property, including thoee past due. A1) rents ~ collected by the receiver shall be epplied first to payment of the oo6ts of management of the Property and rnllection of rente, including, but not limited to, receiver's feea, premiums on receiver's bonde and reaeonable attorney's feea, and then to the aums aecured by thie Mortgage. The ~ receiver ahall be liable to acoount only for thoee rente adually received. ~ ~0~ ; ~ QR ~~7V PACf . ~4 ~ _ ~ ~ • - - - , - ' ~ _ ~ i Y ~ ~ ` - - - - - ~ r b ~ a_~ ~ . ~ . .J ~ ~