The URL can be used to link to this page

Home My WebLink About0696 . • ' h . ` , . , 8. Iaspection. Lender may make or cauee to be made reasonable entsies upon and inspections of the property, provided that I.ender shall give Borrower notice prior to anp such inepection speci[ying reaaonable cauee therefor related to I.etidei s intereet in the Property. 9. Coademnwtioa. The proceeds of any award or claia? for damagea, direct or consequential, in connection with any oondebnation or other taking oi the pmperty, or part thereof. or for conveyance in lieu of oondemnation, are hereby aesigned and shall be paid to Lender. In the event oi a tutal taking of the Property, the proceeds shell be applied to the sums secnred by this Mortgage, with the e:cees. i[ any. paid to Borrower. In the avent o! a partial taking o! the Property. unleee Borrowet and Lender otherwiee agree in writing, there shall be applied to the sama secured by this Mortgage auch proportion of the proc~eds as is equal to that pmportion which the amount of tt~e sums eecured by this Mortgage immediately prior to the date of taking bears to lhe fair martet value of the Property immediately prior to the date of taking. with the bala~t of the proceedi paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the rnndemnor ofiers to m eke an award or settle s claim for damages. Borrower fails to respond to Lender within 30 daye afier the date auch notice is mailed. Lender ia authorised to collect and apply the pmceede, at Lender's option, either to restoration or npair o! the property or to the suma secured by thie Mortgage. Unleas [.ender and Borrower otherwise agree in writing, any such application of proceeda to principal ahell not e:tend or postpone the due date of the monthly installmenta referred to in paragraphe 1 and 2 hereof or change the amount of auch inetallments. _ 10. Borrower Not Released. Extenaion of the time [or paymant or taodification of amortization of the euma secured by this Mortgage granted by I.ender to any succeaeor in interest of Borrower ahaU not operate to release, in any ulanner, the liability of the original Borrower and Borrower's succeasors in intereat. t.ender shall not be required to oommence proceedinga againat auch euccessor or refuse to e:tend time for pa~yment or otherwiae nmodify amortization of the auma secured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower a aucY~easora in i~terest. I 1. Rorbearanoe by I.eader Not a R?aiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwise afforded by applicable law. ahall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of inaurance or the payment of t~ea or other liene or chargea by Lender ahaU not be a waiver of Lender a right to accelerate the maturity of the indebtedneae aecured by this Mortgage. ! 2. Remedies Cwnulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity, and may be ezerciee~l ooncurrently. independendy or suooeasively. 13. Succeaeore and Assigns Bound; Joint and 3everal Liability; Captione. The oovenanta and agreemente herein contained ahall bind, and the righta hereunder shall inure to. the reapective auc~oeasore and aeaigna of Lender and Borrower, subject to the proviaions of paragraph 17 hereof. All covenanta und agreements of Borrower ahall be joint and eeveral. The captions and headings of the paragraphe of thie Mortgage are for covenience only and are not to be ueed to interpret or define the provisiona hereof. 14. Notice. Except for any noiice required under applicable law to be qiven in another manner, !a) any notice to Bonower provided for in this Mortgage shall be given by mailing such notice by certified maii addreased to Borrower at the Property Addreae or at such other addreae as Borrower may deaignaie by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender's address atated herein or to auch other addreas as Lender may designate by notice to Borrower aa provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgege; Governing I.aw; 3everability. This form of mortgage combinea uniform covenant8 for national use and non- uniform covenanta with limited variations by jurisdiMion to conatitute a uniform security instrument covering real property. This 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 thie Mortgage or = the Note conflicta with applicable law, such conflict ahall not affect other provisiona of this Mortgage or the Note which can be given effect . w~thout the conflicting proviaion, and to this end the provisiona of the Mortgage and the Note are declared to be aeverable_ lF. Borrower's Copy. Borrower ehall be fumiahed a conformed rnpy of the Note and of thia Mortgage at the time of e:ecntion or after . recordatio*n hereof. i 7. 'I~anafer of the Property; Assumption. If all or any part of the Property or an intereat therein ia eold or traneferred by Borrower without Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchese Q:oney aecurity iatereat for hoasehold appliancea, (c) a transfer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any Ieaeehold interest of three years or less not oontaining an option to pnrchase, Lender may, at Lendei s option, declare all the aums secured by this Mortgage to be immediately due and payable_ Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the peraon Lo whom the Property ie to be aold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the intereat payable on the suma secured by this Mortgage shall be at such rate aa Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a succesaor in interest hae e:ecuted a w-ritten asaumption agreement accepted in writing by Lender, Lender shall relesae Borrower from all obligations under thia Mortgage and the Note_ If Lender exercisea such option to accelerate, L.ender shafl mail Borrower notice of acceleration in accordance with paragraph 14 hereoL j Such notice shall provide a period of not less than 30 days from thedate the notice is mailed within which Borrower may pay the sums declared ~ due. If Bonower fails to pay such sums prior to the expiration of such period, L.ender may, without further notice or demand on $orrower, ~ invoke any remediea permitted by paragraoh 18 hereof. ~ S 18. Acceleration; Remedies. Ezcept as provided in paragrap6 17 hereot, upon Borrower's breach of any oovenant or ~ agreement of Botrower in t6ia Mortgage. including the oovenants to pay when due any sume secured by thie Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lese than 30 days from the dete the notice ie mailed to Borrower, by which such breach must be cnred; and (4) that failure to cure euch breach on or before t6e date specifed in the notice may reault in acceleration of the suma secured by thie Mortgage, foreclosure by judicial proceeding and sale of t6e Property. The notice shall further inform Borrower of the right to reinatate aRer acceleration and the cight to a8sert in the foreclosure proceeding the non-e:iatence of a default or any other defenee of Borrower to acceleration and foreclosure. If the bresch ie not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of ttte suma aecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding al l ezpensea ot foreclosure, including, but not limited to. reasonable attorney's feee, and coste of documentary evidence, abstracts and tide reporta. 19. Borrower's Right to Reinatate. Notwithetanding Lender's acceleration of the aums aecured by lhis Mortgage, Borrower ahall have the right to have any pra.~eedinge begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) $orrower paya Lender all suma which would be then due under this Mortgage, We Note and notea securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenants or agreements of Borrower rnntained in thie Mortgage; (c) Borrower pays all reasonable expen~es incurred by Lender in enforcing the covenante and agreements of Borrower contained in this Mortgage and in enforcing Lendei a remedies as provided in paragraph 18 hereof, including, but not limited to, reseonable ~ attorney's fees; and ld) Borrower ta~ces such action as Lender may reasonably require to aeaure that the lien of thia Mortgage, Lender's intere8t ~ in the Property and Botrower s obligation to pa~y the aums aecured by thi8 Mortgage ehall continue unimpaired. Upon euch payment and cure bp Borrower, thie Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aeeignment of Rente; Appointment of Receiver. Ae additional eecurity hereunder, Borrovrer hereby aseigne 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 ~ to collect and retain auch renta ea they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ court to enter~pon, take posaesaion of and manage the Property and to collect thte rents of the Property, including thoee paet due. All renta ° oollected by the receiver shall be applied firet to payment of the ooet8 of managementof the Property and oollection of rente, including, but not ~ limited to, receiver's feea, premiuma on receiver's bonda and reseonable attorney's fees, and then to the siuna secured by thie Mortgage. The ~ receiver ehall be liable to acoount only for thoae rente actually received. ~ ~ ` ~ t? R 80p~ ~ pq~ b'~ ~ ~ , ~ £ ~ ; - s . -_-o.>- s - - - - ~ = ' . 4-~ ~ ~.v.~~~~ ~ w ~ - - , _~.u ;a~-~._,.~ ~