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HomeMy WebLinkAbout0369 . • S. laipection. Gender may make or cauae w be made reawnable entriea upan ar?d irt~pectiuiu of the p~opecty, provided that l.ender shall give Borrower ~otice prior to any auch inspection specifying reasonable cause therefor related to l.ender i intereat in the Property. 9. Condem~ation.'11~e proeeeda of any award o~ claim for damages, direct or consequential, in connectio~ with any oondemnation o~ othe~ taking of the pmperty, or part thereof, or for conveyance in lieu oi oondemnation, ere hereby assigned and shull be paid to Lender. In the event ot a btal taking ot the Property, the proceedi ehall be applied to the sums secured by this Mortgage, with the e:ceas. if any, paid to Borrower. Ir? the event of a partial taking of the Property, unless Borrower and l.ender otherwiee agree in writing, then ehaU be applied W the euau aecured by this Mortgage such proportion of the procceds as is equal to that proportion which the amount oi the eums xecured by lhie Mortgage immediately prior,to the date of taking bears to the fair market ~ alue of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. I[ the Property is abandoned by Borrower, or if, aRer aotice by I.ender to Borrower that the condemnor offere to make an award or settk a claim for damages, Borrower faile to reepond to I.ender within 30 daya after the date auch notice is mailed, Lender iu authorized to collect and appiy the proceeda, at I.ender s option, either to restoration or repair of the property or to the aume eecured by thia Mortgage. Unless I.ender and Aorrower othe~wiee agree in writing, any euch application of proceeds to principal shall not e~tend os postpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amodnt of auch inataliments. 10. Borrower Not Releaeed. Exteneion of the time for puym~nt or modification of amortization ot the euma eecured by thie Mortgage ~anted by l.ender to any aucceaeor in interest of Borrower ahall not operate to mleaee, in any manner. the liability of the original Borrowe: and Rorrowei s succeaeors in intereat. l.ender ahall not be required to commence proceedinga againet auch aucceasor or refuae to extend time for payment or otherwise modify amortiiation of the sums secund by this Mortgage by reason of any demand made by the original Barrower xnd Borrower'a succesaore in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiae aPforded by appiicable law, shall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of ineurance or the payment of ta~cee or other liena or charges by Lender ehall not be a waiver of Lender a right to accelerate the maturity of the indebtednesa secured by thie Mortgage. 12 Remedies Cumulative. All remediee provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this ;liortgage or afforded by law or equity. and may be ezercieed ooncurrendy, independently or succeeeively. 13. Succeesors and Asaigne Bound; Joint and Several Liability; Captioae. The covenanta and agreementa herein contained ehall bind, and the ~ghte hereunder shall inure to, the respective aucceasora and assigna of l.ender and Borrower, aubject to the provieions of paragraph 1? hereof. AU covenants and agreementa of Eiorrower shall be joint and eeveral. The captiona and headings of the paragraphe of this Mortgage arn for covenience only and arn not to be uaed to interpret or define the provieiona hereof. . I 4. Kotice. Except for uny notice nquired under applicnble law to be given in another manner,la) any notice to E3orrower provided foc in this Mortqage shall be given by mailing auch notice by certified mail addressed to E3orrovrer at the Property Address or at such other addrese as E3orrower may deaignate by notice to Lender as provided herein, and (b) any nciice to Lender shall be given by certified mail, return receipt requested, to l.endei s address atated herein or to auch other uddreas as Lender may deaignate by notice to Borrower as provided herein. My notice provided for in this Mortgage ehall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform oovenante for national uae and non- uniform covenanta with limited variationa by jurisdiction to constitute a uniform security instrument covering rnal property. This Mortgage shall be governed by the law of the juriadiction in which the Property is located. [n the event that any provieion or clause of thie Mortgage or the Note conflicta with applicable Iaw, such contlict shall not sffect other proviaions of this Mortgage or the Note which can be given effect-~ without the conilicting provisiun, and to this end the provisiona of the Mortgage and the Note are declared to be aeverabte. 16. Borrower'e Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation herrof. . 17. 'l~anefer of the Property; Aeaumption. If all or any part of the Hroperty or an intereat therein is sold or traneferred by Borrower without Lendei s prior wriiten consent, excluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage, (b) the creation of a j pumhaae money secarity intereat for household appliances, (c) a transfer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant ot any leasehold intereat of three years or less not containing an option to purehase, L.ender may, at Lender'a option, declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior E to the sale or tranafer, I.ender and the peison to whom the Property ia to be aold or transferred rnach agreement in writing that the credit of such i ~ person is satisfactory to I.ender and that the interest payable on the sums aecured by this Mortgage ahall be at auch rate as Lender ahall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Bocrower's successor in intereat has executed a wTitten assumption agreement accepted in writing by l,ender, l.ender shall release Borrower from all obligationa under thia Mortgage and the € ti ote. ~ If Lender exercises auch option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ; Such notice shall proeide a period of not le~s than :i0 days from the date the notice is rc,ailed within which Borrower may pay thesums declared : due. If E3orrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on fiorrower, ~ invoke any remediea permitted by paragraoh Ift hereof f ; 18. Acceleration; Remediea. Ezcept es provided in paragraph 17 hereof. upon Borcower's breach ot any oovenant or 9 agreement otBorrower in thie Mortgage, including the oovenante to pay when due any aume eecured by this Mortgage, Lender ~ prior to acceleration ahell mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action ~ required to cure such bteach; (3) a date. not lesa than 30 days from the date the notice ia mailed to Borrower, by which euc6 ~ ~ breach muat be cured; and (4) that failure to cure such breach on or before the date specifed in the notice may result in ~ acceleration of the suma secured by this Mortgage. foreclosure by judicial proceeding and saleotthe Property. The notice ahall ~ further inform Borrower of the right to reinatate after acceleration snd the right to asaert in the foreclosure proceeding the ~ non-ezistence of a detault or any other defense of Borrower to acceleration and torecloeure. lf the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare aq of the sume eecured by thie Mortgage to be ~ immediately due and payable without furtherdemand and may foreclosethis Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's feea, and ' casts uf documentary evidence. abatracts and title reports. 4 ~ 19. Borrower'e Right to ReinPtate. Notwithatanding I.ender'a acceleration of the aumasecured by this Mortgage, Borrower ahall have ~ = the right to have any proceedings begun by I.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgmeni enforring this Mortgage if: Ia) f3orrower paya Lender all suma which would be then due under this Mortgage, the Note and notee securing Futurn ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other rnvenanfa or agreements of Borrower contained in this Mortgage; Ic) E3orrower pays all reasonable expensea incurred by [.ender in enforcing the rnvenante and agreemente of. Borrower oontained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ = attorney'a fees; and Id) Borrower takea auch action as [.ender may reasonably require to aseure that the lien of this Mortgage, Lender e interest ~ in the Property and Borrower's obligation to pay the euma secured by thie Mortgage ehall rnntinue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgaqe and the obligations secured hereby sha11 remain in full force and effect as if nu acceleration had occurred. = 20. Aaeignment of Rente; Appointment of Receiver. As additional security hereuRder, Borrower hereby aeaigna to Lender the rente of the Property, provided that Borrower ehall, prior to acceleration under paragraph l8 hereof or abandonment of the Property, have the right to collect and retain auch rente ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entiQed to have a receiver appointed by a ;.Y cvurt to enter upon, take poeaeasion of and manage the Property and to coqect the rents of the Property, including thoee past due. All rente collected by the r~ceiver ahall be applied firet W payment of the oosta of management of the Property and rnilection of renta, including, but not 1f limited to, receivei s feea, premiums on receiver's bonds and reasonable attorney'e feea, and then to the eume secured by thie Mortgage.'l~e receiver ehall be liable to acoount only for those renta actually received. ~ ~ BOUK PACE 3~ ~ =s< ~ ~ - ~~s _ r _ . _ - . ~