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HomeMy WebLinkAbout0027 ~ ~ . •~r ~ ' . . H. I~epection. I.e~de~ may make a~ cauae to be made reaaon~ble entrie~ upon and inspectione of the property, provided that l.ender ehaU give Horrowe~ notice prio~ to any such inepection upecifying reaaonable cauxe thersz(ar related to I.ender's intrreBt in the Property. 9. Condem~ation. The pra~eede of any award or claim for damagee, direct or coneequential, in co~nection with any condemnation or othe~ taking of the property, or part thereot, or for conveyance in lieu of condemnation, are hereby aaeigned and shall be paid to l.ender. In the event ot a totai taking of the Property, the proc~eeds shall be applied to the aums eecured by this Mortgage, with the e:ceae, if any, paid to Borrower. Ia the event of e partial taking of tl~e Prope~ty, unleae Borrower and I.ender otherwiee agree in writing, there ahall be applied to the eume eecured by this Mortgage euch proportion of the proceeda as ie equal to thet proportion which the amount of the sums aecured by thie Mortgage immediately prior to thE date of taking beare to the fair market value of the Property immediately prior to thedate ot " taking, with the balanca of the prviceede paid to Borrower. If the Property ie abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the oondemnor oPfere to make an award or setde a claim for damages, Borrower fails to ~eapond to I.ender wilhin 30 daya after the date euch notice is mailed, Lender is authorized Lo rnllect and apply the proceeda, at l.ender'e option, either to reatoration or repair of the property or to the euma secured by this Mortgage. • Unlesa l.ender and BoROwer otherwiee agree in writing, any auch application of proceeda to principal shall not extend or poetpone the due date of the monthly inatalimente referred to in paragraphs 1 and 2 hereof or change the amount of auch installmenta. 10. Rorrower Not Released. Extension of the time for paymant or modification of amortization of the eums aecured by this Mortgage ~anted by I.ender to any auccesaor in internat of E3orrower ehall not operate to release, in a~y manner, the liability of the original Borrower and Borrower's autt~esaora in intereat. I.ender shall not be required to commence proceedings againet such successor or refuee to extend time for payment or otherwise modify umortizution of the eoms secured by this Mortgage by reaeon of any demand made by the original Borrower And t3orrower'a succesaors in interest. 11. Forbearance by I.ender Not a R?eiver. My forbearance by I.ender in exercieing any right or remedy hereunder, or otherwise aftorded by applicable law, ehall not be a waiver of or preclude the exerciae of any euch right or remedy. The proeurement of insurance or the payment of tauea or other liena or chargee by l,ender ahall not be a waiver of Lender'e right to accelerate the maturity of the indebtednese aecured by thie Mortgage_ 12 Remeciies Cumulative. All remediea provided in thia Mortgage are distinet and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erriee~i concurrently, independently or eucceaeively. 13. 3ucceseore and Aeaigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall bind, and the righta hereunder ahall inure to, the reape~:tive succeeeors and assigne of Lender and Borrower, subject to the proviaions of paragraph 17 hereof. All covenants and agreementa of Borrower ahali be joint and eeveral.'19~e captione and headinge of the paragraphs of this Mortgage are for covenience only and are not to be uaed to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, ln) ~ny notice to Borrower provided for in thia Mortgage whall be given by mailing such notice by certi6ed mail addressed to Borrower at the Property Address or at such other addreae ae E3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to l.ender shall be ~vr~. by certi6ed mail, return receipt requestecl, to l.ender's addresa stated hernin~or to such other address as Lender may designate by notice to Borrower ae provided herein. My ' notire provided for in this Mortgage shall be deemed to have been given to Borrower or [.ender when given in the manner deeignated herein. 15_ Unitorm Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenants for national use and non- uniform covenanta with limited variations by jurisdiction to rnnatitute a uniform security inatrument covering real property. Thie Mortgage ahall be governed by the law of the jurisdiction in which the Property is located_ In the event that any provision or clauae of this Mortgage or the Note conflicts with applicnble law, such conflict ahall not affect other pmvieione of this Nlortgage or the Note which can be given eftect without the conflicting pro~ision, and to this end the provisions of the Mortgaqe and the Nole are declared to be severabie. 16_ Borrower's Copy. ~3orrower ahall be [urnished a conformed rnpy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. Tranafer of the Pcoperty; Aaeumption. If all or any part of the Property or an interest therein is aold or traneferred by Borrower without I.ender'a prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money aecurity internat for household appliances, le) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or ldl the grant of any leasehold intereat of three yeara or lesa not containing an option to purchase, Lender may, at [.ender s option, declare all the s~ma secured by this Mortgage to be immecliately due and payable. Lender ahall have waived such option to accelerate if, prior to the snle or transfer, I.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch pers~n ia satisfactory to [xnder and that the interest payable on the suma secured by this Mortgage shall be at such rate as Lender ahall request. If Ixnder has waived the option to accelerate provided in this paragraph 17, and if E3orrower's succeasor in interest has eaecuted a w~ritten asxumption agreement accepted in writing by [.ender, l.ender shall release Borrower from all obligations under this Mortg~e and the Note. ~ lf Ixnder exercisea such option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. Such notice shall pro~•ide a periud of not less than 30 days from the date the notice is mailed within which Borrower may pay the suma declared due. If I3orrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, mvoke any remedies permitted by paraKraoh IR hereoL ~ 18. Acceleration; Remediea. E:cept as provided in peragraph 17 hereof. upon Bonower'e breach of any ooveaant or agreement ot Borrower in thie Mortgage. including the covenants to pay when due any eums aecured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lesa than 30 daye from the date the notice ie mailed to Borrower, by which auch breach must be cured; and /4) that failure to cure auch breach on or before the date epece6ed in the notice may result in acceleration otthe suma secured by this Mortgage. toreclosure by judicial proceeding andeale of the Property.The notice ehall further inform Borrower of the right to reinstate aRer acceleration and the right to asaert in the forecloBUre proceeding the non-e:iatence of a de[ault or any other detenae of Borrower to aceeleration and forecioaure. lf the breach ie aot cured on or beforerthe date apecified in the notice. Lender at Lender's option may declare all otthe eums secured by thie Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding al) expenaes of foreclosure. including. but not limited to. reasonable attorney'e fees. and . coste of documentary evidence. abetracta and title reports. 19. Borrower's Right to Reinetate. Notwithetanding I.ender's acceleration of the suma gecured by thia MortgaRe, Bonower shaU have the right to have any proceedinge begun by I.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a1 Borrower paya Lender a1) sums which would be then due under this Mortgage, the Note and notes securing Future Advancea, it any, had no acceleration occuned; lb) E3orrower curea all bmaches of any other covenante or agteementa of Botrower contained in this Mortgage; Ic) Borrower pays aU reasonable expensea incurred by Lender in enforcing the covcnante and agreemente of Borrower contained in this Mortgage and in enforcing I.ender'a remediex as provided in paragraph 18 hereof, including, but not limited to, reasonable attomey's fees; and Id) Borrower takea such aMion as Lender mav reasonably require to aseure that the lien of thia Mortgage, I,ender's intereet in the Property and E3orrower's obligation to pay the auma secured by this Mortgage ahali continue unimpaired. Upon such payment and cure by Borrower, this Mortgaqe and the obligations secured hereby sha11 remain in fuU force and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment ot Receiver. As additional security hereunder, Borrower hereby assigne to Lenderthe rente of the Property, provided that Borrower shall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereotor abandonment of the Property, Lender shall be entitled to have e receiver appointed by a court to enter-upon, take poaseasion of and manage the Property and to collect the renta of the Property, including those past due. All rente rnllected by the receiver ahall be applied first to payment of the costa otmanagement of the Property and collection of renta, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney'a fees, and then to the aums aecured by this Mortgage. The receiver ahall be liable to acoount only tor those renta actually received. - ' BUpr~9~ ~ ~ ~ . ~ ~ ~yh5 .~.'?~T~'m^ ?'~~.~~~~+,y.~ ~?r p~ . ~ '?1"F =F..x.,"; . _ . . _ . . ,s.~. ~ . . . ~ .