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HomeMy WebLinkAbout0031 , ~ . S. In~pection. l.ender may make or causo to be mede reupnable eMrie~ upon and inepectione of the property, pnivided that l~ender ehall give Horrower notice prior to any auch inapection apecifjrinR icasona4lo cauee the~efor relatecl to Irnder's intereat in the Pn~perty. 9. Coademnatjon. The p~oceeds of any award or claim for damages, direct or cuneequential, i~ cwnnection with any rnndemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, ere hereby aseigned and ehail be paid to l.ende~. ln the event of a total taking of the Propeirty, the proceede ehall be applied to the eums secured by thie Mortgage, with the ezcess, it any, paid to Borrower. In the event of a partial taking of the Property, unleas Borrower and l.ender otherwiee egree in writing, there shall be applied to the sums secured by this Mortgege euch proportiun o! 1he proceede as ia equal to that proportion which the amount ot 1he eume eecured by thia Mortgage immediately p~ior to the date of taking bears to the [air market value otthe Property immediately p~or to the date of ta~ing, with the balanc~ ot the proceeds paid to Borrower. !t the Property is abandoned by Borrower, or if, atier notice by Lender to Borrower that the rnndemnor oftera to make an award or eetqe a claim for damages, Borrower fails to reepond W Lender withi~ 30 days after the date euch notice ie mailed, l.ende~ is authorized to collect and apply the proceeda, at I.ender'e option, either to reetoration or repair of the property o~ to the eume aecured by this Mortgage. Unlesa [,ender and E3orrower otherwise ~gree in writing, any q+h application of proceeda tu principal ehall not e:tend or poetpone the due date of the monthty instaltmenta referred to in paragraphs 1 and 2 hereof or change lhe amount af euch inetaltments. !0. Borrower Not Releaeed. E:tenaion of the time for paym~nt or modification otamortization otthe euma eecured by thie Mortgege granted by [.ender to any eucceaeor in i~tereat of Fiorrower ahnil not operate to releaee, in any manner, the liability of the original E3orrower and 13orrawer's euccessors in intereat. I.ender ahall not be required to rnmme~ce proceedinge againat such eucceseor or refuae to extend time for payment or otherwixe mudify amortizatiun uf the xums aecured by this Mortguge by mt?aun of any demvnd made by the original E3orrower and Borrower'a aucceaeors in intereat. - 11. Forbearanoe by l.ender Not a Rlaiver. Any forbearance by Lender in exercieing any right or remedy heteunder, or otherwise afforded by applicable Iaw, ahall not be a waiver of or preclude the exerciee of any euch right or rem 3dy. The procurement of insurance or the payment of ta:ee or other liens or charges by [xnder ehall not be a waiver of I.ender s right to accelerate the maturity of the indebtednesa secured by thie Mortgage. 12. Remedtes Cumulative. All remediee provided in thia Mortgage are dietinct and cumulative to any other right or remedy unde~ thie . Mortgage or afforded by law or equity, and may be exerciee.l concurrently, independendy or eucceeaively. l3. 3ucceaeors and Aeeigne Bound; Joint and 3everal Liebility; Ceptione. The rnvenante and agreements herein contained ehall bind, and the righte hereunder shall inure W. the reepective successore and aseigna of Lender and Borrower, aubject fo the proviaiona of paragraph 17 hereof. All covenants and agreemente of Horrower ehall be joint and several_ The captione and headings of the paragrephs of this Mortgage are for covenience only and are not to be uaed to interpret or define the proviaiona hereof. 14. Notice. F.xcept (or:?ny natice required under applicaAle law to be given in another manner, la) any notice to Borrower provided for in _ thie Mortgage ehali be given by mailing auch notice by certified mail addresned to Borrower at the I'roperty Addresa or at aurh other addrese as E3orrower may deaignate by notice to I.ender as provided hemin, and (b) any notice to I.ender ahall be given by certified mail, return recei~ requeated, to I~ender'a address atated herein or to such other addreas as [.ender may deaiqnate hy notice to Eiorrower aa provided herein. My notice pro~ided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. I:i. Uniform Mortgage; Governing l.aw; Severebility. This form of mortgage combines uniform oovenants for national use and non- unifarm covenante with limited variationa by juriadiction to rnnatitute a uniform aecurity inatrun~ent covering real property.'I1~ie Mortgage ahal! be governed by the law of the jurisaiMion in which the Property is located. In the event that any provieion or clauee of this Mortgage or - the Note confli~ts with applicable law, such contlict shall not affect other provisiona of this Mortgaqe or the Note which can be given effect without the conilicting provision, and to thia end the provisions of the Mortga~e and the Note arn declared to be severable. 16. Borrower'e Copy. Borrower ahall be furniahed a con[ormed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereoL - 17. Tranefer of the Property; Aexumption, lf all or any part of the Property or an intereat therein ia eold or tranatetred by Borrower without I.ender'a prior written conaent, excluding (al the creation of a lien or encumbrance aubordinate to thia Mort{~age, (b) thecreation of a purrhase money security interest for household appliancea, (c) a tranafer by devise, deacent or by operation of law upon the death of a joint tenant or (d) the ~ant oi any leasehold intereat of three years or leee not containing an option to purchase, Lender may, at [.ender's option, declare all the suma secured by lhis Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior to the sale or trnnefer, [.ender nnd the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch person ia satiafactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate ae Lender shall request. [f I.ender hxx waived the option to accelerate provided in thia paragraph 17, and i[ E3orrower's succesaor in interest has eaecuted a written assumption agreement accepted in writing by (.ender, l.ender Rhall release Borrower from all obligations under thia Mortgage and the Note. If I.ender exercises such option to ~ccelerate. I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ 4uch notice shall provide a perind of not leaw than daya from the date the notice ie mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on E3orrower, invoke any remedies permittcd by paraKraoh If4 hermL , IS. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in thie Mortgage. including the oovenants to pay when due any sume eecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure euch breach; (3) a date. not lese than 30 daye from the date the notice ie mailed to Borrower. by which euch breach muet be cured; and 14) that failure to cure auch breach on or before the date epecified in the notice may reault in acceleration of the eume secured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice e6s11 further intorm Borrower of the right to reinetate after acceleration and the right to assert in the forecloeure proceeding the non-e:ietence of a default or any other defense of Borrower to acceleration and forectoeure. It the breach ia not cured on or betore the date epecified in the notice, Lender at I.ender'e option may declare all of the eums secured by thie Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceedinq. Lender ahall be entitled to co11eM in auch proceeding al) e:peneea of toreclosure. including, but not limited to. reasonable attorney'e feea. and coats of documentary evidence. abxtracta and titie reporta. 19. Borrower'e Right to Reinetate. Notwithats~nding l.ender's acceleration of the sums aecured by this Mortgage, Borrower shall have the right to have any proceedings begun by I.ender to enforce this Mort~age discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a? Borrower pays I.ender a11 suma which would be then due under this Mortgage, the Note and notea securing Future Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of anyothercovenanta or agreements of Borrower contained in this Mortqage; (c1 E3orrower payg all reasonable e:pensee incurred by Lender in enforcing the covenants and agreemente of Borrower contained in this Mortgaqe and in enforcing l.ender's remedies as provided in paragraph 1 A hereof, inciuding, but not limited to, reseonable ~ attorney's feea; and Id1 Borrower takea such action as Lender may reasonably require to aseure that the lien of thia Mort~age, Lender e interest in the Property and Borrower's obligation to pay the aums aecured by this Mortgage shal) continue unimpaired. Upon auch payment and cure by F3orrower, this Mortgage and the obligations eecured hereby shaii remain in full [orce and ef[ect as if no acceleration had occurred. ~ • 20. Aseignment ot Rente; AppointmeM. of Receiver. As additional eecurity hereunder. Borrower hereby aeaigne to Lender the rente of the Property, provided that f3ormwer ahall, prior to acceleration under paraqraph 18 hereof or abandonment of the Property, have the right ~ to collect and r~tain such mnfs as they become due and payable. ~ Upon acceleration under paraqraph 18 hereof or ubandonment of the Properiy, I.ender ahall be entitled to have a receiver appointed by a ~ court to enter.upon, take posaeseion of and manage the Property and to collect the rents of the Property, including thoee paat due. All rnnte 3 collected by the receiver ehall be applied first to payment of the coate of management of the Property and collection of rente, including, but not ~ limited to, receiver'e feee, premiuma on receiver's bonde and reasonable attorney's teea, and then tn the eums aecured by this Mortgage. The receiver ehall be liable to aco~unt only for those rents aMually received. ~ ~ - ~ aocr: ~ ~ ~ ~1 ~ ~ ~ ..F~ ~~4i ~ ~ ~ ~ E ~,.;~~s~' - e,~K~f` ph ~ . _ . _ . _ . - _ . _ ~