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HomeMy WebLinkAbout0907 8. Iaepectioa. Ixnder msy make or cause to be made ~a~onable entrias upon and inepectione of the pmperty, pmvided Wat Lender ~hall ~ Qive Borrowez notice prior w any such inepection specifying reaeonable cawe therefor related to I.endu'a inter~tt in the Pto~erty. 9. Coademnatfoa. The proceeds of any award or claim [or damages, direct or cor?~equential. in connectio~ with any oondemnation or other taking of the pmperty, or part thereof, or for rnnveyance in lieu of oondemnation, are hereby assigned and ~ha1) be paid to Lxnder. In the event of a totsl taking of the Property. the proceeds shall be applied to the sums secured by thu Mortgage. with the escesa, if aay. paid to Borrower. In the event o[ a partial taking oi the Property. unl~ Bocrower and Lender otherwiae agree ia writina. there ~haU be applied to the eums secured by this Mortgage such proportion of the proceeds es is equa! to that proportion which the amouat of the suma , secured by this Mortgage immediately prior to the data of taking bears to the fair marl~et value of the Property immediately prior to the date of taking, with the balancx of the pe~oceed~ paid to Borrower. If the Property ia abandoned by Borrower. or if, after notioe by Lender b Borrower that the oondemnor offen to make an awsrd or ~ettle a claim for damsges, Borrovrcer fails to respond to I.ender within 30 days aftes the date such notice is mailed, Lender is authoriud to oollect and apply the prac.~eeds. at Lender's option, either to r~toration or repair of the property or to the auras secured by this Mortgage. Unicae I.ender and Borrower otherwise agree in writing. any such application of proceeds to principal ahall not extend or postpoae the due date of the mo~thly installments nferred to in psragraphs 1 and 2 hereof or change the amount of such uutaUmeata. 10. Borrower Not Released. E:tension of the time for paym~nt or modification of amortization of the sume secured by this Mortgage granted by Lender to any succeeeor in interest of Borrower ahall not operate to release. in any manner, the liability of the original Borrower ~ and Borrower's succesaora in inte~est. I.ender ahall not be required to oommenee prooeedings againat auch eucoeeeor or nfuse to extead time for payment or otherwiae modify amortization of the auma eecured by this Mortgage by reaaon of any demand made by the original Borrower and Bormwer's aucceaeora in interest. . 11. Rorbearanoe by Leader Not a V1?aiver. My forbearance by Lender in e:enasing any right or nmedy hereundar, or othcrv~rise ~ 'af~orded by appl'scable law. shall not be a waiver of or preclnde the e:ercise of any euch tight or temedy. The pmcurement of inuu~nce or the payment of tauee or other liens or chargea by Lender ahall not be a waiver of Lender e right to aocelerate the maturity of the iadebtedueea ' eecured by this Mottgage. ' 12 Remedies Cumulattve. All remedies prc~vided in thia Mortgage are diatinet and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, and may be exercieed ooncurrenUy. independendy or suooeeeivcly. 13. Succeseors and Assigns Bound; Joint and 3everal Liability; Captione. The oovenants and agreemente herein contained shall bind, and the righta hereunder ahall inure to, the reapective succeeeors and assigns of Lender and Borrower, eubject W the pmvisions of paragraph 17 hereof. AA covenanta and agreementa of Borrower ehall be joutt and eeveral. The captiona and headings of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notiee to Borrower provided for ir~ thia Mortgage ehall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addresa or at euch other addrese ae Borrower may designate by notice to Lender as p:ovided herein, and (b) any notice Lo I.ender shall be given by certified mail, retura receipt requeated, to Lender'a addness stated herein or to auch other addreas as Lender may deaignate by notice to Botrower aa provided herein. My notice provided for in thie Mortgage shall be deemed to have beea giYen to Borrower or I.ender when givea in the manaer designated herein. 15. Uniform Mortgage; Governing l.aw; 3everabilit~r.'I1?is form of mortgage combines uniform oovenante for national use and non- uniform covenanta with limited variations by juriadiction to oonetitnte a uniform eecnrity instnuuent ooveriag real property. Thia Mortgage ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any pmvieion or clauae of thie Morfgage or the Note conflicts with applicable law, such conflict ahall not aPfect other provisiona o! this Mortgage Qr the Note which can be given effect without the contlicting proviaion, and to thia end the pmvisions of the Mortgage and the Note are declared to be eeverable. 16. Bormwer's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thie Mortgage at the time of execation or after tecordation hereof ~ 17. Transfer of the Property; Aseumption. lf all or any part of the Property or an interest therein ia eold or tranaferred by Borrower without Lender s p' rv=i ' (e) the aeatpn of a lien or encumbrance aubordinate to ihia Mortgage, (b) the creation of a purchaee money ~rity interest for household aypliancea, (c a tranafer by deviae, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any lea~,ehold~infe~eBt of three ye r less not containing an option to purchase. Lender may, at Lendez's optioa, declare all the auma eecured due and payable. Lender shall have waived sach option to aocelerate if~prior - to the sale or tranefer, Lender and the person to whom the Property is !o be eold or tranaferred reach agreement in writing that the credit of such peTSOn is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage ahall be at auch rate as Lender ahail ; request. If Lender has waived the option to aocelerate provided in thia paragrsph 1T, and if Borrower's aucceaeor in interest hae ezecvted a - ~ written asaumption agreement accepted in writing by Lender, I.ender ehall release Borrower from all obligationa under this Mortgage and the Note: If Lender euercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aocordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is o~siled within which Borrower may pay the suma declared dne. If Borrowa fails to pay such auma prior to the e:piration of auch period, Lender may, without further notice or demand on Eiorrower. invoke any remedies permitted by paragranh 18 hereof. 18. Aoceleration; Remedies. Ezcept ae provided in para~raph 17 hereof, npon Borrower's breach of any oovenant or agreement of Borrower in this blortgege, including the covenants to pay when due any sume secured by thie ll~ortgage, Lender prior to acceleration ehall mail aotice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure suc6 breach; (3) a date, not leas than 30 days from the dete the notice is mailed to Borrower, by w6ich enc6 breach must be cured; and (4) t6at failure to arre suc6 breach on or before the date epecified in the notice may reault in aRx.~eleration of the sume secured by this Mortgage, forecloeare by judicial proceedjng and sale of the Property. The notice ehall further inform Borrower otthe rig6t to reinstate after acceleration end t6e ri~ht to seeert in the foreclosure proceeding the = non-e:istence ot a default or any other defenee of Borrower to aoceleration and foreclosure. If the breach is pot cured on or before the date specified in the notice, Lender at Lender's option may declare all oi the sums secured by this blortgage to be immediately due and payable without further demand and may foreclose thie Mortgege by judicisl proceeding. Lender ehall be entitled to oollect in such proc~eeding all ezpenees of forecioeure, including, bnt aot limited to, reaeonable attorney's fees, and coste of documentary evidence, abetracte and title reporte. 19. Borrower's Right to Reinstate. Notwithstanding Lender's aoceleratioa of the anms eecured by ihis Mortgage, Borrower shall have the right to have any proc~eedinge begun by L.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all aume which would be then due vnder thi.e Mortgage, the Note and notee securing Phtnre Advances, if any, had no aooeleration occurred; (b) Borrower curea all breaches of any other oovenants or agreements of Borrov?er oontained in thie Mortgage; (c) Borrower paya all reaaonable ~penees incurred by Lender in enforcing the wvenanta and agreemeate of Borroaer oontained in this Mortgage and in enforcing Lendei e remediea ea provided in paregraph 18 hereof, inclnding, but not limited to, reasoaable attorney e feea; and (d1 Borrower takes auch action se Lender may reasonably requin to easure that the lien of thia Mortgage, Lender s interest in the Property and Borrowe~s obligation to pay the suma e~cured by thie Mortgage ahall oontinne unimpaired. Upon ench payment and care by Borrower. this Mortgage and the obligatio~s eecvred hereby shall remaia in full force and effect as~if no aocel~atioa had occurred. 20. Aseignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the reats of the Property, pmvided that Borrower ahall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right to coUect and retain auch rents aa they becwme due and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to heve a receives appointed by a oonrt to enter~npon, take poeeeeaion of and manage the Property and to coilect the rente of the Property; inclnding those past due. All rents oollected by the eerxiver shall be applied firat to payment of the ooste of management of the Property and aoqection of rents, inclading~ but aot limited to, receiver'e fees, pTemiume on receiver's bonda and reaeonable attorney's feea, and then to the sume secured by ihis Mortgage. The receiver ahall be liable to acaount only for thoee renta actually received. ~ BO~K ~ k 299 PACE i7O7 _ ~ ~ _ _ _ . _