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HomeMy WebLinkAbout0706 8. ln~pecttott. Lender may make or cauae to be mede reawnable entries upon and in~pections of Ihe propMy. pmvided tbet beader shaU give Borrower notice prior to any such inspertion epecifying reasonabla cause therefor related to Lender's intereat in the Property. 9. Coademnatioa. The proceeds o! any award or claim ior damages. direct or conaequential. in connection vrith any o~ndemnation or ~ ' oth~ taking of the pmperty, or part thereof, or for conveyance in lieu of oondemnation, are hereby aeaigned and sheU be paid to Leader. • In the event of a total taking oi the Property, the proceeds ahaU be applied to the suma secured by thie Mortgage, with the ~cees, if any~ paid to Borrower. In the event of a partial taking of the Properiy. unlees Borrower and Lender otherwiee agree in wniti~~ there sha11 be applied to the aums eecured by this Mortgage auch proportioa of the pra.~eeds as ia equal b that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of tal~ing bean to the fair market value of the ProperLy imunediately piior to the date of tating, with the balanoa of the proceeds paid Lo Borrower. ~ It the Property ie abandoned by Borrower, or if, aRer notioe by Lender to Bos~ower that the oondeaunor offen b make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 daye aRe~ the date such aotice ie mailed~ I.ender is authorised to coAect and apply the proceeds, at Lender'e optioa, eith~ to restoratioa or repair of the property or to the aums secured by this Mortgage. Unleas Lender and Bon~ower otherwiee agree in writing, any such application of proceeds to principal shall not ~tend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amouat of auch installmeats. - 10. Borrower Not Released. E:teneion of the time for paymant or modification of amortization of the eums eecured by thia Mortgage Ecranted by I.ender to any succeasor in intereat of Borrower shall not operate to releaae, in at~y manner, the liability of the original Borrower and Bor~ower'e aucceeeors in interea~ I.ender ahall not be required to commence proceedinge against auch suec~essor or nfuee to eztend tiwe for payment or otherwiae modify amortization of the euma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower e succeseors in interest. 11. Forbearanoe by Lender Not a Ralver. Any forbearance by Lender in e:ercising any right or remedy hereunder, orotherwise afTorded by applicable law, ahall not be e waiver of or preclude the exerriee of any euch right or remedy. The procurement of insurance or the payment of le~ces or oth~ liens or charges by I.eader ehall not be a waiver of Lender's right to aocelerate the maturity of the indebtedneas aecured by thia Mortgage. 12 Remediee Cumulative. All remedi~ pmvided in thia Mortgage are diatinct and cumulativs to any other right or remedy uader this Mortgage or afforded by law or equity. aad may be exerciBe~i ooncurrently, independently or euooeesively. 13. 3uc~ceseors and Aseigne Bound; Joint aad Several Liability; Captions. The covenants and agreemente herein oontained shall bind, and the righta hereunder ahall inure to. the respective aucceaeors and asaigne of Lender and Borrower, eubject to the pmvisione of paragraph i7 hereof. All covenante and agreementa of Borrower ahall be joint and eeveral. The captions and headinga of the paragraphe of this Mortgage are for covenience only and are not to be ueed to interpret or de6ne the pmviaione hereof. - 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pravided [or in thie Mortgage ehall be given by mailing euch notice by certified mail addreaecd to Bo;rower at the Property Addreas or at auch other addrees aa Borrower may deaignate by notice to Lender as provided herein, and (b) any notioe to Lender ehall be given by certified mail, retura receipt requeated. to Lender's addrees atated herein or to auch other addreas aa Lender anay deeignate by notice to Borrower aa provided herein. My notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in Lhe manner deeignated herein. 15. Unitorm Mortgage; Governing I,aw; Severability. This form of mortgagernmbines uniform oovenanta for national uee and non- uniform rnvenante with limited variatione by jurisdiction to oonetitute a uniform eecurity inatruwent covering real property,'Phis Mortgege shall he govemed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict shall not affect other pmviaione of this Mortgage or the Note which can be given eg'ect without the rnnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof 17. 'Itiransfer of the Property; Aesumption. If all or any part of the Property or an interest therein ie aold or traneferred by Borrower without Lender's prior written conaent, ra~cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the cr~eation of a purchaee money security interest for household applisncee, (c) a transfer by deviae, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or leas not oontaining an option to purchaee, Lender may, at Lender a option. declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sele or tranefer, I.ender and the pereon to whom the Praperty is to be eald or tranaferred reach agreement in arriting that the credit of auch person ia satisfactory to Lender and that the interest payable on the suma secured by this Mortgage ehall be at auch rate ae I.ender ahall ' request_ If Lender has waived the option to accelerate provided in this paragraph 17, and if &?rrowez's succeaeor in interest has ezecnted a i written assumption agreement accepted in writing by Lender, L.ender shall release Borrower from a11 obligationa under thia Mortgage and the I Note. . ~ If Lender e:errises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereot ~ Such notice shall provide a periad of not less than 30 days from the date the notice ia ir,ailed within which Borrower may pay the sums declared ` due. If Borrower faila to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, € mvoke any remedies permitted by paragraoh 18 hereof. 18. Acceteration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in thie Mortgage. including the ooveaante to pay when due any sume secured by this Mortgage, Lender i prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ! reqnired to cure such breach; (3) a date, not leae than 30 daye from the dete the notice is mailed to Borrower, by which such ~ breach. muet be cured; and (4) that tailure to cure euch breach on or before the date epecified in the notice may result in g acceleration of the sume secured by thia Mortgage, foreclosure by judicial proceeding and sale of the Property.The notice shall ~ further inform Borrower of the right to reinstate after acceleration and the right to a8eert in the forecloeure proceeding the ~ uon-ezisfence of a default or any ot6er defenee of Borrower to acceleration and forecloaure. If the breach ie not cured on or ~ before the date epecified in the notice, Lender at Lender'e option may declare all of the sums aecured by thia Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judiciat proceeding. Lender shall be ~ entitled to collect in euch proceeding all e:penaea of foreclosure, including, but not limited_to. reaeonable attorney's fees, and ~ costs of documentary evidence, abstracts and title reporte. 19. Borrower's Right to Reinatate. Notwithstanding Lender'e acceleration of the auma eecured by thia Mortgage, Borrowerahall have ~ the right to have any prooeedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgmeat enforring ~ this Mortgage if: (a) Borrower pays Lender all suma which would be then due under this Mortgage. the Note and notes securing I~ture ~ Advancea, if any. had no acceleration occurred; (b) Borrower cures all breachee of any other covenanta or sgreemente of Borrower contained in ` thie Mortgage; (c) Bortower pays all reasonable expensea incurred by Lender in enforcing the covenante and agreements of Borrower ; contained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey's fees; and (d) Borrower takes auch action as Lender may reasonably require toasaure that the lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower a obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon such payment and care y by Borrower, this Mortgage and the obligationa eecured hereby ahall remain in fu1) fome and effect ae if no acceleration had oecurred. 20. Asaignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigne to Lender the rente ; of the Property, pmvided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rents as they become due and payable. 4 Upon aoceleration under paragraph 18 hereof or abandonment of the Property, L,ender ahall be entided so have a receiver appointed by a oourt to enter.upon, take poaseasion of and manage the Property and to collect the rents of the Property, including thoee peat due. All rente ' rnllected by the receiver ehall be applied first to payment of the ooata of management of the Property and collection of rente, inclu~ing, but not ; limited to, receiver's feea, premiutns on receiver's bonda and reasonable attorney'a feea, and then to the aums eec~red by thie Mortgage. The =i receiver ahal! be liable to account only for those rente actually received. 'i ~ BQO}( ~O1 F„GE 7U6 x _ - _ _ : : - - - ~ - ~ s., =a ; ; a - v~~~ : ~ ~ ~ i ' r •a ' ,a_~i_ . - _