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HomeMy WebLinkAbout0909 8. l~spection. I.ender m~y make or cawe to be made reaaonable entrie~ upon and inspectiona of the properiy, provided that [.e~der shall give Horrow«r ~otice prior Lo any auch inapection ~pecifying reasonabla cause theretor related to I.ender's intereet in the Hvperty. 9. CondemtieUoa.'l~e proceeds of any award or claim fo~ dama~er. direct or consequential, in connection with any condemnation or other taking of the Nroperty, or part thereof. or ior conveyance in lieu of oondem~ation, are hereby sesigned and shall be paid b Lender. In the event of a total taking of the Property. the pmceeds shall be applied to the sums secured by thie Mortgage. with the e:cess. if any, paid to Borrower. In the event of a partial taking ot the Property. unlees Borrower and I.ender otherwise agree in writing, there shall be ~ applied to the auma secured by this Mortgage auch proportion of the proceeds ae is equal to that proportion which the arnount oi the eums f secured by this Mortgage immediately prior to the date of taking bean w the fair market value of the Prope~rty immediately prior to the date of ` taking, with the balanca of the pmceeds paid to Borrower. lf the Property is abandoned by Borrower, or ii, after notioe by Lende: to Borrower that the oondemnor of[ers to make an award or settle a claim for damagea, Borrower iails to reepond to l.ender within 30 days aRer the date euch notice is raailed, Lender is authorisod to collect and apply the pra.~eeds, at Lender's option, either to reatoration or repair of the property or to the sums eecured by thia Mortgege. Unlees Lender and Borwwer otherwiee agree in writin8, anY such application of proceeds to principal shall not e:tend or poetpone the due date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of such insisUments. 10. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the suma eecured by this Mortgage granled by I.ender to any eucceasor in intereat of Borrower ehall not operate to releaae, in any manner, the liability of the original Borrower and Borrower'a succeaeore in interes~ Lender ehall not be required to oommence proeeedinqe againat euch eucceaeor os refuse to extend time [or payme~t or otherwiae modify amortization of the suma secured by thie Mortgage by reaeo~ of any demand made by the original Borrow er and E3orrower's succeasors in intetest. 11. Forbearaace by Leader Not a V1/aiver. Any forbearance by Lender in exercieing any right or remedy hereander. or otherwise aPforded by applicable law, shall noL be a waiver of or preclude the exerciee of any euch right or remedy. The pmcnrement of insurance or the payment of taaes or other liene or charges by Lender ahall not be a waiver of Lender's right to accelerate the maturity oi the indebtedneas secured by thie Mortgage. 12 Remedles Cumulative. Ap remediee provided in thia Mortgege are diatinM and cumulative to any other right or remedy under this Mortgage or afforded bx law or equity, and may be exercise~l ooncurrendy, independendy or eucceasively. 13. 3ucceesors and Aeeigns Bound; Joint and Several Liability; CapUons.'l~e covenants and agreementa herein oontsined ahall bind, and the rights hereunder ehall inure to, the respective eucceesors and assigns of Leader and Borrower, eubject to the provisions of paragraph 17 hereof. All covenants and agreemente of Borrower ahall be joint and eeveral. The captions and headinge ot the paragrapha of thie Mortgage are [or covenience oaly and are not to be used to interpret or define the ptovisione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreea or at euch other adde~eee aa Borrower may designate by notice to i.ender aa provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to Lender's addreea etated herein or to auch other addreas aa Lender may deaignete by notice to Borrower as provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein, 1 S. Uniform Mortgage; Governinq Law; Severability. This form of mortgage combinea uniform oovenanta for national uee and non- uniform covenanta with limited variationa by juriediction to rnnstitute a uniform aecurity instrument oovering real property. This Mortgage shall be govemed by the law of the jurisdiction in which the Property is located. In the event that sny proviaion or clause of thie Mortgage or the Note conflicts with applicable law, such rnnflict shall not aPfect other proviaiona of this Motrtgage or the Note which can be given effect withuut the conIIicting ptovision, and to this end the provisiona of the Mo~age and the Note are declared to be eeverabie. 16. Borrower'e Copy. Borrower ehall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordadon hereof. - ' 17. 'ltiranefer ot the Property; Aeaumption. If all or any part of the Property or an intereat therein ie sold or tranaferred by Borrower without Lender'a prior written coneent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security intereat for houeehold appliancea, (c) a tranafer by devise, dc:scent or by operation of law upon the death of a joint tenant or (d) the grant ot any leasehold interest of three yeara or lesa not containing an option to purchase, I.ender may, at Gender'e option, declarn all the suma eecured by thie Mortgage to be immediately due and payable. Lendet ahall have waived such option to accelerate if, prior ~ to the sale or transfer, Lender and the person to whom the Yroperty is to be aold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to I.ender and that the intereat payeble on the sume secured by this Mortgage ahall be at such rate as Lender ahall requeat. If Lender has waived the option to accelerate provided in this paragraph 1~, and if Borrower a succeasor in intereat has ezecuted a w~ritten assumption agireement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under thia Mortgage and the Note_ ~ If Lender exercisea such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. f Such notice shall provide a period of not less than 30 days from the date the natice ia cr.ailed within which Borrowfr may pay the aums declared s due. If Borrower faila to pay auch sums prior to the e:piration of auch period, Lender may, withaut farther notice er demand on ~3orrower, ~nvoke any remedies permitted by paragraoh 1R hereof. ; I8. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof, upon Bonower's breach of any oovenant or € agreement of Borrower in thia Mortgage, including the covenants to pay when due suy sums secured by this btortgage, Lender ~ prior to acceleration e6a11 mail notice to 8orrower se provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breac6; (3) a date, not leee than 30 daya from the date the notice is mailed to Borrower, by which euch ~ breach muet be cured; and (4) that tailure to cure auch breach on or be[ore the date apecitied in the notice may result in acceleration ot the auma aecured by thie Mortgage. forecloeure by judicial proceeding and eale of the Property. The notice shall ; further inform Borrower of the right to reinatate after ecceleration and the right to aeaert in the foreclosure proceeding the ~ non-ezietence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach is not cured on or before the date epecified in the notice. Lender at Lender'e option may declare all of t6e sume eecured by thie Mortgage to be immediately due and payable without further demand and mey forecloae this Mortgage by judicial proceeding. Lender ahall be entitled to collect in euch proceeding all e:penses of torecloeure. including, but not limited to. reasonable attorney's feea; end ~ costa of documentary evidence, abstracte and tiHe reporta. ~ 19. Borrower's Right to Reinatate. Notwithatanding Lender's acceleration of the sums eecured by thia Mortgage, Borrower ahall have 4 the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays Lendet all aums which would be then due under this Mortgage, the Note and notes secaring Future ~ Advances, if any, had no acceleration occurred; (b) Borrowercurea all breachea of any other covenanta or agreemente of Borrower contained in ~ thie Mortgage; Ic) Borrower pays all reasonable expenaee incurred by Lender in enforcing the covenan*.s and agreemente of Bonower oontained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 heteof, including, but not limited to, reasonsble ~ attorney'e feea; and Id) Borrower takee such action as Lender may resaonably require to assure that the lien of thie Mortgage, Lendei a interest ~ in the Property and Borrower's obligation to pay the sumB eecured by this Mortgage ehall continue unimpaired_ Upon auch payment and cure by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect ae if no acceleration had occarred. Z0. Aaeignment ot Rents: Appointment of Reoeiver. As additional aecurity hereunder, Bonower hereby aeeigns to Lender the rente of the Property, provided that Borrower ahall, prior to sceeleration under paragraph 18 heteof or abandonment of the Property, have the right ~ to collect and retain euch rents as they become due and payable. 3 Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter ~pon, take poeseasion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta ' oollected by the receiver ahall be applied firet to payment of the ooste of management of the Property and coDection of renta, including, but not ~ limited to, receiver e feea, premiums on receiver's bonde and reasonable attomey e feea, and then to the eums eecured by this Mortgage. The ; receiver ahall be liable to account only for thoee rente actually received. ;3 ~ . ~ ~ ~ 909 ~ surK 3C11 rncE ~ ~ ~ ~ - - - - ~ , ~ ` -~:::~~4L ~ , ~ _ , e -~~y _ s ~ ~