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HomeMy WebLinkAbout0404 ~ . ~ , ~ ~ : • 8. laepecUoa. I.ender may malce or cause to be made reswaabk entrie~ u ~ Y give Borrower notioe prior to any ~uch inspection s Pon and 'uupections of the property, provided that I.endu ~haU pacifying reasonable cause thenfor nlated to lender's interest in the Property. 9. Condea~natloa. The prooeed~ of any award or claim for dama~es. direM or co~uequentiel. in rnnnection with any ouademnation ur other taking of the pmperty, or part thereof. or rnnveysnce in lieu of oonderanation. are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property, the proceed~ shap be applied to the ewns secured by thi~ Mortgage, with the e~coea~. if any~ paid to Borrower. In the event of a pnrtiai taking of the Property. nnless Borrower and I.end~ otherwise agree in ~vrituig. then shall be appGed to the suans serured by thi~ Mortgage such proportion of the pmoee~ds as ia equal to that proportioa which the amount of the auma aecured by thia Mortgage immediataly prior to the date of taking beare to the fair market value of the Propedy immediatel,jr prioi b the date of taking, with the balance of the pmceeds paid to Borrowes. If the Property ia abandoned by Borrower, or if. after notica by Leader to Borrower that the ooademnor offers to make an arvard or settle a claim for damages. Borruwer faib to respo.id b Lender wilhin 30 days aft.er the date such notioe is mailed. Lender is authorised to rnllect and apply the prooeeds. at Lender's option. either to reetoratioa or repair of the property or to the sums secured by this Mortgage. Unleaa Lender and Borrower oth~wise agree in writing, any such appUcatioa of pmceeds to principal shaA not extend or postpone the due date of the monthly installments referred ~o in paragrapha 1 and 2 hereof or change the amount of such instaWaents. 10. Borrower Not Released. E:tension of the time [or paymant or modification of amortization of the suma secured by thie Mortgage granted by l.ender to any eucceaeor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bormwer's aucceesors in intereat I.ender ahall not be required to oommence proceedings against such successor or refnae to e:Lend time for payment or othen~rise modify amortization of the eums aecured by this Mortgage by reaeon of any demand made by the original Borrow~ and ~orrawet's aucceseors in interes~ 11. Forbearanoe by I,eader Not a Waivel. My forbearance by I.ender in e:ercieing any right or remedy hereander. or othezwise afforded by applicable law. shaU not be a waiver of or preclude the eacerciee of any such right or remedy. The procurement of insurance or the payment of t~es or other liens or cherges by Lender ahall aot be a waiver of I.ender a right to socelerate the maturity of the indebtedneea secured by this Mortgage. . ~ 12. Remedies Cumuladve. All remediea provided in this Mortgage are dietinct and cumulative to aay other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercisevi ooncuaenUy. independeady or eucoeseively. 13. 3ncceesors and Aeeigae Bouad; Joint and 3everal Liability; Captions. The oovensata and agreementa herein contained shell bind, and the rights hereunder shall inure to, the respective auoceseore and aesigne of Lender and Borrower, aubject to the provisiona of paragraph 17 hereof. All covenants and agreemente of Borrowet ehaU be joint and eeveral. The captione and headings of the paraRraphs of thie Mortgage are for oovenience only and are not to be ueed to interpret or de5ne the proviaione 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 thia Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Address or at euch other addreae aa Borrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender'e address stated herein or to euch other addt~eee ae Lender may designate by notice to Borrower aa provided herein. Aay notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender whea given in the manner deeignated herein. 15. Unifor~n Mortgage; Governipg I,aw; 3everability. Thie form of mortgage rnmbin~e uniform oovenante for national uee and non- uniform covenanta with limited variationa by juriediction to oonatitute a uniform security instrument covering real psoperty. Thie Mortgage ~ shall be governed by the law of the juriadiction in which the Property is located In the event lhat any pmviaion ot clause of thie Mortgage or ~ the Note conilicts with applicable Iaw, auch rnnflict shall not agect other proviaiona of this Mortgage or the Note which ean be givea effect w_thout the conflicting provision, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. 16_ Borrower'e Copy. Borrower shall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. I7. 'I~anefer of t6e Property; Aasumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower . without Lender s prior written conaent, ezcluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money eecurity intereat for houeehold appliancee, (c) a tranafer by deviee. desoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not oontaining an option to purchaee, I.ender may, at I.ender a option, declare all the sums secured by this Mortgege to be immediately due and payable. Lender ehall have waived euch option to accelerate if, prior to the sale or tranefer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of anch peraon ie satiefactory to Lender and that the interest payable on the sums aecured by this Mortgage ahall be at euch iate as Lender ahall request. If Lender hae waived the option to accelerate provided in thia paragraph 17, and if Borrowe~s successor in interest hae e:ecuted a written assumption agreement accepted in writing by Lender, Lender shall releaae Borrower from all obligationa under this Mortgage and the Note. I~ If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 19 hereoi , Such notice ahall provide a period of not less than 30 days from the date the notice ie tr,siled within which Borrower may pay theauma declared E due. If Borrower fails to pay such sums prior to the expiration of auch period, Lender may, withont turther notice or demand on ~iotrower, ~ invoke any remedies permitted by paragrsuh 18 hereof_ ' 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof. upon Borrower'e breach of any oovenant or ~ agreement of Borrower in thie biortgage. including the covenanta to pay when due any sums secured by thia Mortgnge, Lender prior to acceleration ahalt mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breac6; (2) the action. ~ required to cure suc6 breach; (3) a date, riot leas t6an 30 days from the date the notice is mailed to Borrower, by which ench ~ breach muat be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in acceleration of the enma eei,~ured by thia Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall • furt~er inform Borrower of the right to reinetate efter acceleration and the right to aseert in t6e foreclosure pro~eeding t6e non•ezistence of a default or any other defenae of Borrower to aoceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender'e option may declare all o! the sums aecnred by thie Mortgage to be immediately due and paysble without further demand and may forecloae this Mortgage by judicial proceeding. I,ender ahall be entitled to collect in such proceeding all e:penses of foreclosure, includiag, but not limited to, reasonable attorney's fees. and costa of documentary evidence, ahstracts and title reports. ~ 19. Borrower'e Rig6t to Rei»atate. Notwithstanding Lender's acceleration of the eume aecured by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all auma which would be then due under thia Mortgage, the Note and notea eecuring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other covenante or egreement~of Borrower rnntained in thia Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender in enforcing Lhe oovenants and agreements of $orrower rnntained in thie Mortgage and in enforcing L.ender's remedies as pmvided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney e fcea; and (d) Borrower takea snch action as Lender may rPSSOnably require to assure that the lien of thia Mortgage, Lender's intereat in the Property and Borrower's obligation to pay the suma secured by this Mortgage ahall rnntinue unimpaired. Upon such payment and cnre ~ by Borrower, thia Mortgage and the obligatione secored hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aeeignment of Rente; Appoiatment of Receiver. Ae additional eecurity hernunder, Borrower hereby aeaigne to Lender the rents ~ of the Property. provided that Borrower shall, prior to acceleration nnder paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and rntain auch rents aa they become due and payable. ~ Upon acxeleration under paragraph 18 hereof or abandonment of the Property, L.ender shall be entitled to have a receiver appointed by a ~ eourt to enter~upon, take poesesaion of and manage the Property and to collect the renta of the Property, including thoee past due. All rents ' collected by the receiver shall be applied first to payment of the ooeta of management of the Property and oollection of rents, including, but not ~ limited to, n~oeiver e Teee, premiums on receiver's bonda and reasonable attorney's feea, and then to the aume eecared by thiB Mortgage. The ~ receiver ahall be liable to acovunt only for thoee renta actually received. ~ ~ ~ 8001( ~tvt7 PACf ~ ~ ~ ~ _ - . - - _ _ _ - - - ~ ~ ~~~~..~`~„-~.,~w~