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HomeMy WebLinkAbout0408 8. Inspectfoa. I.ender may ~ake or cawe to be made reaioaable e~tries upon end in~pections of the pwperty~ psovided that Leader shall give Borrowe~ notice prior to any such inspection epecifying rensonable cause therefor nlated to I.ender's iptet~t in the Pt~o{~pt~t. 9, Coademnatloa. The proceeda of any eward or claim fos damages, direct or rn~sequential, in con~ection wiW any oondemnation or other taking of the prope~ty, or part thereof, or for co~veyance in lieu ot rnndemnation, are hereby assigned and shap be paid to Lender. !n the event of a total taking of the Property, che proceeds shall be applied to the suma secured by this Mortgage, with the e:cess. if any, paid to Boreower. In the event of a partia! taking of the Pe~operty, unlesa Bottower and l.ende~ othervrise a~tree in wririn~, there shaU be applied to the euma secured by this Mortgage such proportion o! the proceeds as ie equal to that proportion which the amount of the suau necured by this Mortgage immediately prior to the date of taking bears to lhe fair market value of the Prope~ty itnmediately prior to the date of taking, with the balancti of the proceeds paid W Borrower. ~ • If the Property ie abandoned by $orrower, or it, aRer notice by Lender to Borrower that the condemnor offete to make an award or settle a clnim for damagee, Bon~ower [ails to respond to l.ender within 30 days after the date such notice ie mailed, Lender ie suthorizod to collect and apply the pro~.~eede, at I.ender's option; either to ~estoratioa or repair of the property or to the aums secured by this Mortgage. Unlees I.ender and Borrower otherwiee agree in wtiting, any euch application of proceeds to principal ahall not extsnd or postpone the due date of the monthly inetallmente referned to in paragraphs 1 and 2}~ereoi or change the amount of auch inetallments. 10. Borrower Not Released. E:tension of the ti me for paym~nt or modification of amortization of the aume eecured by this Mortgage granted by l.ender to any succeseor in interest of Borrower shall not operate to releaee, in any manner, the liability of the original 6orrower atd [iorrower's successors in interea~. l.ender ehall not be required to commence pr.ocecdinge againat auch auccesaor or refuee to e:tend time fur payment or otherwise modify amortization of the sums aecured by thia Mortgage by reason of any demand made by theoriginal Borrower ~nd liorrower's succeaeors in interest. , 11. Forbearance by Lender Not a Weiver. My [orbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicable Iaw, ehall not be a waiver of or preclude the exerciee of any auch right or remedy. The procureme~t of insurance or the payment of tazes or other liena or chargea by I.ender ahall not be a waiver of Lender a right to accelerate the maturity of the indebtedneaa aecured by this Mortgage. 12 Remediee Cumulative. All remedies provided in thie Mortgage are diatinct and cumulative to any other right or remedy under thia Aiorlgage or afforded by law or equity, and may be eYercieed ooncurrently, independently or aucoesaively. 13. Succeseors and Aseigne Bound; Joint aad Several Liability: Captlona. The covenanta and agreemente herein oontained ahall bind, and the righta hernunder shall inure to, the reapective succeaeors and aseigne of Lender and Borrower, aubject to the provisions of paragraph 17 hereof. Ali covenante and agreements of Borrower ahall be joint and eeveral. The captions and headings of the paragraphs of thia Mortgage are for covenience only and are not to be used to intetpret or define the provieione hereof. ~ a. Nocice. 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 such notice by certified mail addresaed to Borrower at the Property Address or at auch other addreas as F3orrower may deaignate by nvtice to Lender ae provided herein, and (b) any notice to [.ender ehall be given by certified mail, return reoeipt requested, to l.ender'a address stated herein or to auch other address as I.ender may deeignate by notice b Borrower as pmvided herein. My notice pmvided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everebility. Thie form of mortgagecombinee uniform oovenanta for national uee and non- uniform covenante wilh limited variations by juriadiction to oonetitute a uniform security instniwent oovering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clauae of thie Mortgage or the Note conllicta with applicable law, auch conflict ahall not affect othetr provisions of this Mortgage or the Note which can be givea effect withaut the conflicting provision, and to thia end the proviaions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be fumiahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'I~anafer of the Property; Assumption. If all or any part of the Property or an interest therein is soid or traneferred by Borrower without I.ender'a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a pu. chaRe n~oney sccurity intereat for houeehold appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint t~, ant or (dl tt,e grant of any leasehold intereat of three years or less not oontaining an option to purchese, Lender may, at Lender's option, dcrlare all the sums aecv.~ed by this Mortgage to be immediately due and payable. Lender shall have waived such option to aooelerate it; ptior to the sxle.:r transfer, I.~ nder and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such perKOn is satiafactory b~ I.ender and that the interest payable on the suma secured by this Mortgage shall be at such rate as Lender ahall requeet. If I,ender has wai~ ed the option to accelerate pmvided in thia paragraph 17, and if Borrower s successor in interest has executed a written asaumption agreement accepted in writing by Lender, I.ender ahall release Borrower from al) obligations under thie Mortgage and the V ote. ' ~ I If Lender exerciaes such option to accelerate, [.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. E tiuch notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the aums declared ! due. tf l3orrower fails to pay such sums prior to the ezpiration of such period, Lender may, without further notice or demand on E3orrower, - € invoke any remedies permitted by paragraoh l8 hereof. _ E 18. Acceleration; Remedies. E:ce t as rovided in ar ~ p p p agraph 17 hereof. upon Borrower'8 breach of any oovenant or agreement of Borrower in thia Mortgaqe. including the oovenanta to pay when due any euma secured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to core such breach: (3) a date, not lesa than 30 daye from the date the notice ie mailed to Borrower, by which such ~ breach must be cured; and (4) that feilure to cure auch breach on or before t6e date epecified in the notice may result in scceleration of the sums secured by thie Mortgage, foreclosure by jadicial proceeding and eale of the Property. The notice shall further inform Borrower ot the right to reinatate aRer acceleration and the rig6t to asaert in the forecloaure proceeding the non-e:iatence ot a defauit or any other defenae of Borrower to aoceleration and forecloeure. I! the breach ie not cured on or before the date specified in the notice. Lender at Lender's option may declare all of t6e sums secured by thia Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be t~ntitled to collect in such proceeding all expenaes of toreclosure. including. but not limited to, reasonable attorney's fees, and costs of documentary evidence. abatracta and title reports.. 19. Eiorrower'e Right to Reinstate. Notwithstanding l.ender s acceleration of the sums eecured by this Mortgage, Borrower ahall have the right to have any proceedinge begun by I.ender to enforce thia Mortqage diecontinued at any time prior to entry of a judgment enforting ~ this Mortgage if: Ia) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notes eecuring ~ture Advances, if any, had no acceleration occurred; (b) Borrower curee all breaches of any other covenanta or agreemenfa of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable expenaea incurrec! by Lender in enforcing the covenant8 and agteements of Borrnwer contained in this MortgaRe and in enforcing l~ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable = attorney's feee; and (d) F3orrower takes auch artion as Lender may reasonably require to aasure that the lien of this Mortgage, Lendei a interest in the Property and Borrower's obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure. ~ by Borrower, this Mortgage and the obliqations aecured hereby ehall rnmain in full force and effect as if no acceleration had occurred_ ~ 20. Aseignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigns to [.ender the rente ~ of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain such renta as they become due and payable. r: ~ Upon acceleration under paragraph 18#?ereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ court to enter.upon, take posaesaion of and manage the Property and to collect the renta ot the Property, inclu~iing thoee past due. All rents ~ collected by the reoeiver shall be applied firet to payment of the oosts of management of the Property and collection of renta, including, but not ~ limited to, receiver'a feea, premiums on receiver's bonds and reaeonable attomey'a feea, and then to the auma secured by thie Mortgage. The receiver shall be liable to acoount only for those rente actually received. ~ ~ - ~ . 9001f t;~ p~ ~O ~ ~ 7 ; ~ 's.. ; ~ - - s'' , :h,., '~~~c~.~ ~ : _ ~ ~'-~t - :