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HomeMy WebLinkAbout0710 8. laepectioa. [.ertder may malce or cause to be made reasonable entrie~ upon and inspectiune o[the property, provided that l.ender ahall give Borrower notice prior to any such inspectio~ epecifyring reaeonable cause therefor related b Iwnder's intereat it~ Ihs Property. 9. Coademaatloa.'[l~e proceeds of any award or claim for dama~ea, direct or consequential. iaoonaectio~ with aay eondemnation or other taking o! 1he pmperty. or part thereof. or for conveyance i~ lieu o[ oondem~ation. an heoeby aasigned and ahall be paid to I.ender. In the event of a tota! taking oi the Property, the proceeds shall be applied to the sums secured by this Mortgage. witn the excess. if any. paid to Borrower. Ia the event of a partial taking of the Property, unlees Borrow~ and l.e~der otherwise agree in w~iting, there shaU be applied to the sums secured by this Mortgage such proporlio~ of the pmceed~ as ia equal to that proportion which the amount of the sums secnred by this Mortgage immediately prior to the date of taliing bean tu the fait market value of the Property immediately prior b the date of taking. with the balanca of the proceeds paid to Borrower. ~ If the Property is abandoned by Borrower, or if, atter notice by Lead~ to Borrower that the condemnor offers to make an award orsetde a claim for demages. Borrowes fails b respond to I.ender within 30 daye after the date such notice is mailed, I.ender u authorised b collect and apply the proaeds, at Lender'a option. either b restoratioa or repair of the property or to the su~ns eecured by this Morfgage. Unleea Lender and Borrower otherwise agree in writing, any such application of proceeda to principal shall not estead or po~tpone the due date of the monthly inatallments referred to ia paragraphs 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the sums secured by this Morigage granted by I.ender b any succesaor in intereat of Borrower shall not operate to releaee, in any manner. the liability of the original Borrower and Borrower a aucceasore in interea~ [.ende~ shall not be required to oommence proce~inga againat auch aucceesor or refuee to e:tend time for payment or otherwise modify amortization of the eums secvred by this Mortgage by reason of any demend made by the original Borrower and Borrower a aucceseors in intereat. 11. Rorbearanoe by I.ender Not s Waiver. My forbearance by Lender in exercising any right or reanedy hereuader. or otheiwiee afforded by applicable law. shall not be a waiver of or preclude the e:erriae of any euch right or remedy. The procureanent of ineuranoe or the ~ paymeat of taxea or other liens or chargee by Lender shell not be a waiver of Lender e right to socelerete the maturity of the indebtednesa secured by thia Mortgage. . 12 Remediea Gtimulative. Ail remedies provided in thie Mortgage are dietinct and cumulative to any other right or remedy uader this Mortgage or afforded by law or equity, and may be e:erciee~l concurrently. iadependeaUy or aucceasively. 13. Succeeeors and Aseigne Bound; Joiat and 3everal Liabjlity; Captione. The covenante and agreementa herein oontained shall bind, and the righte hereunder ehall inure to, the respective succeesora and assigns of I.ender and Borrower, eubject to the provisiot~s of paragraph 1? hereof. All covenants and agreementa of Borrower shall be joint and several The captions and headings of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or de5ne the pmvieions hereof. . 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin ~ this Mortgage shall be given by maiting auch notice by certified mail addreseed to Borrower at the Property Addrese or at auch other addreee as Borrower may deaignate by ~otice to Lender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt requested, to Lender s address atated herein or to such other address as Lender may deaignate by notice to Borrower ae pmvided herein. My notice provided for in thia Mortgege shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia [orm of mortgage rnmbinea uniform oovenants for national aee and aon- uniform covenanta with limited variationa by juriadiction to constitute a uniform security instrunient rnvering real property. This Mortgege ahall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provu+ion or clauae of thia Mortgage or the Note conilicts with applicable lsw, auch conilict shaU not aft'ect other proviaions of this Mortgage or the Note which can be given eftect without the rnntlicting provieion, and to this end the proviaions of the Mortgege and the Note are declared to be aeverable. 16. Borrower-'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. l7. 'I~anster of the Property; Aseumption. If all or any part of the Property or an interest therein is aold or iranaferred by Borrower without l.ender s prior written rnnaent, eacluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purrhaee money security interest for household appliancea, (c) a transfer by deviae. descent or by operation of law upon the death of a joint fenant or (d) the grant of any leasehold interest of three years or leas not oontaining an option to purchaee, Lender mayt at Lender'e option, declare all the suma secured by thie Mortgage to be immediately due and payable. Lender ehall have waived such option to accele~rate if, prior to the sale or tranafer, Lender and the peraon to whoro the Property is to be sold or tranaferred rnach agreement in writing that the credit of such person ia satiafactory to Gender and that the interest payable on the sums secured by this Mortgage ehall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's successor in interest has executbd a written assumption agreement accepted in writinq by I.ender, Lender shall release Borrower from all obligations under thia Mortgage and the Note_ ' If Lender exercisea auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. i Such notice shall provide a period of not leas than 30 days from the date the notice ia mailed within which Borrower may pay the sums declared ' due. If Borrower fails to pay such sums prior to the eapiration of such period, Lender may, without further notice or demand on ~iorrower, ~ mvoke an remedies ~ y permitted by paraqraoh 18 hereof. ~ l8. Acceleration; Remediee. E:cept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenent or ~ agreement ot Borrower in this Mortgage, including the covenanta to pay when due any sume aecured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the aMion required to cure euch breach; (3) a date, not lesa than 30 daye from the date the notice ie mailed to Borrower, by whic6 such breach must be cured; and (4) that failure to cure suc6 breach on or before the date specit'ied in the notice may result in ~ acceleration of the auma secured by thie Mortgage, forecloeure by judicial pro~.~eeding and sale of the Property. The notice shall further inform Borrower of the right to reinatate aRer sooeleration and the right to a88ert in the foreclosure prceeeding the non-e:istence of a default or any other detense of Bortower to aceeleration and foreclosure. if the breach ie not cwed on or - before the date specified in the notice. Lender at Lender'a option may declare all of the euma aecured by this Mortgage to be immediately due and payable without further demand and may forecloee thie Mortgage by judicial proceeding. Lender ahell be entitled to collect in such proceeding all expenses otforeclosure. including, but not limited to, reaBOnable attorney's feea, and costs of documentary evidence. abstracts aod title reports. 19. Borrower'B Right to Beinetate. Notwithetanding Lender's acoeleration of the suma eecured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration oocurred; (b) Borrower c~rea aU breachea of any other covenante or agreements of Borrower contained in thia Mortgage; (c) Borrower paye alt reseonable expenses incurred by Lender 'in enforcing the covenanta and agreements of Borrower oontained in this Mortgage and in enforcing Lender'e remedies ae provided in paragraph 18 hereof, including, but not limited to, reasonabl~? attorney'e feea; and (d) Borrower takea euch action ea Lender may reaaonably require to asaure that the lien of thie Mortgage, Lender e interest ~ in the Property and Borrower's obligation to pay the auma eecured by this Mortgage ahall rnntinue unimpaired. Upon euch payment and cnre by Borrower, thie Mortgage and the obligatione eecured hereby shall remain in full force and effect as if no accelerstion had.occurred. ~ Z0. Aesignment of Rente; Appoiatment of Receiver. As additional eecurity hernunder, Borrower hereby aasigna to Lender the rents ~ ~f the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property. have the right ~ to collect and retain such rents aa they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonme~t of the Property, Lender ehall be entitled to have e receiver appointed by a ~ oourt to enter~pon, take poaseeaion of and manage the Property and to collect the rente of the Property, including those past due. All renta ~ oollected by the rPCeiver shall be applied firet to payment of the coets of managementof the Property and collection of rente, including, but not ~ limited to, receiver's fees, premiuros on receiver's bonds and reasonable attomey's feea, and then to the euma eecnred by this Mortgage. The receiver ehall be liable to acoount only for thoee renta actually received. ~ ~ gooK 303 PacE 7d9 ~ . ~ - _ ; - - - _ - - - - - - f ~ : - ~ 4 ~ ffi~ _ _ . . . . . _ . _C . . .