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HomeMy WebLinkAbout0727 8. I~speMlon. I.ende~ mey a?ake or cauae b be mede reasonable e~trier upon and inspectioiu olthe pmp~~ty, provided that l.ender ehall give Borrower notice prior to a~y such inspection apecitying reasonable caws thereior related to Lender i interest i~ tl~e Property. 9. CoademnaUoa.'!!~e proceeds of any award or claim for damagea, direct or consequential, ia rnnnection with any oundemnation or other taking of the property. o: part thereof, oi for conveyanoe in lieu of oondem~ation, are hereby aeeigned and ehall be paid to Leader. In the event of a total taking o! the Proped"y. the proceeds shall be applied b 4he aums secured by thia Mortgage, with the ezoess. if any, paid to Borrower. In the event of a partial takin~ of the Pooper~y, unless Borrower and Lender otherwise a~ree in writing. there shaU be appGed to the aums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the suma eecvred by thia Mortgage imcuediately prior to the date of taking bears b the fair market value of the Property immediately prior to the date of taking. with the balanea of the proceeds paid to Borrower. If !he Property is abandoned by Borrower. or if. aRer notioe by Irnd~ to Borrow~ that the oondemnor oPlen to make aa award or bettle a claim for damages, Borrower fails to respond to Lender within 30 days afler the date auch notice ie mailed, Lender ie authorized to collect aad apply the proc~eds. at Lender's option, either to restoratioa or repair of the pmperty or to the sums aecured by this Mortgaga Unleae Lender and Borrower otherwise agree in writing. any such application of proceed~ b p~incipal ahall ~ot extend or postpoae fhe due date of the monthly installments referred ~o in paragraphs 1 and 2 hereof or chanQe the aanount of such in~tallments. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortisation of the aume eecured by this Mortgage granted by Lender b eny succeaeor in interest of Borrowe~ ahaU not operate to release, in any manner, the liability of the original Borrower and Borrower's ancceasora in interest~ I.ender ehall not be required to oommence proceedinga against such succeasor or refuee to e:tend time for payment o~ otherwise modify amortization of the auma secured by this Mortgage by reaeon of any demand made by the original Borrow~ and Borrower a autt~sore in intetesf. • 11. Rorbearanoe by Leoder Not a Vilaiver. My forbearance by Lend~ in exercising ~aay right or remedy hereunder, or othervvise af~orded by applicable law. shaU not be a waiver of or preclude the e~ercise of any such right or remedy. The procurement of insnrance or tha payment of tazea or other lieas or charges by Lender shall no! be e waiver of Lender's right to aocelerate the maturity of the indebtedness secured by- this Mortgage. . 12 Remedies Cumulative, All remediea provided in this Mortgage are diatinct and cumulative to a~y other right or remedy uader this Mortgage or aftorded by law or equity. and may be exercise~i ooncurrendy. independeatly or suoce~aively. 13. 3uccessore aad Aseigas Bouad; Joiat and 3everal Liabiljty; Captiona. 7t~e oovenants and agreementa herein contained ahall bind. and the righte hereunder ahal! inure to. the reepective suc~.~eesor8 and assigns of~Lender and Borrower. aubject to the ptoviaions of paragraph 17 hereof. All covenants and agreemente of Borrower ahall be joint and aeveral. The captions and headinga of the paragiraphs of thia Mortgage sre for covenience only and an not to be used to interpret or defiae the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given i~ another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing auch notice by certified mail addreeaed to Borrower at the Property Addr~e or at such other address aa Borrower may deaignate by aotice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's addresa atated herein or to such other addreee as Lender may deeignate by notice to Borrower ae provided herein. My notice provided for in this Mortgage ahalt be deemed to have been givea to Borrower or Lender when given in the manner deeignated herein. 15. Uaiform Mortgage; Governing I.aw; 3everability. Thie form of mortgage combinea uaiform oovenanta for national uee and non- uniform rnvenante with limited variatione by juriadiction to oonstitute a uniform eecurity instrument oovering real pmperty.'ltiis Mortgage shall be governed by the law of the jurisdiction in which the Property ia lceated. In the event that any pmviaion or clause of thia Mortgage or the Note conflicts with applicable law, auch conilict shall not a~fect other provieione of this Mortgage or the Note which can be given eftect without tt?e oontlicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower ehall be furniahed a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 1~. Transfer of the Property; Assumption. If all or any part of the Property or an intereet therein ie aold or tranaferred by Borrower withoui Lender a prior written coneent, e:cluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money security intereat for houaehold appliances, (c) a tranefer by deviee, dc~oent 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 Lender e option, declare all the aume aecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the sale or tranefer, Lender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing thaL the credit of auch peraon ia satisfactory to Lender and that the interest payable on the auma secnred by this Mortgage shall be at such rate as Lender ehall requeat. If L.ender hae waived the option to accelerate provided in this paragtaph 17. and if Borrower's succeasor in interest has ezecuted a w~ritten assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under this Mortgage and the Note. . ' If Lender exercisea such option to accelerate, Lender ahaU mail Borrower noticr of acceleration in accordance with paragraph 14 hereof. ~ Such 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 suma declared j due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on 13orrower, N mvoke any remedies permitted by paragraoh 18 hereoL ~ 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the wvenante to pay w6en due any sume secured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the adion required to cure such breach; (3) a date, not less than 30 daye from the date the notice is mailed to Borrower, by which suc6 breach muat be cured; and (4) that tailure to cure auch breach on or before the date specified in the notice may result in acceleration of the eums secured by this Mortgege, [orecloeure by judicial proceeding and sale of the Property. T6e notice ehall further inform Borrower of the right to reinstate aRer aoceleration and the right to easert in the forecloaure proceeding the non-ezistence of a default or any other defense ot Borrower to aoceleration aad foreclosure. If the breac6 ie not cured on or before the date speciHed in the notice. Lender at Lender's option may declare all of the euma secured by this Mortgage to be emmediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including. but pot limited to, reasonable attorney's fees, and coste of documentery evidence, abetracte and titie reporte. 19. Borrower'e Right to Reinstate. Notwithstanding Lender s acceleration of the aume eecured by this Mortgage, Borrower ehall have the right to have any pmcfedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under thie Mortgage, the Note and notes eecnring Future - ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all bmaches of any other covenanlsor egreements of Borrower contained in = ~ thie Mortgage; (c) Borrower pays all reasonable ezpeneea incurred by Lender in enforcing the oovenante and agreemente of Borrower ~ oontained in this Mortgage and in enfo'rcing I.ender'e remedies as provided in paragraph 28 hereof, including, but not limited to, reaeonable ~ attorney e feea; and (d) Borrower takes auch action ae Lender may reaaonably reqwre to aesure that the lien of this Mortgage, I.ender'a interest ~ in the Property and Borrower'a obligation to pay Lhe aume secured by this Mortgage shall rnntinue unimpaired. Upon such paywent and c~re ~ by Borrowec, this Mortgage and the obligations secured hereby ehall remain in full force and effect as if no acceteration had occurred. ~ 20. Aseignment of Rente; Appointment of Reoeiver. As additional security hereunder, Borrower hereby assigna to Lender the rente ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch renta ae they become due and payable. i ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lendtr ahall be entitled to have a receiver appointed by a ~ oourt to enternpon, take poaeession of and manage the Property and to collect the renta of the Property, including thoee past due. All rente ~ ooUected by the receiver shall be applied first to payment of the ooata of management of the Property and rnllection of rente. including, but not ~ limited to, receiver a tees, premiums on receiver'e bonds and reasonable attorney's feea, and then to the euma eecured by this Mortgage_ The ~ reoeiver ahaU be liable to acoount only for th~e rente actually received. ~ ~ ~ ~ ~ $ocK~3 Pacf 7~ ~ ~ „ _ - - - - i ~ :r t ,s , . ~ s~`. ~ _ . , ~~'a.