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HomeMy WebLinkAbout0735 8. I[I~~M~00. Lender may make or cause to be made raaionable entries upon and in~pections o[the property, provided that l.endu shaU ' give Borrower ~otice prior to any such inspectioa speci[ying reaaonable cawe theref~ related to L.eader's int~rest in the Pmp~rty. ~ 9. Condemnatioa. The proceeds of aay award or claim for damages. direct or consequential, in connection with aqyr ooadannation or uther taking of the pmperty. or part thereof, or for conveyance it~ lieu of oondemnation, are hereby assigned and shall be paid to Lender. In the event of a btal taking of the Property, the procoed~ shall be applied to the sums secured by this Mo~gage. with the excess. it any. { paid to Borrower. In the eveat of a partial taking of the Propafy. unless Borrower and Lender otherwise agree ia writing. there shall be ~ applied w the sums ~ecured by this Mortgage ~uch proportion of the pmceeds es ie aqual to that pronortion which the amount of the sams : eecured by this Mortgage immediately prio~ to the date of taking bears to the fair market value of the Property immediately prior b the dete of j takiag. with the balanoe of the proceeds paid to Borrower. ~ If the Property is abandoned by Borrower. or if. eRer notice by I.ender to Borrowes that the condemnor ot~'ers to make an award or setde a ~ claim for damages. Borrower fails to respond to Leader within 30 days after the data such aotice ia mailed. Lender is suthoriud to eoUect aad : apply, the pmceeds, at I.end~'s option, either to rEStoration os repair of the propert,y or to We sums secured by lhi~ Morigage. ; Unless Lender and Borrower otherwise agree in writinB, eny such application of pmceed~ to principal ahall not estend or postpona the due # date of the monthly inatallmeats referred to in paragraphs 1 and 2 hereof or change the aawunt of such installmeate. ~ 10. Borrower Not Released. Extension of the dme for paya~ant or modification of amortisation of the aums eecured by this Mortgage granted by L.ender to any aucceaeor in intereat of Borrower ahall not operate tu release, in any manner. the liability of the original Borrower ` and Borrower's succeaeors in interea~ L.ender ehall not be required to commence proceedings againet euch auocessor or refuee to eztend iime ! for paymeat or otherwise modify amortization of the aums secured by thie Mortgege by reason of any demand made by theoriginal Borrower and B.orrower a aucceseora in interest 11. Forbearanoe by Lender Not a Waiver. My forbearance by I.end~ in exercising any riBht or remedy hereuader. or oWawise afforded by applicable law, ehall not be a waiver of or preclude the exerciee of any such right or remedy. The procntement of insuranoe or the ; payment of t~~ or other liene or chargee by Lender shall noL be a waiv~ of Lender a right to aocelerate the maturity of the indebtedaees ~ aecured by thia Mortgage. ~ . : 12 Remediea Gtimulative. All temediea pmvided in this Mortgage are diatinct and cumulative to any other right or remedy under this : Mortgage or afforded by law or equity, and may be euercise~l ooncurnntly, independently or aucceaeively. 13. 3ucceaeors and Assi~nna Bound; Joini and 3everal I.iabllity; Captions. The oovenant8 and agreemente herein oontained shall bind, and the rights hereunder ahall in~ue to, th~ reapective euccessore and asaigna of I.ender and Boirower. eubject to the pmvisions of paragraph 17 hereoi All covena_nte and agreementa of Borrower shall be joint and several. The captiona and headings of the paragrapha of thie Mortgage are for rnvenience only and are noi to be ueed to interpret os defiae the provisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrowet provided for in thie Mortgage ehall be given by mailing sych notice by certified mail addresaed to Botrower at tbe Property Addreea or at auch other addrees es f3orrower may deaignate by notice to Lender ae provided herein, and (b) any notice to Lender ehall be given by certified mail, retwa seceipt s requested, to L.ender e address stated herein or to auch other addreas as I.ender may deaignate by notice to Borrower ae provided herein. My ; notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the maaner deaignated herein. . 15. Uniform Mortgage; Governing Law; 3everability. Thie form of mortgage rnmbinea uniform oovenanta for national uee and non- uniform covenants with limited variations by juriadiction to oonstitute a uniform security inatrument oovering real property. Thia Mortgage shaU be govemed by the law of the jurisdiction in which the Property ie located. In the event that any provieion or clauae of this Mortgage or the Note conflicta with applicable law, such rnntiict shall not aKect other provisiona of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16_ Borrower's Copy. Borrower ahall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the time of ezecntion or after recordation herPOf. 17. Transfer o! the Property; Aesumption. If all or any part of the Property or an interest therein is eold or transferred by Borrower without Lender s prior written coneent, e:cluding (a) the creation of a lien or encurabrance aubordinate to this Mortgage, (b) the creation of a purchase money security interest for houaehold appliancea. (c) e tranefer by deviae. descent or by operation of law upon the deaLh of a joint tenant or (d) the grant of any leasehold interest of three years or leea not oonteining an option to purchaee. Lender may, at Lender'a option, declarn all the suma secured by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, priot to the sale or tranafer. I.ender and the person to whom the Property is to be eold or tranaferred ~each agreement in writing that the credit of auch person is satiefactory" to Lender and that the interest payable on the aums secured by this Mortgage shall be at auch rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17. and if Borrower's auccessor in intereat haa executed a written asaumption agreement accepted in writing by Lender, L.ender ahall relesee Borrower from all obligationa under this Mortgage and the Note. " If Lender exercisea such option to accelerate, Lender shall mail Borrower notice of soceleration in accordance with paragraph 14 hereoL i Such notice shall provide a period of not lesa than 30 days from the dat~e the notice ia mailed within which Borrower may pay the sums declared ; due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by paraqraoh IS hereof. ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, npon Borrower'a breach of any oovenant or agreement of Borrower in t6is Mortgage, including t6e oovenante to pay when due any sume eecured by this Mortgage, Lender prior to aoceleration ahall ma[1 notice to Borrower ea provided in paragraph 14 hereof epecifyiag: (1) the breach; (2) the action required to cure auch breach; (3) s date, not leas thaa 30 days from the date the notice ie mailed to Borrower, by which such ~ breach muat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in ~ acceleration of the aume secured by thie Mortgage, foreclosure by judicial proceeding and sale of Ehe Property. The notice ehall further inform Borrower of the right to reinetate aRer acceleration and the right to aeeert in the foreclosure prceeeding the non-e:iatence of a default or any other defense of Borrower to acceleration and Toreclosure. If the breach is aot cured oa or before the date epecified in the notice. Lender at Lender's option may declare all of the sums aecured by this Mortgage to be immediately due and payable without furtherdemand and may forecloae thie blortgage by judicial proceeding. Lender shall be entitled to collect in such proceediag all expenaes of forecloaure, including. but not limited to, reaeonable atWrney's feee, s»d costs of documentary evidence, abatracte and title reporta. 19. Borrower'e Right to Reinetate. Notwithatanding Lender's acceleration of the suma eecured by thia Mortgage, Borrowerahall have the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time.prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paya Lender all euma which would be then due under thie Mortgage. the Note and notes aecuring F~ture Advancee, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenante or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays aA reasonable expensea incvrred by Lender in enfonting the covenant~ and agreements of ~3orrower oontained in this Mortgage and in enforcing L.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney a feea; and (d) Borrower takea such action as I.ender may reaeonably require to assure that the lien of this Mortgage, Lender'e interest in the Property and Borrowei e obligation to pay the sums secured by this Mortgage ahall rnntinue unimpaired. Upon auch payment and c~re ~ - by Borrower, this Mortgage and the obligationa eecured hereby ehall remain in full force and effect aa if no acceleration had occurred. : ~ . 20. Aseigament of Rente; Appointment of Receiver. As additional security hernunder, Borrower hereby assigna to Lender the rente ' r of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right - ~ to rnllect and retain such renta ae they become due and payable. - ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a receiver appointed by a ~ oourt to enter~pon, take poseeeaion of and manage the Property and to collect the rente of the Property, including thoee psat due. AU renla ~ oollected by the reoeiver shall be applied fuet to payment of the ooats of managementof the Property and collection of rents, including, but not ~ limited to. receiver e feea, premiume on receiver e bonds and reasonable attorney'e feea, and then to the aume secured by thia :+~tortgage. The ~ reoeiver ahall be liable to acoonnt only for those renta actually received. ~ . ~ ~ sooK 3U3 ~acE 73~ ~ ~ - ~ , ; - - ~ - I , .w:~~ ~ ~ ; ~ ' F ? _ .