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HomeMy WebLinkAbout0759 , 8. In~pectlon. [.ender may make or cawe to be made reeuoaable entries upon and inspections of ?he propsrty. provided that I.ender ~hall give Borrowe~ notioe prior to any such inspection speci4rinQ reaaonable causs therefor related to Leade~~ inttresL in th~ Pe~oyerRy. 9. Candemaetioa.'11?e proceeds of any award or claim for damages, direM or cor?~equantial, in rnnnectioa with any ooademnatiop or othar takin~ of the property. or pert thereof, or fos conveyanoe it~ Ueu of ooademnatioa, are hereby e~si~ned and shall be paid to Leader. In the event oi a total taking of the Propetty. the proceeds shall be applied to the sums secured by th~s Mortga~e, with We esoesi. if aay, paid to Borrower. In the event of a partial talun~ of the Property. unless Bo~row~ and I.endez otherwise agree in writing. ~thare shall be F appUed W the sums secured by this Mort~age such pmportioa ot the proceed~ as u equal to that pmportion which the amount of the suma ? secured by this Mortgage immediately prior to the date of taking bears to the fair market vslue of the Propetty immediate~jr prior b the date of ~ takiag. with the balance of the prooeeda paid eo Borruwer. ' ; If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrow~ that the oondemnor o~ers ta make an awrard or settle a claim for damages. Borrower fails to respond to Lender withir? 30 days afte+r the date such notice is mailed, Lender is authorised to coUect and i appiy the proceed~. at Lend~'s option. either b reatoration or repair of the property or to the sums ~ecured by thia Mortga~s. ~ Unlees I.ender and Borrower otherwise agree in writine, any snch appUcation of prooeeds to principa! ahaU not estend or poetpone the due date of the inonth~y inatsllments referred to in. paragrapha 1 and 2 henoi or change the amount of such insLallmenta. ~ 10. Borrower Not Released. E:tension of the time ior paymrnt or modification of amortization of the suma secured by this Mortgage granted by Lender to any succeaaor in intereat of Borrower shall not operate to release. in any manner. the liability of the original Borrower ~ and Borrower'a sacoeeeors in interest. Lender shall not be required to oommence proceedings against such auccesaor or refuee to e:tend time ~ for payment or otherwiae modify amortization of the sume aecured by this Mortgage by reason of any demand made by the original Borrower and Borrower s auccessors in interest. x 11. Forbearanoe by I.ender Not s Waiver. My forbearance by Lender in ~ercising any right or remedy hereunder. or oth~wise i afforded by applicable law. shall not be a waiver of or preclude the ezezcise of any euch right or remedy. The procunment of ins~uanoe or the : payment of ta:es or other Ueas or charge~s by Lender shall not be a waiver of Lender's right b sooelerate the maturity of the indebtedness ~ eecured by this Mortgage. 12 Remediea Cumulative. All remedies pmvided in this Morfgage are diatinct and cumulative to any other right or remedy uader thit s Mortgage or afforded by la~r or eqnity, and may be e~erciee~l ooncurrendy, iadepeadeqdy or auccesaively. , 13. 3ucceesors and Assigns Bouad; Joint aad 3everal Liability; Captions.'l~e rnvenanta aad agrcemente herein oontained ahall bind, end the righte hereunder shaU inure to, the respective succeeaors and assigns of Lender and Borrower. aubject to the provieiona of paragraph 17 hereof. All covenaats and agreemeats of Borrower ehall be joint and several. The captions and headinga of the paragrapha of thia Mortgage are for oovenience only and are not to be ueed to iaterpret or define the provisions hereof. 14. Notice. E:cept for sny notice required under applicable law to be given in another manner. any notice to Borrower pmvided for in ~ thia Mortgage ahall be given by mailing anch notice by certified mail addreaeed to Borrowrer et the Property Addreea or at such other address aa Borrower may deeignate by notioe to Leuder as pmvided herein, and (b) any notice to Lender shall be given by rertified mail, return receipt requested, to Lender'e addreee atated herein or to such other addrass sa Lender may deeignate by notice to Botrower sa provided herein. My notice provided for in this Mortgege ahall be deemed ta have been given to Borrower or I.ender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; 3everabilit}r. Thie form of mortgageoombines uniform oovenanta for national uee and non- uniform rnvenants with limited variationa by juriediction to oonatitute a uniform eec~uity inatrument covering real property. This Mortgage ahall be governed by the lavr of the jurisdiction in which the Property ia located. In the event that any.provision or clause of this Mortgage or the Note conilicts with applicable law. auch contlict shall not affect other proviaione of thie Mortgage or the Note which can be given effect without the aontlicting provision. and to thia end the provisiona of the 1liortgage and the Note are declared to be eeverable. r 16. Borrower'e Copy. Borrower ahall be furniahed a conformed aopy of the Note and of thia Mortgage at the time of ezecution or after. recordation hereof. 1~. Tranafer of the Property; Aes~unption. If all or any part of the Propeity or an interest therein ia eold or transferred by Borrower witliout Lender's prior written conaent, e~cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchaee money aecurity interest for houeehold appliances. (c) a trenafer by deviee, dc~oent or by operation of law upon the death of a joint tenant or (d) the grant of any leanehold intereat of three yeare or leee not oontaining an option to piuchase, Lender may. at Lender a option. declare all the aums aecarea by thia Mortgage to be immediately due and payable. Lender shall have waived such option to socelerate it; prior to the sale or transfer, I.ender and the peraon to whom the Property is to be eold or transferred rnach agreement in writing that the credit of such person is satiafactory to Lender and that the interest paysble on the aums secured by this Mortgage ehall be at euch rate as Lender aha11 request. If Lender hea waived the op.tion to accelerate provided in thia paragraph-17, and if Borrower e aua~easor in intereet has e:ec~ted a' written aesumption agreement accepted in writing by Lender, Lender shal! release Borrower from all obligationa under thia Mortgege and the Note. ' If Lender ezerciaea auch option to accelerate, Lender ahall mail Borrower notice of acceleration in acoordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 daya firom the date the notice is Q.siled within which Borrower may pay the euma declared j dae. If Borrower faila to pay auch aums prior to the e:piration of auch period, Lender may. without further notice or demand on ~iorrower, ~ ~ mvoke any remediea permitted by paragraoh 18 hereof. ~ ~ I8. Acceleration; Remediee. E:cept•se provided in paragraph l7 6ereof. npon Borrower'e breac6 of any oovenant or ! agreement of Borrow.er in this Mortgage, including the oovenants to pay whea due any sums secured by t6is Mortgege, Lender { ~ j prior to acceleration ehall mail notice to Borrower as prnvided in paragrap614 hereof specifying: (1) the breach; (2) the action - ~ required to cure such breach; (3) a date, not leas than 30 daye from the date the notice ~e mailed to Borrower, by which such ; breach muet be cured; and (4) that lsilure to cure such breach on or before the date specifed in the notice may re,sult in ~ ` acceleration of t6e suwa eec.~ured by this Mortgage, loreclosure by judicial proceeding and eale of the Property. The notice ehell ~ ~ further inform Borrower of the rigbt to reinatate aRer acceleration and the right to assert in the foreclosure proceeding the ~ non-e:ietence of a default or any other defenae of Borrower to aoceleration arid forecloeure. If the breach ie not cured on or t ' before the date apecified in We notice, Lender at Lender's option may declare all of the sume secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. I,ender ehall be entitled to collect in such proceeding all e:penses of foreclosure, including. but not limited to. rea8onable attorney's [eee. and coste of documentary evidence, abetracta and title reporte. ' 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedinga begun by Lender b enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all auma which would be then due undei this Mortgage, the Note and notea eecuring Future Advanoee; if any. had no acceleration oocurred; (b) Borrower cures all breaches of sny otheroovenante or agreements of Borroweroontained in ~ this Mortgage; (c) Borrower paye all reasonable e:penses incurred by Lender in enforcing the oovenants and agreements of Borrower # ~ oontained in thia Mortgage and in entorcing Lender's remedies aa pmvided in paragreph 18 hereof, including, but not limited to, reaeonable ~ ~ attorney 8 feea; and (d) Borrower takes euch action as Lender may reaaonably reqaire to easure that the lien of thie Mortgage. Lender's interest ~ ~ in the Property and Borrowe~s obligation to pay the auma secured by thia Mortgage ehall continne unimpaired. Upon snch payment and cure ' ~ by Borrower, this Mortgage and the obligabiona eecnred hereby ahalt remain in full force and effect se if no acceleration had occurred. ~ 20. Aaeignment of Rents; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby sesigne to Lender the renta ~ of the Property. ptovided that Borrower shap, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente ae they become due and payable. ~ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ehall be entided to have a reoeiver appointed by a s ~ oourt to enter.upon. take poeeeesion of and manage the Property and to collect the rente of the Property, including those past due. All rents ~ y pp ' p ym g perty and oollection of rente, inci . ~ oollected b the receiver ahaU be a Led 5ret to a ent of the ooate of mana ement of the Pro uding, but not ~ limited to, receiver a fees, premiuma on receiver's bonds and reaeonable attorney's fcea, and then to the suma secured by thie Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. ~ , ~ ~ ~ ~ 900!( JV~ YACF ~ ~ ~ ~ k~~- ~,..r _ _ . _ - - - I~~:- ~ _ ~ e "~~:3 - -