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HomeMy WebLinkAbout0773 8. Il1YpCClIOq. l.ender may make or cause to be made reawnable entries upon and inspectioas of the properiy, providod that Lender ehall give Borrowec notice prior to any such inspection epecifying reasonable cause therefor related w I.ender's interest in the Property. 9. Coademnatloa.'!?~e prooeeds of any award or claim for damagas. direct or consequential, in connection with any condemnation or othe~ takiag of the p~operty, or part thereof, or for conveyance in lieu of oondemnation. ase hereby asaigned and ahall be peid to Lender. In the event of a total taking of the Property, the pmoee~ls shall be applied b the sums secured by thia Mortgage, with the escws. if any. i paid to BorroweT. I~ the event of a partial taking of the Propetty. unless Borrower and Lender otherwise agree in writing. there shall be applied b the aums eecured by this Mor~age auch pmportion of the proceeds as ia equal to that pmportion which the amouat of the sume secured by this Mortgage immediately prior to the date of taking bears to the isir market value of the Property immediately prior b the date of tsking, with the balanct of the procceds paid to Sorrower. ~ If the Property ie abandoned by Borrower. or it, aRer aotioa by Lender b Borrower that the oondemnor offers to make an award or settle a claim for damages, Borrower fails to reepond to Le~der withit~ 30 deya aRer the date such notice ia mailed. Lender js authoriaed to ooUec! and apply the proceeds. at Lender a option. either to restoration or repair of the pmperty or b the sums securad by this Mortgage. Unleea I.ender and Borrower otherwise agree iw writing, any such application ot proceeds to principal ahaU not e:tend or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereotos change the amount of such installments. 10. Borrower Not Releaeed. E:tension of the time for pAymsnt or modificadon of amortization of the suma eecured by this Mortgage granted by Lender to any aucceseor in interest of Borrawec ehall not operate b release. in any manner. the liability of the original Borrower i and Borrower'e succeaeora in intereet. [.ender ahall not be required to commence proceedings againat auch euccessor or nfuee to e:tend time for payment or otherwiee modify amortization of the sums eecured by thie Mortgage by reaeon of any demand made by the original Borrower and Borrower e aucceesors in interest. ~ 11. Forbearanoe by Leader Not a Rlalver. My forbearance by Le~der ia e:erciaing any right or remedy hereunder. or oLherwise afforded by applicable law, ahall not be a waiver of or preclude the rxerciee of any such right or remedy. The procurement of ineurance or the t payment of t~es or other tiene or chargea by Lender ahall not be a waiver of Lender'a right to a~xelerate the maturity of the indebtedness aecured by thie Mortgage. ' 12. Remediea Cumulative. All remedi~ provided in thia Mortgage are diatinct and cum~ilative to any other right or remedy nnder this ? Mortgage or af[orded by law or equity, and may be racercieed ooncure~ently. independently or aucceeaively. ~ ' r 13. Succesaore and Assigns Bound; Joint and Several Liability; Captione. The oovenants and agreemente herein oontained ahall ' ; bind, and the rights hereunder ehall inure to. the reapective aneceaeors and aesigna of Lender and Borrower, aubject to the provisiona of _ paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and several.'IUe captions and headings of the paragraphs of - thia Mortgage are for covenience only and are not to be ueed to interpret or define the provieione hereof. _ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided forin ~ this Mortgage shal! be given by mailing auch notice by certified mail addreaeed to Borrower at the Property. Addreea or at auch other addreea as i E3orrower mey designate by notice to I.ender as provided herein, and (b) any notice to Lender ahall be given by certi5ed mail, return reoeipt requested, to I.ender's address atated herein or to auch other eddrees as Lender may deaignate by notice to Borrower ae provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein. a 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combinee uniforcn oovenanta for national uee and non- uniform coveriante with limited variations by juriadiction to wnatitute a uniform sec~rity instnui~ent covering real pmperty.'1liie Mortgage ~ shall be governed by the law of the jurisdiction in which the Property ia located. In the evenY that any proviaion or clauee of this Mortgage or ~ the Note conilicte with applicable law, auch conitiM shall not a~ect other proviaiona of this Mortgage or the Note which can be given effect withaut the conilicting proviaion, and to this end the proviaions of the Mortgage and the Note are-declared to be severable. 16. Borrower'e Copy. Borrower shall be furniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ . 17. Transfer ot the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower without I.ender s prior written consent, e:cluding (a) the creation ot a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purehase money eecurity intereet for household appliancee, (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or lese not oontaining an option to purchaee, L.ender may, at Lender's option, declare aU the sums secured by this Mortgage to be immediately due and payable_ Lender ahall have waived such option to accelerate it; prior to the eale or tranafer, Lender and the person to whom the Property ia to be eold or tranaferred reach agteement in writing that the credit of such peraon ia satisfactory to Lender and that the interest payable on !he sums secured by this Moitgage ahall be at auch rate aH Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei s succesaor in interest has e:ecuted a w~ritten assumption agreement accepted in writing by Lender, Lender ahall releaee Borrower from all obligationa under thia Mortgege and the : II \ ote. I f Lender exercisea such option to accelerate, Lender ahall mai) Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ 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 aums deciared ; due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, r invoke any remedies permitted by pazagraoh 18 hereof. . ; ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreemeat of Borrower in this Mortgage, including the covenants to pay w6en due any sums eecured by this Mortgage, Lender ~ prior to acceleration shall mai! notice to Borrower as provided in paragraph 14 6ereof specifying: the breach; (2) the actioa ~ required to cure such breach: (3) a date, not less t6an 30 daya from the date the aotice ie mailed to Borrower, by which such ~ breach muet be cured; end (4) that failure to cure auch breach on or before the date epecified in the notice mny result in ~ acceleration of the aums eecnred by this Mortgage. foreciosure by judicial proceeding and eale of the Property. The nfltice shall further inform Borrower of the right to reinstate after acceleration and the right to aeeert in the foreclosure proceeding the non-e:ietence of a default or any other defenee of Borrower to acceleration and forectosure. If the breach is not cured on or before the date epecified in the notice. i.ender at Lender'e option may declare all of the sums secured by thie Mortgage to be immedietely due and payable without further demand and may foreclose thie Mortgage by judicial prceeeding. Lender ahall be entitled to rnllect in such proceeding aq ezpenses otforecloaure. including, but not limited to, reasonable attorney's fees, and costs of documentary evidence. abstracte and title reporte. 19. Borrower's Right to Reinetate. Notwithetanding Lender'e acceleration of the aume eecared by thie Mortgage, Borrower shall have the right to have any proceedinga begun by Lender to enforoe this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sume which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures ali breaches of any other covenante or agreements of Borrower rnntained in thie 1ltortgage; (c) Borrower pays all reasonable e:penses incurred by Lender in enforcing the covenant8 and agreementa of Borrower ~ rnntained in thia Mortgage and in enforcing Lender e rnmediee se provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fces; and (d) Borrower takea auch adion as I.ender may reaaonably require to asaure that the lien of this Mortgage, Lender's intereet - in the Property and Borrower'a obligation to pay the sums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligatione eecured hereby aha11 remain in full force and effect as if no acceleration had occurred. . r 20. Aeeignment of Rents; Appointment of Receiver. Ae additionai eecurity hereunder, Borrower hereby aasigna to Lender the renta : ~ of the Property, provided that Borrower shall. prior to aoceleration under paragraph 18 hereof or abandonment.of the Property. have the right , w collect and retain such rente as they become due and payable. ; ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entiUed to have a receiver appointed by a . ~ court Lo enter ~pon, take poaseasion ot and manage the Property and to collect the renta of the Proprrty, including thoee past due. All renta ~ wllected by the receiver ahall be applied first to payment of the ooete of management of the Property and rnliection of rente, including, but not ~ iimited to, receiver'e feea, premiuma on receivei s bonde and reaeonable attorney e fees, and then to the suma eecured by this Mortgage. The receiver ahaU be liable to acoount only tor those renta actually reoeived. ~ • ~ ~R ~ 3U3 F~A~E 7`7~ ~ ~ _ : ~ ; - - - - - ~ ~y~~ ~ .'s-"ry'. ~ ~ , • ~,n~.~-~„ ~ ~ *v~ . .