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HomeMy WebLinkAbout0236 8. I~epectiun. l.ender may muke ur cauue to be made rnasunable entriea u{w~ and inspectiuna of the property, provided that l.ender shall Kive E;orruwer nutice prior b any such inepection specify~ng reueonable cause therefo~ relatrd to l.ender'a intereat in the Property. 9. Condrmnation. The proc~eeda oi any award or claim [o~ damage~, diroct or conaequential, in connection with any oondemnation or ; ~~cher wking of the property, or part thereof, or for conveyaace in lieu of condemoation, are he~eby assigned and ahall be paid to l.ender. In the event of a total taking of the Property, the pra.~eede shall be applied W the aume eecured by thie Mortgage, with the e:cesa, ii any, F~nid to I3orrower. In the event of a purtial taking of the Property. unleas Borrower and Lender otherwiee agree in writing, lhere shall be npplied to the suma eecured by thie Mortgage such proportion of the pra,~eede ae ie equal to that proportion which the amount of the eume Kecured by thia Morigage immediately prio~ to the date of taking beats to the fair market value of the PropeKy immediately prior to the date of taking, wilh the balance of the proceeds paid to Borrower. lf the Property is abandoned by Borrower, or if, after notice by [.ender to Borrower that the condemnor offere to make an award or eettle a rlaim for damaECes, Borrowe~ faila to reepond to l.endes within 30 days after the date auch notice is mailed, L.ender ie authorized to collect and t+pply the proce~ds, at Lender's option, either to reetoration or repair of the property o~ to the aums securrl by this Mortgage. Unleee l.ender and BoROwer otherwise agrce in writing, any euch application of procceds to principal ahaU not extend or poetpone the due date of the monthly inetallmenta referred to in pa~agraphe 1 and 2 hereot or change the amount of euch installments. 10. Borrower Not Released. F.xtension of the time for paymrnt or modification of amortization of the euma aecured by this Mortgage kranted by t.ender to any succeseor in intereat of Borrowe~ ahall not operate to releaae, in anv manner, the liability of the original Borrower und Borrower'a suarsaora in interest. I.ender ahaU not be required to oommence proceedings againat such aucceasor or refuae to e:tend time f~~r payment or otherwise modify amortizatiun of the suma secured by this 1Nortgage by renson of any demand made by the original t3orrower .~nd Borrower's successora in inte~est. 1 l. Forbearance by l.ender Not e Waiver. My forbearance by Lender in e:erriaing any right or remedy hereunder, or otherwiae aftorded by applicable law, ahaU not be a waiver of or preclude the eaerciee of any such right or remedy. The procutement of inautance or the pnyment of taxes or other liens or chargea by [.ender shall not be a waiver of I.ender'a right to acceferate the maturity of the indebtedneae yecured by this Mortgage. _ 12 Remediea Cumulative. All remedira provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this , 1lortgage or afforded by law or equity, and may be exerciae~l concurrenUy, independently or eucceaeively. , 13. Succesaors and Aseigne Bound; Joint and Several Liability; Captione. The covenanta and agreementa herein contained ahall bind, and the righte hereunder ahall inure to, the reapective eucceaeors and assigne of Lender and Borrower, eubject to the proviaiona of p:~ragraph 17 hereo[. Al! covenante and agreementa of Botrower shall be joint and eeveral. The captiona and headings of the paragrapha of this ~lortgage are for covenience only and are not to be uaed to interpret or define the proviaions hereof. 1~1. Notiee. F.acept for nny notice requireci under applicable law to be given in another manner, (a) any notice to Borrower provided for in ! his Mortgage shall be given by mailing such notice by certificd mail addresaed to Burrower at the Property Addreas or at such ather addreae aa tiorrower may designate by notice to I.ende: as proeided herein, and (b) any ~~otice to [.ender ahall be given by certified mail, retum receipt requested, to l.ender's addreas atated herein or to such other addreas as Lender may deaignate by notice to Borrower as provided herein. Any nutice provided for in this blortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 1 S. Uniform Mortgege; Governing Law; Severability. Thia form of mortgage combinea uniform covenants for national uae and non- uniform covenanta with limited variations bt juriadiction to constitute a uniform security instrument mvering real property. Thia Mortgage ,h ~11 be guverned by the law of the jurisdiction in vehich the Property is located_ In the event thnt any provision or clause of this Mortgage or the Note conflicts w~th applicable law, such conAict ahall not affect other provisions of thia Mortgaqe or the Note which can be given eKect H~ithout the conflicting pmvision, and to thi~ end the provisiona of the hlortgage and the Nute are declarcd to be severable. . 16. Borrower's Copy. f3orrower ahall be furniahed a conformed rnpy of the Note and of thia Nortgage at the time of execution or after rcrordation hereof. . 17. 'lYanafer ot the Property; Aseumption. If all or any part of the Property or an interest therein ie sold or t:aneferred by I3orrower w~ithout Ixnder's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a F,u rcheae money security interest [or household appliances, (c) a transfer by devise, d.~scent or by operation of law upon the death of a joint tc•nant or ld) the grant of any leasehold intereat of three yeara or lesa not containing an option to purehase, l.ender may, at Lender's option, ~ derlare al) the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such optiun to accelerate if, prior ~ ? the sale or transfer, Lender and the prraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch ! prrson ia satie?factory to I.ender and that the interest pnyable on the sume secured bp this htortgage shall be at auch rate as Lender ahall k r.~yuest. If I.ender has waiveci the option to accelerate provided in this paragraph 17, and if Borrowei s succesaor in interest has execated a f ~.-ritten assumption agreement accepted in w~ritinK b> I.ender, I.ender st~all releaae Borrower from all obligutions under this Mortgage and the ~ ti ote. ; If Lender ezercises such option to accelerate. I.ender 3ha11 mail Born,wer notice of acceleration in accordance w-ith paragraph 14 hereof. ~uch notice shall provide n period of not less than 3li days from the datr the notice is m:~iled w•ithin K hich Borrower may pay the sums declared ~ due. tf Borrower fails to pay auch sums prior to the expiration of such period, I.ender may, without further notice or demand on Borrower, ; ~nvoke any remedies permitted by parati*raoh ltt hereof. i z 18. Acceleration; Remedies. E:cept se provided in paragraph 17 hereof. upon Borrower'a breach of any covenant or ~ t+~reement of Borrower in thia Mortgage. including the covenanta to pay when due any aume secured by thie Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: ~ 1) the breach; (2) the aMion ~ reyuired to cure auch breach: (3) a date, not lesa than 30 days from the date the notice is mailed to Borrower. by which auch ? breach must be cured: and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ xcceleration otthe sums secured by thia Mortgage. foreclosure by judicial proceeding and eale of the Property. The noticeshall ; farther inform Borrower of the right to reinstate afier acceleration and the right to easert in the foreclosure proceeding the ~ nt~n-ezistence of a default or any other defenae ot Borrower to acceleration and toreclosure. If the breach ia not cured on or ~ before the date epecifed in the notice. Lender at Lender's option may declare all of the eums secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ e~ntitled to collect in auch proceeding all expenses of foreclosure, inciuding, but not limited to, reaaonable attorney's fees. and i ~ custs otdocumentary• evidence. abatracts and tiUe reports. ~ 19. Borrower'e Right to Reinetate. Notwithatanding I.ender's acceleration of the sums aecured by this Mortgage, Borrower shall have ~ t he right to have any proceedinga begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: ~a) E3orrower pays Lender all aums which would be then due under thie Mortgage, the Note and notes securing Future ' Advancea, if any, had no acceleration occurred; (b} E3orrower cures all breaches of any other covenants or agreementa of Borrower contained in - this Mortgage; Icl Borrower pays all reasonable expenses incurred by Lender in entorcing the covenants and aqreements of E3orrower r' cuntained in this Mort{cage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, ceasonable `~s attomey's feea; and (d1 Borrower takee such ~ction as Lender may reasonably require to asaure that the lien otthis blortgage, Lender'a intereet in the Property and Bormwer s obligation to pay the sums secured by this Mortqage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Nortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceferation had occurred. 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigna to Lender the rente nf the Property, pmvided that Aorrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ -x~ to collect arN retain auch rente as they become due and payable. I _ Upon acceleration under paraE[raph 18 hereof or abandonment of :he Property. I.ender ahall be entitled to have a receiver appointed by a _ court to enter-upon, take poaseasion of and manage the Praperty and to rnllect the rents of the E'roperty, including those paet due. All renLs ~ collerted by the receiver ehal{ be applied first to payment of the coata of management of the Property and collection of renta, including, but not ~ limited to, receiver'a feee, premiuma on receiver'a bonds and reasonable attomey's feea, and then to the aume aecured by thie Mortgage. The - receiver ahall be liable to account only for thoae rents actualiy received. y << J, `r 3U~ ~ ~ N~ ~ - ~..c~s . i~ ~ .'x~`'C~# ~..e ~ ~ ~ ~ _ _ I ' ~ ~.T' "'~~^.3~~, R^9Ly ,MZ '~Y' - . ~eW"~ ~ ~x~"¢~` ~~~c . ~i 3,. . . .v- .:r._;:s: . _y .y.