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HomeMy WebLinkAbout0701 8. la~pection. Lender may make or cause to be made reawnable eatrie~ upon aad inapections of the property. provided that Le~der ~ha~l give Borrower notice prior to any such inepection apeciEying reasonebla cauee therefor related to I.ender's interest in the Property. 9. Condetnnation. The proceeds of any award or claim for damages, direct or rnnsequential, in co~nection with any oondemnatio~ or other taking of the property, or part thereof, or for conveyance in lieu of oondemnation, are hereby aesigned and shaU be paid to l.ender. In the event oi a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the azciss, it an~ , paid to Borrower. ln the event of a partial taking of the Ptoperty, unless Borrower and l.ender otherwiae agrce in writin8, there shall be applied to the aume aecured by this Mortgage such proportion of the proccede as ia equal to that proportio~ which the amount of the eums secured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property unmediately prior to the date of taking, with the balanea of the ptoceeds paid b Borrower. if the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor of[ere to make an award or eettle a claim for damages, Borrower fails to reepond to Lender within 30 daya after the date such notice is mailed. Lender is authorised to rnAect and apply the ptoceeds. at Lender'a option, either to restoration or repair of the pmperty or b the auins eecared by this Mortgage. Unleas Lender and Borrower otherwiee agree in writine, anY euch application of pmcceda to principal shall not extend os postpone the due date of the monthly installmente referred to in paragraphs 1 and 2 hereoi or change the amount of euch instaUmenta. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the auma eecured by this Mortgage granted by Lende~ to any succeeeor in intereat of Borrower ehall not operate to releaee. in any manner, the liability of the original Borrower ~ iind Borrower's successors in intereak Lender ahall not be required to oommence proceedings against auch auccesaor or refuse to extend time for payment or otherwise modify amortization of the auma secured by this Mortgage by reason of any demand made by the original Borrower and Rorrower's succesaore in interest. i l. Forbearance by Lender Not a Waiver. My forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise afforded by app?icable law, shall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of ineurance or the payment of tazes or other liena or chargea by Lender ahall not be a waiver of Lender e right to aocelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Gtimulative. All remedies provided in thiB Mortgage are dietinct and cumulative to any other right or remedy and~ this Mortgage or afforded by law or equity, and may be e:ercise~i concurrently, independently or auccesaively. 13. 3ucceaeors and Assigns Bound; Joint and 3everal Liability; Captions..The covenants and agreements herein oontained ahall bind, and the righta hereunder shall inure to, the reepective eucceasore and aseigne of I.ender and Borrower, aubject to the provisions of paragraph 1? hereof. AU covenants and agreemente of Borrower ehall be joint and eeveral. The captione and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the pmvieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to [iorrower provided for in thia Mortgage shall be given by mailing auch notice by certified mail addresaed to Borrower at We Property Addreea or at euch other addrees ae E3orrower may designate by notice to Lender as pmvided herein, and (b) any notice to Lender shaU be given by certi5ed mail, return receipt requeeted, to Lendei e addresa atated herein or to auch other addrees se Lender may deaignate by notice to Borrower as provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated hereia. 15. Uniform Mortgage; Governing l.aw; Severability. Thia form of mortgage combines uniform aovenante for national use and non- uniform covenants with limited variations by juriadiction to oonatitute a uniform aecurity instru~uent oovering real property. This Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clauae of this Mortgage or the Note contlicts with applicable law, auch contlict shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be farniahed a conformed copy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Aseumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower w~thout Lender'e prior written consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a pumhase money aecurity intereet for household appliancea, (c) a transfer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeare or less not oontaining an option to purchase, Lender may, at Lender's option, declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ahail have waived such option to accelerate if, prior to the sale or tranafer, Lender and the peraon to whom the Property ie to be soW or transferred reach agreement in writing that the credit of auch person is satisfactory to [.ender and that the inter~t payable on the sums aecured by this Mortgage ahall be at snch rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower a successor in interest has executed a ; u•ritten assumption agreement accepted in writing by Lender, Lender shal{ release Borrower from all obligationa underthis Mortgage andthe ; ti ote. ; If Lender exerciaes such option to accelerate, Lender shall mail I3orrower notice of acceleration in accordunce with paragraph 14 hereof ~ tiuch notice ahall provide a period of not less than :30 days from the date the notice is rr,ailed within which Borrower may pay the eums declared s due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower, ~ ~nvoke any remedies permitted by paragra~h 18 hereof. ¢ 18. Acceleretion; Remediea. Ezcept as provided in paragraph 1? hereof. upon Borrower'e breac6 of any aovenant or € agreement of Borrower in this Mortgege. including the covenante to pay when due any sums eecured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion ~ required to cure such breach: (3) a date. not lesa than 30 daya from the date the notice ie mailed to Borrower, by which euc6 ~ breach muet be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reault in acceleration of the eume secured by this Mortgage, foreclosure by judicial proceeding aad sale of We Property. The notice ehall ~ further inform Borrower of the right to reinatate atter acceleration and the right to essert in the torecloeure proceeding the non-e:istence of a default or any other defense of Borrower to aoceleration and forecloaure. If the breach ie not cured on or before the date epecified in the notice, Lender et Lender's option may declare aU of the eume eecured by thie Mortgage to be ~ ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ehaU be ~ entitled to collect in such proceeding all expenaes of forecloaure. including. but not limited to. reasonable attorney'e~ feea. and ~ ; coste of documentary evidence. abstracts and title reports. 19. Borrower's Rig6t to Reinatate. Notwithstanding Lender'a acceleration of the aums eecured by this Mortgage, Borrower shall have ~ the right to have any proceedinga bequn by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya Lender all Bums which would be then due under thia Mortgage, the Note and notes securing Future ; Advancea, if any; had no acceleration occurred; (b) Borrower cures all brnaches of any other covenante or agreemenfs of Bonower contained in this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreemente of Borrower - contained in this Mortgage and in enforcinq Lender's remedies se provided in paragraph 18 hereof, including, but not limited to, reaaonable attomey's feea; and (d) Borrower takes ench action as Lender may reaeonably require to aasure that the lien of thia Mortgage, Lender'a intereet in the Property and Borrower'a obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effeM as if no acceleration had occurred. ' ;s 20. Aesignment ot Rente; Appointment of Receiver. As additional security hereunder, Borrower hernby aseigne to Lender therente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ : to rnllect and retain such rents as they become due and payable. „ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehaU be entitled to have a receiver appointed by a x court to enter upon, take possesaion of and manage the Property and to collect the renta of the Property, including thoee paet due. AU rente ~ collected by the receiver ahall be applied first to payment of the ooste of management of the Property and collection of renta, including, but not a~: limited to, receiver e fees, premiuma on receiver e bonda and reasonable attorney's feea, and then to the aums secured by this Mottgage. The ~ receiver shall be liable to account only tor thoee rents actually received. ~ ~ ~ ~ ~ ~ 1~ g+~' kr ~0~ - ~ _ J s~.; 70p ~f ;fS