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HomeMy WebLinkAbout0932 , , S. la~pectioa. I.ender may make or cauae b be made reaaonable ent~es upon end inapections o[the pmpKly, provided thet Lender ehatl ' give Borrower notice prior to any ~uch inspection specifying ~easonable cause therefor related to Lende~ s intenet in the Pruperty. ' 9. Coademnetion. The proceeds of eny award or claim for damege~, direct or consequential, in connection with any oondemaation or other taking of the pmperty, or part ihereof, or for conveyance in Geu oi oondemnation. are hereby assigned and ~haU be paid Lo l.ender. In the event of a total taking of the Pcoperty, the proceeds ahall be epplied to the sums secured by thu Mortgage, with the e~cceua. if any, paid to Borrower. In the event of a partial taking of the Property. unlew Borrower end l.endes otherwise ag~ee ip writing. there shall be applied to the aume eecured by this Mortgage euch proportion of the proceeds as ie equal W that pmportion which the t+mount of the suma eecured by this Mortgage immediately prior to the date of taking bears b the fair mtuket value of the Property immediutely prior to the date uf taking, with the balanca oi the pt~oceeds paid to Borrower. It the Property is abandoned by Borrower, or if, aRer notioe by I.ender W Borrower ihat the oondemnor ot[en tu make an eward or settle a j claim for damages, Borrower fails to respond to I.ender within 30 days aRer the date such nutioe is mailed. Lender ia authorised ta collect and ' apply the proceeds, at l.ender e option, either eo reetoration or repair of the property or to the sums eecured by this Mortgege. Unlese Lender and Bormw-er otherwise egree in writing, any such application of proceeda to principal ahall not eutend or postpoae the due date of the monthly installments referred to in paragraphs 1 and 2 henwf or change the nmount ot euch installmente. 10. Borrower Not Releaeed. E:teneion of the time for paymant or modification of amortisation of the auma secured by this Martgage granted by Lender to any eucceseor in intereat of Bormwer ehall not operate to releaae, in any manner, the liahility of the original Borrower and Borrower'8 succeasore in intereal Lender ahall not be required to commence pr«,~eedings agairu~t auch euccessor or refuse to e:tend time for payment or otherwiae modify amortization of the auma secured by this Mortqage by reaeon of any demand made by the original Borrower ~nd Borrower'a succeaeora in intereet. 11. Forbearance by I.ender Not a VNatver. My forbearance by Lender in e:er~eing any right or remedy hereunder, or otherwise afforded by applicable law, ehall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of ineurance or the payment of tazea or other liens or chargea by Lender ehall not be a waiver of Lender s right to accelerate the meturity of the indebf~edneae aecured by this Mortgage. 12 Remedies Cumulative. All remediee provided in thia Mortgage are diaunct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exerciee~l rnncurrendy, independenUy or aucceasively. 13. Succeseore and Aseigna Bound; Joint and 3everal Liability; Captlona. The covenanta and agreementa hrrein oontained ehall bind, and the righte hereunder ehall inure to. the reapective auoceaeors and aseigna of Lender and Borrvwer, aubject to the provieione of paragraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and several. The captiona and headinga of the paragraphe of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreesed to Borrower at the Property Addrees or at such other addreas ae Borrower may deaignate by notice to L.ender as provided hernin, and (b) any notice to I.ender ehaU be given by certified mail, return receipt requeated, to Lender'e addreea atated herein or to auch other addresa ea Lender may deeignete by notice to Borrower ae provided herein. My notice pmvided for in this Mortgage ehall be deemed to have been given to I3orrower or I.ender when given in the manner deaignated herein. 15_ Uniform Mortgage; Governing I.aw; Severability. Tt~ia form of mortgage rnmbines uniform oovenants for national uec and non- uniform covenanta with limited variationa by juriediMion to rnnatitute a uniform secunty instrument oovering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shap not affect other provisions of this Mortgage or the Note which can be given effect w~thout the conflicting provision, and to this end the pmviaions of the Mortgage and the Note are declared to be severeble. 16. Borrower'e Copy. Borrower shall be furniehed a conformed oopy ot the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. '1lranefer of the Property; Assumptioa. If ali or any part of the Property or an interest therein is aold or tranaferred by Bozrower w~thout Lender'e prior written consent, excluding (a) the creation of a tien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intetest of three yeara or lese not oontaining an option to purchase, Lender may, at I.ender's option, ' declare all the eums secured by thia Mortgage to be immediately due and payable. I.ender shall have waived auch option to accelerate if, prior to the sale or tranafer, L.ender and the person to whom the Property is to be sotd or transferred reach agreement in writing that the credit of such peraon ie satisfaMory to Lender and that the interest payable on the sums secured by thie Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s auccessor in interest haa eaecuted a ; written asaumption agreement accepted in writing by [.ender, I.endershall release Borrower from all obligationa underthis Mortgageand the Note. j If Lender exerciaea such option to accelerate, Lender shail mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ` Such notice shall pmvide a period of not less than 3U days from the date the notice is rr,ailed within which Borrower may pay the sums declared E due. If Bonower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on ~iorrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediee. E:cept ae provided in paragraph 1? hereof, upon Borrower'a breach of any oovenant or ~ agreement ot Borrower in thie Mortgage, including the covenants to pay when due any aume secured by tbis Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) t6e breach; (2) the action ~ required to cure auch breach; (3) a date, not lesa than 30 daye ftom the date the notice ie mailed to Borrower, by which euch ~ breach muet be cured: aad (4? that failure to cure such breach on or before the date epecified in the notice may result in acceleration of the sume eecured by thie Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice shall ~ further intorm Borrower of the right to reinetate after acceleration and the right to aesert in the foreclosure proceeding the y non-ezietence of a detault or any other defenae of Borrower to aoceleration and foreclosure. If the breach is not cured on or ~ before the date epecified in the notice. Lender at Lender'e option may declare all of the suma eecured by thie Martgage to be ~ immediately due and paysbie without further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all ezpenses ottoreclosure, including, but not limited to, reasonable attorney's fees, and ~ coate of documentary evidence. abetracts and title reporta. h 19. Borrower's Right to Reinetate. Notwithatanding I.ender's acceleration of the sums aecured by this Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender to entorce thie Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Future t Advancea, if any, had no acceleration occurred; (b) Borrower cures all bmachea of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender in enfotcing the covenante and agreementa of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney's fees; and !d) Borrower takea such action ae Lender may reasonably require to aseure that the lien of thia Mortgage, Lender'e intereat in the Property and Borrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby aha11 remain in full force and effect ae if no acceleration had occurred. a 20. Aesignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower ~ereby aseigns to Lender the renta s of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ` to collect and retain euch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a oourt to enter-upon, take po~sesaion of and manage the Property and to rnllect the renta of the Property, including those past due. All renta collected by the receiver ehall be applied firet to payment of the oosta of management of the Property and collection of rente, including, but not ~ limited to, receiver's fees, premiums on receivei e bonds and reasonable attorney's feea, and then to the suma eerured by this Mortgage. The ~ receiver ahall be liable to account only for those renta actually received. ~ ~ ~ 50GK ~U5 ~AGE ~3 ~ 1 ~ ~ ~ ~