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HomeMy WebLinkAbout0508 ! . ; f ! t ~ 8. Iq9~CLlOf1. Lender may meke or cauee to be made nawpable entries upon and inspections of the pmperty, provided that Lender ~haU give Borrowet notioe prior to any auch inepection epecifying reasonable cuuae thenfor rnlated to t.ender's interest in the Property. 9. Condea?nstion. The proc~eede of any award or claim for damages. direct or consequential, in connection with any oondemnation or uther teking ot the property, or part thereol, or for conveyance in lieu of condemnation, are heteby asaigned and shall be paid b Lender. In the event of a tot~al taking of the Property, tha proceeds shell be applied b the sume secured by this Mortgege. vrith the esce~s, if any, paid to Borrower. In the event of s partial taking of the Property, unlees Borrowet and Lender otherwise agree in writing, there shaU be applied to the eums eecured by this Mortgage auch proportion of the proceeds as ie equal b that pmportion which the amount of the suans secured by thia Mortgage immediately prior to the date of taking bcars to the fair market value of the Property immediately prior b thedate of taking, with the balanc~ of the pmceeds paid to Borrower. If th~ Property is abandoned by Borrower. or if. aRer notioe by Lender to Borrower that the rnndemnor offera to make an award or setUe a claim for damagea, Borrower faile to reepond b Lender within 30 daye afte: the date such notice is mailed. l.ender is authorised to coUect and apply the proceeda, at Lendei e option. either to restoration or repair of the property or to the sums secured by t}3js Mortgage. Unlese Lender and Borrower otherwiee agree in w+ridng, any such epplication of proceeda to principal shall not e~tend or postpone the due date o[ the monthly inetallmenea referred to in paragraphs 1 and 2 henwf or change the atnount of such inutallments. 10. Borrower Not Releaeed. E:tension of the time for paymant or modification of amortization of the aums seciued by this Mortgage ~anted by Lender to any succeseor in intereat of Borrower shall r?ot operate b release, in any manner, the liability ot the original Borrower and Borrower's eucceasore in interee~ l.ender ahall not be required b commence proceedinga against auch aucceseor or refuee to extend time ; for payment or otherwise modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Borrowa ~ ~nd Borrower s auccesaors in interest. } l 1. Forbearanoe by I.ender Not a Rlaiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwiee ~ af~orded by applicable law, ehall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of ineurence or the payment of ta:ea or other liens or chargea by Lender ahall not be a waiver of I.ender'a right to accelerate the maturity of the indebtedneas ; aecured by thie Mortgage. ± 12 Remediee Cumulative. All remedies provided in this Mortgage are dietinct and cumuL?tive to any other right or remedy under this ; ~tort{~age or afforded by law or equity, and ma~y be e:rrciee~i ooncurrently, independeady or succeeaively. F ~ 13. Succeasors and Aeeigne Bo~wd; Joint and 3everal Liability; Captiona. The covenante and agreementa herein oontained shall bind, and the rights hereunder shall inure to. the reapective euc~.~eeeors and aseigna of Lender and Borrower. eubject to the prnvisione of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeverel.'I~e captione and headinge of the paragraphe of thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another maaner, (a) any notice to Borrower provided forin thia Mortgage shall be given by mailing such notice by certified mail addreseed to Borrower at the Property Addreas or at such other addreas ea Borrower may designate by notice to Lender as provided herein, snd (b) any notice to Lender shall be given by certified mail, return receipt requeated, to Lender's addreas atated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in [his Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated hereia. 15. Uniform blortgege; Governing Law; 3everability. Thia form of mortgage rnmbinea uniform covenante for national uee and non- 3 uniform covenanta with limited variations by jurisdiction to oonatitute a uniform security instrument rnvering real pmperty. This Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Nute conflicts with appiicable law, such contliM shaU not aPFect other provisione of this Mortgage or the Note which can be given et~ect ; without the conflicting provision, and to this end the provisione of the Mortgage and the Note are declared to be eeverable. ( l6_ Rorrower's Copy. Borrower ahaU be furniehed a rnnformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. ~ l7. '15ranefer of the Property; Aasumption. If aU or any part of the Property or an intereet therein ia eold or transferred by Borrower € v~-ithout I~nder s pcior written conaent, eacluding (a) the creation of a lien or encumbrance eubordinate W this Mortgage, (b) the creation of a ~ purchase money security interest for houaehold appliancee, (c) a tranefer by deviee, deecent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any leasehold intereat of three years or leas not rnntaining an option to pnrchaee, Lender may, at Lendei a option, a urciarc x;i u?r nu~na e~rc:urs~u uy thia itiiortgage to ~?e immeaiateiy ~ue anci payaDie. I.ender ahall nave waived auch option w accelerate~l,pnor . ~ to the aele or transfer, [.ender and the peraon to whom the Property is to be aold or transferred reach agreement in writing that the credit of auch ~ person ie satisfactory to I.ender and that the intereat payable on the suma secured by this Mortgage ahall be at such 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 hae executed a ' w~ritten assumption agreement accepted in writinq by Lender, Lenderahall releaae Borrower from all obligations underthia Mortgageand the ~ Note. - If Lender exercisea such option to acrelerate, Lender ahall mail Iiorrower notice of acceleration in accordance with paragraph 14 hereoL Such notice ahall provide a period of not leas than 30 days from the date f he notice is ~r,siled within which Borrow er mav pay the eums declered ; due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, f invoke any rnmedies permitted by paragraoh IR hereof. € 18. Acceleration; Remediea. Ezcept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or : ; ~greement of Borrower in thia Mortgage, including the oovenanta to pay when due any aume eecvred by thie Mortgage.I.ender ? 3 prior to aceeleration shall mail notice to Borrower ae provided in paragraph 14 hereofapecifying: (1) t6e breach; (2) theaction ' required to cure such breach; (3) a date, not leae than $0 daye from the date the notice ie mailed to Borrower, by which euch ~ breach must be cured; and (4) that failure to cure auch breach on or befo~e the date specified in the notice may resuit in ~ acceleration of the sume secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. T6e notice ehall ~ further inform Borrower of the right to reinetate after acceleration end the right to assert in the forecloeure proceeding the ~ non-e:ietence of a default or any other defenee ot Borrower to acceleration and forecloaure. If the breac6 ie not cured on or ~ hefore the date epecified in the notice. Lender at Lender'e option may declare all of the eume aecured by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all e:penaes of forecloeure. including. but not limited to. reasonable attorney's fees. and ~ costs of documentary evidence. abatracts and title reports. + 19. Borrower's Ri ht to Reinetate. Notwithetandin Lender a acceleration of the etuns aecnred b thie Mo B B y rtgage, Borrowerahall have ~ the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: la) Borrower pays Lender all sums which would be then due under thie Mortgage, the Note and notes securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenants or agreements of Borrower contained in _ this Mortgage; (c) Borrower paye all reasonable expensea incurred by Lender in enforcing the covenants and agreements of Bortower contained in this Mortqaqe and in enforcing Lender e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's teea; and (d) Borrower takea auch aMion as Lender may reaeonably require to assure that the lien of this Mortgage, Lender e interest in !he Property and Borrower's obligation to pay the suma secured by this Mortgage ehall rnntinue unimpaired. Upon anch payment and c~re ; by I3orrower, this Mortgage and the obli~ations aecured hernby shall remain in ful) foroe and effect aB if no acceleration had occurred. ~ 20. Aesignment otRents; Appointment of Receiver. Ae additional security hereunder, Borrower hereby asaigne to Lendertherente j of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rents as they become due and payable. ; Upon acceleration under paragraph 18 hereof or abandorunent of the Property, Lender ehall be entided to have a receiver appointed by a ? court to enter-upon, take poasession of and manage the Property and to collect the renta of the Property, including thoee past due. AA rente _ collected by the receiver ahall be applied first to payment of the ooate of management of the Property and eollection of rents, including, but not ~ limited to, receiver's fees, premiuma on receiver's bonds and reseonable attorney'e fees, and then to the suma eecured by this Mortgage. The receiver ahall be liable to acoount onl3 for those rente actually received. ; ~ ~ 1 i S ~ c~~- ~ ~ - s ~ ~ 5a8 ~ ~ ~ ~ ~ ~~~~~~r__. M_ _ _ _