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HomeMy WebLinkAbout0604 ~ 8. Inspection. Lender may make or cawe to be made reawnabte entries upon and inspections of the peoperty. provida~l that.Lender ahall give Borrowe~ notioe prior fA any such iiupection specifying reawnable cause therefor nlatcd to Lende~'s interest in We ~roperty. 9. Condemnsdon. '11~e proceeds of any award or claim fo~ damages. direct or consequential, in connectioa with any oondemaetion or other taking ot the pmperty, or part thereof, or for conveyenoe in tieu of oondemnatioa, are hereby asaigned and shell be paid to Lender. In the event of a total taking of the Propedy. the pmceeds shell bs applied to the sums eecured by thia Mortgage, with the esoess. if anY. paid to Borrower. In the event of e padial tal~inQ of the Property. unless Aorrower and Lender otherwise agree in writing. there shall be applied ~o the aums securt+d by this Mortgage auch proportion of the proceeds a~ is equal to that pmportion which fhe amount of the ruma secured by this Mortgage immediataly prior to the date of taking bea» to the fair anarket value of the Property imanediately prior to the dats of taking, aith the balaaoa of the proceeds paid to Borrower. If the Property is abandoned by Barrower. or it. aRar notice by Lender to Borrower that We oondemnor offen to make an award or aettle a claim for damages. Borrower fails to respoad to Lender within 30 days aReT the date such notioe ia mailed, Lender is authorized to coAect aad apply the pra.~eeds. at Lend~'s option, either to restoratioa or repair of the pmpenrt,y or to We auma secured by this Mortgaga Unless I,ender and Borrower otherwiee agree in writin8. aaY such application of p:oceeds to princ~pal shall not e~ctend or postpone the due date of the monthly inat~llments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Releseed. E:tenaion of the time for paymant or modification of amortiaation of the aums eecared by thia Mortgege granted by [.ender to any auccessor in intereat of Borrower ehall not operate to release, in any manner, the liability of the originel Borrower and Borrower'e succeaeots in interee~. Lender ahall not be required to aommence proceedinga sgainat auch aucceseor or refuee to e:tend time for payment or otherwise modify amortiza,tion of the euma eecured by this Mortgage by reaeon of any demand made by the original Bormwer and Borrow~ s aucceseora in interest~ 11. Forbearanoe by Lender Not a VHaiver. My forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwise af~orded by applicable law, ehall not be a waiver of or preclude the e:ercise of any auch right or remedy. The procurement of inauranoe or {he paymeat of ta:es or other liena or chargea by Lender shall not be a waivet of Lender's tight to aocelerate the maturity of tha indebtednees aecared by this Mortgage. 12 Remedies Cumulative. All remediea pmvided in this Mo:egege an dietinct and cumulative to any other right or remedy under thia Mortgage or aPforded by law or equity, and may be e~cercise~i concurrendy. independendy or eucoeeaively. . 13. 3ucceseors and Aseigne Bouad; Joint and 3everal I.iabillty; Captione. The oovenaate and agreemente herein oontained ehall bind, and the righta hereur.der ehall inure to, the respective auccessors and aanigna of I.ender and Borrower, subject to the proviaiona of paragraph 1? hereof. All covenante and agreements oi Borrower ehall be joint aad eeveral. The captioas and headinge of the paragraphs of thie Mortgage are for covenience only and are not to be ueed to interpret or define the proviaione 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 thia Mortgage shall be given by mailing auch notice by certifled mail addreaeed to Borrower at the Property Addrese or at auch other addreas as Borrower may deeignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lender'a addresa atated herein or to auch other address as Lender may designate by nodce to Borrower aa provided henin. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower_or Lender whea given in the manner de8igaated hernan. 15. Uaiform Mortgage; Governing Law; 3everabiltty. This form of mortgage combinea uniforw oovenante for national use and non- uniform covenanta with limited vaziations by juriediction to oonetitute a uniform eecuri"ty instrument wvering real property. Thia Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgege or the Note conflicts with applicaWe law, such conllict ahall not affect other pmviaions of this Murtgage or the Note which can be given effect without the oonflictinq provieion, and to thie end the proviaions of fhe Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of e~cecution or after recordation henroL 17. Tranefer of the Property; Asaumption. If all or any part of the Property or an interest therein ia eold or transfernd by Borrower without I.ender's prior written rnnaent, e:cludiag (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money aecurity intereet for houaehold appliances, (c) a tranafer by devise. deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or leas noi aontaining an option to purchaee. Lender may, at Lendei s option, declare all the suma securee b~thia Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior to the sale or tranefer. Lender and the pezaon to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of auch peraon is aatiefactory to Lender and that the intereat payable on the aums aecured by this Mortgage ahall be at such rate as Lender ehall request. If I.ender hea waived the option to accelerate provided in thia paragraph 17, and if Borrower'a succeeaor in intereet has execated a j written asaumption agreement accepted in writing by Lender, Lender ahall relesee Borrower from all obligationa under this Mortgage and the j Note_ ( If Lend~ exetcises auch option to aecelerate, Lender ahall mail Borrower notice of acceteration in aooordance with paragraph 19 hereof. ~ Such notice ahall provide a period of not less than 30 daya from the date the notice is rr,ailed within which Borrower may pay the suma declared ~ due. If Borrower faiia to pay such sums prior to the expitation of such period, I.ender may, without further notice or demand on ~3orrower, invoke any remedies permitted by paragraoh 18 hereof. ~ ~ 18. Acceleration; Remediea E:cept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in thie Mortgage. including the covenante to pay when due any eume secured by thie Mortgage, Lender prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lesa than 30 deye from t6e date the notice is mailed to Borrower, by which such 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 enme secu~ed by thia Mottgage, torecloeure by judicial prooeeding and sale of the Property.T6e notice shall further inform Borrower of the right to reinetate after acceleration and the right to as8ert in the foreclosure proceeding t6e non-eziatence of a default or any other defenae of Borrower to acceleration and forecloaure. If t6e breach is not cured on or before the date apecified in the notice, Lender at Lender's option may declare all of the auma secured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be ~ entitled to oollect in such proceeding all e:pensea otforecloaure, including, but not limited to. reasonable ettorney's fees, and ~ costs of documentary evidence, abstracta and title reporte. ~ 19. Borrower'e Rig6t to Reinatate. Notwithatanding Lender s acceleration of the auma eecured by this Mortgage, Borrower ahall have the right to have any proceedinga begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ tws Mortgage if (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea securing Future ~ Advancee, if any, had no aoceleration occurred; (b) Borrower cures all breachea of any other covenante or agreements of Borrower contained in thie Mortgage; (c) Borrower pays al1 reasonable ezpensee incurred by I.ender in enforcing the oovenanta and agreements of Borrower i oontained in this Mortgage and in enfarcing L,ender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable . attorney's fcee; and (d) Borrower takea auch action aa Lender may reasonably require to aseure that the lien of thia Mortgage, Lender's inter~t ; in the Property and Borrower's obligadon to pay the auma aecured by thie Mortgage ahall rnntinue unimpaired. Upon auch payment and cure ~ by Borrower, thie iVlortgage and the obligatione serured hereby ahall remain in fuD force and effect ae if no acceleration had axurred. 20. Aseignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby aaeigns to Lender the renta ~ of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente aa they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entided to have a receiver appointed by a ~ ooart to enter-upon, take poseeasion of and manage the Property and to collect the rente of the Property, including thoee past due. All renta ~ aollected by the receiver shall be applied firet to payment of the ooeta of mansgement of the Property and rnlleMion of renfa, including, but not ~ limite~ to, receiver'e feee, premiuma on receivei a bonds and reasonable attorney'a feea, and then to the suma eecured by this Mortgage. The ~ ~ receiver ahall be liable to acoount only for thoee mnts actually received. ~ . ~ , ~ ~ ~ 500K JU~ PAGE VO4 ~ ~ ~ , _ _ - . - - ~ ~