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HomeMy WebLinkAbout0819 ~ 8. la~pectloa. Lender may make or cawe to be made reawnabie eatries upon and iaspectiona of the property. provided that Lender shaU give Borrower notice prior to any such ins{,ection specityinQ reasonable caws therefor relatAd b Lender'~ interest in the Property. 8. Coademaetlon. 7lie proceeds of any sward oT claim Ior damaQes. direct or consequential. in connectioo with any oondemnatioa or othe~ takic~ oi the pmperty, or part thereof. or for oonveyance in lieu of oondemnation. are hereby aeaigned and ~hall be paid to Lender. In the eveat of a total taking of the Propecty. the proceed~ ~hall be appUed to the suma secured by thi~ Mortga~e. with the ezcess, if any. paid to Bonower. I~ the event of a partisl taking of the Properq?. ualas Borrower and I.ender otherwiae agree in writing, there shaU be epplied to the suma secured by this Mort~age snch proportioa of the procs~edi tu is equal to thst pmportion which the amount of the ~uma secured by this Mortgage immediately prior to the date of taking bean to the fair market value oithe Property immediately priorto the date of taking, wiW the balanoa of the proceeds paid to Borrower. ~ a If the Property ia abandoned by Borrower, or if, aRer notice by Lender to Borrower that the rnndemaor offers to make an award or settle a ~ claim for damagcs, Borrower fails to respond to Lender within 30 days aRer the date auch notioe is mailed, Lender is authorised to collect aad ' apply the pma~eds. at Lender's optioa. eith~ to netoration or repair of the property or to the auaas eecured by this Mortgage. Unlees LeAder and Bormwer oWerwise agree in ~vriting, any suclt application of pmoeeds to principal shaU not e:tend or postpoae the due dete oi the monthly instaUmenta referred to in paregraph~ 1 and 2 hereof or change the amonnt of snch installmeata. ~ 10. Borrower Not Releaeed. Extension of the time for paymsnt or modification of amortization of the sume aecut+ed by thie Mortgage ' granted by Lendeir to any eucceeaor in intereat of Borrower ehaU not operate to release, ia any manner, the liability of the original Borrower ~ and Borrower'e succeaeors in intarest Lender ahall not be required b oommenoe proc~eedings againet euch aueceesor or refuee to e:tend time for payment or otherwiae modify amcrtization of the auma eecured by thie Mortgage by reaeon of any demand made by the original Borrower ` and Borrowe~r s auccr~eors in interest 11. Forbearanoe by Lender Not s Waiver. Any forbearance by Lender in e:errising eny right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of aay auch right or remedy. The procuremeat of inauranoe or the payment of taxee or other lisns or charges by I.ender shall not be a waiver of Lender'e cight to aooelerate the maturity of the indebtedness - eecured by this Mortgage. 12 Remediea Cumulative. All remediee provided in thia Mortgage are distinct and cumulative to aay other right or remedy under this Mortgage or aftorded by law or equity, and may be ezercise~i ooncurrently. independendy or suoceaeivEly. ; 13 3ucceasore and Aseigna Bo~wd; Joint and 3everai Liability; Captioae. The covenante and agreements herein oontained ahall ' bind, and the righta hereunder shall inure to, the respective euccessors and seaigne of Lender and Borrower, eubject to the provieions of ~ paragraph 17 hereof. All ooveaante and agreements of Borrower shall be joint and eeveral. The captiona end headings of the paragrapha of ` thie Mortgage are for covenience only and are not b be used to ialerpnt or define the proviaiona hereof. ~ 14. Notice. E:cept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower pmvided for in thie Mortgage ahall be given by mailing such ~otice by certified mail addressed to Borrower at the Property Addreae or at euch other addrees ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice te Lender ahall be given by cerafied mail, return receipt requeated, to I,ender's sddreea ststed herein or to auch other addreas sa I.ender may deeignate by notice to Borrower aa provided herein. Any - notice provided for in thie Mortgege ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governiag Law; 3everability. Thia form of mortgage rnmbinea uniform oovenanLe for national uee and non- uniform oovenante with limited varietiona by juriediction to oonstitute a uniform eecurity inatruiuent oovrring real property. This Mortgage - shall be governed by the law of the jurisdiction in which the Property is locsted. In the event that any pmviaion or clauee of this Mortgage or the Note conflicta with applicable law, auch coniliM ahall not affect other proviaiona of thie Mortgage or the Note which can be given ef~ect ~ without the oonflicting proviaion, and to thie end the proviaiona of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thia MorLgage at the time of e:ecution or after recordation hereof 17. 'I~anefer of the Property; Aeeumption. If all or any part of the Property or an intereet therein ia eold or traneferred by Borrower w~thout Lender's prior written rnneent, ~cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a E purchaee money aecurity interest for houaehold appliancee, (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joiat tenant or (d) the grant of any leasehold intereat of three years or less not containing an option to purchaee. Leader may, at Lender'a o~ion, ? declare all the auma secured by thie Mortgage b be immediately due and payable. Lender shall have waived auch option to aocelerate if. prior ' to the sale or transfer. Lender and the peraon to whom the Property ie to be sold or traneferred reach agreement in wridng that the credit of anch person ia eatiafactory to Ler?der and that the interest payable on the aums aecured by this Mortgage shall be at auch rate as Lender shall requeat. If Lender has waived the option to aecelerate provided in thia paragraph 17, and if Borrowei a eucceasor in interest haa e:ecuted a written asaumption agreement accepted in writing by Lender, I.ender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exerriees such option to accelerate, Lender shall mai! Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice shall provide a period of not less than 30 days from the date the notice is ~r,ailed within which Borrower may pay the sums declared due. If Borrower fails to pay auch suma prior to the e:piration of such period, Lender may, without further notice or demand on Borrowe~r, ~ mvoke any remedies permitted by paragrauh 18 hereof. E 1& Aoceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or " ~ agreement of Borrower in t6ie Mortgage, including the oovenanta to pay when due any aume secured by thia Mortgage, Gender ~ prior to aoceleration ehall mail notice to Borrower ae provided ie paragraph 14 hereof specifying: (1) the breach; (2) the action i required to cure suc6 breach; (3) a date, not leee than 30 daye from the date the notice ie mailed to Borrower, by whic6 auc6 ~ breac6 muat be cured; and (4) that failure to cure 8uch breach on or before the date specified in t6e notice may result in acceleration of the sume secured by this Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of t6e right to reinatate aRer acceleration and the right to assert in the foreclosure proceeding the ~ non-ezietence of a default or any other defense of Borrower to soceleretion and foreclosure. If the breac6 is not cured on or ~ before t6e date epecified in the notice. Lender at Lender's option may declare all ot the sume aec~red by this Mortgage to be ~ immediately due and payable without further demand and may foreclose t6is Mortgage by judicial proceeding. Lender ahall be entitled to collect in auch procecding all e:penaes of foreclosure, including, !wt not limited to. reasonable attorney's feea. and costs of documentary evidence, abatracte and title Teporte. ~ 19. Borrower's Right to Reinetate. Notwithetanding Lender a acceleration of the sume eecnred by this Mortgage, Borrower shall have the right to have any proceedinge begun by Lender to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if; (a) Borrower paye Lender all sume which would be then due nnder this Mortgage, the Note and notee securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curns all breachea of any other rnvenanta or agreemente of Bonower contained in ~ thie Mortgage; (c) Borrower pays ali reaaonable expenees incurred by Lender in enforcing the covenante and agreemente of Borrower { aontained in this Mortgage and in enforcing Lender'a remedies as provided in pazagraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d) Borrower takes auch action as Lender may reaeonably require to aasure that the lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower a obligation to pay the aums secured by this Morlgage shall continue unimpaired_ Upon euch payment and cure ~ by Borrower, thia Mortgage and the obligationa secured hereby ehall remain in full force and effect as if no acceleration had occurred. : 20. Aseignment of Rente; Appointment of Receiver. Aa additional eecurity hereunder, Borrower hereby aseigna to Lender therente ' of the Property, provided that Borrower shall, prior w acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rente as they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or ebandonment of the Property, i.ender ahali be entitled to have a receiver appointed by a z court to enter-upon, take poeaesaion of and manage the Property and to collect the rents of the Property, including thoee paet due. All renta ~ collected by the receiver shall be applied first to payment of the ooste of management of the Property and oollection of renta, including, but not ~ limited to, receiver e fees, premiuma on receiver's bonds and reasonable attomey's feee, and then to the suma secured by thie Mortgage. The ~ receiver shall be liable to acoount only for those renta actually received. ~ _ ~ ~ s 3 ~ BOOK PAGE 8~a~ ~ ~ ~ . , _ _ ~ , ~r~ ' :~s t~~ ?~r~:<'.~-z~'-~~" :~:z'~' . . . ; ~r,~