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HomeMy WebLinkAbout0502 8, laspection. l.ender may make or cauee to be ~nade reawnable entries upon and inspections of the property. provided that Lender ahall Kive Borrower notice prior to any such inspection spocifying reaeonable cauee therefor related W Lender's intereat in the PropertY• 9. Condemnation. The proceeds of any award or claim for dama~es. direct or consequential, in connection wilh any ouademnation or uther taking of the property, or part thereof, or for coaveYance in lieu of oondemnation, are henby asaigned and shall be paid to Lender. In the event of a total lalcinB of the PropertY. the pmceeda shall be applied to the euras secured by thie Mortgageywith the esoess. if any. paid to Borrower. In the event o[ a partial takinB of the PropertY. unleee Borrower and Lendcr otherwiee agree in writin8. there shall be applied to the eums eecured bY this Mortgage such pmportion of the proceeds as is e4na1 tp tha~ P~Po~on which the amount of the sums ~ aecured by this Mortgage immediately prior to the date of taking bears to the fair merket value of the Property imiaediatelY Priur to the date of taking, with the balanoa of the ptoceeds Peid to Bonower. If the Pcoperty ie abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor o~fera to make an sward or setde a claim for damages, Botrower fa~1e to naP°nd to Lender within 30 daya afl,er the date euch notice ia mai~ed. Lender is authorized to collect and app(y the proceeds. at Lendei s option, eithu to reetoration or repair of the pmpettY o* to the eums eecu*e~1 bY ~l° Mortgage. UnleBa Lendes and Borrower otherwiee agree in writing. any such application of pmceeds to princiPal ehall not e:tend or postpone the dae date of the monthly installmenta referred to in para6iraphs 1 and 2 henof os change the amount of euch inetallmeats. 10. Borrower Not Released. Eatension of the time for paymant or modificedon of amortization of the sume aecured by thia Mortgage granted by I.ender to any eucceasor in intereat of Borrower ahali not operate W release. in anY manner, the liability of the original Borrower and Borrowei a sueceaeote in interes~ 1.ender ahall not be required to oommence Proc~e~~ngs against euch eucceaeor or refuee to eztend time for payment or otherwise modifY amortuetion of the sums aecured bY this Mortgege by reaeon of any demand madeby theoriginal Borrowez :,nd Borrower a succeseora in interest. i l. Forbearence by I.ender Not a Waiver. My forbearance by Leader in e:erciaing anY right or remedy hereunder, or otherwiee a fforded by applicable law. shail not be a waiver of or preclude the eaerciee of any such right or remedy. The procurement of insurance or the payment of ta:ee or other liena or charges by Lender shall not be a waiver of I.ende~e right to acceleratc the maturity of the indebtednesa secured by thia MortgaBe. 12 Remedies Cumulative• All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under this :~iortgage or afforded by law or equity, and may be ezereiae~i concurrendy, independendy or an~ively. 13. Succesaors e~nd AseiBne Bound; Jolnt and Several Liability; Captioae. The oovenanta and agreements herein oontained ahall n bind, and the righte hereunder shall inure to, the reepective eucceaeors and assiB~s of Lender and Borrower, subject to the proviaions o paragraph 17 hereof. All covenanta and agreements of Borrower xhall be joint and eeveral. The captinns and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to inte:pret or define the provisione hereof. 1 d. Notice. Except for t+ny notice required under applicable law to be given in anotheT manner, (a) any notice to Borrower provided for in t n~ s Mortgz~ge ahatl'ue given by mailing auch notice by certified mail addresaed to Borrower at the Property Addreas or at such other addreee ae K:>rrower may designate by notice to Lender ae provided herein, and (b) a.ny notice t° Lender shall be given by certified mail, return receipt reyueated, to Lender's addrre~ atated herein or to such other addreaa as Lender may deaignate by notice to Borrower aa provided herein. Any nutice provided for in this Mortgatce ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 1~_ Uniform Mortga6e; Governing I.aw. Severability. Thia form of mortgage rnmbinea uniform oovenaats for national use and non- uniform covenanta wiih limited variations by juriediction to rnnstitute a unJortn security instruaient covering real propeity_ Thia Mortgage sh aii be governed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clauae of this Mortgage or the Note conflicts with applicable law, such contlict ahali not affect other provisiona of this MortgaBe or the Note which can be given ef[ect w~ithouL the oontliMing provision, and to thia end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be furniahed a conformed oopy of the Note and of this Martgage at the time of e:ecution or after recordation hereof. 17. '[lransfer of the PropertY: Aseumptioa. 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, ezcluding (a) the creation ot a lien or encumbrance subordinate to this Mortgage, (b) the creation of a pu rchase money secnrity intereat for household appliancea, (c) a tranafer by deviae, descent or by operation of !aw upon the death of a joint tenant or (d) the grant of any leseehold intereat of three yeara or less not oontaininB an option to purchase, Lender may. at I.ender's option. ' declare all the sums aecured bY this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior 1 to the sale or transfer, I.ender and the person to whcm the Property is to be aold or tranaferre~ reach agreement in writing that 1he credit of euch ~ person is satisfactory to Lender and that the interest payable on the aums secured by this Mortgage shall be at such rate as Lender ahall ~ request. If Lender has waived the option to accelerate Providcd in this paraeraph 17, and if Bonower's successor in interest has e:ecuted a , µ~ritten assumption agreement accepted in writing by L,ender, I.ender ahall release Borrower from all obligations under this MortgaBe and the ~ ~ ote. If Lender exercises auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof ~ 5uch notice ahall pmvide a period of not less than 30 daya firom the date the notice is ~r,ailed within which Bormwer may pay the sums declared ~ due. If Borrower fails to pay auch suma prior to the expiration of such period, Lender may, without further notice or demand on ~iorrower, • invoke any remedies permitted by paraEiraoh IS hereof 18. Acceleration; Bemediee. Ezcept ae provided in paragraPh 17 hereof, upon Borrower's breach of any covenant or agreement of Bocrower in t6is Mortgage. including the oovenants W pay when due any eums secured by this Mortgage. Lender prior to aoceleration shall mail notice to Borrower es provided in paragraph 14 6ereof epecifying: (1) the breac6; (2) the action required to cure euc6 breac6; (3) a date, not leea than 30 days fcom the dete the notice ie mailed to Borrower, by whieh such breach muet be cured; and (4) that failure to cure euch breac6 on or before the date specified in the notice may result in ~ acceleration of the sume eecured bY this Mortgage, forecloaure by judieial proccedinB and eale of tl~e Property. The notice ehall further inform Borrower of the right to reinatate eRer acceleration and the right to-saeert in the foreclosure proceeding the non-ezietence of a default or any other defense of Borrower to aceeleration and foreclosure. If the breach ia not cured on or betore the date epecified in the notice, Lender at Lender'e option mey declare all of the eume aecured by thie Mortgage to be immediately due and payable without further demand and may foreeloee this Mortgage by judicial pcoceedin8• Lender ehall be entitled to collect in such proceeding all e:penees of forecloaure, including. but not limited to. reasonable attorney's fee~, snd ~ costa of documentary evidence, abstracte and title reporte. 19. Borrower'e Right to Reinetgte. Notwithetanding Lender a acceleration of the aums eecured by this ~fortgage, Borrower ehall have ~ the nghi to have any proceedin88 be8un by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thia MortgaBe if: (a) Borrower pays I.ender all eums which would be then due under this Mortgage, the Note and notes securing Future Advanoea, if any, had no acceleration ocrurred; (b) Borrower cures all brnachee of any other rnvenente or agreemenfs of Borrower contained in + thie Mortgage; (c) Borrower pays all reaeonable e:pensea incurred by Lender in enforcing the rnvenante and agreementa of Borrower I contained in thie Mortgage and in enforcing Lendei s remedies as Provided in Para6*aph 18 hereof, including, but not limited to, reasonablt? u attorney's feea; and (d) Borrower takea auch action as Lender may reasonably require to assure that the lien of this MortgaBe, Lender e interest ~ in the Property and Borrowe~a obligation to pay the sume eecured by this Mortgage ehail continue unimpaired- Upon such payment and cure by Borrower. this Mortgage and the obligationa secured hereby ahall remain in full force and effect ae if no acceleration had occurred. 20. Aeeignment of Rente; Appointment of Aeceiver. As additional eecurity hemunder, Borrower hereby asaigne to Lender the rente a; of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right , to rnllect and retain euch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Praperty, I.ender shall be entitled to have a receiver appointed by a ~ court to ente:.upon, take poseession of and manage the Property and to collect the renta of t~he Property, including thoee paet due. All rente ~ collected by the receiver ahall be applied firat to payment of the ooste of management of the Property and collection of renta, including, but not ~ limited to, receiver e fees, premiume on receiver e bonda and reaaonable attorney's feee, end then to the aume eecured by thie Mortgage. The ~ receivet ehall be liable to account only for thoee rente adually received• ~ ~ C ~ , =U:i~ ~ili r,:;,E 502 r~ ~ ~ r~ :