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HomeMy WebLinkAbout0103 . . , . q ~ _ . 8. Ipspectioa. Lender ~ay make or cauae to be made ressonable entries upon and inspectione of the property, provided that Lender ehell give Borrower notice prior to any euch inapection apecibring reasonable cause thenfor related to Lender'a interest in the Property. 9. Conde~mnation. The pmceeds of any award or claim for damegea. direct or consequential, in connection with any oondemnatioa o~ other taking of the propaty. or part thereof. or for rnnveyanoe in lieu of ooademnation. are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property, the prooeeds shall be applied to the aums secured by thia Mortgage. with the ~oess, if any, paid to Boroower. In the event of a partial taking oi the P[opert~+. nnlees Borrowez and Leader otherwise agree in writing~ thece shall be appliod to the suma eecured by this Mortgage such proporiion of tl?e prooeeda as is equal to that proportion which the amount of the suwa eecured by this Mortgage immediately prior to tha date of talang bean b the fair market value of the Property immediately prior to the date of takin8, with the balanea of the proceedi paid to Borrower. If the Property ia abandoned by Botrower. or if, aRer notica by Lendez to Borrower ihat the rnndemnor offers to make an award or ~ettle a claim for damages, Borrowrer faib to respond to Lender ~vithin 30 days aft~er the date such notice is mailed, Lender ia authorized to collert and apply the prooeeds. at Leader's option, either to reatoratioa or repair of the property or to the eum~ secured by this Mortgaga Unlesa I.ender and Borroare: othe~wise agree in vvriting, any ~uch application of prooeeds to principal shall not ~tend or poetpone the due date of the monthly installments referred to in paragraptu l and 2 heteof or change the amount of auch inatallments. 10. Borrower Not Released. E:tenaion of the time for paym~nt or modification of amortiaation of the auma eecured by thia Mortgage grented by l.ender to any succeseor in intereat of Borrower ahall not operate to releaee, in afiy manner, the liability of the otiginal Borrower and Borrower e eucceaeore in intereat. Lender ahal! not be required to aommence proceeciinge againat euch aucceesor or refueeto extend time for payment or otherwiae modity amortization of the aums secured by thia Morigage by reason of any demand made by the original Borrower and Borrower s auccessore in interest. 11. Forbearance by I.ender Not a R?aiver. My forbearana by I.ender in exerciaing any right or remedy hereunder, o? otherwiee afforded by applicable law, ehaU not be a waiver of or preclude the ~ercise of any such right or remedy. The procurement of insurance or the payment of t~ea or other liene or charges by Lender ahaU aot be a waivetof tetdee'e~t to acrelerate the matu:ity of the indebtedness secured by thia Mortgage. 12. Itemediea GtimWative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy ander thia Mortgage or afforded by law or equity, and mayr be exercise~i ooncurrenUy. independently or auoceasively. 13_ Succeseors and Aesigne Bound; Joint and 3everal Liability; Captiona. The oovenanta and agreementa herein contained ehall bind, and the righta hereunder ahall inure to, the reapective aucoeeeore and aeeigns of Lender and Borrower, eubject to the proviaions of paragraph 1? heseof. All rnvenanta and agreementa of Borrow~ ehall be joint and several. The captione and headinga of the paragrapha of thia biortgage are for covenience only and are not to be used to interpret or define We provisione hereof. 14. Notice. Ezce~tfor any notice required under upplicable law to be given in anothe~r manner, (a) any notice to Borrov~er provided for in thia Mortgage ahall be given by maiting snch notice by certified mail addresaed to Borrower at the Property Addreee or at such other addreee aa Borrower may deaignate by notiee to Lender ae provided herein, and (b) any notiee to Lender ahall be given by certified mai1, return receipt requeeted, to l.ender'e addreae stated hetein or to auch other addreae as I,ender may deaignate by notice to Borrower as provided herein. Any . notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender wFien given in the manner designated herein. IS_UniforniMortgage;Goveraingl.aw;3everability.Thiaformofmortgagecombinesuniformoovenantsfornetionaluseandnon- • uniform covenants with limited variations by jnriadiction to conatitute a uniform eecurity inatrument oovering real property.'i~ie Mortgage shall be guverned by the law of the juriediction in which the Property ia located. In the event that any proviaion or clause of thia Mortgnge or the Note conflicta with applicable law, such contlict shall nat affect other provieions of this Mortgage or the Note which can be given effect without the rnnflicting prnviaion, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Boirower shall be furnished a conforme~ copy of the Note~and otthis Mortgage at the time of execution or after recordatiun heteof_ 17. Traneter ot the Property; Assumption. If alt or any part of the Property or an interest therein is aold or tranaferred by Borrower w~thout Lender'e prior written r.,~naent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaee money Aecurity intereat for houaehold appliancea, (c) a tranafer by devise, deecent or by operation of law upon the death of a joint tenant or 4d) the grant of any leasehold intereat ot three years or leas not oontaining an option to purchaee, L.ender may, at Lender's option, dcrlure all the sume aerured by this ;4t~rtg~r iu i,r immc~iiateiy due and payable. Lender ahail have waived auch option to accelerate if, prior to the salr or trattisfer, I.ender and the person to whom the Property is to be eold or tranaferred rnach agreement in writing that the credit of auch person ie satiafactory to I.ender and that the interest payable ~n the suRrs secured by this Mortgage shall be at auch rate as l.ender ahall ' request. If Lender has waived the optioa to accelerate pmvided in thiR paiagraph 17, and if Borrowei s successor in interest has executed a ' written assumption agreement accepted in writinK by i.ender, Lender ahall release Borrower ftom a11 obligations under thia Mortgage and the ~ Note_ ~ ~ If Lender e:erciaes auch option to accelerate. I.ender ehall mail Borrower notice of acceleration in accordance with paragraph 14 hereoi ~ Such notice shall provide a period of not leas than 30 days from thedate the notice is ir.ailed within which Borrower may pay theaums declared due. If E3orrower fails to pay such auma prior to the eapiration of such period. Lender may, wifhout further notice or demand on E3orrower, ~ invoke any remedies permitted by paragraoh 1R herenf. ~ 18. Acceleration; Remediee. E:cept es provided in paragreph 17 hereot. upon Borrower'e breach ot any oovenant or ~ agreement of Borrower in thia Mortgage, including the oovenante to pey when due any e~tme aecured by thie Mortgage, Lender ~ prior to acceleration shall meil notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breacb; (2) the action required to cure auch breach; (3) a date, not lesa t6an 30 days from t6e date the notice is mailed to Borrower. by which such ~ breach muet be cured: and (~1) that tailure to cure euch breach on or before the date epecified in the notice may reeult in ~ acceleration of the eume secured by this Mortgage. foreclosure by judicial proceeding aod eale otthe Property.The notice ehall # further inform Borrower ot the right to reinetate after acceleration and the right to assert in the foreclosure proceeding the ~ non-ezistence of u default or any other defense ot Borrower to aceeleretion and forecloeure. I[ the t~reach ia not cured on or ~ betore the date epecified in the notice. Lender at Lender's option may declare all ot the eums secured by this Mortgage to be ~ immediafely due and payable withnut furtherdemand and may foreclose this Mortgage by }udicisl proceeding. Lender shail be ~ entitled to col lect in such proceeding all expensee ot foreclosure. including, but not limited to. reasonable attorney's teex, and ~ c~ete of documentary evidence. abetracts and title reporta. 4 19. Borrower'e Right to Reinstate. Notwithatanding I.ender's acceleration of the aums secured by this Mortgage, E3orrower shall have the right to have any pmceedings begun by [.ender to enforce this Mortq~~e diecontinued at any time prior to entry of a judgment enfominq this Mortgage if: (a) Borrower pays Lender all auma which would be then dae under this Mortgage, the Note and notes secaring Future > Advances, if any, had no acceleration occurred; Ib) Bnrrower curee all breaches of any other covenante or agreemente of Borruwer contained in ; thie Mortgage; (c) Borrower pays all reaeonable e:penaee incurred by Lender in enforcing the rnvenanta and agreements of Borrawer 3 oontained in thie Mortgage and in enforcing I.ender e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable 3 attorney's fees; and td) Bonower takes such action ae L.ender may r~asonably require to asaure that the !ien of thia Moe~tgage, I.ender'a intereet ~ in the Property and E3orrowet s obligation to pay the sums aecured by this Mertgage ehall continue unimpaired. Upon auch payment and cure = by Borrower, this Mortgage and the obligations aecured hereby ahall remain in fu11 force and effect as if no acceleration had occurred. f 2U. Aseignment of Rents; Appointment ot Receiver. As additional security hereunder, E3orrower hereby asaigne to Lender the renta _ of the Property, provided that f3orrower ehall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right to collect and retain auch rents ae they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a rrceiver appointed by a ~ oonrt to enter~upon, taJce posaesaion ot and manage the Property and to collect the mnta of the Property, including thoee past due. All rents ~ oollected by the receiver ehall be applied firet to payment ot the aosta of management of the Property and collection of rente, including, but not ~ limited to, receiver e feee, premiuma on receiver's bonds and reaeonable attorney's feea, and then to the suma secured by thie Mortgage. The ~ rereiver ahaU be liable to acoount only for those renta actually received. ~ ~ ~ GR B~JGA 311 1 t1.~