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HomeMy WebLinkAbout2611 . ' . ~ . • L~.' 8. In~pecUoa. L.ender may make or cause to be made reawnsble entrie. upon and inspections o[the property. provided that Leadu ahall give Borrower notice prior to any such inspection apecitying reasonable cause therefor related b Lender's intereat i~ the Propsity. J. CO[I~I@mllaUOp.'l~e proceeds of any awerd or claim for damages, direct or conaequential, in connection with a~y oondemnation or other taking of the property, or part thereof. or for conveyapce in lieu of oondemnation. are hereby aesigned and shall be paid to Lender. In the evcnt of a totel taking oi the Property, the proceeds ahaU be applied b the euma secured by this Mortgags. with the esoesa, if any. paid to Borrower. In the event of e partial taking of the Propezty. unlesa Borrower ai?d Lender otherwise agree in writing. then ~hall be applied to the sums secured by lhis Mortgage euch proportion of the prooeede aa ia equal to that pmportion which the amount of tha sums eecured by thia Mortgage immediately prior to the date oi taking beara to the fair market value of the Property immediately prior to ths date of taking. with the balanc~ of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. aRer notice by Lender to Borrovyer that the condeannor offers to meke an award or settle a claim for damages. Botrower fails to respond io Leader within 30 days after the date euch notioe is mailed, I.ender is authorized to collect end apply the procceds, at I.ender's option. eitheT to restoration or repair of the property or to the aume eecured by this Mortgege. Unless Lender and Borrower othervvise agree in writing. any such application of proceeds to principa) shall aot e=tend or postpoae the due date of the monthly inetallmenta referred to ip patagrapha 1 and 2 hereof or change the amount of euch inetaWnents. 10. ~orrower Not Iteleased. Extension of the time for paymant os modification of amortization of the sume eecuied by this Mortgege granted by I.ender to any suecesaor in intereet of Borrower ahall not operete to releaee. in any manner. the liability of the original Borrower and Borrower's succeeaors in interes~ I.ender ahall not be required to commence proceedings againet euch euccessor or refuae to e:tend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reaeon of any demand made by the original $orrower and Botrower's aucceseora in interest. 11. Forbearanoe by Lender Not s Rlaiver. My forbearance by Lender in ezetciaing aqy tight or remedy here~u?der, or otherwise afforded by applicable law. shall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of ineiuance or the payment of taxee or other liene or charges by I.ender shall not be a waiver u; :.ender's right to aocelerate the maturity of the indebtedneee aecured by this Mortgage. 12 Remedies Cumulative. All remedies pmvided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgege or afforded by law or equity, and may be e:erciee~i ooncurrendy. independently or auoceeaiveiy. 13. 3uccessore and Asaigne Bound; Joint and Several Liability; Captiona. The oovenants and agreemente herein rnntained ehall bind, and the righta hereund~ shall inure to. the reapective suoceseors and aeaigna of I.ender and Borrower. aubject to the pmviaions of paragraph 1? hereof. All rnvenante and agreemente of Borrower ahall be joint and eeveral. The captions and headinga of the paragrapha of thia Mortgage are for covenience only and are not to be ~eed to interpret or define the proviaions hereof. 14. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in thia Mortgage ahall be given by mailing auch notice by certified mail eddressed to Borrower at the Property Addresa or at auch other addresa ae Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeated, to Lender's address atated herein or to euch other addrees aa Lender may designate by notice to Borrower aa provided herein. A~y notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3evera~iility. Thie form of mortgage combinea uniform oovenants for national uee and non- uniform covenants with limited variations by jurisdiction to oonatitute a uniform aecurity inatrunient oovering real property. This Moitgage shall be governed by the law of the juriadiction in which the Property ie located. In the event that any proviaion or clauae of thie Mortgage or the Note conflicts with applicable luw, such rnnfliet shall not affect other provisions of this Mortgage or the Note which can be given et~'ect without the conflicting proviaion, and to thia end the provisione of the Mortgage and the Note are declared to be neverable. 16..Bormwer'a (,opy. Borrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 1;. Tranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or traneferred by Borrower wi~~out Lendei s prior written conaent, ezcluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchase mon~y security interest for household appliancea, (c) a tranafer by deviae, d~cent or by operation of law upon the death of a joint tenant o~ (d) the grant of any leasehold interest of three years or leas not oontaining an option to purehaee, Lender may. at Lendei s option, declare all the sums secnrea by thie Mortgage to be immedietely due and payable. Lender shall have waived auch option to accelerate if, prior I to the sale or transfer, Ixnder and the person to whom the Property ie to be eold or transferred reach agreement in writing that the creditof euch j person is satisfactory to Lender and that the intereei payable on the sums secured by this I1lortgage shall be at auch rate as Lender ahall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s succeasor in interest has e:ecuted a i written aseumption agreement accepted in writing by Lender, l,ender shall release Borrower from all obligationa under thia Mortgage and the ~ Note. ~ If Lender euercisea such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is ~r.t+iled within which Borrower may pay the sums declared due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, i invoke any remedies permitted by paragraoh 18 hereof i • ~ 18. Acceleration; Remediee. Ezcept ae provided in paragreph 17 hereof. upon Borrower'e breach of any covenant or ~ agreement of Borrower in thia Mortgage, including the covenante to pay when due any sums secured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower ae provided in peragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daye from the date the notice is mailed to Borrower, by which such breach muat be cared; and (4) that failure to cure euch breach on or before the date epeci6ed in the notice may reault in ~ acceleration of the sums aecured by thie Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinatate aRer acceleration end the right to assert in the forecloeure proceeding the non-eziatence of a default or any other defense of Borrower to aoceleration and foreclosure. If the breach ia not cured on or ~ before the dete specified in the notice, Lender at Lender'e optioa may declare all of the sume secured by thia Mortgage to be ~ immedietely due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender shali be ~ entitled to co11eM in such proceeding aD expenaes of foreclosure. including. but not limited to, reasonable attorney's fees. and ~ costs nf documentary evidence~ abatrecte and title reporte. ~ 19. Borrower's Right to Reinetate. Notwithstanding Lender'a acceleration of the auma eecured by thia Mortgsge. Borrower ahaU have ~ the right to have any proceedinga begun by I.ender to enforce thia Mortqage diacontinued at any time prior to entry of a judgment enforcing y this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing Future ~ Advancea, if any, had no acceleration occurred; (b1 Iiorrower cures all breaches of any other covenante or agreementa of Borrower rnntained in ~ thia Mortgage; (c) Borrower pays all reseonable e:penaes incurred by Lender in enforcing the oovenanfa and agreementa of Borrowet ~ oontained in this Mortgaqe~and in enforcing Lender'a remediea es provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney 8 feea; and (d) Borrower takea euch action as I.ender may maaonably require to asaure that the lien of thia Mortgage, Lender's intereet ~ in the Property and Borrower's obligation to pay the aums aecured by this Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Borrower, thie Murtgege and the obligations secured hereby ehaU remain in full force and effect as if no acceleration had occurred. } Z0. Assignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the renta r of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment otthe Property, Lender ehail be entitled to have a rnceiver appointed by a oourt to enter upon, take posseeaion of and manage the Property and to collect the renta of the Property, including those past due. All renta ~ oollected by the receiver ahall be applied first to payment of the costa of management of the Property and collection of rente, including, but not ~ limited to, receiver's feee, premiums on receiver's bonda and reaeonable attorney e fees, and then to the euma secured by thie Mortgage. The receiver shaU be liable to acoount only tor thoee rents aMually received. ;y g~,k, 311 2609 ~ ~