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HomeMy WebLinkAbout0923 . i ~ ~ . . ~ , ' 8. In~pection. Lender may make or cawe to be made reasonable entries upon and inspections of the property. pmvided that I.eader shall give Bormwer notice prior to any such inapection specifying reaeonable cauec therefor related to Lender's intereat ia the Property. 9. Coademnation. The proceeda of any awsrd or claim for damages. direct or consequential, ia connectioa with any oondemnation or other taking of the property. or part thereof, or for rnaveyance in tieu of rnademnation. are hereby aesigned and shall be paid to Lender. In the event of a total takeng of the Property, the pmceedB shaU be applied to the eums secured by this Mortgage. with the ezoees. if aay, paid to Borrower. ln the event of a partial taking of the Ptoperty. unleea Borrower and I.ender otherwiee agree in wtiting. there ahall be appGed to the sums aecured by this Mortgage such pmportion of the proceede as is equal b that pmportion which the amount of the aums ~ secnred by this Mortgaga immtdiately prior to !he date of taking beara to the fair market value of the Property immediately prior to the date of ~ taking. with the balanoa of the proceeds paid to Borrower.- If the Property ie abandoned by Botrower. or if, aRer notice by Lender to Borrower thet the oondemnor otYera to make an award or setde a claim for damagea, Borrower fails W respond to Lender within 30 days atter the date euch notioe ia mailed. I.ender is authorized to collect and appty the pmoeeds, at Lender'e option, eithas to reatoration or repair of tha property or to the sume eecured by thie Mortgage. _ Unlees Lender and Bosower otherwise agree in writing. any such application of proceede to principal ehall not extend or poetpo~e the due date of We monthly inetaUments referred to in paragraphe 1 and 2 hereof or change the amount of auch inatallments. ~ 10. Borrower Not Releaaed. E:tenaion of the time for paym~nt or modification of amortization of the sums secured by this Mortgage granted by Lender b any auccessor in intetest of Botrower ehall not operate to release, in any manner, the liability of the original Borrower ~ and Borrower's auccesaors in interest~ Lender ahall not be required to aommence proceedings againat euch auccesaor or refuse to extend time for payment or otherwise modify amortization of the sums secored by thie Mortgage by rnaeon of any demand made hy the original Borrower and Botrower e aucces~ore in interest. 11. Forbearance bp I,ender Not a Waiver. My forbearaace by L.ender in exercieing any right or remedy hereunder. or otherwiee afforded by applicable law, ehall not be a waiver of or preclude the exerciae of any auch right or reraedy. The procurement of insurance or the payment of ta:ee or other liene or chargee by Lender ahall not be a waiver of Lender's right to aocelerate the maturity of the indebtedneea ' aecured by this Mortgage. 12 Remedies Cumulative. All remediea provided in thie Mortgage are distinct and cumulative to any other right or remedy under thie Mortcage or afforded by law or equity, and may be exetcieeti concurrently. independentty or succeseively. 13. Suooessors and Assigns Boand; Joint and Several Liability; Captioae. Thecovenante and agreements herein oontained ehall bind, and the righte hereunder shall inure to, the reepective aucoeseors and assigns of I.ender and Borrower, aubject to the provisions of paragraph 17 heteof. All covenanta and agreemente of Borrower shall be joint and several.'I~e captiona and headings of the paragraphs o! this Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. 14. Notice. F.acept for a~y notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addreas or at such other addrees as Borrower may designate by notice to Ixnder aa provided herein, and (b) any notice to Lender ehalt be given by certified mail~eturn reoeipt requeated, to I.ender e address stated herein or to such other address as Lender may designate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform oovenants for national use and non- uniform covenanta with limited variatione by jurisdiction to rnnstitute a uniform securiiy instrument rnvering real properiy. This Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any proviRion or clanse of this Mortgege or the Note conflicta with applicable law, such conflict ahall not af[ect other provisions of this Mortgage or the Note which can be given effect without the contticting provision, and to thia end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Eforrnwer'8 Copy. Borrower shatl be furnished a conformed copy of the Note and oflhia Mortgage at the time of eaecution or after recordation hereof. 17.'l~anefer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender'F prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) thecreation of a purchase rr.oney security intereat for household appliances, (c) a tranafer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not rnntaining an option to purchase. I,ender may, at Lender a option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shali have waived such option to acceterate if, prior to the sale or tranater, Lender and the peraon to whom~the Property is to be sold or tranaferred reach agreement in writing that the credit of auch person is satisfaMory to [xnder and that the interest payable on the suma secured by this Mortgage ehall be at such rate as Lender shall request_ If Lender has waived the option to accelerate pmvided in thia paragraph 17, and if Bortower s successor in intereat has executed a w~ritten asaumption agreement accepted in writing by Lender, I.ender ahali release f3orrower ttom ail obligations under this Mortgage and the Note. If L.ender exerrises such option to acceferate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. 5uch notice ahall pmvide a period of not less than 30 days from the date the notice is ~nailed within which Borrower may pav the sums declared due, if Borrower fails to pay such snma prior to the expiration of such period, Lender may, without further notice or demand on ISorrower, mvoke any remedies permitted by paraqraoh 18 hereof. 18. Acceleretion; Remediea. Ezcept ae provided in paragraph 19 hereof. upon Borrov`er's breach of any covenant or agreemeat of Borrower in this Mortgage, including the oovenanta to pay when due any sume secured by thia blortgage, Lender prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 daye trom the date the notice is mailed to Borrower, by which euch breach mna! be cured; and (4) thai failure to cure such breach on or before the date specified in the notice may result in acceleration of the auma secured by t6is Mortgage, foreclosure by judiciai proceeding and aale of the Property. The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to aseert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration aad forecloaure. If the breach is not cured on or betore the date specified in the notice, Lender at Lender's option may declare all of the sums aecured by this Mortgage to be immediately due and payable without further demand and may forecioae this Mortgage by judicial proceeding. Lender ahall be entitled to collect in auch proceeding all expenaes of forecloaure, including, but not limited to, reasonable attorney's feea. and costs of documentary evidence. abstracte and title reports. 19. Borrower'8 Right to Reinetate. Notwithstanding Lender's acceleration of the au[ns eecured by this Mortgage, Borrower ehall have the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya L.ender all sums which would be then due under thie Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other covenante or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenante and agreements of Borrower oontained in this Mortgage and in enforcing Lender's remedies aa provided in paragraph 18 hereof, inctnding, but not iimited to, reasonable attorney's fees; and (d) Borrower takes auch artion as Lender may reasonably require to asaure that the iien of thie Mortgage, Lender's uttetest in the Property and Borrowei a obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations aecured hereby ahall remain i~ full force and effect as if no acxeleration had occurred. 20. Assignment of Rente; Appointmept of Receiver. As additional eecurity hereunder, Borrower hereby assigne to Lender the rents of the Property, provided that Borrower 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 acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a oourt ta enter-upon, take posseseion of and manage the Property and to collect the rents of the Property. including thoae paet due. A11 rents oollected by the receiver ehall be applied firat to payment of the ooate of management of the Property and collection of renta, including, but not limited to, receiver'e fees, premiuma on receiver's bonda and reasonable attorney e fees. and then to the eums aecured by this Mortgage. The receiver shall be liable to aco~unt only for those rents actually received. ? :'~K31?_ ,~,~~r ~21 ~ _ . _ _ . - _ s.