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HomeMy WebLinkAbout1416 8. inspection. Leader may maka or cauae to be made reasonabk entsia~ upon eu~d iaspections olthe pmperty, provided that Lender shaU ~ive Borrower ~otioe prior b any such iaspection spacifying reasonable cawe lhere[or related to l~ender ~ intere~t in the Property. e. CondemnaUon.'Rre proceeds of any a~rard or claim [or damages. direct or consaquential, ia co~nxtion with aay o~nd~nation or othe~ taking oi the pmperty. or part thereot, or fos rnnveyanoe in lieu of oondemAation. wn heteby aasigned and shaU be paid to Lender. In the avent of a btal taking of the Properiy. the pmceede shall be applied to the sums secured by this Mortgage. with the e=ceas. if any. paid b Borrower. In the event of a partial takiag of the Property, unlese Borrow~ and Lender otherwise agree in writin~. there shaU be applied to the aua~ secueed by this Mort~age euch proportioa of the proceeds aa u equal to that pmportion which the amonnt of the suuu secured by this Mortgage immediately prior b tha date of taking bean to the fair mar~et value of the Propedy immediately prior to the date of taking. with We balanoa of the proceeds paid to_Borrower. It the Property is abandoned by Borrower. or if. e!!er notioe by I.ender to Borrower that the o~ndamnor ogers to make an awrard or eettle a claim for damages. Borrower fails b respond to Leader within 30 days after the date such notioe ia mailed. Leader is authori~d to rnUect and apply the p[oceeds. at Lender s option. either to restoration or repair of the pmperty or to the suma secured by this Mortgage. Unless L~ander and Borrower otherwiee agree in ariting, any euch application of proceed~ to principal shaU aot e:tend ~ poetpone the due date of the monthly uutallmeats referred to in paragraphs 1 eu?d 2 hereof or change the aawunt of such installmeata. . 10. Borrower Not Released. E:tensioa of We time for paym~nt or modification of amottization of the sums secured by this Morlgage granted by Lendar to any sua~easor in interest of Borrower ehall not operate to release. in any manner. the liability of the original Borrower , and Borrower s succeeaora in interes~ Lender shall ~ot be required to aommence proceedings against euch auoceseor or retuse to extend time ` for payment or otherv~riae modify amortization of the sums eecured by thie Riortgage by reason of any demand made by the original Borrower and Borrower a aua•eaeors in intereat. 11. Forbearanoe by Leader Not a Waiver. My forbearaace by Lender in ezerciaing any right or nmedy hereunder. or otherwiee agorded by applicable law. shall not be a waiver of or preclude the e~cerciee of any such right or remedy. The pmcnnment of insurance or We payment of ta~~es or other liens or charges by I.ender shall aot be a waiver of Lender e right to aooelerate the maturity af the indebtedness secured by this Mortgage. 12 Remedies Gtimulative. All remediea pmvided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. end may be e:ercieeri ooncurrentiy, independently or succeasively. 13 Succeseors and Asaigns Bouad; Joint and 3everal Liability; Captione. The oovenanta and agreements herein oontained ehall bind, and the rights herPUnder shall inure to, the respective aua~eseors aad aseiEtne of Lender and Botrower, subject to the pmvisione of paragiap~ 17 hereof. All rnvenante and agreementa of Borrower ahall be joint and eeveral. The captions and headinga of the paragraphs of this Mortgage are for covenience only and are not to be ueed b interpnt oT define the proviaioae hereof. - 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addreeeed to Borrower at the Pmperty Addr~s os a~ snch Mher addceaa ea Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, retarn receipt requeeted, w Lendei a address stated herein or to auch other addrees as I.ender may designate by notice to f3orrower se pmvided herein. Any notice pmvided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Tl~ia form of mortgage rnmbines uniform oovenaats for national use and non- uniform rnvenante with lunited variationa by juriadiction to ooastitute a uniform eecurity instniment ouvering real pwperty,'l~ie Mortgage shall be govemed by the law of the jurisdiction in which the Property is located. In the event that any provision or clauee of this Mortgage or the Note conflicte with ap~,licable law, such conflict shall not ai[ect other provisions of thie Mortgage or the Note which can be givea effect without the oonflicting provision, and to this end the provieions of the Mortgage and the Note are declared to be severeble. 16. Borrower's Copy. Borrower ahall be furniahed a conformed aopy of the Note and of this Mortgage at the time of e~cecution or atter recordation hereof. 1?. Traasfer of ihe Property; Aesumption. If all or any part of fhe Property or an intereat therein is aold or traneferred by Borrower without Lender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money eecurity intereat for houeehold appGancee, (c) s transfer 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 yeare or leas not oontaining an option to purchaee, Lender may. at Lender'e option, declare ail the sums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if. prior to the aale or transfer, I~nder and the peraon to whom the Pr~perty ia to be eold or transferred reach agreement in writing that the credit of euch ; person is satiefactory to Lender.and that the interest payable on the sume secured by this Mortgage shall be at such rate as Lender ahall request~ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a auccessor in interest has e:ecuted a j written sseumption agreement accepted in writing by Lender, l.ender shall release Borrower from all obligations under thie Mortgage and the ~ Note. ~ If Lender ~ercisea auch option to accel4rate. Lender ehall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. i Such nutice shall provide a period of not lesa than 30 daya from the date the notice ia cr.ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sume prior to the expiration of such period, [.ender may, withoat further notice or demand on E3orrowe~r, invoke any remediea permitted by paragraoh 18 hereof_ ~ 18. Acceleration; Remedies. Bzcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in t6ie Mortgage. including the oovenants to pay when due any eume secared by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) t6e breach; (2) the action ° required to cure such breach; (3) a date, not lees t6an 30 days from the date the notice ie mailed to Borrower, by which euch breach muat be cured: aad (4) that tailure to cure euch breach on or before the date epecified in the notice may result in acceleration of the sums secured by thie Mortgage, torecloaure by judicial proceeding and eale of the Property. The notice ehall further inform Borrower of the right to reinatate after acceleration and the right to a8eert ia the forecloaure proceeding t6e non-ezistenee of a default or any other defense of Borrower to aoceleration aad foreclosure. If the breach iB not cured oa or before the date specified in the notice, Lender at Lender'e option may declare all of the eums eecured by thie Mortgage to be immediately due and payable without turther demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all e:penses of forecloeure, including, but not limited to, reaeonable attorney's feea. and coste of docnmentary evidence, abstracts and title reporta. ~ 19. Borrower's Right to Reinetate. Notwithstanding Lender s acceleration of the sume eecured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all auma which would be then due unde~ thie Mortgage, the Note and notes eecuring Futurn ~ Advances, if any, had no aoceleration occurred; (b) Borrower curea all breaches of any other rnvenante or agreemente of Borrower contained in thia Mortgege; (c) Borrower pays all reaeonable expensea incurred by Lender in enforcing the covenante and agreemente of Borrower ~ oontained in this Mortgage and in enforcing Lender a rnmedies as provided in paragraph 1 S hereof, including, but not limited Lo, reasonable ~ attorney e fcea; and (d) Borrower takee euch action as Lender may reseonably require to aasure that the lien of thia Mortgage, Lender s interest in the Property and Borrower's obligation to pay the sums sec~red by this Mortgage ahall rnntinue unimpsired. Upon such payment and cure ~ by Borrower, thie Mortgage and the obligatione secured hereby ahall rnmain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aasigns to Lender the renta ; of the Property, pmvided that Borrower shall, prior to acceleTation under paragraph 18 hereof or ebandonment of the Property. have the right ~ to colleet and retain such rents ae they become due and payable. a Upon aooeleration under paragraph 18 hereotor abandonment of the Property. Lender ehall be entitied to have a receiver eppointed by a ~ oourt to enter~upon, take poeaeesion of and manage the Property and to collect the rente of the Property, including thoee past due. All renta ~ aollected by the receiver ahall be applied firet to payment of the ooste of management of the Property and collection of rente, including, bnt not ~ limited to, receiver's feee, premiuma on receiver's bonds and reasonable attorney e feea, and then to the auma eecured by this Mortgage. The reoeiver shall be liable to acoount only for thoae rents actually received. ~ p . . ~ ~ ~:~312 ,~f:F1414 , , _ _ . _ - - _ .