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HomeMy WebLinkAbout2032 x . ~ . ' 8. Inspection. Lender ma~y make or cause to be made reswnable entrias upon and i~upectiona otthe property, pmvided that Lender shall give Borrower notioe prior to any auch inspection apecityinB ?basonable cauas tharefor related to I,ender's iatere~t in the Property. ~ 9. COAfI84u191~0A. 71~e proceods of a~y award or claim fo: damages. direct or con~equential. ia connection with any oondemnation or ~ other taking of the pmperty. or pad thereoi. or for oonveyance ia lieu of coademaation, an hereby assigned and shall be paid to L.ender. ~ In the event of a total taking of the Property. the pmceecJs shall be applied to the aume secured by this Mortgage, with the e:cea~. if aay, + paid to Borrower. Ia the event of a partial taking oi the P2operty. unlees Borrower and Lender otherwiee agree in ariting~ thers shall be ~ applied to Lhe sumr secured by thie Mortgage such proportion of the proceeds aa ia equal to that pmportion which the amount of the suaas ~ eecured by thie Mortgage immediately prior to We date of taking bea» to the fair market value of the Hroperty immediately prior b the date of ; taldng. with the balenat of the pmceeds paid to Borrower. ' If the Property i~ abandoned by Borrower, or i!, after notioe by I.eader to Borrower that the coademnor ot'EE'ers b ma~e an award or settle a ~ claim for damagee, Borrower fails to respond b L,ender.vithin 30 days aRer the date such notice is mailed. I.ender ia authoriud to ooUect and ; apply the prooeeds, at L.ender's option. either to natoration or repair of the property or to the aums secured by thia Mortgage. s : Unlees Lender and Borrower otherwise agree ia writin8. aaY such appticatioa of pmceeds to principal shall aot e~ctead or postpone the dus ' date of the monthly installments nferred to in paragraphs 1 and 2 hereof or change the amount of such installmente. ~ 10. Borrower Not Released. E:tension of the time for paymsnt or modification of amortization of the aums secured by thia Mortgage ~ qranted by I.ender to any succeeeor in intereet of Borrower ehall not operate to release, in any manner, the liability of the original Borrower ? and Borrower's sncceeeors in intereet Lender ahall not be required to oommence proeeedings sgainst such eucc~eesor or nfuse to extend time ~ for payment or otherwiae modify amortization of the suma eecured by this Mortgage by reason of any demand made by the original Botrowa and Borrower a aucceesora in interest. s 11. Forbearanoe by I.ender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwise $ at~orded by appliceble law, shall not be a waiver of or preclude the ezez+ciee of any such tight or temedy.'11ie procurement of ineuranoe or the t payment of fsaes or other liens or charges by I.ender ahall not be a waivet of,i.ende~'~ right to accelerate the maturity of the indebtedness ~ secured by this Mortgaga ~ ; t2 Remediea Cumulative. All remediea provided in this I~iortgage are distinct and cumulative to any other right or remedy under this j Mortgage or af'forded by law or equity, and may be e~ercise~l ooncurrendy, independeatly or euoceasiveiy. ~ 13. Succeasora end Aeeigns Bound; Joiat and 3everal Liability; Captioas. The covenanta and agreements herein oontained ehall ! bind. and the righta hereund~ ehall inare to. the respective aucceseors and assigns of Lender and Borrower. subject to the pmviaions of paragraph 17 hereof. AU rnvenants and agreementa of Borrower shall be joint aad severai. The captions and headinge of the paragraphs of ; thie Mortgage are for coveniencE only and are not to be uaed to iaLerpret or define the proviaiona hereof. ~ 14. Notice. Eacept for any notice required under applicable law to be given in anothrr manner, (a) any notice to Borrower pwvided for in thia Mortgage shall be given by mailing euch notice by oertified mail addressed to Borrower at the Property Addrese or at auch other addrees as Borrower may designate by notice to I.endet as provided herein, and (b) any notioe to I.ender ehall be given by certified mail, return receipt requeated, to Lender e addreas atated hern.in or to auch other address as Lender may deeignate by notice to Borrower as pmvided hereia. Any i notice pmvided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner designeted herein. ~ 15. Uniform Mortgege; Governing Law; 3everability. Thia form of mortgage rnmbinee uniform oovenanta for national uee and non- y i y e p rercy.'17~ia Mo uniform rnvenanta with liarited variationa b uriediction to oonatitnte a uniform secnrit inatnuuent ooverin real ro rtgage { ahall be governed by the law of the juriadiction in which the Property ie located. In the event thet any provision or clauee of thia Mortgage or ~ the Note conflicte with applicable law, such conflict ahall not af~ect other provisiona of thie Mortgage or the Note which can be given effect without the oonflicting provision, and to this end the pmvisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower shall be fumiahed e conformed copy of the Note and of thie Mortgage at the time of execution or after j recordation hereof. - 17. 'l~ransfer of the Property; Aesumption. If all or any part of the Property or an interest therein is aold or traasferred by Borrower f without Lender s prior written rnnaent, r~cluding (s) the creation of a Gen or encumbrance subordinate to thie Mortgage, (b) the creation of a ; purchaee money security intemat for household appliances, (c) a transfer by deviae, deecent or by operation of law upon the death of a joint j tenant or (d) the grant of any leaeehold intereat of three yeara or lees not oontaining an option to parchase, Lender may, at Lender'e option, declare all the sums secured by thia Morigage to be immedietely due and payable. Lender ahall heve waived such option to aooelerate if. prior tu the sale or transfer, Lender and the peraon to whom the Property ie to be eold or tranaferred reach agrcement in writing that the credit of ench pereon is satiefactory to Lender and that the intereet payable on the suma eecured by this Mortgage 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'a succesaor in interest has e:ecvted a w-ritten aseumption agreement accepted in writing by Lender, I.ender shall release Borrower from all obligations under thia Mortgage and the ~ Note. - f If Lender exercisea such option to accelerate, Lender ahall mail E3orrower notice of acoeleration in accordance with paragraph 14 hereot ; Such notice ahall provide a period of not less than 30 daya from the date the~notice ia Q.ailed within which Borrower may pay thesums declared t ~ due. If Borrower fails to pay euch sums prior to the expiration of auch period, Lender may, without further notice or demand on [iorrow~, invoke any remedies permitted by paragra~h 18 hereof. ~ ' ~ 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 6ereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenants b pay when due any eume secured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 6ereof specitying: (1) the breach; (2) the actlon required to cure such breach; (3) a date, not leea than 30 daye from the date the aotice ie mailed to Borrower. by which such breach muet be cured; and (4) that failure to cure euch breach on or before the date apecified in t6e notice may result in acceleration of the suma eecured by thie Mortgage, forecloaure by judicial proeeeding and 8ale of the Property. The notice s6all' further inform Borrower of the right to reinetate aRer acceleration and the right to assert in the forecloaure proceeding the non-ezistence of a default or any other defenee of Borrower to acceleration and forecloaure. If the breach ie not cured on or • before the date $pecified in the notice. Lender at Lender's option may declare aD of the eume secured by this Mortgage to be ' immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracta and title reports. 19_ Borrower's Aight to Reinetate. Notwithstanding Lendei a acceleration of the sume eecured by thie Mortgage, Borrower ahall have the right to have any proceedinge begun by Lender to enforce thia Mortgage diacontinued at any time prio: to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays Lender all aume which would be then due under thie Mortgage, the Note and notes eecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all brnaches of any other covenanta or agreementa of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable expensen incurred by Lender in enforcing the covenante and agreementa of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonablP ~ attorney e feea; and (d> Borrower takes auch action as Lender may reasonably require to aseure that the lien otthia Mortgage, Lender e intereet t in the Property and Borrower s obligation to pay the sums eecured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby shail remain in full force aT?d effert as if no acceleration had occurred. 20. Asaignmeat of Rente; Appointment of Receiver. AB additional security hereunder, Borrower hereby aseigna to Lender the rente ~ . of the Property, provided that Borrower ahall, prior to ac~eleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or aba~donment of the Property, Lender ahall be entitled to have a receiver eppointed by a court to enter~pon, take poeaesaion of and manage the Property and to rnllect the rnnte of the Property, inclnding thoee pa8t due. All rente ~ collected by the receiver shall be applied firat to payment of the ooste of management of the Property and collection of rente. including. bnt not iimited to, receiver's [eee, premiuma on receiver e bonds and reasonable attoroey'a fees, and then to the aums secured by thie Mortgage. The - receiver shall be liable to acoount only for thoee rents actually received. , ~ ~ _ ~ ~ ~ ~:,'~x312 F.~~E~130 , . . _ - - ~ ~ . .