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HomeMy WebLinkAbout2036 • , - , ; - ~ 1 . - 8. InspeMf oa. l.ender may make or cause to be made reasonable entries upoa and inspections of the pmperty. provided that Lender ~hall give Borrower ~otice prior to eay such inapection apecifyinB reasonable cause thenfor related b Lender's intereat in the Property. 9. Condemnation. The prooeede of any award or cleim for dunages, direct or oonsequential, irt connection with any oondemnation or otheT taking of the property, or part thereof. or for conveyance in lieu of oondemnation, are hereby assigned and ahall be paid to Lender. In the eve~t of a total taking of the Propedy. the proceeds aha11 be applied to the suma secured by thia Mortgage. with the ~oest. if any. paid Lo Bormwer. In the event of a partiel talcing of the Property. unlees Borrower and Lenda otherwiae a8ree in writin6. Were shall be applied to the suma securod by this Mortgage such proportion of the pTOOeeds as is equal to that proportion which the amount of the snms ~ eecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balanoa of the proceed,s paid to Borrower. It the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the oondemnor offers to make an a"vvard or setde a claim for damages, Borrower fails to respond to Lender within 30 daye aft,er the date euch notice is mailed. Lender ia authorised Lo coUect sad apply the proceeds. at I.ende~s option. either to reatoration or repair of the pmperty or to the suma secnred by thia Mortge8e. Ualess Lendu and Borrower otherwise aKree ii? writin8. any such application of proceeds b principal sha11 not eztend or postpone the due date of the monthly instalLnenta nferred to in paragraphs 1 and 2 hereof or change the amount of euch inetaUments. 10. Borrower Not Releused. E:teneion of the time for paymant or modification of aawrtiaation of the euma eecured by this Mortgage granted by I.ender to any eucceeaor in intere8t of Borrower shall not operate to releaee. in any manner, the iiabiUty of the original Borrower and Borrower's auoceasors in interest~ Lender ehall not be required to oommence proceedings againat euch aucceaeor or refuae to e:tend time for payment or otherwiae modifY amortization of the sums secvred by this Mortgage by reason of any demand made by the origimal Bo:rower and Borrowet'a aucceeeora in intereat. 11. Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in e:ercising any right or remedy hereunder, or otherwiee afforded by appUcable law, ahall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of ineurance or the payment of tazes or other liens or charges by I,ender ahall not be a waiver of I.ender a right to accelerate the maturity of the indebtedneee secured by thia Mortgage. ~ 12. Remediea Cumulstive. All remedie8 pmvided in thia Mortgage are diatinct and cnmalative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be e:ercieed ooncurrently, independently or sumeeaively. 13. Succeseors and Aeaigns Bound; Joint and Several Liability; Captione. The covenanLe and agreemente herein oontained ehall bind, and the rights hereunder ehall inure to, the respective aucceeeors and assigne of Lender and Borrower, aubject to the proviaions of paragraph 17 hereof. All covenants and agreementa of Borrower ehall be joint and eeveral. The captions and headinge of the paragrapha of thia Mortgage ate for covenience only and are not to be used to interpret or define the provieions 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 ahall be given by mailing such notice by certified mail addrnssed Lo Borrower at the Property Addresa or at such other addrees ea Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.ender'a addreas atated herein or to such other address ae Lender may designate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform oovenante for national uee and non- uniform covenanta with limited variations by juriadiction to oonstitute a uniform security inetrument oovering real property. Thie Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauae of this Mortgage or the Note conllicts with applicable law, auch conflict ahall not atiect other proviaions of this Mortgage or the Note which can be given effect without the conilicting proviaion, and to this end the provisiona of the Mortgage and the Note are declared to be aeverable. 16_ Barrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 1?_ Tranefer of the Property; Aeaumption. If all or any part of the Property or an intereat thetein ia sold or transferred by Borrower without Lender a prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security intereat for household appliancee, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lesa not wntaining an option to purchaee, Lender may, at Lender's option, declare all the suma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior i to the aale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the crcdit of such peraon is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at sucfi rate as Lender shall j request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a successor in interest hae executed a ; w~-itten assumption agreement accepted in writing by Lender, I.ender ahall release Borrower from all obligations under thia Mortgage and the i ti ote. ~ If Lender eaercisex such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance w~th paragraph 14 hereof. Such notice shall provide a period of not lesa than 30 days fram the date the notice is mailed within which Borrower may pay the sums declared E due. If Borrower fails to pay auch sums prior to the exp'vation of such period, Lender may,-without furthet notice or demand on ~iortower, ~ ?nvoke any remediea permitted by paragraoh 18 hereof. 1& Acceleration; Remedies. Ezcept se provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thia Mortgage, including the rnvenante to pay when due any sums eecured by thie Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breac6; (3) a date, not lesa than 30 days from the date the notice is mailed to Borrovver, by whic6 such ~ breach muet be cured; and (4) that failure to cure auch breach on or before the date specified in tbe notice may result in acceleration of the suma secured by t6ie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinatate aRer acceleration and the rig6t to assert in the forecloeure proceeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach is aot cured on or before the date epecifed in the notice, Lender at Lender's option may declare all of the suma sec~red by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in auch proceeding all ezpenaes of forecloaure, including, but not limited to,~easonable attorney's feee, and costa of documentary evidence, abetracts and title reports. " ~ 19. Borrower'e Right to Reinatate. Notwithetanding Lender's acceleration of the sums secured by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays L.ender all auma which would be then due under this Mortgage, the Nate and notea secaring Future ~ Advancee, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenante or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all rnaaonable expenaes incurred by Lender in enforcing the covenanta and agreementa of Borrower ~ contained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney 8 fees; and (d) Borrower takea such action ae Lender may reasonably require to asaure that the lien of thie Mortgage,3.ender'e interest ~ in the Property and Borrower a obligation to pay the aums secured by this Mortgage shall continue unimpaired. Upon euch payment and cure ~ by Borrower. thie Mortgage and the obligationa secared hereby ahall remain in full force and effect ae if no acceleration had occurred. ; 20. Aeaignment of Rente; Appointment of Receiver. As additionai eecurity hereunder, Borrower hereby aesigna to L.endertherente ~ of the Property, provided that Borrower ahall. 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 of tl~e Property, Lender sha11 be entitled to have a receiver appointed by a oourt to enter.upon, take possession of and manage the Property and to collect the rents of the Peoperty. including thoee paet due. All rente collected by the receiver ahall be applied firat to payment of the ooste of management of the Property and collection of rente, including, but not Iimited to, receiver's feee, premiuma on receiver'e bonda and reasonable attorney's feea, and then to the same secured by this Mortgage. The receiver shall be liable to acaount only for thoee rents actually received. . ~ ..~:'~~312 PaGE2!Q:34 ~ - ~