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HomeMy WebLinkAbout0709 . ._.M_____ . _ _ _ . U j 8. Inspection. Lender me~y make or caws to be made rasoaably entries npoa and inspections of the property.provided West Lender shall give Borrower notice prior to any such iaspedion speri~riag reasonable awe therefor related to Lender's intered in the Property. 9. Condestnation. The proceeds of any award or Claim for damages, direct or coasequeatial, in oonnectioa wild orgy ouwndemnation or other taking of We property, ore part theeeof, or for oatveyanas in lien of oondemaation, are hereby assigned and shall bs paid to Leader. . In the event of • total taking olthe Property, We proceeds shall be applied to the sums secured by this Mortgage, with the ssoess, if any. paid to Borrower. Ia We event of a partial taking of the Propsrty. unless Boerowee and Leader otherwise agree is wilting, there shall bs applied to We sums secured by this Mortgage such proportion a[ the proceeds as is equal to Wat proportion which the amount d the scans secured by this Mortgage immediately prior to the date a[ taking bean to the fair market value of the Property immediately prior to the date of taking, with We balanos of the peooseds paid b Boaower. If We Property i. abandoned by Borrower. or ~ after aMice by Lender to Borrower that We oDndemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Leader within 30 days after the date such notice is mailed, Lender is authorised to collect sad apply the proceeds, at Lender's option, eiWes to restoration err repair of the peoperfy cr to the sums secured by this Mortgage. Ur1ep Leader and Borrower oWecwiss agree in writing. any such application of proceeds to principal shall not estrod or postpone the due _ date of the monthly instediments referred to is paragraphs 1 and Z hereof os change We amount of each installments. 1Q Borrower Not Released. Is~teasioa of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Leader to any enooeesor in interest of Borrower shall not operate to release. in any manner. the liability of We original Borrower and Borrower's successors in interest. Leader shall not be required to oommenoe prooeedinga against such snooeeaor or refuse to extend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest. 11. Forbearance by Lender Not a Waiver. Amy forbearance by Lender in exercising any right or remedy heseander, or oWerwise afforded by applicable law, shall not be a waiver of or pr+ecluuds We exercise of any arch right or remedy. The procnrenaent of irunrance a the payment of taxes or older liens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness Secured by this Mortgage. x 12 Remedies Cumulative. AU remedies provided in this Mortgage err distinct and cumulative to any older right or remedy under this Mortgage err afforded by law or equrity, and may bs ezercisecl concurrently, independently or ruooeasively. 13 Suooessors and Aaigns Hound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind. and We rights hereunder shall inane to, the respective suicoesaor and assigns of Leaden and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage err for oovenim~ce only and an not to be used to interpret or define the provisions hereof: 14. Notice. Bxoept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahaU be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at each older addrear as Borrower may designate by notice to Lender as provided herin, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to arch other address as Lender may designate by notice to Borrower ae provided heron. Any notice provided for in this Mortgage shall ba deemed to have been given to Borrower or I,ender when given in We manna designated herein. - 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombines uniform covenants for national use and non- uniform covenants wild United variations by jnriaddion b oonatitnte a uniform aecnrity instrument covering real property. This Mortgage shall be governed by We law of the jnrisdietion in which the Property is located. In We event that any provision or clause of this Mortgage or the Note conflicts wild applicable law, such conflict shall not affect older provisions of this Mortgage or We Note which can be given effect without We conflicting provision, and to this end the provisions of the Mortgage and We Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fnrniahed a conformed Dopy of the Note and of this Mortgage at the time of e!secution or after recordation her+eot 17. Transfer of the Property; Assumption. If all or any pad of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written consertt, e:clnding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) We creation of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon We death of a joint tenant or (d) ttre grant of any leasehold interest of three yeah or lees not containing an option to purchase, lender may, at Lender's option, declare all We sums eecureui by this Mortgage to be immediatdy due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and We peron to whom We Property is to be sold or transferred reach agreement in writing Watthe credit of arch person is satiafadory to Lender and that We interest payable on We soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecated a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fiom all obligations under thin Mortgage and the Note. If Lender e:erciaes such option to accelerate, Lender shall mail Borrower notice of soceleration in aooordance wild paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is wailed within which Borrower may pay the anma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lends may, without fnrWer notice or demand on Borrower, ~ invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Fscept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including ttie covenants to pay when due orgy sums severed by this lliortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days brow the date the notice is mailed to Borrower, by which such breach mast be cared; and (4) that failure to care such breach on or before the date specified in the notice may reanlt in acceleration of the sums secured by this Mortgage, forecloenre by judicial proceeding and sale of the Property. The notice ahaU further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezisteace of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cmred on or before the date specified in the notice; Lender at Lender's option may declare all otthe same secured by this l6iortgage to be immediately due and payable without further demand and may foreclose this 1!<ortgage by judicial proceeding. Lender shall be entitled to coiled in such proceeding all expenses of foreclosure, including, but not United to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which world be then due ender this Mortgage, We Note and notes securing Phtnre ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies sa provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action sa Fender may reasonably regain to assure that We lien of thin Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage a6all continue unimpaired. Upon such payment and care by Borrows, this Mortgage and We obligations secured hereby shall remain in fall force and effect as if no acceleration had oouurred. ~ 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof cur abandonment of We Property. have the right to collect and retain arch vents as Wey become dare and payable. Upon aooeleration under paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have s receiver appointed by a court to eater.npon, take possession of and manage the Property and to Dolled the Teats of the Properly, including Wore past due. AU rents collected by the receiver shall be applied first to payment of We costa of managementof the Properly and collection of rents, including. bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums recurred by this Mortgage. The receiver shall be liable to acooant only for those ruts adnauy received. - 3i1 K~~v PaGE ~7