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HomeMy WebLinkAbout0456~ r : ~ 7 1 R 8. laspection. l.ender may make or cauee to be made reasonable entriee upon and inspectione oithe property. provided that Lender ahall Kive Borrower notice prior to any such inapertion apecitying reasoneble cause therefor related to Lendei e interest in the Properiy. 9. Coademnatioa. The proceeda of any award or claim for damages. direct or coneequential, in connectioa with any oondemnation or other taking of the pmperty, or part thereof. or for conveyance in lieu of rnndemnation, are hereby aaeig~ed and shall be paid to Lender. In the event of a total taking of the Property, the proceede ahall be applied to the auans aecured by this Mortgage. with the eucese, if any. paid to Borrower. In the event of a partial taking of the Property. unlees Borrower and l.ender otherwiee agree in writing. there shall be xpplied to the sums eecured by this Mortgage such per-portion of the proceed8 as ia equal to that proportio~ which the amount oi the eume secured by this Mortgage imrnediately prio~ to the daLe of taking beara b the fair market value of the Property immediately prior to the date of taking. with the balanc~ of the proceeds paid to Borrower. If the Property ia abandoned by Borrower, or if, after notice by l.ender to Borrower that the oondemnor ofters to make at~ award or eettle a claim for damagea, Borrower fails W respond to Lender within 30 days atter the date auch notice ie mailed, Lender ie authorized to collect and apply the proceeds. at Lender's option. either to reatoration or repair of the pmperty or to the aume aecured by thia Mortgage. Un-ees Lender and Borrower otherwiee agree in writing, eny euch application of procecda to principal ahall not e:tend or poetpone the due date of the monthly inatallments referred to in paragiraphe 1 and 2 hereof or change the amount of auch installmente. 10. Borrower Not Releaeed. Extension of the time for paymant or modification of amortization of the auma secured by this Mortgage Kranted by [.ender. to any successor in interest of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and E3orrower'a succesaors in intereat. Lender shall not be requirei! to rnmmence procc~edings againat auch succesaor or refuee to extend time f~,r payment or otherwise modify amurtization of the suma secured by this Mortgage by ret~son ot nny demand made by theoriginal Borrower and E3orrowei s succes.sors in interest. I 1. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exerciaing any right or remedy hereunder. or otherwise :~ fforded by applicable law, ahall not t~e a waiver of or preclude the exerciee of any such right or remedy. The procurement of inaurance or the payment of ta~ces or other liens or charges by [.ender shall not be a waiver of [.eoder's rigfit to accelerate the maturity of the indebtedneae +ecured by thia Mortgage. 12 Remedies Cumulative. All remediea pmvided in this Mortgage are distinct and cumulative to any other right or remedy under thia ~tortcage or afforded by law or equity, and may be exercise~l ooncurrendy. independently or succesaively. 13_ Sucoessors and Asaigns Bound; Joint and Several Liability; Captiona. The rnvenanta and agreemente herein contained shall bind, and the rights hereunder ahall inure to, the respective aucceseors and aesigne of Lender and Borrower, subject to the provieions of paragrnph 17 hereof. All covenants and aqreements of Borrower shall be joint and eeveral. The captiona and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. l4. Notice. Except for any notice reyuired under applicable law to be Riven in anothzr manner, (a) any notice to E3orrower provided for in t his Nortgage shall be given by mailing auch notice by certified mail addressed to Borrower at the Property Address or at auch other addreae ea fturrovrer may designate by notice to [.ender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt rtq uested, to I.ender's address stated herein or to such other address as l.endet may designate by notice to Borrower at+ provided herein. Any notice provided for in lhis Mortgage shall be deemed to have been given to Eiorrower or Lender when given in the manner deaignated herein. 15. Unitorm Mortgage; Governing l.aw; Sevcrability. This [orm of mortgagecombines unitorm oovenanfs for national use and non- uniform co~ enants wilh limited variations by jurisdiction to eonstitute a uniform security instrun~ent cuvering real property. This Mortgage .hall be go~ erned by the lav- of the jurisdiction in which the Property ia lceated. In the event that any pmviRion or clause of this Mortgage or the Note conflicts with applicable law, such mntlict shall nut atYect other provisions of this Murtgage or the Note which can be given effect ;~•ithout the conflicting provisiun, and to this end the pmviaions of the Mortgage and the Note are declared to be severable. 16. Barrower's Copy. Borrower shall be furnished a conforn-ed rnpy ot the Note and of thia Mortgage at the time otexecution or after recordation hereo[ i T. Transfer of the Property; Asaumption. If all or any part of the Property or an interest therein ia eold or tranaferred by Borrower ~ w•ithout l.ender a prior written consent, excluding (a) lhe creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ~ purchase money security intereat for houaehold appliances, (c) a tranafer by de~~se, d~cent or by operation ot law upon the death of a joint ~V trnant or (dj the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lendei s option, L., derlare all the sums secureu by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate i[, priur tu the aale or tranafer, I.ender and the person to whom the Property is to be aold or transferred reach agreement in writing that the credit of such person is satisfactory to I.ender and that !he interest payable on the aums secured by this Mortgage shall be at such rate as Lender aha11 request. If Ixnder has waived the option to accrlerate provided in thia paragraph 1T, and if f3orrower's successor in interest has executed a u ritten assumption agreement accepted in writing by I.ender, [.endershall release Borrower from all obligations under thia Mortgage and the ~ ute_ If Lender exercises such option to accelerate, l.ender shall mail E3orrower notice of acceleration in accordance with paragraph ld hereof. tiuch notice shall pmvide a period of not less than 3U days [rum lhe date the n~-tice ia rr.ailed within which Korrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on liorruwer, in~•oke any remedies permitted by paragraoh iR hereof 18. Acceleration; Remediea. E:cept as provided in paragraph lT hereot. upon Bonower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenanta to pey when due any aumseecured by this Mortgage, Lender prior to acceleration shalt mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure anch breach; (3) a date, not lesa than 30 days from the date the notice is mailed to Borrower. by which such breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in tt~e notice may result in acceleration of thesume secured by this Mortgage, forecloaure by judicial proceeding and eale of the Property.The noticeahall further inform Borrower of the right to reinstate after acceleration and the right to easert in the forecloaure praceeding the non-e:istence of a default or eny other defenae of Borrower to aoceleration and forecloeure. if the breach ie not cured on or t-efore t6e date specified in the notice. Lender at Lendrr's option may declare aU of the eums secured by thie Mortgage to be i mmediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender ahall be t•ntitled to collect in such proceeding all e:penses of foreclosure. including. but not limited to, reasonable attorney's feea, and custs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinetate. Notwithatanding I.ender a acceleration of the aums aecured by thie Mortgage, E3orrower shall have the right to have any proceedings begun by Lender to entorce this Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage i[ (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notea securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all bmaches of any other rnvenanLa or agreemente of E3orrower contained in thia Mortqage; (c) Borrower pays all reasonable eapenses incurred by Lender in enforcing the covenants and agreementa of Borrower contained in thia Mortgaqe and in entorcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable a ttorney's fees; and (d- Borrower takes auch action as Lender may reasonably require to asaure that the lien of thia Mortgage, I.ender'e intereet in the Property and E3orrower's obligation to pay the aums aecured by this Mortgage ahal) continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligationa secured hereby ahall rems~in in full force and effect as if no acceleration had occarred. 2(1. Aseignment ot Renta; Appointment of Receiver. As additional sec~rity hernander, Borrower hereby asaigna to Lender the rente uf the Property, ptovided that Borrower ahall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right tn collect and retain auch rents as they become due and payable_ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a court to enterLpon, take possesaion of and manage the Property and to collect the mnts of the Property, including thoee past due. All rente collected by the receiver shall be applied firat W payment otthe oosts of management of the Property and collection of renta, including, bat not limited to, receiver e fees, premiume on receiver'a bonds and reasonable attorney a feea, and then to the auma ee~.vred by thia Mortgage. The receiver ahall be liable to acoount only for thoae rnnts actually received. ~ ~ - ~ ~{ . ~~ ~.~_ _~ 11~ ~~~ax3 5 Pa~ ~55