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HomeMy WebLinkAbout2616, ~ ~.I', ~ . ~ 8, l~epection. l.ender may make or cauee to be made reasonableenlries upon and inspeclions of the propeirty, provided that I.ender ehall give Borrowe~ rtotice prior to any auch inepeclio~ apecifyiog reaaonable cauee therefur related 10 l.ender'a intereat in lhe Property. 9. Co~demnation. The proceeda of any award or claim for damagea, direct or coneequential, in connection with any oo~demnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby seeigned and shaU be paid to l.ender. In the event of a totiil taking of the Property, the procer.ds ehall be applied to the aums aecured by this Mortgage, with the e:ceea, if any, paid W 13orrower. In the event of a partial taking oi the Property, unleea HoROwer and I.ender otherwiae agree in writing, there ehsll be applied to the aumx secured by this Mortgage euch proportion of the proc.~ecds as is equal to that pmportion~which the amount of the eums secured by this Mortgage immediately prior to the date of taki~g beara to the fair market value of the Property immediately prior to the date ot takinq, with the balanc~ of the pra.~eeds paid to Borrower. If the Property ie abandoned by Borrower, or i[, after notice by l.ender to Aorrower that the rnndemnor offers to make an award or eetde a claim for dnmagea, Borrower faila eo reapond to l.ender within 30 days after the date euch notice is mailed, I.ender is authorized to collect and apply the proc~eeda, at l.ender s option, either to reatoratiun or repair of the property or to the sums aecured by thie Mortgage. Unlesa I.ender and Borrowe~ otherwise a~ee in writing, any auch applicatiun of proceeda to principal shall not e:tend or poatpone thedue date uf the monthly installmenta referred w in paragraphs 1 and 2 hereof or change the amount of such inatallments. 10. Eiorrower Not Released. F.xtension of the time for paym ~nt or modification of amortization otthe auma secured by this Mortgage Kranted by l.ende~ to any auccesaor in intereat of E3o~rower ahall not operate to release, in ~ny manne~, the liability of the original E3orrower and E3~rrower's succexsora in intemat. I.ender shall nol be required to commence proceeciinga againat such succeasor or mfuse to extend time fur payment or otherwise modify nmortizatiun of the sums xccured by this MortK.~ge by ret~son of any demund made by the original I3orrower and F3orrower's succexsors in interest. 1 I. Forbearance by l.ender Not a Waiver. Any forbearance by I.ender in exerciaing any right or remedy hereunder, or otherwiee :ifforded by applicable law, shall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement utinaurance or the pxyment of taxes or other liens or chargea by l.ender shall not be a waiver of I.ender'a right to accelerate the maturity of the indebtednese secured by this Mortgage. 12_ Remedies Cumuletive. All remedies provided in this Mortgage are diatinct and cumulative to nny other riqht or remedy under thie Alortraqe or aftorded by law or equity, and may be ezerciae~l concurrently, independently or succeeeively. 13. Succeasors and Aesigns Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ehall bind, and the rights hereunder ahall inum to, the respective auccessors and assigna of Lender and Borrower, subject to the provisions of parugraph l? hereot All coveaants and agreements of Horrower shall be joint and aeveral. The captiona and headinga of the paragraphs of this Mortgage arn for covenience only and are not to be used to interpret or define the proviaions hereof. 14. Notice. l:xcept for any notice required under npplicahle law to t-P Kiven in anoth.r m~nner, (a) nny notice to t3orrower provided for in this MortKuge shall be gi~ en by mailing such notice by certified mail addressed to Borrower at the Property Address ur at such other addrese as t;c,rrower may designate by :~otice to lxnder as provided herein, and (b) any notice to l.ender shall be given by certified mail, return receipt reyuested, to I.ender's addreas stated herein or to such other address as I.ender map designate by notice to Rorrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Rorrower or I.ender when given in the manner designated herein. t ~_ Uniform :Nortgaqe; Governing Law; Severability. This form of mort~tage combines uni[orm cavrnants fo~ national use and non- uniform co~•e~ants with limited variations by jurisdiction to cunatitute a uniform security instrument c~vering real property. This Mortgage .h ~11 be govrrned by the law of the jurisdiction in which the Yroperty is locatedJn the event that any provision or clause uf this Mortgage or the Note a~nflicts w~th applicable law, such cc-nflict shall not aftect other proviaiona of this Murtgage or the Note which can be given effect withuut the cunflictinK p~~ision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's ('opy. E3orrower shali be furnished a confonned copy ot the Note and of this Mortgage at the time of ezecution or after ~ recordation hereof. ~Q ! 7. Tranafer ot the Property: Asaumption. lf all or any part of the F'mperty or an interest therein is sold or transferred by E3orrower ~~ w~ithout I~ender ~ prior written consent, excluding (a) the crnation of a lien or encumbrance subon2inate to this Atortgage, (b) the creation ota purchase money security interest for household appliancea, fc1 a tranefer by devise, d:scent or by operation of law upon the death of a joint tenant or ldl the ~trant o[ any leasehold intemst of three years or leas not containinQ an option to purchase, I.ender may, at Lender's option, declarn all the sums securea by this hlortgage to be immedialely due and payable. I.ender shall have waived such option to accelerate if, prior to the sale or transfer, lxnder and the person to v-hum the Property is to be sold or tranaferred reach agreement in writing that thecreditof auch ~•rson is satisfactory to I.ender and that the interest payable on the sums secured by this MortgaKe shall be at such rate as [xnder shall r«v~uest. If I.ender has waivc~ the option to accelerate pmvided in this paragraph 17, and iCl3orrov-er's successor in interest has executed a ~ ritten :issumptiun a~reement accepted in w~ritinQ by I.ender, l.ender ahall release Rorrower fmm all obligations under this Mortgage and the \ ute. If [xnder exercises such option to accelerate, l.ender shall mail Borrower ~otice of acceleration in accordance with paragraph 14 hereof. tiuch notice shall pn~vide a period of not,less than 30 day s from the date the notice is rr.~iled vrithin which Bormwer may pay the sums declared due. if Borruwer iails to pa~• such sums prior to the expiration oC such period, I.ender may, w•ithout further notice or demand on E3orrower, ~muke any remcdies permitted by paragraoh IR hereof. 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upa~n Borrower's breach of any covenant or aKreement of E3orrower in thia Mortgage. including the covenanta to pay when due any aums secured by this Mortgage. Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereotspecifying: (1) the breach; (2) the action rer~uired to cure such breach; (3) a date, not lesa than 30 days from the date the aotice ie mailed to Borrower, by which auch breach muat be cured; and (4) that failure to cure auch breach on or before the date apecified in the notice may result in ,-cceleration otthe sume secured by this Mortgege. foreclosure by judiciel proceeding and eale otthe Property. The notice ehall further inform Rorrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-e:iatence of a default or any other defense of Rorrower to acceleration and forecloeure. If the breach is not cured on or t-efore the date specified in the notice. I.ender at Lender's option may declare all of the sume secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgege by judicial proceeding. Lendershall be entitled to collect in such proceeding all expenses of forecloaure. including, but not limited to. reasonable attorney's fees, and ~~osts ot documentary evidence. abstracte and title reports. 19. ~3orrower's Right to Reinetate. Notwithstanding I~ender's acceleration of the aums aecured by this Mortgage. Borrower shall have the right to have any proceedinga begun by l.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment rnforcing this Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing I~uture Advances, if any, had no acceleration occurred:lb) Borrowercures all breaches of any othercovenants or agreementa of Borrower contuined in this Mortgage; (c) E3orrower pays all reasonable expenses incurred by I.ender in enforcing the rnvenante and agreements of Borrower «~ntained in thie Mortgaqe and in enforcing I.ender's remedies as provided in paragraph 1 S hereof, including, but not limited to, reasonable a ttorney's feea; and (d- Borrower takes such action as I.ender may reasonably require to assure that the lien olthia Mortgage, Lender's interest in the Property and Borrower a obliqation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cnre by Borrower, this Mortgaqe and the obligations aecured hereby shall remain in full force and effect as it no acceleration had occurred. 2U. Assignment of Rents; Appoi~tment of Receiver. As additional eecurity hereunder, Borrower hereby asaigna to Lendertherenta of the Property, provided that E3orrower shall, prior to acceleration 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 abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter~pon, take poaseseion of and manage the Property and to collect the renta of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management otthe Property and rnllection of rente, including, but not limited to, receiver's fees, premiuma on receiver`s bonds and reasonable attomey's feee, and then to the auma eecured by this Mortgage. The receiver shall be liable to account only for thoee rente actuully received. 3~1~K34~ Y~~t2615 ._- ~..~~