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HomeMy WebLinkAbout2777. .. , ~ c . ~i, ' ;• ~ , 8. InepeMioa. I.ende~ may make or cauee to be made reasonable e~triee upon and inspectiona of the property. ptovided that Lender shall give Borrower notice prior to any such inapectio~ epecifying reasonable cauee therefor relnted to I.ende~ s interest in the Property. 9. Condemaatlon. The proceede of any award or claim !or damages, direct or coneequential. in rnnnection with any oondemnation or other taking oi the pmperiy. or part thereof, or for conveyance in lieu ~f condemnation. are hereby aaeigned and shall be paid to [.ender. lo the event of a total taking of the Property, the pra.~eeds shall be applied to the euma eecured by thia Mortgage, with the excees, if at-y. paid to Bore~ower. In the event of a partial taking o[ the Property. unleee Borrower and Lender otherwiee agree in writing, there ahall be npplied to lhe sums eecured by thie Mortgage such proportion of the proceeda as is equal to that pmportio~ which the amou~t of the aums eecured by thia Mortgage immediately prior to ihe date of teking bears to the fair market value otthe Pmperty immediately prior to thedate of taking, with the balance of the praceeds paid to Borrower. lf the Property ie abandoned by Borrowe~, or if, afte~ notice by l.ender to Borrower that the rnndemnor offera tu make an eward or settle a claim for damages, Borrower faila W reepond to Lender within 30 days after lhe date such notice ia mailed, Lender is authorized b coUect and apply the proce~.ds. nt I.endei s option, either to reatoration or repair of the pmperty or to the eums eecured by this Morigage. Unleea I.ender and Borrower othetwiee agree in writing. any auch application of proceeda to principal ehall not extend or postpone the due date of the monthiy installmente referred to in paragrapha 1 and 2 hereof or change the amount of euch installmenta. 10. Borrower Not Released. F.xteneion of the time for paym~nt or modification of amortization of the auma secured by thia Mortgage Kranted by I.ender to any succeaeor in intereat of Borrower ahaU not operate to releuse, in any manner, the liability of the original Borrower und I3orrower'a auccessors in interea~ l.ender shalt not be required to oommence proceedings agains: auch succeauor ur ~efuee to extend time fur payment or otherwise modify nmurtization of the suma secured by thia Mortg:-ge by reason of any demand made by theoriginal Borrower and E3orrower s successors in interest. i l. Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law. ahall not be a weiver of or preclude the exercise of any auch right or remedy. The procurement of inaurance or the pxyment of tazea or other liena or charges by l.ender shall not be a waiver of I.endei e right to accelerate the maturity of the indebtedneas secured by thie Mortgage. ~ 12 Remediee Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or rnmedy under thie Mortrage or afforded by law or equity, and may be e:enise~l ooncurrently, independently or aucceeaively_ 13. Succesaors and Aseigne Bound; Joint and Several Liability; Ceptione. The covenants and agreements herein contained ahall t~ind, and the riqhts hereunder shall inure lo, the reapective aucceaeora and assigna of l.ender and Rorrower, aubject to the proviaions of p:iragraph 1? hereof. All covenants and agreemente of Borrower shall be joint and several. The captiona and headinga of the paragrapha of this Mortgage are for covenience only and are not to be uaed to interpret or define the provisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in anolher manner,la) any notice to liorrower provided for in this Mortgage shall be given by mailing such notice by certif_ed mail addressed to E3orrower at the Properly Addresa or at such other addrees as Korrower may designate by notice to Lender ae provided herein, and (b) any notice to [.ender ahall be given by certified mail, return teceipt requested, to I.ender e addreas atated herein or to auch other addreas as [.ender may designate by notice to Borrower ae provided herein. My notice provided for in this Mortgage shall be deemed to have been given to E3orrower or I.ender when given in the manner deaignated herein. l5. Uniform Mortgage; Governing [.aw: Severability. This form of mortgage combines uniform wvenants for national useand non- unifom- covenants with limited variationa by jurisdiction to rnnstitute a uniform security instrun~ent rnvering real property_ This Mortgage ~hal! be governed by the law uf the jurisdiction in which the Yroperty ia located. In the event that any pmviaion or clause of thia Mortgage or thr Note cunflirts with applicable Iaw, such contlict shall not atfect other provisions of this Murtgage or the Note which can be Eciven effect without the cunfiicting pmvision, and to this end the proviaiona of the Mortgaqe and the Note are declared to be aeverable. 1G. Borrower's Copy. Borrower ahall be fumished a conformed copy of the Note and of thie Mort~age at the time of e:ecution or after recurdation nrreof. 17. Transfer ot the Property; Aseumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower `~ - wit-,out I.ender'F prior written conaent, excluding Ia) the creation of a lien or encumbrance sutwrdinate to this Mortgage, (b) the creation of a purchase meney security intereat for houeehold appliances, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint tenant or 1d) the qrant of any leasehold interest of three years or less not oontaining an option to purchase, I.ender may, at l.ender's option, derlare all the sums secureu by this Mortgage to be immediately due and payable_ I.ender aha11 have waived auch option to accelerate if, prior ~, tu the sale or tranafer, Lender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch person is satisCactc-ry to l.ender and that the interest payable on the suma securecf by this Mortgage shall be at such rate as Lender ahall i reyuest. If I.ender has waived the option to accelerate provided in this paragraph t7, and if Borrower s auccesaor in interest has executed a ' w•ritten assumption aQreement accepted in writinK by I.ender, l.endershal) release &~rrower from all obligations under thia Mortqage and the \ ote_ (f I.ender exercises such option to accelerate, Ixnder shall mail F3orrower notice otacceleration in accordance with paraqraph 14 hereof. tiuch notice shall provide a period of not les.g than:i0 days fmm thedate the notice is mailed within which Borrower may pav the sums declared due_ If Borrower fail4 to pay auch sums prior tu the expiration of such period, Ixnder may, without [urlher notice or demand on Korrower, ~nvoke an~ remedies permitted by para~,-raoh IS hermf. 18. Acceleration; Remediea. E:cept as provided in paragraph l7 hereot, upon Borrovrer's breach of any oovenant or aqreement of Borrower in this Mortgage. including the oovenanta to pay when due any euma aecured by this Mortgage. Lender prior to acceleration ehall mail notice to Borrower ae provided in paragreph 14 hereof specifying: (1) the breach; (2) the action reyuired to cure such breach; (3) a date. not less than 30 deya from the date the notice ie mailed to Borrower, by which auch breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ecceleration otthe sume aecured by this Mortgage, forecloaure by judicial proceeding and sele o[the Property.The noticeahall further inCorm Borrower of the right to reinstate aRer acceleration end the right to aseert in the foreclosure proceeding the non-e:ietence of a default or any other defenee of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date apecified in the notice. Lender at Lender's option may declare all of the auma secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be .~ntitled to collect in such proceeding al! e:penses of foreclosure. including, but not limited to. reasonable attorney's feea. and c•osts ot documentary evidence. abstracte and title reports. 19. Borrower's Right to Reinetate. Notwithatanding Lender s acceleration o[theauma secured by this Mortqage, f3orrowerahall have the right to have any proceedings begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judqment enforcing this Mortgaqe if: (a) Borrower pays I.ender all aums which would be then due under this Mortgege, the Note and notes securing Future Advancea, if any, had no acceleration occurred:lb) Borrower cures all brnaches of any other covenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the rnvenants and agreemente of Borrower contained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, teasonable attomey 8 fees; and (d- Borrower takes auch action as l.ender may reasonably require to asaure that the lien of thia Mortgage, t.ender e intereet i n the Property and Borrower'e obligation to pay the aums secured by this MortgaQe shall continue unimpaired. Upon snch payment and cure by Borrower, this Mortgage and the obligations eecured hereby shall remain in full force and ef(ect ae if no acceleration had occurred. 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aesigna to Lender the rente 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 such rents as they become due and payable. Upon acceleration under paraqraph 18 hereof or abandonment of the Property, Lender ahall be entitled to ha~ e a receiver appointed by a court to enter-upon, take poeaession of and manage the Property and to collect the rents of the Property. including those past due. All renta rnllerted by the receiver ahall be applied first to payment of the oosts of manaqement of the Property and rnllection of rente, including, but not limited to, receiver's fees, premiuma on receiver's bonda and reasonable attorney'e fees, and then to the auma secured by this Mortgage. The receiver ahall be liable b acaount only for those rente actually received. aooK 345 P~~t 277fi , .__.~.~.~~