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HomeMy WebLinkAbout0337~ 1 . t •• 8. lnepection. I.ender may make or cause to be made reaaonable enttiea upon and inspectiona of the property, provided that I.ender ehall give Borrower notice prior to any euch inepection apecitying reasonable cause therefor related to l.ende~ e intereat in the Property. 9. Condemustion.'ll~e proceede of any award or claim for damages, direct or coneequential. in connection with any oondemnation or other taking of the pmperty, or part thereof, or for conveyance in lieu of rnndemnation, are hereby assigned and ahall be psid to l.ender. In the event of a total taking of the Property. the proc~ceda shall be applied to the euma eecured by this Mortgage. with the excese~ if any, paid to Borrower. I~ the event of a partial taking of the Pmperty, uolesa Bor~ower and Lender otherwiee agree in rvriting. there shall be applied to the auma eecured by thie Mortgage euch pcoportion of lhe proceeda as ia equal to lhat proportion which the amount of the eums secured by this Mortgage immediately prior to lhe date of taking beara to the fair market value of the Property immediately prior to the date of taking, with the balanc~ of the proccede paid to Borrower. ' ~ If the Property is aba~doned by Borrower, or if, after notice by i.ender to Borrower that the condemnor offera to make an award or eettle a claim for damagea, Borrower faila to reapond to Lender within 30 days aher the date auch notice ie mailed. Lender is authorized tocollect and apply the proceeds, at Lender's option, either to rratoration or repair of the property or to 1he suma secured by this Mortgage. llnleas I.ender and Borrower otherwise agree in writing, any auch application of pinceeds to principal ahall not extend or poatpone the due date of the monthly instalimente referred to in para~apha 1 and 2 hereot or change the amount of such inatallments. 10. I3orrower Not Released. Extenaion of ihe time for pavmant or modification of amortization of the sums secured by this Mortgage Kranted by I.ender to any aucces.4or in interest of Borrower shall ~ot operate to release, in any manner, the liability of the oriqinal Borrower and E3orruwer's successors in interest. I.ender shnli not he required to commence proceedings againat such aucceasor or rnfuse to extend time fur pxy ment or otherwise modify nmortiztition of thr sums secumd b}• this MortKagc by re.~son oC nnp demand mt~de by the original Borrower .ind t;orrowers successors in interest. 11. Forbearence by I.ender Not a Waiver. Any forbearance by I.ender in exercising any right or remedy hereunder, or otherv~zae afforded by appticable law, shall not be a waiver of or preclude the exercise of any such right or mmedy. The procurement of insurance or the payment of taxea or other liens or charges by I.ender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtedneas secured by this Mortgage_ 1'l. Remediea Cumulative. All mmedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thia Atort~-age or afforded by law or equity, and may be exerciae+i concurrently, independenUy or succrasively. 13. Succeasora and Aesigna Bound; Joint and Several Liability; Captions. The rnvenants and agreements herein contained shall hind, and the rights hemunder shall inure to, the respecti~~e successors and aesigns of l~ender and Borrower, aubject to ihe provisiona of pan~g~uph l7 hereof. All covenants and aRreements of Borrower shall be joint and several. The captiona and headings of the paragrapha of this Mortgage are tor covenience only and arn not to be used to interprnt or define the proviaiona hereof. 14. Noticr. F.xcept for nny notice required under applicable InN to be Kiven in nnuther manner, (a) any notice to I;orrower provided for in this Mortg~geshall be Riven by muiling such notice bycertified mail addres.4ed lo Borrower at the Property Address or at such other address as Itorrower may designate by notice to I.ender as provided hemin, and (6) any notice to I.ender shall be ~iven by certified mail, mturn receipt rt~quested, to I.ender's addrnss stated hernin or to such other address as i.ender mny designate by notice to E3orrower ax provided hernin_ Any n~~tice provided for in this Mortgage shall be deemed to have been given to Borrower or Ixnder when given in the manner deaignated herein. 17. Uniform Mortgage; Governing I.aw; Severability. This form of mortgagecombines uniform oovenanta for national use and non- uniform covenants with limited varintions by jurisdiction to a-nstitute a uniform security instrumenl co~erin~ real property_ This Mortgage ,hall be Kovemed by the law of the jurisdiction in which the I'roperty is iocatrd. In the event thai any provision or clause of this lViartgage or t he Note c~,nflicts w~th applicflble law, such conilict shali not affrct uther provisions ot this Mortgage or the Note which can be given effect w~ithout t}:e conflicting provision, and to this end the provisions of the MortKaKe and lhe Note are declared to be severable. 16. 13orrower's Copy. E3orrower shall be fumished a confor:ncd copy of the Note and oYthia Mort~age at the time of execution or after rcrordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an intereat therein is sold or transferred by Borrower without :.ender'~ prior written consent, excluding (a) the crnation of a lien or encumbrance subordinate to this Mort~age, (b) the creation of a E,urchase money security interest for household appliances, (c) a transfer by devise, d;acent or by operation of law upon the death of a joint tt•nart or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at L.ender a option, ~i~rlarn all the sums secured by thia MortRage to be immediatel~ due and payable_ I.ender shall have waived such option to accelerate if, prior t~, the sale or transfeF, Lender and the person G~ whom the Yroperty is to be sold or tranaferred reach agreement in writing that the credit of auch p~•rs~n is satisfactory to I.ender and that the interest payable on the sums secured by thia MortKaRe shall be at such rate as Lender shall n~c~uest. If I.ender hxs Naived the option to accelerate provideci in this paragraph 17, and if &,rrovtier's xuccessor in interest has executed a ~~~ritten .~.ssumption aKreement accepted in writinK by I.ender, t.endPrshall release tiurrower from allubligations underthis Mortqageand the ~nte. ! f I.ender exercises such optiun to accelerate, [.ender shall mail Borrower notice of acceieration in accordance with paragraph 14 hereof. ~uch notice shal) provide a period ~-f not les4 than :ill days from the date the notice is rr ailetl within which ~3ormv~ er may pay thesums declared ~lue. If Rorruwer faits to p~y such sums prior to the expiration of such period, Ixnder may, without further notice or demand on fforrower, ~nvoke ant remediE~s permitted by paraKraoh IR hereuf. 18. Acceleration; Remedies. Except as provided in psragraph 17 hereof. upon Borrower's breach of any covenant or ~iareement of Borrower in this Mortgage, including the covenanta to pay when due any sumsaecured by thie Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (1)the breach;~2)theaction reyuired to cure such breach; (3) a date. not less than 3Q days from the dete the notice is mailed to I3orrower, by which such breach must be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in ~-cceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale ofthe Property. The noticeshall further intorm Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-exiatence of a default or any other defenae of Aorrower to acceleration and [oreclosure: If the breach ia not cured on or I~fore the date specified in the nutice. I.ender at Lender's option may declare all of ihe aums secured by this Mortgage to be immediately due and payable without further demand and may foreclosethis Mortgege by judicial proceeding. Lendershall be ~~ntitled lo c+ollect in such proceeding all ezpenses of foreclosure. including. but not limited to. reasonable attorney's fees. and cc-sts otdocumentary evidence; abstracts and title reports. 19. Borrower'e Right to Reinstate. I~Iotwithstanding I.ender's acceleration of the sums secured by this Mortgage. Borruwer shall have the right to have any proceedings begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortqage if: (a) E3orrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other coven ants or agreementa of Borrower contained in this Mortqage; (c) E3orrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and agreementa of Bonower contained in this Mortgaqe and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and 1~) Borrower takes such action as I.ender may reasonably require to assure that the lien of this Mortgage, Lender e interest in the Property and E3orrower's obligatiun to pay the sums secured by this Murtgage shall continue unimpaired. Upon auch payment and cure by E3orrower, this Mortgage and the ubligations secured hereby shall remain in full force and effect ras if no acceleration had occurred_ 20. Aseignment of Rents; Appointment ot Receiver. As additional security hernunder, Borrower hereby asaigna to Lender the rente of the Property, provided that Borrower ahall, prior to acceleraiion under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such rents as they become due and payable. Upori acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall beentitled to have a receiver appointed by a court to enter upon, take posaession of and manage the Property and to collect the renta of the Property, including th~ee past due. All rente crollected by the receiver shaU be applied first to payment of the rnsts of managementotthe Property and mllection of rents, including, but not limited to, receiver e fees, premiums on receiver's i~onds and reasonable attorney's fees, and then to the sums aecured by thia Mortgage_ The receiver ahall be 1iAble to acoount only for those rents actually received_ ~ ~ ~. , ~ b";S~y- .c~,,.~:Y ... _ _ I I ~I ~~:if'"~~.A"ud ,.~ _, BOaK J~V PAGE c~.~.rJ :~ ~N' ~•ai,e~ ~ I 6i/i~ ^