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HomeMy WebLinkAbout0349. . t '`'. i. . • 8. Iaepection. L.ender may make or cauee to be made reasonable e~tries upon and inepectione of the property, provided that l.ender ahall give Borrower notice prior to any such inspection apecifying reaso~able cauee therefor related to l.ender's intereat in the Pmperty. 9. Condemnetion. The proceeda of any award or claim for damagee, direct or coneequential. in connection with any oondemnation or other taking of the pmperty. or part thereof. or for ~~onveyance in lieu o! condemnation, are hereby aeaigaed and ehall be paid to I.ender. I~ the event of a tolal taking of lhe Property, the proccede ehall be applied to ihe suma eecured by thie Mortgage, with the exceae. if any, paid to Borrower. In the event of a partial taking of the Property, unleae Borrower and l.ender otherwiee agree in writing, there ehall be applied to ihe suma secured by this Mortgage euch proportion of the proceede as ia equal b that proportion which the amount of the aums secured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking. with the balanca of the proceede paid to Botrower. If the Property is abandoned by Borrower, or if, after notice by l.ender to ~3orrower that the condemnor offere to make an award or eettle a claim for damagee. Borrower faile to reapond to Lender within 30 days after the date auch notice is mailed, [.ender is authorized to collect and apply the proceede, at Lendei a option, either to reatoration or repair of the property or to the eums aecured by thie Mortgage. Unlees Lender and Borrower otherwiee agree in writing, any auch application of proceeds to principal ahail not extend or poatpone the due date of lhe monthly inetallmente referred fo in paragraphs 1 and 2 hereof or change the amount of such inetallments. 10. Borrower Not Releaeed. Extension otthe time for paymant or modification otamortization of the auma secured by this Mortgage Kranted by l.ender to any succesaor in intereat of Eiornnwer shall not operate to relense, in any manner, the liability of the original Borrower and 13orrowei s suecessors in intereat. I.ender ahall not be required to rnmmence proceedinga aqainst such successor or reCuse to extend time for payment o-otherwise modify amortization of the sums secured by this Mortgnge by reuxon of uny demand made by the origina) Borroveer und E3orrower s aucressorx in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exerciaing any right or remedy hereunder, or otherv~~ee afforded by applicable Iaw, shall not be a waiver of or preclude the exereise of any auch right or remedy. The prc~curement of inaura~ce or the payment of taxee or other liena or chargea by I.ender ahall not be a waiver ot Lender's right to accelerate the maturity of the indebtedneae secured by this Mortgage. 12. Remediea Cumulative. All remediea provided in thia Mortgage are distinct and cumulative to any other right or remedy under thia Mortrage or afforded by law or equity, and may be e:ercise~l eoncurrendy, independently or aucceaeively. 13. Succesaors and Aeaigns Bound; Joint and Several Liability; Captione. The rnvenanta and agreements herein contained ahall bind, and the rights hereunder shall inure to, the reapective aucceasors and usaigna of I.ender and Borrower, aubject to the provisiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ahall be joint and several. The captions and headinqa of the paragraphe of this Mortgage are for covenience oniy and are not to be uaed to interpret or define the pmvisions hereof. 14. Notice. Except for any notice required under upplicable law to be Kiven in another manner,la) nny notice to E3orrower provided for in this Mortgage shall be given by muiling such notice by certified mail addreseed to E3orrower at the Property Address or at such other address as Borrower may designate by notice to [.ender as provided herein, and (b) any notice to I.ender shall be given•by certified mail, retum receipt requested, to Lender's address stated herein or to such other address as I.ender may designate by notice to Borrower as prbvided herein. Any notice provided [or in thia Mortgage shall be deemed to have been given to E3orrower or l.ender when given in lhe manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgaqecombines uniform covenants for national uaeand non- uniform covenants with limited variations by jurisdiMion to oonstitute a uniform security inatrun-ent rnvering rnal property. This Mortgage shall be Roverned Ly the law otthe jurisdiction in which the Property is Iceated. In the event that any provision or clause of this Mottgage or the ~Iote conflicts with applicable law, such conflict shall not aftect other provisions of this M~rtgage or the Note which can be given effect without the conflicting provision, and to this epd the provisiona of the Mortgage and the Note am declared to be severable. 16. Borrower's Copy. E3orrower shall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after rc~ordation hereof. . 1?_ Tranefer of the Property; Asaumption. If all or any part of the Property or an intereat iherein is sold or transferred by Borrower without I.endei s prior written consent, excluding (a) the rreation of a lien or encumbrance aubordinate to this Mortgaqe, (b) the creation of a purchase money seeurity intereat for household appliances, lc) a tranater by devise, d~scent or by operation of law upoh the death of a joint tenant or (d) the grant of any leasehold internat of three yeara or less not containing an option to purchase, Lender may, at Lender s option, declare all the sums secured by this Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior to the rzale or tranafer, i.ender and the person to whom the Property is to be sold or transferred reach agreement in writinq that the creditof auch person is satisfactory to [xnder and that the interest payable on the sums secured by this Mortgage ahall be at such rate as l.ender shall request. If l.ender has waived the option to accelerate provided in this paraKraph 1;, and if E3orrovrer's successor in interest has executed a written assumption agreement accepted in writing by I.ender, I.endershaU release Borrower from allobligations under this Modgaqe and the \ ote_ If I.ender exercises such option to uccelerate, l.ender shaii mail Borrower noticeof acceleration in accordance with paragraph 19 hereof. 5uch notice shall provide a period uf not less than :i0 days from thedate the notice is rr,ailed within which Borrower may pay thesums declared due. If Borrower fails to pay such sums priur to the expiration of such period, I.ender map, Mithout further notice or demand on l3orrower, ~nvoke any rem~lies permitted by paragraoh It3 hereof. ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in thia Mortgage, including the covenants to pay when due any aums eecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; ~2) the action required to cure such breach; (3) a date. not leas than 30 days from the date the notice ie muiled to Borrower, by which such breach must be cured; and (4) that tailure to cure auch breach on or before the date ePecified in the notice may result in acceleration of the euma secured by this Mortgage, foreclosure by judicial proeeedingand eale of the Property.The notice ahall further intorm Borrower of the right to reinstate after acceleration and t6e right to aesert in the foreclosure prceeeding the non-exiatence of a detault or any other defense of Borrower to acceleration and toreclosure. 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 aums eecured by this Mortqage to be immediately due and payable without furtherdemand and may foreclosethis Mortgageby judicial proceeding. Lendershall be entitled to collect in such proceeding ali expenses ot foreclosure, including. but not limited to. reasonable attorney's tees. and coata of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinatate.Notwithetanding [.ender's acceleration'of the sums aecured by this Mortgage, Borrowerahall have the right to have any pra~eedinga begun by Lender to enforce this Mortgaqe discontinued at any time prior to entry of a judgmer~t enforcing thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; lb) Borrowercure8 ali breachesof any othercovenanta oragreements of Borrowercontained in thia Mortgage; (c) Borrower pays all reasonable expensea incurred by I.ender in enforcing the rnvenanta and agreementa of Borrower oontained in this Mortgaqe and in enforcing Lender s rnmedies as provided in paraqraph 18 hereof, including, but not limited to, reaeonable attomey's fees; and !d) Borrower takea auch action as Lender may reasonably require to assure that the lien of this Mortqage, Lender'a interest in the Property and Borrower s obligation to pay the suma secured by this Mortgage ahall continueunimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligationa secared hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the rents 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 rnnts 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 appoiated by a court to enter~upon, take possession of and manage the Property and to rnllect the renta of the Property, including thoee past due. All renta eollected by the receiver shall be applied first to payment of the ooata of management of the Property and rnllection of rente, including, but not limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorney e feea, and then to the aums aecured by thie Mortgage. The receiver ahall be liable to account only for those rents actually received. ~ ~ ~~ - ~ g~)~X340 Par,E 34? p - . _'.::~~.~~