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HomeMy WebLinkAbout1325, ~ ,, . . 8. la~pectlon. l.ender may make or cause w be made reawnable e~triee upon and inspection~ of lhe pmperty. provided that Lende~ shall give Borrower notioe prior to any such inspe~tion apecifying ~eaao~able cauee therefor related to I.euder'~ intend ia the Property. 8. C0~1deOlllawOD. The proe~ed~ ot any sward or claim for damagee, direct or consequential. in connectioa with aay ooademnatian ar other Leki~g of the property, or part thereof. or for rnnveyance i~ lieu oi oondemnatio~. are henby eusigned and shall be paid to Lander. in the event oi a toeal taking of the Pcoperty. the proceed~ shall be applied to the sums secured by thi~ MortQa~e, ~riW tbe esoers. if aap. paid b Bon~ower. In the event o[ a partial taicing of the Property. unless Eiorrower and I.ende: otherwi~e sgree ia wrr~tia~. tl~ere shall be applied Lo the aums eecured by this Mortgage such proportion oi the pmceeds as is equal to that proportion which the amount uf tbe wm~ eecured by thia Mortgase immediately prior to the date of taking bears to the fair market value of the Property immediately priorto tbedate ot taking, with the balanoa of the proceed~ paid to Bon~ower. If the Property is absndoned by Horrower, or it aRer notice by L.ender to Borrower that the oondemaoroffen to make an award or ~ettle_~ claicn tor dameges. Bormwer fails to reepond to !.ender within 30 daye after the dste such notice is mailed. Lender is authorir~ed to oollect ~nd apply the proceed~. at Lender's option, either to reatoratio~ or repair of the property or b the sums eecured by this Mcai~ase. Unless I.ender and ~orrower otherwiee agree in writing, any auch application of proceeda to principal shaU aot eztend or postpaie tbt dw date of the monthly installments referc~ed to in paragraphe 1 and 2 hereof or change the amount of euch iaatallmente. 10. Borrower Not Releaeed. E:tension of the time for paymsnt or modification of amortization o! the sums secured by this Mortsare granted by l.ender to any aucceaeor in interest of Borrower ehall not operate to release, in any manner, the liability of We original Borrowes and Borrowei a succeasors i~ intereat. Lender ahall no1 be required tu oommence proceedinge againat such succeasor or refuse to eztend time for payment or otherwisr modify amortization otthe sums secured by this Mortgage by rea~son of any danand~made by the original Borro~rar and Borrower s auccexsore in intereet. 11. •Forbearance by Lender Not a R-aiver. My forbearance by LendeT in exercieing aay right or remedy here~nder. ar oWerwi~e aPforded by applicable law, ahall not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of insaranoe ~ the payment of tauea or other liens or chargea by Lender ehall not be a waiver of l.ender e right b accelerate the maturity of We indebtedners secured by thie Mortgage_ 12 Remedies Cumuletive. All remediea provided in this Mortgage are diatinM and cumulative to any other right or iemedy ander thi~ Mortrage or atiorded by law or equity, and mey be e:erciee~l eoncurrendy, independently or eua~easively. 13. Succeseore and Assigne Bound; Joint and Several Liability; Captioas. The covenanfa and agreementa herein oontained s6a11 bind, and the righte hereunder ahall inure to, the reapective aucceseore and aesigna of Lender aad Aorrowrr, aubject to tLe provisiws of paragraph 17 hereof. All covenants and egreementa of Borrower ahall be joint end eeveral. The captions and headings of the peregrapiu ot thia Mortgage are for covenience only and.are not to be uaed to interpret or define the provisions hereof. 14. Notice. F.xcept for any notice required u~der applicable law to be given in anoth~.~- manner, (a) any notice to Borrower provided for iu this Mortgage ahall be given hy mailing auch notice by certified mail addreaeed to Borrower at t?~e Property Address or at such oth~ addrw as Borrower may deaignate by notice to I.ender as provided hercin, and Ib) any notice to [.ender ehall be given by certified mail, retum receipt requested, to I.ender's addresa stated hcrein or to auch other addres8 as Lender may designate by notice to Bornower aa provided herein. Any notice pmvided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given ia the manner deeignated heran. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniformrnvenante for national nseand non- uniform rnvenants with I'united variations by juriediction to rnnatitute a uniform eecurity instruiuent ooveriiig real pmprrty.7!-is Mortgsge shall be governed by the 1aw o[ the juriediction in which the Property is located. In the event that any provinion or clause of this Mortgage os the Note conflicta with applicable law, auch contlict shali not affect other provisiona of this Mortgage or Lhe Note which can bt given e~ect without the conflicting pm~ision, and to this end the provieions of the Mortgage and the Note are declared to be eeverable. 16. Borrower'8 Copy. Borrower ahaU be fumished a confortned rnpy of the Note and of thia Mortgage at the tune of ezecation or after recordation hereof. 19.~ranefer of the Property: Aaeumption. If all nr any part of the Property or an intereat therein ia soW or transferred by Bormw+~ without Lender E prior written coneent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crEation of a l~•, purehese money eecurity interest for household appliances, tc) a tranefer by devise, deecent or by operation of law upon the death of a jant f1~y~• tenant or (d) the grant of any leasehold intereat of three years or lesa not containing an option to purchase, Lender may, at I.ender s optioa, declare all the aums secured by this Mortgage to be immediately due and payable. I.ender shall have waived euch option to aocelerate if. priar to the eale or transfer, I.ender and the person to whom the Properiy ia to be aold or ttansferred reach agreement in writing that tbe credit of a~ peraon is satisfactory to Lender and that the interest payable on the suma secured by thiH Mortgage shall be at such rate as I.ender ahall request. If Lender has waived the oplion to accelerate provided in this paraECraph 17, and if Borrower'a succeseor in intereet hae ezecuted a written asaumption agreement accepted in writinK by l.ender, i.ender shall release Borrower firom all obligationa under thia Mortgage and the Note. . If Lender exercises such aption to accelerale, I.ender shaU mail Borrower notice of acceleration in aocordance with paragrap614 he~eoi Such notice shall provide a period of not less than 30 days from the date the notice ia rr,ailed within which Borrower may pay the suma dedared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on fSorrowe~, ~nvokeany remedies permittrd by paraRraoh 1R herer-[. 18. Aoceleration; Remediee. F.zcept se provided in paragraph 17 hereof, upon Borrower's breac6 of any ooveaant or agreement of Borrower in this Mortgage, including the covenanta to pay when due apy sume secured by thie Mortgage.I.eader prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: ( l) the breach; (2) the sction required to cure auch breach: (3) a date. not less than 30 deya from the date the notice is mAiled to Borrower, by w~hicb sach breach muet be cured; and (4) that failure to cure such breach oa or before the date specified ia the notice may rewlt in acceleration otthe sums aecured by this Mortgage, forecloaure by judicial proceeding and eale of t6e Property.T6e notice shaU further inform Borrower of the right to reinstate after acceleration and the right to aesert in the toreclosure proceedias the non-ezistence of a default or any other defenae of Borrower to acceleration and loreclosure. If the breac6 is noR cured on or before the date specified in the notice, Lender at Lender'a option may declare all of the eume eecvred by this Mortga~e W be immediately due and payable without furthar demand and may forecloae thie Mortgege by judicial proceeding. Lendershall be entilled to col lect in such proceeding al l expensee of toreclosure, including, but not limited to. reseonable attorney'a fees. and coete of documentary evidence, abatracts and title reports. ' 19. Borrower'e Right W Reinetate. Notwithstanding Lender's acceleration of the eumaeecured by thie Mortgage, Borrowershall have the right b have any pmceedinga begun by I.ender to enforce this Mortqage discontinued at any dme prior to entry of a judgmeat eaforcins thie Mortgage if: (a) Borrower paya I.ender all aums which vJould be then due under this Mortgage, the Note and notes ~ecuring Phtart Advancea, if any, had no acceleration occurred; lb) E3orrower rures all breaches of any other covenante or egreements of Borrow~er oontained in this Mortgage; (c) Borrower paye all ~easanable expensea incurred by, Lender in euforcing the covenants and agreement~ of Bore~ower oontained in thia Mortgage and in enforcing [.endei s remedies as provided in pazagraph_ 18 hereof, including, bnt nd limited to, rea~onabb attorney's feea; and td) Borrower takes such action as l.ender may rnasonably require to aseure that the lien of thia Mortgage, Leader ~ intet+ert in the Property and Borrower $ obligation to pay the sums secured by this Mortgage ehall rnntinue unimpaired. Upon surh payment anda~e by Borrower, this Mortgage and the obliqations secured hereby shall remain in full force and effect as if no aoceleration had oocurred. 20. Aeeignment of Rents; Appointment of Receiver. As additiunal eecurity hereunder, Borrower hereby assigne to Lender the rcate of the Property. prnvided that tiorrower shall, prior to acceleraEion under paragraph 18 hereof orabandonmentof the Property, have theright to colleet and retain auch tents ae they become due and payable. ' Upon acceleration under paragraph 18 hereof or abandonment of the f'roperty, Lender ehall be entided to have a receiver appointed by a co~ut to enter-upon, take poasesaion of and manage the Property and to collect the rente of the Property, including thoee paat dae. All re~4 rnliected by the receiver ehall be applied first k- payment of the oosts of management of the Properiy and collection of rents, including, but nd limiled to, receiver's feee, premiums on receiver's bonda and reasonable attomey'e fees, and then to the auma secured by this Mort8a8e-'ILe receiver ahall be liable Lo account only for thoee rente uctually received_ 6~'~ 347 PA~E 1322 - ::,~~>~,;._ -~h~-- ' ~~.,~~~