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HomeMy WebLinkAbout2406. ~; ~ •~-+ ' 8. laepection. l.ender may make or cauee to be madE reaeonable entriee upon and inspeclions of the property, provided that l.ender ehall Kive Borrowet notice prioT to any auch inapcction epecifying reasonable cause therefor related to l.ender's interest in the Property. 9. Condemnation.'R~e proceecis of any award or claim [or damages, direct or conaequential, in connection with a~y oondemnation or ~~ther taking of the property, or pnrt thereof, or tor conveyance in lieu of condemnat~on, are hereby aeaigned and shall be paid to l.ender. I~ the event oi a total taking of the Piroperty, the proceeda ehall be applied to the euma eecured by thia MoHgage, with the e:ceas, if any, paid to Borrower. I~ the event of a partial taking of the Property, unleae E3orrower and I.ender otherv~~se agree in writing, there ahall be applied to the aums eecured hy thia Morigage euch proportion of the proceeds ae ie equal to that proportion which the amount of the sums Kecured by this Mortgage immediattely prior to the date o[ taking bears to the [air market value of the f'ropcrty immediate!y prior to the date of taking, with the balancY of the proceeds paid to Borrowe~. tf the Property ie abandoned by Borrower. or if, after notice by l.ender to E3orrower that the rnndemnor of~ers to make an award or setUe a cleim for damn~cee, Borrower faiis to ~eepond to I.ender within 30 daye after the date euch notice is mailed, l.ender is authorized to collect and apply the procreds, at Lender s option. either to reetoration or repair of the pwperty or to the eums aecured by thia Mortgage. Unieee Lender and Borrower otherwiee agree in writing, any euch applicetion of proceeda to principal ahall not extend or poetpone the due ciate of the monthly inatallmente refernd to in paragrapha 1 and 2 hereof or change the amount of auch inatallme~ts. 10. Borrower Not Released. [:xtenaion of the time for paym~nt or modification of pmortizatiun of the sums eecured by this Mortgage ~;ranted by l.ender to any auccesaor in interest of 13ornower shall not oprrate to mlease, in any manner, the liability ot the original Borrower :~nd Borrowei s successura in internat. l.ender shnll not be required to eummence proceedinKa ngainst such aucceasor or refuse to extend time Cor pi+yment or otherwise modify amortizutiun of the sums secured by this MortKaKe by mason of t~ny demand made by the original Borrower :~nd f3orrower s succes.gors in interest. ~ 1 l. Forbearance by Lender Not a Waiver. Any for!-earance by I.ender in exerciaing uny right or remedy hereunder, or otherwise :~ fforded by applicable law, ahall not be a wai~ er of or preclude the exercise of any auch right or remedy. The pmcurement of insurance or the 4~t~yment of taxee or other liena or chargea by l.ender ahall not be a waiver af I.ender'a riRht to accelerate the maturity of the indebtednese ~ecured by this Mortgage. 12. Remedies Cumulative. All remediea provided in this Mortgage are 3istinct and cumulative to any other right or remedy under this ~tortrage or afterded by law or equity, and may be exerciee~l concurrently, independently or auccesaively. 13_ Succeasors and Aeaigne Bound; Joint and Several Liability: Captione. The covenante and aqreementa herein contained ahall t»nd, and the righta hereunder ehall inure to, the reapective auccessore and aseigns of I.ender and Rorrower, subject to the provisiona of pc~ragrxph 17 hereof. All covenants and agreementa of E3orrower shall be joint and several. The captions and headings of the paragraphs uf this Mortgage are for covenience only and are nut to be used to interpret or define the proviaiona hereof. 14. hotice. l:xcept Cor any notice reyuired under applicabl~ laN to be Qiven in ~nother manner, ln1 any notice to Borrower provided for in t his Mortgage shall be given by mailing auch notice by certified mail nddresaed to E3orrower at the Property Addresa or at such other addreae as -turrower may designate by notice to [.ender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt r~~~uested, to I.ender'a address stated herein or to such other address as I.ender may designate by notice to Borrower ax provided herein. Any n~~tice provided for in this Alortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15_ l;niform Mortgage; Governing Law: Severability. Thia Corm of mortgage combines uniform covenants for national uae and non- uniform covenants w~th limited variationa by jurisdiction to eonstitnte a uniform security instrun-ent eovering real property. This Mortgage ,hall be guverned by the lavr of the jurisdiction in which the F'roperty is located. In the event that any provision or clause of this 14~ortqage or the Note conflicts with applicable law, such confiict shall not affect other provisions of this Mortgage or the Note which can be given effect ..~ithout the conflictir~ provision, and to thia end the provisions ot lhe MortRage and the Note am declared to he severable. I6_ Borrower's Copy. E3orrower shall be fumished a conformed rnpy of the Note and ot R.his Morigage at the time of execution or atter nrurdation hereof. 17_ 7'ranafer of the Property; Arisumption. I[ all or any paK of the F'roperty or an interest therein is sold or tranaferred by Konower without Lender's prior written consent, excludinq (a) the creation of a lien or encumbranm aubordinate to this Mortgage, lb) the creatian of a purchase money security interest for houaehold appliances, lc) a tranafer by devise, d~srent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not rnntaininR an option to purchase, Lender may, at Lender's option, drelare all the aums secured by this Mortgage to be immediately due and payable. I.ender shall hatie waived such option to accelerate if, prior tu the sale or transfer, Lender and the person to whom the Propetty is to be sold or transferred reach agreement in writing that the credit of auch pc~rson is satisfactory to I.ender and that the intereat payable on the sumg secured by this MorlQage shall be at such rate as l.ender ahall rE~uest. If [.ender has w•aived ~he uption to accelernte provided in this paraKraph 17, and if Borrower s succ~or in interest has executed a w•riUen assumption agreement accepted in writinK by I.ender, l.ender shall release Korrower frum all obligationa under this Mortgage and the ~ ~ de_ If I.ender exercises such option tu accelerate, l.ender shall mail Born-wer notice of acceleratiun in acrnrdance with paragraph 14 hereof. ~uch notirn shali provide a peri~,d of not less than :iU da~ n fr:,m the d.ite the notice is ~r.ailed w•ithin w hich Rormw•er may pay the sums declared ~1ue_ If Burrower fails to pay 4uch sums prior to the expirati~m of such period. I.ender may, withuut further notice or demand on 13orrower, ~nvoke any remedirs permitted by pars~Kraoh 1R herer,f. 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or aRreement of Borrower in this Nortgage. inciuding the covenanta to pay when due any sume secured by this Morigage. Lender prior to acceleration ahall mail notice to Borrower es provided in paragreph 14 hereof specifying: (1) the breach; (2) the ection required to cur~ such breach; i3) a date. not lese than 30 daya from the date the notice ie mailed to Borrower, by which euch breach muet be cured; and (41 that failure to cure such breach on or betore the date specified in the notice may result in acceleration of the aums aecured by thie Mortgage. foreclosure by judicial proceeding and sale of the Property.The notice ehall further inform Borrower of the right to reinatate aRer acceleration and the right to asaert in the forecloaure proceeding t6e non-e:istence ot a default or any other defenae of Borrower to acceleration and torecloeure. I f the breach ia not cured on or before the date speciCed in the notice. Lender at Lender's option may declare all ot the aume aecured by this Mortgage to be immediately due and payable without turther demand and may foreclose thie Mortgage by judicial proceedinq. l.enderehall be entitled to collect in such proceeding all expenac~x of forecloaure, includinq. but not limited to, reasonable attorney's fees. and costs ot documentary evidence. abatracts end title reports. . 19. Borrower's Right to Reinstate. Notwithstanding I.ender'a acceleration of the euma securr.d by this Mortqage, Borrower shall have the right to have any proceedings begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a jud~nent enforcing this Mortgage if: la) Borrower pays [,ender all sums which would be then due under this Mortgage, the Note and notes securinq Future Advances, if any, had no acceleration occurred: lb) Borrower curea all breaches of any other covenantx or agreemente of Borrower contuined in this Mortgage; (c) E3orrower pays all reasonable expensea incurred by Iender in enforcing the covenante and agreementa of Borrower contained in this Mortgage and in enforcing [.endei a remedies as provided in paragraph 18 hereof, ineludinq, but not limited to, reaaonablP attorney's fees; and (d) Bonower takes such action as [.ender may reasonably require to assure that the lien of thia Mortgage, Lender'e intereet in the Property and Borrower's obligation to pay the eums aecured by this Mortgage ahall continue unimpaired. Upon sueh payment and curn by Borrower, this Mortgage and the obliqations secured hereby shall remain in full force and effect as if no acceleration had occarred. 20. Aseignment of Rente; Appointment of Receiver. As additiona) ~rity hereunder, Borrower hernby asaigna to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paraqraph 18 hereof or abandonment of the Property, have the rig6t to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a oourt to enter-upon, take posaeasion of and manage the Property and to collect the renta of the Property, including thoee past due. All rents oollected by the:receiver ahall be applied firat to payment of the costs of management of the Property and collection of renta, including, but not limited to, receiver'e fees, premiuma on receiver's bonds and reasonable attorney e fees, and then to theaums secured by thie Mortgage The receiver ahall be liable to acoount only for thoee renta actually received. ~n~x ~ ''~ 34~ ~.~~ 24Q5 ' ~ ~ g ~ ~~~, ..- ._: ._ _ ~ _ , - - - -__ .:.:~